The American half of the newly dubbed Fiat Chrysler Automobiles reported a net income of $1.6 billion in Q4 2013, the majority of which came from a one-time tax gain of $962 million.
Find Reviews by Make:
Posts By: TTAC Staff
If you should become one of the early adopters who purchase a Cadillac ELR soon, the brand has announced that they will throw in a free charging station as a gift for paying $75,000 over the next 36 to 72 months for the luxury plug-in hybrid.
Hyundai Auto Canada reached a settlement with consumers in a class action lawsuit over exaggerated fuel economy numbers among their Hyundai and Kia lineup of vehicles, paying a total of $46.65 million CAD ($41.85 million USD) in the deal, according to just-auto.
After six consecutive years of falling auto sales, the European automotive industry group ACEA predicts a 2 percent increase for 2014 as demand slowly works its way out of the wilderness, according to a report by Automotive News.
(Read More…)
The year 2013 was a record year for exports of U.S. made cars and light trucks and for the first time in its history, in 2013 Honda Motor Co. exported more vehicles from its American assembly plants than it imported into the United States from Japan. According to Automotive News, Honda exported 108,705 Honda and Acura vehicles that were made in the U.S. while it imported 88,537 units from Japan and other countries.
Now that Sergio Marchionne has succeeded in joining Fiat and Chrysler together, for his next act he’s planning on moving Fiat’s headquarters out of Italy. While such a move has tax advantages, it would present a political and public relations challenge for Fiat and Marchionne in their home country. According to Reuters, the new entity, dubbed Fiat Chrysler Automobiles, will be a Dutch-based company with a UK tax domicile, while shares are listed on the NYSE with a secondary listing in Milan.
Marchionne is aware that locating the headquarters outside of Italy, where Fiat has operated for 115 years and has received government funding, or outside the United States, where Chrysler was bailed out by the federal government, could make waves and there is the possibility that the Italian government might intervene. “I’ve seen weirder things happen,” Marchionne said to journalists at the recent Detroit auto show. “So I sincerely hope they don’t create obstacles.” (Read More…)
Own a Ford dealership with a repair shop? Should your mechanics and body repair crew desire to the ability to repair the new aluminium F-150, then prepare to seek certification with a substantial price tag.
Appearing before Opel’s best and brightest in Germany, General Motors CEO Mary Barra proclaimed her company’s European brand, though unprofitable, is a vital one for the General.
In an effort to sell their wares to Western markets, Geely and their subsidiary Volvo have teamed up to build a subcompact global car aimed at offerings from Ford, Honda et al.
Younger buyers and subprime consumers are expected to drive auto sales in 2014, though some banks are already stepping off the accelerator with auto loans due to heavier competition and a desire to protect their margins.
Reuters is reporting from “a source with direct knowledge of the matter” that General Motors plans to reduce shifts at its South Korean factories by half as it aligns its global manufacturing. The move could eliminate 1,100 jobs. GM had announced last month that it was discontinuing the Chevrolet brand in Europe by the end of next year and GM Korea produces many of the Chevy branded cars sold on the continent.
According to the report, GM Korea has already approached the union representing its production workers about reducing the current two shifts at the Gunsan factory to a single shift. That plant employs 2,200 manufacturing employees. It’s not clear if the surplus employees will be laid off, offered voluntary retirement or relocated to other facilities. (Read More…)
Sources close to the situation tell Reuters that Carlos Tavares, Carlos Ghosn’s former second in command at Renault, could start running rival PSA Peugeot Citroen as soon as March. Tavares officially joined PSA as CEO-in-waiting on Jan. 1. According to Reuters, Peugeot had previously said only that Tavares would take over sometime this year. Peugeot Chairman Thierry Peugeot told Le Figaro in an interview published over the weekend that the company’s board of directors would soon decide on the official transition date.
Following the departure of Volkswagen Group of America CEO Jonathan Browning, VW of America has disclosed that another high executive will be leaving the company. According to Automotive News, Frank Trivieri, the Volkswagen brand’s executive vice president of sales since 2011 is no apparently history at the company. Trivieri, 51, leaves VW following a year in which VW’s U.S. sales declined 7% in a market that grew by 8%, amid reports of strained relationships with American dealers. (Read More…)
In 2013, 3.2 million new cars and light trucks were leased in the U.S., an almost threefold increase from 2009. The 2014 Manheim Used Car Report, produced by one of the larger used vehicle auction companies, says that the auto industry will have to change the way it remarkets cars if it is going to successfully handle the increased volume of off-lease vehicles.
According to Automotive News, the Manheim report also warns that dealers who take in off-lease vehicles on behalf of lessors (so called ‘grounding’ dealers, “will not be willing or able to acquire the same large share of off-lease units that they have in recent years.” (Read More…)
Reuters is reporting that the office of the General Counsel for the National Labor Relations Board has recommended that allegations brought by employees at Volkswagen’s Chattanooga plant be dismissed.
Recent Comments