Autoblog Earnings/Financials http://www.autoblog.com Autoblog Earnings/Financials http://www.blogsmithmedia.com/www.autoblog.com/media/favicon-v5.png Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/ Dan Roth, Zach Bowman and Jeff RossThe podcast by the people who obsessively cover the auto industry. <![CDATA[Why BMWs are cheaper than Hyundais in Korea]]> http://www.autoblog.com/2013/05/18/why-bmws-are-cheaper-than-hyundais-in-korea/ http://www.autoblog.com/2013/05/18/why-bmws-are-cheaper-than-hyundais-in-korea/ http://www.autoblog.com/2013/05/18/why-bmws-are-cheaper-than-hyundais-in-korea/#comments Filed under: , , , , ,

2014 Hyundai Equus

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.

Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.

Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.

Why BMWs are cheaper than Hyundais in Korea originally appeared on Autoblog on Sat, 18 May 2013 08:51:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> audibmwhyundaikiakorean auto marketmercedes Sat, 18 May 2013 08:51:00 EST http://www.autoblog.com/feed/20573562/article-comments.xml http://www.autoblog.com/feed/20573562/article-comments.html http://www.autoblog.com/feed/2013/05/18/why-bmws-are-cheaper-than-hyundais-in-korea/20573562/article-detail.xml 20573562 http://www.blogcdn.com/www.autoblog.com/media/2013/05/2014-hyundai-equus-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/2014-hyundai-equus-628.jpg <![CDATA[GM stock prices finally eclipse $33 IPO price]]> http://www.autoblog.com/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/ http://www.autoblog.com/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/ http://www.autoblog.com/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/#comments Filed under: ,



General Motors has reached an important milestone this morning: the price for one share of the company has climbed to over $33. That's higher than the Initial Public Offering price from 2010. At roughly 12:15PM Eastern today, GM shares were up $0.97 on the day, some 2.99 percent, for a total of $33.36. The Detroit Free Press reports that the last time GM stock closed over $33 was on May 4, 2011. GM stock has been steadily growing in value throughout 2013. The stock price is up by 14 percent since the start of the year.

The jump over $33 per share is undoubtedly great news for both investors and GM employees, who've suffered through some scary moments over the last few years. In 2012, the share price fell below $19. Later that summer, GM CEO Dan Akerson spent some $500,000 on 25,000 shares as a vote of confidence in the embattled automaker (shares that are now worth roughly $825k... nicely played, Dan).

As has been widely reported, the $33 price still is far from the break-even point for the shares purchased by the US Government, however. The Treasury Department is still planning on divesting itself of GM shares by early 2014, and would need to see roughly $75 per share to break even on the investment it made in 2009 as part of the company's bankruptcy restructuring.

GM stock prices finally eclipse $33 IPO price originally appeared on Autoblog on Fri, 17 May 2013 13:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> dan akersongeneral motorsgeneral motors stockgmgm ipogm stockgm stock price Fri, 17 May 2013 13:28:00 EST http://www.autoblog.com/feed/20573955/article-comments.xml http://www.autoblog.com/feed/20573955/article-comments.html http://www.autoblog.com/feed/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/20573955/article-detail.xml 20573955 http://www.blogcdn.com/www.autoblog.com/media/2013/05/gm-renaissance-center-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/gm-renaissance-center-628.jpg <![CDATA[Fisker Karma prices tanking on used market]]> http://www.autoblog.com/2013/05/17/fisker-karma-prices-tanking-on-used-market/ http://www.autoblog.com/2013/05/17/fisker-karma-prices-tanking-on-used-market/ http://www.autoblog.com/2013/05/17/fisker-karma-prices-tanking-on-used-market/#comments Filed under: , , , ,

Fisker Karma listings on eBay Motors

Buying into a new, fledgling automaker is always a big risk - the early-adopter upside has the potential to be great, but the downside can look like the mother of all hangovers. Unsurprisingly, that's the unpleasant financial reality facing Fisker Karma owners as they look to unload their extended-range electric sedans while the company's future bleakens.

We've been keeping tabs on used Karma prices on eBay Motors and other websites for some time now, and there's been a steady stream of the voluptuous sedans on offer since not long after they first became available. Early on, we initially chalked that up to speculators, but moved on to imagining disgruntled owners as more and more mechanical and electrical problems were brought to light. Now, however, there's a bumper crop of Fisker models on the used market, with NBC News and Business Insider reporting that pre-owned examples are trading for under half their six-digit MSRPs just one year ago. Around 2,500 Karmas were made, and eBay Motors is playing host to 26 of them alone as this piece is being written. Scan over to AOL Autos' listings, and there are 126 entries.

For its part, the embattled startup has yet to declare bankruptcy, but it has laid off most of its employees and hired experts in the field suggesting they will soon. What's more, officials are looking to to recover as much of the $192 million in federal loans the company received, and despite some potential suitors sniffing around, no buyer for the company has emerged. No surprise, then, that Karma owners are looking to unload their models, likely fearing not only for their vehicles' resale values, but also the continued availability of parts and service.

Question: If Karma prices continue to crater apace, how soon until shadetree mechanics follow the lead of Bob Lutz's VL Automotive Destino, which bins the Fisker's complex plug-in hybrid powertrain in favor of the supercharged LS9 V8 from the Chevrolet Corvette ZR1?

