Aug. 29, 2014, 4:27 AM
- Fiat (OTCPK:FIATY) says it has cleared a road block for its planned reorganization, as the pay off of dissenting shareholders who were allowed to tender their shares will likely not exceed the €500M ($658.3M) set aside for the merger.
- The reorganization will create Fiat Chrysler Automobiles, a new company with headquarters in Amsterdam, domiciled in the U.K. for tax purposes and a primary stock market listing in New York.
Aug. 28, 2014, 9:42 AM
- Kelley Blue Book forecasts U.S. auto sales will fall 1% in August to 1.49M units.
- The decline is attributable to a difference in selling days during the period compared to last August.
- All segments are expected to see lower sales totals except for compact SUV/crossover which is tapped for a 6.2% gain.
- KBB sales forecast by manufacturer: General Motors (NYSE:GM) -1.0% to 273K; Toyota (NYSE:TM) -4.6% to 221K; Ford (NYSE:F) -1.5% to 217K; Chrysler (OTCPK:FIATY) +11.1% to 184K; Honda (NYSE:HMC) -8.1% to 153K; Nissan (OTCPK:NSANY) +1.2% to 122K; Hyundai (OTC:HYMLF) -1% to 117K; Volkswagen (OTCQX:VLKAY) -11.6% to 51K.
Aug. 26, 2014, 6:52 AM| Aug. 26, 2014, 6:52 AM | 56 Comments
Aug. 26, 2014, 5:07 AM
- India’s antitrust regulator has fined major automakers over anti-trust violations, just days after authorities in China imposed similar penalties.
- The commission found that carmakers were able to charge high prices by providing spare parts only to authorized repair shops.
- A total fine of 25.4B rupees ($420M) was slapped on 14 automotive groups including Tata Motors (NYSE:TTM) and the local units of Honda (NYSE:HMC), Volkswagen (OTCQX:VLKAY), Fiat (OTCPK:FIATY), BMW (OTCPK:BAMXY), Ford (NYSE:F), General Motors (NYSE:GM), Mercedes-Benz (OTCPK:DDAIY), Nissan (OTCPK:NSANY) and Toyota (NYSE:TM).
Aug. 22, 2014, 7:40 AM
- Chrysler (OTCPK:FIATY) doesn't plan on using aluminum in its Ram pickup line before 2020, according to Reuters.
- The strategy gives the Ram brand a potential selling point over the Ford (NYSE:F) F-series on the "toughness" perception, although the new lighter aluminum-bodied pickups from rivals will feature better fuel economy.
- Ram sales in the U.S. are up 19% YTD.
Aug. 18, 2014, 11:23 AM| Aug. 18, 2014, 11:23 AM | 2 Comments
Aug. 18, 2014, 2:47 AM
- Russia may impose restrictions or a ban on vehicle imports from Western countries, if the U.S. and EU impose additional sanctions on Moscow, Reuters reports quoting the Vedomosti.
- The paper says that the proposals have already been sent to Putin for consideration but no decision has been made yet.
- The new ban, however, would not apply to foreign automakers' production inside Russia. Ford (NYSE:F), Volkswagen (OTCQX:VLKAY), Renault (OTC:RNSDF), Toyota (NYSE:TM) and Hyundai (OTC:HYMLF) all have production facilities inside the country.
- Related stocks: AN, KMX, CRMT, GM, OTCPK:FIATY, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTCPK:BAMXY, OTCPK:MMTOF, OTC:PEUGF, TTM, OTCPK:FUJHY.
Aug. 14, 2014, 2:37 PM
- The merger between Fiat (OTCPK:FIATY) and Chrysler is even more up in the air after conflicts in the Middle East and Ukraine take a toll on sales momentum for the brands.
- Fiat is trading at only pennies below the 7.727 euros-per-share offering price that's dangling in front of dissenting shareholders.
- Two major proxy firms already advised shareholders to vote against the merger.
- The wildcard in the mix: The Peoples Bank of China owns a decent stake in Fiat and could tip the scale one way or the other.
Aug. 13, 2014, 1:09 PM
- A fall in used car prices in the U.S. could put some pressure on automakers to offer higher incentives to lure in buyers for new vehicles, according to analysts.
