Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance s
General Motors recently announced its best third-quarter unit sales since 1980 with over 2.4 million vehicles sold globally. Now, the automaker has put out the financial portion of its Q3 results, and as the previous figures suggested, GM did very well for the quarter. It even beat analysts' predictions.
If there is one thing that should be remembered when looking at quarterly and annual earnings, it's that the headline numbers rarely tell the whole story when it comes to an automaker's health. Chrysler's first-quarter earnings are just such an example.
Depending on how you want to look at things, the US Attorney's Office $1.2-billion dollar settlement with Toyota in March over its unintended acceleration recall was either a big blow to the company or completely inconsequential. From January to March, net income fell five percent to 297 billion yen ($2.89 billion), compared to 313.9 billion yen ($3.05 billion) a year ago. However, the automaker still posted record full-year profits worldwide.
It's been thirteen years since Aston Martin introduced the original V12 Vanquish. The model was effectively been replaced twice over by the time it reached its Bar Mitzvah, but its underlying platform is still around. And not just around, either: it underpins everything Aston makes and has made ever since it came on the scene, save for the Cygnet and the One-77 supercar. That includes the V8 and V12 Vantage, the short-lived Virage, the new Vanquish, the DB9, DBS, V12 Zagato and even the four-doo
General Motors isn't the only Detroit automaker posting falling profits in the first quarter. Ford just released its Q1 2014 financial data, and it reported a net income of $989 million, down $622 million from Q1 2013. The drop is partially blamed on higher warranty and recall expenses than the company had anticipated.
Slow US growth is hampering profits at Hyundai. In its first quarter financial statement, the Korean automaker reported a profit of 1.93 trillion won ($1.86 billion). According to Reuters, this is less than analysts' expectations and nearly the same as last year.
Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, altho
Quarterly shareholder letters, with accompanying financial results, are an opportunity for companies to crow about their recent progress and instill excitement about future expectations. Tesla Motor's latest such release reveals it's coop is rife with roosters in full song. And for good reason.
General Motors has released its earnings for the fourth quarter, and the news is mostly good. Net income was $913 million, up two percent from $892 million recorded during the same period in 2012. Earnings for the entire year ended up still positive at $3.77 billion, but that figure is down 22.4 percent from the $4.9 billion earned in 2012 and the earnings ended up being lower than Wall Street expectations, the AP reports. Nevertheless, the positive cash flow marks the fourth consecutive year an
Ford is making a big bet on aluminum with its new 2015 F-150, and it's possible that the decision will hurt the company financially, at least in the short term. After earning a record $8.6 billion in 2013, the Blue Oval does not expect to set another record in 2014. According to Automotive News, that's "largely attributable to F Series," says Bob Shanks, Ford's Chief Financial Officer.
Chrysler announced its 2013 financial results today and unveiled its new name and decidedly bank-like logo. Amid the announcement, Chrysler posted big gains in income, while Fiat didn't perform to analysts' expectations.
Good news out of Dearborn today, as Ford announced $3 billion in profit for the last quarter of 2013, a 90-percent increase over the same period of 2012. Net income for all of last year, meanwhile, jumped to $7.2 billion from $5.7 billion in 2012, while pre-tax profits sat at a decade-topping $6.9 billion for all of 2013.
Ford has released projections for its 2013 profits, along with predictions of its 2014 earnings, and the news has forced the company's stock to stumble, falling over seven percent as of this writing. The Blue Oval is expecting earnings of $8.34 billion for 2013, although the bulk of that is coming largely from its North American operations, as troubles abroad continue to take a toll.
Mitsubishi has lost money in its North America operations every year since 2007, but in an interview at this week's Tokyo Motor Show, company president Osamu Masuko said, "If things keep going well, it might be the case that we break even this year," Automotive News reports.
Every quarter, Tesla tells the world how many vehicles it has sold. While many other automakers share their details every month, Tesla remains wedded to the idea that it will only share data when the shareholders demand it. That's why, with today's third-quarter results, we learned that Tesla sold over 5,500 Model S EVs in the last three months. That's roughly 1,830 a month, and would put the Model S in the running for best-selling EV in America, except that Tesla's number is for global sales, a
With the third quarter of 2013 wrapping up, General Motors has published its quarterly earnings, announcing a net income of $700 million, a significant drop from Q3 2012's $1.5 billion in net income. The drop is being blamed on a $900 million loss from "special items," $800 million of which was part of a 120-million share repurchase of preferred stock. GM also lost $500 million on tax expenses.
The 16-day government shutdown that dominated newscasts and headlines for the first half of October doesn't look to have had a dramatic impact on monthly sales, according to separately filed reports by Kelley Blue Book and JD Power. The news is even more welcomed following September's sales, which saw the first year-over-year decline in 27 months.
Sales of Ram pickup truck and Grand Cherokee driving profits
Chrysler Group is reluctantly preparing for an initial public offering of some of its shares, a move meant to try and force UAW's healthcare trust, the minority owner of the company, to sell its stake to majority owner Fiat.
In late 2010, Volkswagen announced that it would spend the equivalent of $71 billion through 2015 to beef up its product lineup, determined to overtake Toyota in overall sales and profitability by 2018. Each of VW's many brands, in turn, would play its part contributing to a goal of 10 million sales per year. VW-owned Porsche was expected to sell 200,000 vehicles per year by 2018, but with the imminent arrival of the Macan small sport utility vehicle in 2014, the automaker is poised to meet that