Fisker Karma prices tanking on used market originally appeared on Autoblog on Fri, 17 May 2013 08:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> 2012 fisker karmaebay motorsfiskerfisker karma Fri, 17 May 2013 08:45:00 EST http://www.autoblog.com/feed/20572609/article-comments.xml http://www.autoblog.com/feed/20572609/article-comments.html http://www.autoblog.com/feed/2013/05/17/fisker-karma-prices-tanking-on-used-market/20572609/article-detail.xml 20572609 http://www.blogcdn.com/www.autoblog.com/media/2013/05/fisker-karmas-on-ebay_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/fisker-karmas-on-ebay.jpg <![CDATA[Toyota sudden acceleration class action may cover 22 million owners]]> http://www.autoblog.com/2013/05/16/toyota-sudden-acceleration-class-action-may-cover-22-million-own/ http://www.autoblog.com/2013/05/16/toyota-sudden-acceleration-class-action-may-cover-22-million-own/ http://www.autoblog.com/2013/05/16/toyota-sudden-acceleration-class-action-may-cover-22-million-own/#comments Filed under: , , ,

Distorted Toyota logo

A total of 22.6 million current and former Toyota owners have been sent notices that they may be eligible to receive compensation from the automaker for damages related to the unintended acceleration fiasco that has dominated headlines in 2009 and 2010. The total payout may be as high as $1.63 billion, according to The Detroit News.

Steve Berman, a lawyer for the owners, calls the potential deal "a landmark, if not a record, settlement in automobile defects class action litigation in the United States." Still, there's some debate about whether or not Toyota's proposed settlement is fair, as it includes $30 million for safety research and driver education programs - in other words, Toyota seems to be suggesting that drivers need more education on how to drive their correctly working and fully functional vehicles. For those keeping track, Toyota would also be paying lawyer fees of $200 million.

A US District Judge in California is scheduled to hold a so-called "fairness hearing" on June 14 that could decide the fate of this particular settlement. Further courtroom wrangling will be required to hash out any wrongful death suits levied against Toyota stemming from unintended acceleration claims, as those are not part of this class-action suit.

Toyota sudden acceleration class action may cover 22 million owners originally appeared on Autoblog on Thu, 16 May 2013 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> class actionsudden accelerationtoyotatoyota settlementunintended acceleration Thu, 16 May 2013 09:29:00 EST http://www.autoblog.com/feed/20568838/article-comments.xml http://www.autoblog.com/feed/20568838/article-comments.html http://www.autoblog.com/feed/2013/05/16/toyota-sudden-acceleration-class-action-may-cover-22-million-own/20568838/article-detail.xml 20568838 http://www.blogcdn.com/www.autoblog.com/media/2013/05/toyota-distortion_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/toyota-distortion.jpg <![CDATA[Wall Street loves Tesla's Elon Musk, values the brand higher than Fiat]]> http://www.autoblog.com/2013/05/14/tesla-stock-value-extremely-high-elon-musk/ http://www.autoblog.com/2013/05/14/tesla-stock-value-extremely-high-elon-musk/ http://www.autoblog.com/2013/05/14/tesla-stock-value-extremely-high-elon-musk/#comments Filed under: ,

Tesla side marker

Tesla's value on the stock market far exceeds the number of vehicles it contributes to the automotive market. According to a report from Automotive News, Tesla is currently valued at $8.8 billion. Almost unbelievably, though we've never claimed to have a firm grasp on the inner workings of the stock market, that's a full billion dollars more valuable than Fiat and three times more valuable than PSA Peugeot Citroën, says the report.

How unfathomable is that statistic? Consider the fact that Tesla, a ten-year-old company, just managed to turn its very first profit last quarter and has produced fewer than 10,000 vehicles in its lifetime. How does that compare to an automotive giant like Fiat? Well... it doesn't - The brand sold 44,772 Fiat 500s in the United States alone in 2012, and it owns or controls the Chrysler portfolio of brands along with Ferrari and Maserati... not to mention the hundreds of thousands of cars Fiat Group sells yearly in the rest of the world.

Granted, the number of vehicles sold by a brand is just a small portion of its value, but you may still wonder, Why is such a seemingly small player in the global automotive marketplace such a big deal on Wall Street? According to AN, it has a lot to do with its controversial and headline-grabbing CEO, Elon Musk, and the way he disseminates company information to his investors. How so? We suggest you take a good look at the article here for the whole story.

Wall Street loves Tesla's Elon Musk, values the brand higher than Fiat originally appeared on Autoblog on Tue, 14 May 2013 10:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> elon muskstock marketteslatesla stocktsla Tue, 14 May 2013 10:15:00 EST http://www.autoblog.com/feed/20567088/article-comments.xml http://www.autoblog.com/feed/20567088/article-comments.html http://www.autoblog.com/feed/2013/05/14/tesla-stock-value-extremely-high-elon-musk/20567088/article-detail.xml 20567088 http://www.blogcdn.com/www.autoblog.com/media/2013/05/tesla-side-marker_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/tesla-side-marker.jpg <![CDATA[Facebook buying nav/traffic app Waze for $1B?]]> http://www.autoblog.com/2013/05/13/facebook-buying-nav-traffic-app-waze-for-1b/ http://www.autoblog.com/2013/05/13/facebook-buying-nav-traffic-app-waze-for-1b/ http://www.autoblog.com/2013/05/13/facebook-buying-nav-traffic-app-waze-for-1b/#comments Filed under: ,

Waze

TechCrunch reports that Facebook is moving to purchase the navigation and traffic app Waze for a lofty sum. The buy would be the latest in a long line of high-dollar acquisitions by the social networking site, and both sides of the acquisition have reportedly entered into advanced due diligence after negotiations began six months ago. Early estimates put the payout somewhere between $800 million and $1 billion... if both sides can overcome a few stumbling blocks. The biggest of those is whether or not Waze will remain based in Israel or if it will relocate to the US.

