Fiat S.p.A. Torino is the holding company of the Fiat Group. Through its subsidiaries, Co. is engaged principally in the manufacture and sale of automobiles, commercial vehicles and agricultural and construction equipment. Co. is organized into operating sectors, divided in the two major... More
Tuesday, Sep 174:30 AMEuropean car sales fall back again
Tuesday, Sep 174:30 AM| 1 Comment
- European car sales dropped 4.9% on year in August to 686,957 units after rising 4.9% in July as new registrations fell in France, Italy and Germany last month. However, the U.K. again continued to enjoy growth, with volumes increasing 10%.
- In January-August, European sales dropped 5.2%.
- Peugeot (PEUGF.PK) had a particularly bad August as sales slumped 18%, with Honda (HMC) -19.6%, Fiat (FIATY.PK) -4.9%, Toyota (TM) -4%, Volkswagen (VLKAF.PK) -11%, Audi -6.4% and Ford (F) -0.9%,
- BMW (BAMXF.PK) +9.9%, Daimler (DDAIF.PK) +5.5%, Renault (RNSDF.PK) +5.8% and GM (GM) +0.7%.
- The data comes after car executives had expressed hope at the Frankfurt Motor Show that the European car market was stabilizing. (PR)
Monday, Sep 163:03 AMChrysler could file for IPO this week
Monday, Sep 163:03 AM| Comment!
- Chrysler is preparing to file for an IPO this week and could list this year, CEO Sergio Marchionne has told the FT, although the flotation is more likely to take place in Q1 2014.
- Marchionne, who's also the CEO of 58.5% Chrysler owner Fiat (FIATY.PK), said he's going to the market to determine the value of the shares held by a retirement trust, which owns the rest of the U.S. car maker.
- The trust wants $10.3B but Fiat values the holding at $4.2B. "The market will tell us. Let the market talk," Marchionne said.
- The dispute has held up the full merger of Fiat and Chrysler, although the IPO will also delay plans to streamline the two car makers and pool their resources.
Tuesday, Sep 104:24 AMEuropean car market stops skidding
Tuesday, Sep 104:24 AM| 6 Comments
- The auto market in Europe is stabilizing after five years of steep declines, car executives have said, but they expect the recovery to be long and slow due to high unemployment and soft bank lending in the region.
- Europe should "see the end of the tunnel next year," said Renault (RNSDF.PK) chief Carlos Ghosn, who was speaking at the Frankfurt Motor Show.
- Meanwhile, Volkswagen (VLKAF.PK) aims to increase car sales to 9.5M this year from 9.3M in 2012, helping to boost shares 2.1% in Frankfurt. Brand sales dropped 1% in August to 461,600 cars, giving a year-to-date figure of 3.84M. That up 3.1% from last year.
- Auto Tickers: F, GM, TM, HMC, CARZ, FIATY.PK, PEUGF.PK, BAMXF.PK, DDAIF.PK HYMLF.PK, NSANF.PK
Tuesday, Jul 163:17 AMEuropean car sales dropped to the lowest levels since 1993 in H1, sliding 6.7% to 6.44M, the European Automobile Manufacturers' Association said, as the economic slump continued to bite. June registrations tumbled 6.3% to 1.18M, the lowest for the month since 1996. Sales in four of Europe's biggest automotive markets contracted in June, although the U.K. grew 13%. Manufacturer June breakdown: GM (GM) -9.9%, Ford (F) +6.9%, Volkswagen (VLKPF.PK) -4.4%, Daimler (DDAIF.PK) +0.6%, Peugeot (PEUGF.PK) -11%, Renault (RNSDF.PK) +0.9%, Fiat (FIATY.PK) -14%. (PR) |Tuesday, Jul 163:17 AM| 7 Comments
Thursday, Sep 272012, 5:00 AMChrysler becomes the last of the three main Detroit carmakers to agree to a new four-year labor contract with the Canadian Auto Workers union and avert a strike, but as with GM (GM) and Ford (F), it's unable to reduce the cost gap between U.S. and Canadian workers. Chrysler's CAW staff will vote on the deal at the weekend, while GM employees are due to finish voting today on their new agreement. |Thursday, Sep 272012, 5:00 AM| Comment!
Tuesday, Jul 32012, 5:44 PMChrysler CEO Sergio Marchionne says the company is on its way to making about $3B in operating profit in 2012 after having already achieved more than half of its sales target for the year. "I checked the numbers this morning and we've already sold 1.23 million [vehicles]," Marchionne says. If so, that would be at the low end of his $3B - $3.5B 2012 projection set in November 2009 after emerging from bankruptcy. |Tuesday, Jul 32012, 5:44 PM| Comment!
Monday, Jan 232012, 1:21 PMFrom bankruptcy filings and layoffs to hiring and major capital spending, the major automakers are on the up. Their resurgence is helping to boost the jobs outlook, particularly in the Midwest, driven by a new view that manufacturing in the U.S. is a good way to cope with volatile forex markets and other risks. |Monday, Jan 232012, 1:21 PM| 1 Comment