The next-generation Volkswagen Phaeton is ready to go, but VW has delayed what would have been the brand's flagship sedan while it figures out how to build the car for less money.
After 19 months in a row of record sales in the US, the money picture for the Nissan Leaf is steadily improving. To date (well, until the end of September), Nissan has sold 63,944 Leaf EVs in the US and a total of around 140,000 globally. The company produces the electric vehicle in three countries: Japan, the UK and the US and has sold more standard passenger EVs than any other automaker. Add all that up and you get to an EV that is just about to be profitable.
The DriveNow carsharing service, which is a partnership between BMW and Sixt, is growing quite rapidly. "We've been surprised about the explosion of new subscriptions, which has helped boost revenue," says Sixt CEO Erich Sixt. The number of DriveNow users has increased from 215,000 at the end of last year to 300,000 today.
Japan's larger automakers – companies like Toyota, Honda and Nissan – have tremendous engineering talent at their disposal. That's largely because, selling as many cars as they do, they've got more revenues to tap into. Logic might dictate, then, that smaller automakers like Mazda, which no longer has the deep pockets afforded to it by its former partnership with Ford, might have less of a budget and workforce for engineering. But Mazda has been raking in record profits, and it plans
Ford took in $2.6 billion in pre-tax profits in the third quarter of the year, making for a record trio of months that saw the Blue Oval's year-over-year earnings increase by $426 million. The earnings are being attributed not just to improvements in North American sales, but sales around the globe.
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.
Julie Christie, the rumors are true. After plenty of hint-dropping over the past few months, Tesla officially released 2013 first quarter (Q1) financial details today, and it was the first quarter in which the ten-year-old company was actually profitable. CEO Elon Musk, speaking on a conference call to investors today, made it clear that the numbers are good, but behind-the-scenes factors make them even better.
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.
Automotive News reports Mazda is set to turn a profit for the first time in five years. The automaker is more dependent on exports from Japan than other automakers based in that country, and as a result, it has long suffered at the hands of a strong yen. But the currency has declined in value by some 16 percent over the past six months and Mazda's shares have tripled in value to their highest level since 2008. Contrast this situation to a year ago when Mazda printed 1.22 billion new shares to ra
Ford Motor Company announced Wednesday that it has posted a $1 billion profit for the second quarter of 2012. That sounds like good news for the Blue Oval, until you take into account that Ford posted a $2.4 billion profit for Q2 a year ago. That is a substantial 58 percent loss.
What a difference a few years make. Back in 2009, Ford Motor Company's North American operations were dragging down its earnings. The company reported a net loss of $1.4 billion in that year's first quarter when market share in the U.S. was falling but rising overseas. The situation today, however, is the mirror opposite.
Chrysler Group had nothing but good news to share this morning as it has reported its financial results for the first quarter of 2012. The headline-hogging number is that the automaker's first quarter profit quadrupled from $116 million a year ago to $473 million this year. All that was on the back of U.S. sales that increased 39 percent year-over-year. The rise in sales also resulted in Chrysler Group increasing its market share in the U.S. from 9.2 to 11.2 percent.
Ford has announced the company's single largest profit since 1998, thanks in part to a one-time tax gain. The company drew in a net income of $13.6 billion last quarter and the news marked the automaker's 11th consecutive profitable quarter. For perspective, Ford made $190 million in 2010. The company's net income was bolstered by the fact that Ford eliminated a valuation allowance against deferred tax benefits. The company created the valuation allowance in 2006 when it began reporting operatin
General Motors isn't happy that it's five-percent operating margin is less than the predicted seven-percent at Ford or the 10 percent at Hyundai. To boost its number, Bloomberg reports that GM has hired consulting firm Hackett Group to identify areas in which it can save on white-collar costs, either through job cuts or efficiencies. Unlike in 2009, however, buyouts and tranches of layoffs aren't on the table.
Most automakers have already reported earnings for the first quarter of 2011, but General Motors is still busy counting its loot. We don't know how well the largest automaker in the United States fared, but Bloomberg reports that GM could post a profit of $1.74 billion for the quarter. That would be a 63 percent improvement versus Q1 2010 and the best first quarter for GM in 11 years. A first quarter profit would also be the fifth consecutive quarterly profit for The General – a significan
Automaker earnings have been mostly impressive so far, and Kia is no different. Reuters reports that the Korean automaker has posted earnings of $890 million for the first quarter of 2011, up 91 percent compared to the $466 million profit from Q1 2010. Overall revenue for the quarter was $10 billion, up 37 percent year over year. Kia's healthy earnings come as sales rose 30 percent to 619,089 units. The automaker fared especially well in South Korea, China and the United States, where new models