While both companies are remaining silent about the potential purchase, such a move makes sense. Facebook is constantly refining its mobile experience, and the site boasts 751 million active monthly mobile users. That's a jump of 54 percent over last year, outpacing Facebook's desktop growth by nearly double, and the site would surely benefit by offering its mobile users navigation functionality.

Interestingly, this apparently isn't the first time Waze has found itself the object of a larger entity's lust - Apple reportedly showed interest in the company not so long ago.

Facebook buying nav/traffic app Waze for $1B? originally appeared on Autoblog on Mon, 13 May 2013 10:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> appfacebooknavigationwaze Mon, 13 May 2013 10:15:00 EST http://www.autoblog.com/feed/20566008/article-comments.xml http://www.autoblog.com/feed/20566008/article-comments.html http://www.autoblog.com/feed/2013/05/13/facebook-buying-nav-traffic-app-waze-for-1b/20566008/article-detail.xml 20566008 http://www.blogcdn.com/www.autoblog.com/media/2013/05/waze-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/waze-628.jpg <![CDATA[Nissan reports $4.13B net income for 2012]]> http://www.autoblog.com/2013/05/11/nissan-reports-4-13b-net-income-for-2012/ http://www.autoblog.com/2013/05/11/nissan-reports-4-13b-net-income-for-2012/ http://www.autoblog.com/2013/05/11/nissan-reports-4-13b-net-income-for-2012/#comments Filed under: ,



The news for Nissan is good when it comes to the company's results for the 2012 financial year that ended on March 31. Even though the numbers were down in many of the world's major markets, increased sales in the US, Brazil and the Middle East, ten new models and a strong fourth quarter allowed Nissan to hit its target for the year and notch record sales of 4.914 million units globally. On net revenue of $116 billion, Nissan posted net income of $4.13 billion and an operating profit of $6.31 billion.

There are upward-looking projections for this year, Nissan forecasting a 7.8-percent jump in sales to 5.3 million units, with $117.89 billion in net revenue and $4.42 billion in net income. That net revenue number probably won't actually match what's reported next year, though, because Nissan is changing its accounting method and won't include revenue and operating profit results from its joint venture with China's Dongfeng. Net income doesn't change under the new method, but the adjusted net revenue forecast is $109.16 billion.

There's a press release and two videos below with more details for those of you who go gaga for annual reports.

Continue reading Nissan reports $4.13B net income for 2012

Nissan reports $4.13B net income for 2012 originally appeared on Autoblog on Sat, 11 May 2013 12:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> annual reportfinancial yearfinancialsnet incomenissan Sat, 11 May 2013 12:59:00 EST http://www.autoblog.com/feed/20564848/article-comments.xml http://www.autoblog.com/feed/20564848/article-comments.html http://www.autoblog.com/feed/2013/05/11/nissan-reports-4-13b-net-income-for-2012/20564848/article-detail.xml 20564848 http://www.blogcdn.com/www.autoblog.com/media/2013/05/nissan-2013-results_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/nissan-2013-results.jpg <![CDATA[American automakers fall in latest Fortune 500 rankings]]> http://www.autoblog.com/2013/05/10/american-automakers-fall-in-latest-fortune-500-rankings/ http://www.autoblog.com/2013/05/10/american-automakers-fall-in-latest-fortune-500-rankings/ http://www.autoblog.com/2013/05/10/american-automakers-fall-in-latest-fortune-500-rankings/#comments Filed under: , ,

Fortune 500

Not that it means anything beyond bragging rights, but if you're fixated on the positions of domestic automakers on the annual Fortune 500 list, both General Motors and Ford are still on it but they've slipped a couple of notches. The list ranks American companies and they're ordered solely by revenue. GM, fifth last year, came in seventh, while Ford fell from ninth to tenth even though both companies saw small gains in annual revenue.

GM's $152.3 billion in revenue was less than a third of that of the first company on the list: Wal-Mart, which regained the title from Exxon Mobil. Berkshire Hathaway and Apple are the firms that moved GM down. Ford, displaced by energy company Valero, had $134.3 billion in revenue.

On a side note, profitability isn't a factor, but both GM and Ford were down in this year's list compared to last year's: GM declined from $9.2 billion to $6.2 billion, Ford fell from $20.2 billion to $5.6 billion. If profits were included, Exxon Mobil would probably still be king: although the energy company made almost $20 billion less in revenue than Wal-Mart's $469.2 billion, it posted $44.9 billion in profit compared to Wal-Mart's $17 billion.

