Diane Alter – Fourth Estate Cooperative Reporter
New York, N.Y., United States (4E) – Warren Buffett’s Berkshire Hathaway took a new 10-million share stake in automaker General Motors in the first quarter of 2012. The Buffett investment comes as the Detroit automaker continues to rebound from bankruptcy three years ago. GM reported a first quarter net income of $1 billion, fueled by U.S. vehicle sales. The Oracle of Omaha also revealed Tuesday in a regulatory filing that he had increased his stake in Wal-Mart by nearly 8 million shares. His holdings in the retailer now amount to 46.7 million shares. Buffett’s increased stake in Wal-Mart was made before allegations became public that Wal-Mart executives used bribes to [...] Continue Reading…
Buffett takes a stake in GM
May 17th, 2012 
admin VW, Chrysler see profits jump while Fiat posts losses
April 27th, 2012 admin Linda Young – AHN News Writer
New York, NY, United States (AHN) – The global auto market continues to recover with carmaker giants Volkswagen, Chrysler and Fiat all reporting higher profits during the first quarter of the year. VW and Chrysler also reported higher sales, while Fiat said its sales in Europe were no better than last year. Volkswagen AG (VOW) led the pack on profits. It announced its net profit had nearly doubled to $4.2 billion compared to the same period last year. Chrysler Group LLC, which is now controlled by Italy’s Fiat, reported its net profits were the best in 13 years at $473 million. Italian carmaker Fiat SpA (F) credited those strong profits from [...] Continue Reading…
BMW says sales in China helped it hit new record
April 17th, 2012 admin Linda Young – AHN News Writer
Frankfurt, Germany (AHN) – German luxury automaker BMW AG set sales records for the first three months of the year, reaching the landmark of selling more cars in China than in the United States for the first time. Sales rose by 11.2 percent for the first quarter, compared to the same period last year. BMW sold 425,528 vehicles. The company said it sold 80,014 cars in China, up by 37 percent from a year ago. In addition, BMW said that domestic sales were up by 12 percent in March. Also in March, BMW reported car sales rose by 41 percent in China, while sales only rose by 13 percent in the [...] Continue Reading…
Jaguar to build F-Type sports car in Britain
April 7th, 2012 admin Linda Young – AHN News Writer
Birmingham, United Kingdom (AHN) – Luxury carmaker Jaguar Land Rover announced Thursday that it would build its new Jaguar F-Type sports car in Britain. The vehicle, a two-seat convertible, is the successor to the classic Jaguar E-Type, which ended production in 1975. JLR, which is owned by India’s Tata Motors, plans to build the new car at its Castle Bromwich plant in Birmingham. The planned sales launch is mid-2013. The automaker says it will base the F-type on the company’s C-X16 concept, which it unveiled at the Frankfurt auto show last year. JLR will reveal the design later this year and says it will be a successor to its E-type [...] Continue Reading…
Brake light, airbag issues prompt recall of 700,000 Toyota cars
March 8th, 2012 admin Windsor Genova – AHN News News Writer
Chicago, IL, United States (AHN) – Some 700,000 Toyota sedans and pickups in Canada, Mexico and the U.S. are being recalled by the Japanese automaker to replace a faulty brake light switch and fix an airbag issue. In an announcement on Wednesday, Toyota Motor Corp. said the recall covers 495,470 Tacoma pickup trucks made between 2005 and 2009, 70,500 Camry and 116,000 2009-2011 Venza vehicles. The numbers include 16,000 trucks in Canada and 13,000 in Mexico. For the Tacoma, friction between the spiral cable and the retainer in the steering wheel spiral cable assembly may occur and could damage the electrical connection for the driver’s airbag module preventing it from deploying [...] Continue Reading…
Volkswagen announces its annual profits doubled
February 27th, 2012 admin Linda Young – AHN News Writer
Frankfurt, Germany (AHN) – Volkswagen AG saw its profits more than double to $21.2 billion last year compared to $9.7 billion the year before, the company reported Friday. In addition, the automaker’s operating profit soared by 58 percent to $15.1 billion, while its revenue rose by 26 percent to $213.7 billion. The carmaker delivered more than 8.2 million vehicles, an increase of nearly 15 percent from the 2010. Volkswagen says it plans to become the world’s largest carmaker, in terms of both sales and profits, by 2018. To get there, company officials say they plan to spend $83 billion on building new plants and on conducting research and development to [...] Continue Reading…
Chrysler posts $225 million profit
February 7th, 2012 admin Diane Alter – AHN News Reporter
Detriot, MI, United States (AHN) – Chrysler reported a $225 million profit on Wednesday. The company capped its first profitable year since its government bailout and bankruptcy in 2009. The fourth quarter results were fueled by $15.1 billion in revenue, a 41 percent increase from the same period a year earlier. For the full year, the struggling automaker on the way to a dramatic turnaround, reported net income of $183 million, compared with a $652 million loss in 2010. Annual revenue for 2011 rose 31 percent to $55 billion. Giving gas to the turnaround was surging sales of its Chrysler, Jeep and Dodge vehicles. Worldwide sales of its cars and trucks [...] Continue Reading…
