The Fiat Group reported its profits for the second quarter of 2013 and they were better than expected, attributed to strong pickup truck sales at Chrysler’s Ram brand and spending cuts in Europe.
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Despite low inventory levels that affected sales in North America and their home market of Korea, Hyundai Motor Co. announced near record profits for the second quarter of 2013, powered by good results in China. Hyundai reported net profits of 2.52 trillion Korean won ($2.26 billion), down just slightly from last year but beating analysts expectations. Operating profit was 2.41 trillion won ($2.16 billion) on revenues of 23.18 trillion won ($208.39 billion).
Following PSA’s exit from Iran last year, Renault is the latest French car maker to leave the Middle Eastern country, thanks to American derived sanctions.
Spurred by increased sales in China, Kia’s second quarter profits were up 7.7% from last year, to 1.18 trillion won ($1.06 billion), exceeding analysts expectations slightly. Revenue was up 4.4% to 13.1 trillion won ($1.168 billion).
General Motors said that costs associated with the launch of their redesigned pickup trucks and weaker results in Asia (except for China) lowered net income for the second fiscal quarter of 2013 by 19% from last year, to $1.2 billion.
Buoyed by stronger U.S. sales driven in part by cheaper prices allowed by the weaker yen, Nissan reported a quarterly profit of ¥82.02 ($818.9 million), beating estimates by about $50 million, up ~$100 million from last year’s quarter (In Nissan’s fiscal year, the second quarter).
Nearly 9 years ago, a small car from an obscure, nearly-defunct Romanian brand was launched with little fanfare. The Dacia Logan was – and still is – a basic vehicle designed to be sold for very little money and provide honest, basic transportation for emerging markets. Few would have predicted that in nearly a decade of sales, it would spawn Renault’s top-selling nameplate while bringing in profit margins that were once reserved for premium marques.
Chrysler CEO Sergio Marchionne may not be fond of changing up his outfits, but he certainly has no problem mixing up product plans. The latest news out of Auburn Hills suggests that Chrysler will be extending the lifespan of some key products for up to another 5 years.
Despite planning to sell 486,000 units in America this year, Volkswagen has trimmed its sales targets to 440,000 units, after shedding market share in the first half of 2013.
‘Good job, Al’, ‘Thanks Bill’
For the 16th consecutive quarter, Ford Motor Co. profits have risen, with the Dearborn automaker reporting a 2nd quarter 2013 profit of $1.23 billion, up 18.6% from 2012, working out to 45¢ per share, exceeding analysts’ projections of 37 cents a share. Pretax profit for the quarter was up 40% to $2.56 billion. The company said that it set records for pre-tax profits in both the 2nd quarter and 1st half of 2013, making $4.8 billion in the first six months of the year.
Having failed to learn from previous mistakes, Volkswagen is inexplicably bringing the Phaeton back to North America, despite being totally contradictory to their push downmarket to appeal to mainstream American car shoppers.
Though handicapped by continued sliding sales in the overall European market, GM announced today that global sales for the first 6 months of 2013 were up 4% over the comparable period last year.
Though Ford, VAG’s Seat brand, and Renault’s low-cost Dacia posted gains, overall car and light truck sales in June in Europe were down 6.3% compared to June of 2012, weighed down by declining sales at VW, Opel, Fiat and PSA. According to Automotive News, only 1.18 million new vehicles were registered in the EU and EFTA, the lowest they’ve been in two decades.
The wraps are finally off the first Datsun in decades – dubbed the Go, this will be Nissan’s major push into low cost motoring, with a starting price under $6,700.
Canada’s auto industry grew 1.3% in June 2013, an increase of a couple thousand vehicles. No brand sold more often than Ford. No manufacturer sold more vehicles than Ford Motor Company. No June in history saw Canadians buy more vehicles than they did last month.
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