American automakers fall in latest Fortune 500 rankings originally appeared on Autoblog on Fri, 10 May 2013 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> fordfortunefortune 500gmprofitrevenue Fri, 10 May 2013 13:30:00 EST http://www.autoblog.com/feed/20562799/article-comments.xml http://www.autoblog.com/feed/20562799/article-comments.html http://www.autoblog.com/feed/2013/05/10/american-automakers-fall-in-latest-fortune-500-rankings/20562799/article-detail.xml 20562799 http://www.blogcdn.com/www.autoblog.com/media/2013/05/fortune-500_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/fortune-500.jpg <![CDATA[Subaru investing $400 million for Impreza production in Indiana]]> http://www.autoblog.com/2013/05/09/subaru-investing-400-million-for-impreza-production-in-indiana/ http://www.autoblog.com/2013/05/09/subaru-investing-400-million-for-impreza-production-in-indiana/ http://www.autoblog.com/2013/05/09/subaru-investing-400-million-for-impreza-production-in-indiana/#comments Filed under: , , , ,



As a part of a goal to increase its US sales tally up to 500,000 annual units by the end of the decade, Subaru is investing $400 million in its Lafayette, IN assembly plant in order to start building the Impreza in 2016. According to Automotive News, about half of that investment will be for a new paint plant while another big chunk will be used to extend the assembly line to allow for the increased capacity.

Currently, Subaru's Lafayette plant is responsible for building about 200,000 Legacy, Outback and Tribeca models each year (not including around 100,000 Toyota Camry sedans), but Subaru-specific output will be increased to 300,000 units, requiring an additional 900 new hires as well. Although a previous report suggested the Forester and Impreza would be moving Stateside, this AN article only mentions the hatchback and sedan versions of the Impreza being added to Lafayette - and no mention of the closely related XV Crosstrek.

Subaru investing $400 million for Impreza production in Indiana originally appeared on Autoblog on Thu, 09 May 2013 10:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> indianalafayettesubarusubaru impreza Thu, 09 May 2013 10:15:00 EST http://www.autoblog.com/feed/20561999/article-comments.xml http://www.autoblog.com/feed/20561999/article-comments.html http://www.autoblog.com/feed/2013/05/09/subaru-investing-400-million-for-impreza-production-in-indiana/20561999/article-detail.xml 20561999 http://www.blogcdn.com/www.autoblog.com/media/2011/12/2012-subaru-impreza-review_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/2012-subaru-impreza-review.jpg <![CDATA[Treasury to begin selling off more GM stock]]> http://www.autoblog.com/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/ http://www.autoblog.com/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/ http://www.autoblog.com/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/#comments Filed under: , ,

GM Rencen with American flags

Reuters reports that earlier this week the US Treasury announced the sale of another tranche of General Motors stock. It didn't say how many of the 241.7 million shares it holds in the automaker it would sell, nor exactly when - the discretion apparently intended to keep hedge funds from profiting from the situation. The government's ownership is broken down into common and diluted shares, representing close to 18 percent of the company at the moment, down from the 60.8 percent it owned in 2009 after GM's bankruptcy. This follows a share sale in February, when Treasury sold 17.2 million shares for $489 million.

Although GM's share price is nowhere near the $70-per-share or so that Treasury would need to break even, the department has reiterated that the point of the Troubled Asset Relief Program (TARP) wasn't to make money but to save jobs. GM's share price has, however, almost edged back to its November 2012 IPO price of $33. At the time of writing, shares were trading for $32.10. Based on the timetable Treasury gave in December, it should be fully divested of its GM ownership within a year from now.

Treasury to begin selling off more GM stock originally appeared on Autoblog on Thu, 09 May 2013 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> bailoutfinancial crisisgeneral motorsgmgm bankruptcygm stocktarptreasurytroubled asset relief program Thu, 09 May 2013 09:29:00 EST http://www.autoblog.com/feed/20561573/article-comments.xml http://www.autoblog.com/feed/20561573/article-comments.html http://www.autoblog.com/feed/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/20561573/article-detail.xml 20561573 http://www.blogcdn.com/www.autoblog.com/media/2013/01/gyi0061332043_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/01/gyi0061332043.jpg <![CDATA[Why Italians are no longer buying supercars]]> http://www.autoblog.com/2013/05/08/why-italians-no-longer-buying-supercars/ http://www.autoblog.com/2013/05/08/why-italians-no-longer-buying-supercars/ http://www.autoblog.com/2013/05/08/why-italians-no-longer-buying-supercars/#comments Filed under: , , , , , , ,

Ferrari LaFerrari

Italy is the wound that continues to drain blood from the body financial of Italian supercar and sports car makers. The wound was opened by the country's various financial police who decided to get serious about superyacht-owning and supercar-driving tax cheats a few years ago, by noting their registrations and checking their incomes. When it was found that a rather high percentage of exotic toy owners had claimed a rather low annual income - certain business owners were found to be declaring less income than their employees - the owners began dumping their cars and prospective buyers declined to buy.

Car and Driver has a piece on how the initiative is hitting the home market the hardest. Lamborghini sold 1,302 cars worldwide in 2010, 1,602 cars in 2011 and 2,083 cars in 2012 - an excellent surge in just two years. In Italy, however, it's all about the ebb: in 2010, the year that Italian police began scouring harbors, Lamborghini sold 96 cars in Italy, the next year it sold 72, last year it sold just 60. The declines for Maserati and Ferrari are even more pronounced.