GM back on top as world’s biggest automaker
January 28th, 2012 admin Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Even if you prefer Ford, BMW, Mercedes or Volkswagen, if you are an American taxpayer, you are cheering the news. General Motors, one-third of whose shares are owned by U.S. taxpayers, sold 9,025,942 vehicles in 2011, up 7.6 percent from 2010. The number was good enough to place GM on top as the world’s largest automaker. GM beat out Volkswagen, which sold just over 8 million cars in 2011. Toyota, which took the top spot from GM in 2009, has yet to report figures, but its production was severely hampered by the tsunami in Japan and the massive floods in Thailand. Even more impressive, [...] Continue Reading…
VW sells record 5.1 million cars in 2011
January 8th, 2012 admin Linda Young – AHN News Writer
Wolfsburg, Germany (AHN) – Volkswagen AG announced it had record sales of 5.1 million cars and sport-utility vehicles worldwide in 2011. Sales were up worldwide by 13.1 percent in 2011 from 2010, company officials said. Volkswagen is Europe’s largest carmaker. Although much of its growth came from gains in China, India, Russia and the United States, its two largest markets were Europe and China. The Wolfsburg, Germany-based automaker sold 1.72 million vehicles in each of those markets. However, company officials said they expected challenges in the market environment for 2012. VW officials credited new versions of some models, such as the Passat, Jetta and Beetle for helping to boost [...] Continue Reading…
Honda widens recall for airbag problem
December 9th, 2011 admin Linda Young – AHN News Writer
Torrence, CA, United States (AHN) – Japanese automaker Honda has expanded its previously announced recall of vehicles with dangerous air bags to include almost 900,000 vehicles. The recall affects only vehicles sold in the United States and includes model years 2001 to 2003 of the affected cars. The recalled vehicles now include certain 2001 and 2002 Accord, 2001 to 2003 Civic, 2001 to 2003 Odyssey, 2002 and 2003 CR-V, 2003 Pilot, 2002 and 2003 Acura 3.2 TL and 2003 Acura 3.2 CL models, Honda officials said in a statement. Honda first said the driver’s airbag inflator needed to be replaced because it had a risk of deploying with too much pressure [...] Continue Reading…
GM CEO: Earnings good, but not good enough
November 9th, 2011 admin Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – General Motors reported better than expected earnings in the third quarter on Wednesday, but CEO Dan Akerson said the quarter “isn’t good enough,” a signal that more cost cutting lies ahead. GM, the U.S.’s largest automaker, earned $1.7 billion, or $1.03 a share in the third quarter, down from $2 billion earned in the last full period before its initial public offering. While better than analysts’ estimates of 96 cents a share, Akerson said in the company’s earning statement Wednesday “Solid isn’t good enough, even in a tough global economy.” The company did not give specific guidance on net income in the fourth quarter [...] Continue Reading…
Chinese companies buying automaker Saab
October 30th, 2011 admin Linda Young – AHN News Writer
Stockholm, Sweden (AHN) – Struggling automotive icon Saab will change hands again in a proposed deal to save it from bankruptcy by selling it to two Chinese companies. Swedish Automotive will sell its Saab unit to Chinese distributor Pang Da Automobile Trade and auto manufacturer Zhejiang Youngman Lotus Automobile. The two will pay a mere $142 million for the 62-year old auto manufacturer. General Motors sold Saab to Swedish Automotive only 2 years ago as part of GM’s restructuring to avoid bankruptcy itself. Since that sale, Saab has had extreme economic woes that it has not manufactured a car since April and it has been in court trying to avoid bankruptcy. [...] Continue Reading…
UAW ratifies deal with Ford
October 20th, 2011 admin Linda Young – AHN News Writer
Detroit, MI, United States (AHN) – United Auto Workers approved a new four-year labor agreement with Ford Motor, UAW officials announced on Wednesday. As recently as this weekend, 53 percent of the 41,000 Ford UAW rank and file members were voting no to the contract. However, that changed when the locals voted. The final tally was 63 percent of production workers and 65 percent of skilled-trades workers voting yes to the deal. UAW President Bob King had urged the members to approve the deal, saying they could not expect anything any better. Moreover, he said it was important to approve the deal because it brought jobs back to the United States [...] Continue Reading…
Ford, United Auto Workers reach tentative contract
October 10th, 2011 admin Kris Alingod – AHN News Contributor
Detroit, MI, United States (AHN) – Ford has reached a tentative labor contract with union workers in more than two dozen plants nationwide. The agreement with the United Auto Workers, which still requires ratification from members, will add 12,000 new jobs in the company’s facilities, 5,750 more than what Ford previously committed to the union. The additional jobs includes positions in China, Japan and Mexico that Ford will bring back into the United States. The UAW was also able to raise entry-level wages to $19.28 over the term of the contract, which will end in 2015. In addition, the union won a $6,000 settlement bonus for workers with a year or [...] Continue Reading…