- Truecar.com estimates that new-car incentives will push up 11% to $3K per vehicle in the next two years to counterbalance a drop in used car pricing.
- The long-term forecast for the automobile industry is still favorable with most research firms calling for a return to a pre-recession level of volume.
- Related stocks: AN, KMX, CRMT, GM, F, TM, OTCPK:FIATY, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTCPK:MMTOF, OTC:PEUGF, OTC:RNSDF, TTM, OTCPK:FUJHY.
Aug. 11, 2014, 10:12 AM
- Sales of luxury cars in the U.S. are up 7.1% Y/Y through July, according to segment data from Wards Auto.
- The solid sales growth comes ahead of what is typically the high-demand part of the year.
- New model roll-outs slated for the fall and winter include the BMW X4, Cadillac Escalade, and Porsche Macan.
- Related stocks: GM, F, TM, OTCPK:FIATY, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTC:KIMTF, OTCPK:MMTOF, OTC:PEUGF, OTC:RNSDF, TTM.
Aug. 11, 2014, 7:06 AM
- The planned merger of Fiat (OTCPK:FIATY) and Chrysler into a new entity called Fiat Chrysler Automotive will push forward only if Fiat has to spend €500M ($696M) or less to buy out shareholders not wanting to participate.
- ISI Group estimates it would only take 5.18% of Fiat shareholders to take the buyout deal at 7.727 euros per share to reach the €500M level.
- A tally on the number of shareholders exercising their buyout rights should be known by August 25.
Aug. 6, 2014, 10:55 AM
- Chrysler Group (OTCPK:FIATY) reports revenue increased 14% Y/Y to $20.5B in Q2.
- Net income rose 22% to $619M.
- Global shipments up 10% to 770K.
- Chrysler picked up 70 bps of market share in the U.S. to 12.1% and added 20 bps in Canada to 15.3%.
- The automaker ended the quarter with $1B in free cash flow.
Aug. 6, 2014, 2:36 AM
- China's National Development and Reform Commission (NDRC) says it will penalize Audi (OTCQX:VLKAY) and Chrysler (OTCPK:FIATY) following its comprehensive antitrust investigation into the Chinese auto parts industry.
- "The two companies do have monopolistic practices. They will be punished soon," says NDRC secretary-general Li Pumin.
- Many foreign automakers in China including Mercedes-Benz (OTCPK:DDAIY) and Jaguar Land Rover (NYSE:TTM) have slashed their products and spare parts prices in recent weeks due to the NDRC's probes.
Aug. 5, 2014, 9:55 AM
Aug. 1, 2014, 11:03 AM
- Automobile prices in the U.S. rose 0.1% M/M and 2.1% Y/Y during July, according to estimates from Kelley Blue Book.
- The increase is due largely to a slight shift in mix toward SUVs and crossovers. General Motors (GM -0.4%), Chrysler (OTCPK:FIATY), and Volkswagen (OTCQX:VLKAY) showed the biggest gains of the major automakers.
- Edmunds sees the overall industry selling rate to be right at 16.8M units for the month.
- Truecar.com has its eyes on the incentives being offered by dealerships. The firm estimates incentive spending was up 8.4% Y/Y in July to mark the biggest jump since 2010 as automakers looked to clear inventory.
- July U.S. sales gains: GM +9.4%, Ford (NYSE:F) +9.5, Toyota (NYSE:TM) +11.6%, Nissan +11.4 (OTCPK:NSANY), Chrysler +19.7%.
Aug. 1, 2014, 8:58 AM
- Chrysler (OTCPK:FIATY) set all kinds of brand records in July as it saw strong demand for different types of models.
- Brand sales growth: Fiat +1%; Chrysler +17%; Jeep +41%; Dodge +3%; Ram +18%.
- Model sales growth: Chrysler Town & Country +41%; Jeep Patriot +3%; Jeep Wrangler +14%; Jeep Grand Cherokee +1%; Dodge Caravan +10%; Dodge Ram P/U +14%.
- Chrysler estimates a U.S. auto industry SAAR rate of 16.8M units for the month.
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