Head over to CD for the full story and the numbers. What might be most incredible isn't the cause and effect, but where the blame is being placed. A year ago the chairman of Italy's Federauto accused the government of "terrorizing potential clients," this year Luca di Montezemolo says what's happening has created "a hostile environment for ­luxury goods." Life at the top, it ain't easy.

Why Italians are no longer buying supercars originally appeared on Autoblog on Wed, 08 May 2013 10:16:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> ferrariguardia di finanzaitalian policeitalylamborghinimaseratisupercarstax evasiontaxes Wed, 08 May 2013 10:16:00 EST http://www.autoblog.com/feed/20558982/article-comments.xml http://www.autoblog.com/feed/20558982/article-comments.html http://www.autoblog.com/feed/2013/05/08/why-italians-no-longer-buying-supercars/20558982/article-detail.xml 20558982 http://www.blogcdn.com/www.autoblog.com/media/2013/05/ferrari-laferrari-geneva-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/ferrari-laferrari-geneva-628.jpg <![CDATA[Tesla to earn $250 million from sales of California environmental credits]]> http://www.autoblog.com/2013/05/06/tesla-to-earn-250-million-from-sales-of-california-environmenta/ http://www.autoblog.com/2013/05/06/tesla-to-earn-250-million-from-sales-of-california-environmenta/ http://www.autoblog.com/2013/05/06/tesla-to-earn-250-million-from-sales-of-california-environmenta/#comments Filed under: , , , ,

Tesla Model S

Tesla Motors is expected to release quarterly earnings figures within the next few days, and the Silicon Valley automaker is thought to have attained profitability for the first time ever. As it turns out, a good bit of that profit will reportedly come from the State of California.

According to an article from the LA Times, Tesla, which is reportedly on pace to sell 20,000 vehicles in 2013, receives as much as $35,000 in environmental credits from California for each Model S it sells. These credits can then be sold to other automakers that do business in the state but don't sell zero-emission vehicles of their own. Some experts believe Tesla could earn up to $250 million from such ZEV credits.

While profits from ZEV credits equals good news for Tesla, some experts and rival automakers aren't very pleased with California's strong-arm tactics when it comes to the sales of electric vehicles. "At the end of the day, other carmakers are subsidizing Tesla," said Thilo Koslowski, an analyst at Gartner Inc.

Mary Nichols, chairwoman of the California Air Resources Board, counters by saying, "We are in the air pollution business, not the car business... There is some jealously of Tesla going on here." Check out the entire article from the LA Times here, it's an interesting look into the inner-workings of the business side of the eco-friendly automotive marketplace.

Tesla to earn $250 million from sales of California environmental credits originally appeared on Autoblog on Mon, 06 May 2013 19:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> californiacarbelectric carteslatesla model szero emissions vehiclezev credits Mon, 06 May 2013 19:15:00 EST http://www.autoblog.com/feed/20559798/article-comments.xml http://www.autoblog.com/feed/20559798/article-comments.html http://www.autoblog.com/feed/2013/05/06/tesla-to-earn-250-million-from-sales-of-california-environmenta/20559798/article-detail.xml 20559798 http://www.blogcdn.com/green.autoblog.com/media/2013/04/tesla-model-s-sunset-628l_thumbnail.jpg http://www.blogcdn.com/green.autoblog.com/media/2013/04/tesla-model-s-sunset-628l.jpg <![CDATA[GM nets $865M in Q1, down 14%]]> http://www.autoblog.com/2013/05/02/gm-nets-865m-in-q1-down-14percent/ http://www.autoblog.com/2013/05/02/gm-nets-865m-in-q1-down-14percent/ http://www.autoblog.com/2013/05/02/gm-nets-865m-in-q1-down-14percent/#comments Filed under: , , , , ,

General Motors RenCen

As the last of the Detroit automakers to check in with its first-quarter earnings in 2013, General Motors has announced that it saw a net income of $0.9 billion, which, according to Automotive News, is rounded up from $865 million, to go with Q1 revenue of $36.9 billion and a pre-tax profit of $1.8 billion. These numbers are all slightly lower than Q1 2012 in which GM posted a $1 billion net income, $37.8 billion in revenue and a pre-tax profit of $2.2 billion.

In North America, GM's pre-tax income was $1.4 billion (down from $1.6 billion last year), which, says AN, is being attributed to fullsize trucks with excessive rebates on existing models and idled plants retooling for the redesigned 2014 Chevrolet Silverado and GMC Sierra. GM Europe was the only division in which the automaker lost money with a pre-tax loss of $0.2 billion.

In comparing GM's Q1 earnings with its Detroit counterparts, Ford just posted a net income of $1.6 billion - and its highest quarterly pre-tax profit since 2000 - while Chrysler brought in $166 million. All three Detroit automakers posted a market share gain in the first quarter, which is an accomplishment that hasn't been achieved since Q1 1993. Scroll down below for the official announcement from GM.