GM enters electric car joint venture with Chinese automaker
September 30th, 2011 admin Vittorio Hernandez – AHN News
Detroit, MI, United States (AHN) – General Motors announced on Tuesday that it has entered into a joint venture with a Chinese automaker to develop electric cars. The deal also involves transfer of battery and other electric vehicle technology. The 50-50 joint venture is between GM and Shanghai Automotive Industry Corp., the largest vehicle manufacturing company in China. The combined firm, Pan Asia Technical Automotive Center, is based in Shanghai and has already helped develop the Buick LaCrosse eAssist model now being sold in both countries. China is a growing market for new cars because of the rapid pace of the country’s economy, which provides the Chinese people with money to purchase vehicles. [...] Continue Reading…
Honda recalls million cars worldwide
September 10th, 2011 admin Jupiter Kalambakal – AHN News Reporter
Tokyo, Japan (AHN) – Japanese automaker Honda Motor Co. is set to voluntarily recall close to a million car models to repair troubles with power windows and computer equipment. The global recall will be done in two categories. Some 936,000 units of the Fit subcompact, CR-V crossover and Fit Aria in North America, Asia, Europe and Africa are part of the first category. The Fit is called Jazz in some overseas markets, while the Fit Aria is also known as City. The second category, meanwhile, will involve 26,000 CR-Z compact hybrid models in Japan, the United States, Canada and other markets. Both overseas recalls will cost the Japanese carmaker $16.8 million. [...] Continue Reading…
GM, LG team up to create future electric vehicles
August 31st, 2011 admin Jupiter Kalambakal – AHN News Reporter
Detroit, MI, United States (AHN) – U.S. automaker General Motors Co. and top Korean battery manufacturer LG Corp. have entered into a partnership to design and create future electric vehicles. The strategic partnership came after LG supplied GM the lithium-ion batteries for its Chevrolet Volt and Opel Ampera. Many view their collaboration as an eventual result of their initial venture. The deal is a first-of-its-kind alliance between an auto maker and electronics giant in vehicle design and engineering. The GM-LG tie-up comes three days after Ford and Toyota announced their joint collaboration to build hybrid trucks and SUVs.
Article © AHN – All Rights Reserved
View full [...] Continue Reading…
General Motors to manufacture plug-in Cadillac ELR plug-in hybrid electric car
August 21st, 2011 admin Vittorio Hernandez – AHN News
Detroit, MI, United States (AHN) – General Motors announced on Wednesday that it will manufacture a plug-in hybrid Cadillac. The new environment-friendly model would use technology similar to GM’s Chevrolet Volt, which the company rolled out in 2010. Reports said that the ELR’s tag price would be lower than Tesla Motor’s Model S’s $57,400. GM’s 2012 Volt has a $39,995 price tag, which includes shipping. The model would run 25 miles or more between recharges, but would also have a backup gas motor for longer travels. It will feature a T-shaped lithium ion battery, electric motors and four-cylinder engine generator. Ed Welburn, GM design chief, said the plug-in Cadillac will have [...] Continue Reading…
GM earnings soar 92 percent on global sales
August 11th, 2011 admin Linda Young – AHN News Writer
Detroit, MI, United States (AHN) – General Motors saw its second quarter earnings surge by 92 percent compared to the same period a year earlier. It earned $2.5 billion compared to the $1.3 billion GM earned a year earlier. The nation’s No. 1 automaker had revenue of $39.4 billion, up by 19 percent on improved average pricing and numbers of vehicles sold. Only two years out of a federal bailout, most of GM’s growth came from U.S. sales, which increased by 11 percent to 669,000 vehicles sold while company-wide growth increased by 7 percent overall to 2.3 million vehicles sold worldwide. For the first time in years, GM made [...] Continue Reading…
Volkswagen postpones MAN supervisory board takeover
July 12th, 2011 admin Kris Alingod – AHN News Contributor
Wolfsburg, Germany (AHN) – Volkswagen on Monday postponed its appointment of executives to truckmaker MAN’s supervisory board following advise from the European Union. The Wolfsburg-based company said it is in “constructive discussions” with the EU Commission after the panel said the appointments should be made after anti-trust clearance of the merger with MAN. VW held off nominating chief executive Martin Winterkorn, chief financial officer Hans Dieter Poetsch, and the automaker’s chief for commercial vehicles, Jochem Heizmann, to MAN’s supervisory board. Instead, the company named executives Ulf Berkenhagen and Thomas Kremer, who are current members of the board, consistent with VW’s 29.9 percent share in MAN. A third executive, Matthias Bruse, was [...] Continue Reading…