Jan. 24, 2014, 4:47 AM
- GM (GM) is looking to cut 1,100 out of 2,200 jobs at its Gunsan factory in South Korea ahead of the sharp scaling back of Chevrolet sales in Europe, Reuters reports.
- GM has told the labor union that it wants to reduce the number shifts from two to one at the factory. The union, though, "wants to maintain two shifts, and instead cut the number of cars produced per hour," says a source.
Jan. 23, 2014, 2:47 PM
- Kelley Blue Book forecasts new auto sales will rise 1.6% Y/Y to 1.06M units in January.
- Nissan (NSANY) is expected to have the strongest pace of sales growth at 7.5%, while Ford (F) and Toyota (TM) are forecast to see a drop from last year's sales level with their biggest model introductions for 2014 set to come down the road. Honda (HMC) and Hyundai (HYMLF) are also
- Between them, General Motors (GM) and Ford (F) should account for a third of all sales in the U.S. in January.
- What to watch: As profitability takes center stage in the industry, the levels of incentives used by automakers will be closely watched. KBB thinks GM will reduce incentives on the all-new Chevrolet Silverado and GMC Sierra.
Jan. 23, 2014, 11:41 AM
- General Motors (GM -1.7%) CEO Mary Barra says the company will keep a philosophy of maintaining a "fortress" balance sheet in place.
- In her first open interview with reporters since taking the top spot at the automaker, the exec didn't stray far from the company line. She says a goal of reaching a profit rate of 10% by the middle of the decade is still a top priority and reiterates many of the key points of her predecessor.
Jan. 17, 2014, 3:51 PM| Jan. 17, 2014, 3:51 PM | 2 Comments
Jan. 17, 2014, 1:30 PM
- The decision by General Motors (GM -1.5%) to pull Chevrolet out of Europe makes its expensive sponsorship deal with Manchester United (MANU -0.7%) look like a bit of a dud.
- Though the soccer team is a global brand and immensely popular in Asia, a good portion of the $559M GM paid the company was for its European presence.
- Also factoring into the value of the sponsorship is Manchester United's sudden fall from the top of the Premier League standings. The 7th-place team is on pace to have its worst finish in the 23-year history of the EPL.
Jan. 17, 2014, 12:45 PM
- German luxury automakers (VLKAY, DDAIF, BAMXY) are hitting price points at around $30K with new models in order to build brand loyalty. Execs with the companies think that by opening up the brand they will see demand benefits down the road.
- The pricing on the their low-end vehicles now overlaps popular entries from Chevrolet (GM), Toyota (TM -0.7%), and Honda (HMC -0.2%).
- The group used the same tactic in Europe to some success.
Jan. 17, 2014, 8:10 AM| Jan. 17, 2014, 8:10 AM
Jan. 16, 2014, 2:43 PM| Jan. 16, 2014, 2:43 PM | 3 Comments
Jan. 16, 2014, 3:48 AM
- European car sales dropped for the sixth year in a row in 2013, slipping 1.7% to 11.9M vehicles, the European Automobile Manufacturers' Association says. That's the worst performance since ACEA began tracking the data in 2003.
- However, the moderate recovery in sales that began in H2 accelerated in December, with new-car registrations climbing 13% to 906,294 vehicles.
- Despite the pick-up, industry executives remain cautious. "The European car market is starting the year in its best condition for two or three years," said Yann Delabrière, the CEO of components supplier Faurecia. "But it is too early to say we have a clear vision of the turnaround." (PR)
- Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F
Jan. 15, 2014, 8:44 AM
- General Motors (GM) issues a cautious outlook for 2014 during its talk at the Deutsche Bank auto conference, saying pretax profits will only rise slightly and margins will be flat.
- In her comments, CEO Mary Barra said the automaker expects a moderation in sales for GM this year
- Management makes a lot of GM returning to the land of dividend-payers and tips off that it could make some more headway in reducing its pension obligation. Higher interest rates helps GM's position in regard to pensions.
- The company doesn't expect that it will need to contribute money to GM Financial.
- A higher mix of SUVs and Cadillacs will boost margins in 2015 and 2016.
- Deutsche Bank 2014 Global Auto Industry Conference webcast
- GM -1.3% premarket
Jan. 15, 2014, 7:19 AM
- AutoNation (AN) CEO Mike Jackson sours the euphoria at the Detroit Auto Show just a bit with his claim that the supply of new cars in the U.S. is increasing too fast.
- By his estimation, U.S. dealers currently have $100B worth of unsold cars and trucks on their lots - repping 90 to 120 days of supply if fleet sales are backed out.
- Jackson rates the odds of an all-out discount war in the automobile industry at 50%.
- More from the Detroit Auto Show
- Related stocks: F, GM, TM, NSANY, HMC, VLKAY.
Jan. 14, 2014, 6:20 PM
- With current GM CFO Dan Ammann set to be promoted to the role of president on Jan. 15, the automaker has named North American CFO Chuck Stevens to be Ammann's replacement. (PR)
- Global manufacturing CFO John Stapleton will take over Stevens' current job. Stevens, who has held a number of international positions within GM over the years, was considered a frontrunner to be the company's next CFO. GM's finance department employs 4.6K people globally.
- GM remains up 2.9% AH in response to its dividend announcement.
Jan. 14, 2014, 5:39 PM
Jan. 14, 2014, 4:49 PM
- General Motors Company (GM) declares $0.30/share quarterly dividend.
- Forward yield 3.00%
- Payable March 28; for shareholders of record March 18; ex-div March 14.
Jan. 14, 2014, 7:36 AM
- Geely Automobile predicts deliveries in 2014 will rise 6% to 580K, a mark which falls below the forecast by the China Association of Automobile Manufacturers for a 8% to 10% rise in China
- Chinese automakers lost market share to General Motors (GM) and Ford (F) at home last year with their models not quite as competitive and could slip further in 2014.
- Overall, domestic sales in China are expected to top 22M vehicles in 2014.
Jan. 13, 2014, 7:59 AM
General Motors Co. engages in the business of design, manufacturing and sale of cars, trucks and automobile parts worldwide. It operates through four segments: GM North America, GM Europe, GM International Operations and GM South America. The GM North America segment sells vehicles under the... More
Sector: Consumer Goods
Industry: Auto Manufacturers - Major
Country: United States
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