Continue reading GM nets $865M in Q1, down 14%

GM nets $865M in Q1, down 14% originally appeared on Autoblog on Thu, 02 May 2013 17:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> general motorsgmgm earningsgm profitsgm q1 2013 earningsgm q1 earningsq1 2013 Thu, 02 May 2013 17:15:00 EST http://www.autoblog.com/feed/20556213/article-comments.xml http://www.autoblog.com/feed/20556213/article-comments.html http://www.autoblog.com/feed/2013/05/02/gm-nets-865m-in-q1-down-14percent/20556213/article-detail.xml 20556213 http://www.blogcdn.com/www.autoblog.com/media/2013/05/gmrenaissancecenter04_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/gmrenaissancecenter04.jpg <![CDATA[Ford to add more than 2,000 jobs in Kansas City]]> http://www.autoblog.com/2013/05/02/ford-to-add-more-than-2-000-jobs-in-kansas-city/ http://www.autoblog.com/2013/05/02/ford-to-add-more-than-2-000-jobs-in-kansas-city/ http://www.autoblog.com/2013/05/02/ford-to-add-more-than-2-000-jobs-in-kansas-city/#comments Filed under: , , , , , ,

Ford Kansas City

Continued high demand for the Ford F-150, along with the addition of the all-new Transit series of commercial vehicles, has led Ford to announce that it will add over 2,000 jobs at its Kansas City Assembly Plant. At the time of the announcement, the plant boasts 2,450 hourly employees working on two shifts. All told, Ford will invest $1.1 billion in the Kansas City plant to expand truck production and begin producing the Transit series.

According to the automaker, fullsize truck sales are up 19 percent through April of 2013, leading to an additional 900 workers and a third shift of production for the F-150. Production of the Transit series will begin in the fourth quarter of this year, requiring an additional 1,100 workers. In addition, Ford estimates that a total of 18,000 jobs will be created by suppliers to its Kansas City plant to support the additional vehicle production.

Want to know more? Scroll down for the complete press release.

Continue reading Ford to add more than 2,000 jobs in Kansas City

Ford to add more than 2,000 jobs in Kansas City originally appeared on Autoblog on Thu, 02 May 2013 00:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> fordford f-150ford kansas city assembly plantford transitkansas city Thu, 02 May 2013 00:00:00 EST http://www.autoblog.com/feed/20555539/article-comments.xml http://www.autoblog.com/feed/20555539/article-comments.html http://www.autoblog.com/feed/2013/05/02/ford-to-add-more-than-2-000-jobs-in-kansas-city/20555539/article-detail.xml 20555539 http://www.blogcdn.com/www.autoblog.com/media/2013/05/ford-kansas-city_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/ford-kansas-city.jpg <![CDATA[Detroit automakers gain Q1 market share simultaneously for first time in 20 years]]> http://www.autoblog.com/2013/05/01/detroit-automakers-gain-market-share-simultaneously-for-first-ti/ http://www.autoblog.com/2013/05/01/detroit-automakers-gain-market-share-simultaneously-for-first-ti/ http://www.autoblog.com/2013/05/01/detroit-automakers-gain-market-share-simultaneously-for-first-ti/#comments Filed under: , , ,

General Motors, Ford and Chrysler logos

While monthly sales figures might be an easy way of tracking the progression of the auto industry and individual automakers, looking at market share might be more indicative of how each company is actually standing up against its competitors. For the Detroit Three automakers, they have collectively lost almost 30 percent of the market over the last 20 years, but now, for the first time since 1993, Ford, General Motors and Chrysler have each posted market share gains at the same time in the first quarter of 2013.

According to Automotive News, Ford's share increased the most by 0.7 percent, GM was up 0.5 percent and Chrysler rose marginally by 0.2 percent, giving the Detroit automakers a total market share of 45.6 percent. As for the Japan's Big Three, the article reports that Toyota is up by 0.7 percent, Nissan is down the same amount and Honda has seen "little change."

Detroit automakers gain Q1 market share simultaneously for first time in 20 years originally appeared on Autoblog on Wed, 01 May 2013 11:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> big threechryslerdetroit threedomestic automakersfordgeneral motorsgmus market share Wed, 01 May 2013 11:00:00 EST http://www.autoblog.com/feed/20553655/article-comments.xml http://www.autoblog.com/feed/20553655/article-comments.html http://www.autoblog.com/feed/2013/05/01/detroit-automakers-gain-market-share-simultaneously-for-first-ti/20553655/article-detail.xml 20553655 http://www.blogcdn.com/www.autoblog.com/media/2013/05/big-three-logos_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/big-three-logos.jpg <![CDATA[Mazda books first yearly profit in half-decade, NA still a drag]]> http://www.autoblog.com/2013/04/30/mazda-books-first-yearly-profit-in-half-decade-na-still-a-drag/ http://www.autoblog.com/2013/04/30/mazda-books-first-yearly-profit-in-half-decade-na-still-a-drag/ http://www.autoblog.com/2013/04/30/mazda-books-first-yearly-profit-in-half-decade-na-still-a-drag/#comments Filed under: ,

2013 Mazda6 Sedan

Automotive News reports Mazda has posted its first annual profit in five years. The company made $364.3 million in the last fiscal year, following a $1.14 billion loss the year prior. Operating profit also jumped up by $91.3 million to $572.8 million, thanks in part to a revenue increase of 8 percent to $23.42 billion.

But the news isn't all rays of sunshine. North America continues to be a problem for Mazda where the automaker posted yet another loss. The manufacturer lost $519.1 million last year, up from $427.8 million the year prior. While the launch of the CX-5 helped see US sales increase by 2 percent to 273,000 vehicles, the region as a whole bought up 372,000 units. Mazda had predicted closer to 380,000 units.

Even so, Mazda says it should have North America back in the black by next year, with the company forecasting a sales increase of 11 percent to 415,000 units in the region. That's thanks in part to a boost from the redesigned Mazda6 sedan.

Mazda books first yearly profit in half-decade, NA still a drag originally appeared on Autoblog on Tue, 30 Apr 2013 11:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> earningsmazdamazda profitprofit Tue, 30 Apr 2013 11:00:00 EST http://www.autoblog.com/feed/20551893/article-comments.xml http://www.autoblog.com/feed/20551893/article-comments.html http://www.autoblog.com/feed/2013/04/30/mazda-books-first-yearly-profit-in-half-decade-na-still-a-drag/20551893/article-detail.xml 20551893 http://www.blogcdn.com/www.autoblog.com/media/2013/04/mazda6-sedan-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/04/mazda6-sedan-628.jpg <![CDATA[Chrysler reports $166M net income for Q1, down $307M vs. 2012]]> http://www.autoblog.com/2013/04/29/chrysler-reports-166m-net-income-for-q1-down-307m-vs-2012/ http://www.autoblog.com/2013/04/29/chrysler-reports-166m-net-income-for-q1-down-307m-vs-2012/ http://www.autoblog.com/2013/04/29/chrysler-reports-166m-net-income-for-q1-down-307m-vs-2012/#comments Filed under: , ,

2014 Jeep Cherokee - live on stage, front three-quarter view

Preliminary first-quarter results from 2013 have been announced by Chrysler, and the company is reporting a net income of $166 million on revenue of $15.4 billion. Compared to this period last year, net income is down $307 million and revenue has dropped $1 billion.

Chrysler says that its quarter was negatively affected by the costs associated with launching its 2013 Ram Heavy Duty, 2014 Jeep Grand Cherokee and preparation for the return of the all-new 2014 Jeep Cherokee pictured above. The launches should provide a strong second half of 2013, says the automaker. "We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Chrysler Group LLC Chairman and CEO Sergio Marchionne.

On a positive note, the automaker says worldwide vehicle sales are up 8 percent from one year ago, a number pushed by a 12 percent bump in U.S. retail sales. In addition, domestic market share has risen slightly, up to 11.4 percent from 11.2 percent last year. Read more in the official statement below.

Continue reading Chrysler reports $166M net income for Q1, down $307M vs. 2012

Chrysler reports $166M net income for Q1, down $307M vs. 2012 originally appeared on Autoblog on Mon, 29 Apr 2013 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> chryslerchrysler first quarterchrysler saleschrysler sales figuresfirst quarter incomefirst quarter revenuejeepsergio marchionne Mon, 29 Apr 2013 13:30:00 EST http://www.autoblog.com/feed/20551949/article-comments.xml http://www.autoblog.com/feed/20551949/article-comments.html http://www.autoblog.com/feed/2013/04/29/chrysler-reports-166m-net-income-for-q1-down-307m-vs-2012/20551949/article-detail.xml 20551949 http://www.blogcdn.com/www.autoblog.com/media/2013/03/jeepcherokee11-opt_thumbnail.png http://www.blogcdn.com/www.autoblog.com/media/2013/03/jeepcherokee11-opt.png <![CDATA[US Treasury denies pay hikes for GM, Ally execs]]> http://www.autoblog.com/2013/04/29/us-treasury-denies-pay-hikes-for-gm-ally-execs/ http://www.autoblog.com/2013/04/29/us-treasury-denies-pay-hikes-for-gm-ally-execs/ http://www.autoblog.com/2013/04/29/us-treasury-denies-pay-hikes-for-gm-ally-execs/#comments Filed under: , ,

GM CEO Dan Akerson - gesturing at lectern

In December, the US Treasury granted General Motors the rights for the company to once again buy corporate jets and for its executives to fly on them, but neither those execs nor the ones at Ally Financial will get any raises this year. The automaker, worried that top talent might leave for higher-paying pastures, reportedly sought a more "market-based approach to executive compensation" for 12 of its top 25 execs. Because the federal government still has stakes in both GM and Ally, though, the companies need approval for pay raises, and they were declined. Neither company sought raises for their CEOs, and Ally's request didn't involve any additional cash compensation for the executives in question.

While the Treasury says that cash salaries for the 25 top executives at GM and Ally combined are just four percent below the median compared to similar positions, total cash compensation is 56 percent below the median. That would include GM CEO Dan Akerson (shown), who got a little more cash last year because of a compensation rearrangement speculated to potentially involve his retirement, but the overall annual pay package of $9 million hasn't changed for him since 2010 according to the Treasury.

What's more, it's said the overall compensation at both firms dropped by double-digit percentages compared to last year due to an influx of new appointments among the top 25 executives. The Treasury has said it will divest itself of all GM shares it owns by March 2014, but hasn't given a any guidance on divestiture of its Ally stock, the financial firm dealing with a much more complicated situation.

US Treasury denies pay hikes for GM, Ally execs originally appeared on Autoblog on Mon, 29 Apr 2013 11:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> allyally financialdan akersonexecutive compensationexecutive paygeneral motorsgmgm bankruptcytarptreasuryus treasury Mon, 29 Apr 2013 11:30:00 EST http://www.autoblog.com/feed/20550829/article-comments.xml http://www.autoblog.com/feed/20550829/article-comments.html http://www.autoblog.com/feed/2013/04/29/us-treasury-denies-pay-hikes-for-gm-ally-execs/20550829/article-detail.xml 20550829 http://www.blogcdn.com/www.autoblog.com/media/2013/04/gm-ceo-dan-akerson-at-lectern_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/04/gm-ceo-dan-akerson-at-lectern.jpg <![CDATA[GM alters Akerson's pay mix because he may retire]]> http://www.autoblog.com/2013/04/28/gm-alters-akersons-pay-mix-because-he-may-retire/ http://www.autoblog.com/2013/04/28/gm-alters-akersons-pay-mix-because-he-may-retire/ http://www.autoblog.com/2013/04/28/gm-alters-akersons-pay-mix-because-he-may-retire/#comments Filed under: , ,

Dan Akerson

General Motors has tweaked CEO Dan Akerson's pay mix to compensate for the possibility that the 64-year-old executive may retire before his long-term restricted stock vests in three years. Last year, Akerson saw his pay jump by 44 percent to $11.1 million, including $1.99 million in restricted stock as salary units, which vest immediately. Previously, Akerson was awarded around $2 million in restricted stock that could be forfeited on retirement.

The change has led some analysts to believe Akerson may retire earlier than he had planned. While speaking with Bloomberg, GM spokesperson Tom Henderson said, "We certainly wouldn't speculate on what he will actually do. That's up to him."

Akerson received $7.7 million in 2011 despite his actual pay target being closer to $9 million. If that seems steep, keep in mind his compensation falls well behind that of Ford CEO Alan Mulally, who brought home $21 million in compensation in 2012. GM is required to report changes to executive pay to the federal government.

GM alters Akerson's pay mix because he may retire originally appeared on Autoblog on Sun, 28 Apr 2013 13:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> akersondan akersondan akerson pay mixgeneral motorsgm Sun, 28 Apr 2013 13:02:00 EST http://www.autoblog.com/feed/20549774/article-comments.xml http://www.autoblog.com/feed/20549774/article-comments.html http://www.autoblog.com/feed/2013/04/28/gm-alters-akersons-pay-mix-because-he-may-retire/20549774/article-detail.xml 20549774 http://www.blogcdn.com/www.autoblog.com/media/2013/04/dan-akerson-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/04/dan-akerson-628.jpg <![CDATA[Fiat pondering swallowing rest of Chrysler, US IPO]]> http://www.autoblog.com/2013/04/24/fiat-pondering-swallowing-rest-of-chrysler-us-ipo/ http://www.autoblog.com/2013/04/24/fiat-pondering-swallowing-rest-of-chrysler-us-ipo/ http://www.autoblog.com/2013/04/24/fiat-pondering-swallowing-rest-of-chrysler-us-ipo/#comments Filed under: , , , ,

Fiat-Chrysler CEO Sergio Marchionne with hands on face

At the moment, Fiat is in court with the United Auto Workers, waiting for the justice system to provide some guidance on a fair price for 41.5-percent of Chrysler it doesn't own. Fiat owns 58.5 percent of the company and wishes to buy the remainder, which is owned by the union's VEBA retiree trust, but the Italian company and the UAW are on different sides of the galaxy when it comes to assigning a fair price to that outstanding stake.

Naturally, Fiat CEO Sergio Marchionne is considering his options. A new report in the The Wall Street Journal says one of the scenarios being considered now is - depending on the outcome of the court case - to purchase the 41.5-percent stake and then issue an IPO to recoup some of the cost. About two months ago, Marchionne put the odds of an IPO for a wholly combined Fiat/Chrysler at 50 percent. Even with the WSJ report, it's not clear if those odds have changed.

The current company structure leaves a lot of options as to how a potential IPO could be issued, but it's said that Marchionne is against it, preferring "to be one company," under Fiat, indivisible. If Fiat is finally able to purchase all of the Pentastar, it would get access to Chrysler's war chest, pegged at $11.9 billion at the end of Q3 in 2012, and that money can't come soon enough for a brand taking a beating in Europe and delaying product over cash concerns.

Fiat pondering swallowing rest of Chrysler, US IPO originally appeared on Autoblog on Wed, 24 Apr 2013 16:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]> chryslerchrysler ipofiatfiat ipoinitial public offeringiposergio marchionneuawunited auto workersveba Wed, 24 Apr 2013 16:01:00 EST http://www.autoblog.com/feed/20548386/article-comments.xml http://www.autoblog.com/feed/20548386/article-comments.html http://www.autoblog.com/feed/2013/04/24/fiat-pondering-swallowing-rest-of-chrysler-us-ipo/20548386/article-detail.xml 20548386 http://www.blogcdn.com/www.autoblog.com/media/2013/04/fiat-chrysler-sergio-marchionne-concerned_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/04/fiat-chrysler-sergio-marchionne-concerned.jpg -1 2