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Yesterday, 9:14 AM
- General Motors (NYSE:GM) suspends making deliveries to Russia due to the volatile situation with the ruble exchange rate.
- The company operates in the region through Opel-division GM Russia.
- Jaguar Land Rover (NYSE:TTM) and Audi (OTCQX:VLKAY) have also halted sales in the nation in reaction to the currency crisis.
- The above automakers - along with BMW (OTCPK:BAMXY), Daimler (OTCPK:DDAIF), Hyundai (OTC:HYMLF), and Renault (OTC:RNSDF) - face large hits in Q4 due to exposure to the Russian currency.
- Some estimates on ruble losses range over the $100M mark.
Tue, Dec. 16, 7:29 AM| Comment!
Tue, Dec. 16, 7:26 AM| Comment!
Thu, Dec. 11, 4:11 PM
- The New York Department of Financial Services has subpoenaed the auto-lending divisions of Ford (NYSE:F), Honda (NYSE:HMC), Hyundai (OTC:HYMLF), Nissan (OTCPK:NSANY), and Volkswagen (OTCQX:VLKAY), along with Santander (SAN, SC) and TD Bank over their lending practices, reports the NY Post, with an official announcement coming as soon as tomorrow.
- The move comes amid other investigations over auto-lending by the CFPB and the NYC Department of Consumer Affairs.
- Previously: FRBNY: Q3 auto loans highest in nearly a decade (Nov. 25, 2014)
Tue, Dec. 9, 9:00 AM
- Hyundai (OTC:HYMLF) recalls 42,925 vehicles in the U.S. to address an issue with faulty brake lights.
- The recall action impacts some 2009-2011 Genesis and 2011 Equus vehicles.
- Automakers have increased the pace of recalls this year after watching issues with GM and Takata airbag inflators put a brighter spotlight on incident reporting.
Tue, Dec. 2, 3:27 PM
- New car prices rose 1.7% Y/Y and 0.5% M/M to $33,754 in the U.S. during November for the 8 eight largest automakers, according to Kelley Blue Book.
- Average car price gain/loss (Y/Y): Fiat Chrysler Automobiles (NYSE:FCAU) +3.4% to $33,833; General Motors (NYSE:GM) +3.4% to $37,749; Hyundai (OTC:HYMLF) +3.3% to 424,913; Ford (NYSE:F) +2.6% to $35,832; Toyota (NYSE:TM) flat at $30,909; Honda (NYSE:HMC) -0.3% to $27,341; Nissan (OTCPK:NSANY) -1.0% to $28,652, Volkswagen (OTCQX:VLKAY) -3.7% to $38,556.
Tue, Dec. 2, 2:03 PM| Comment!
Tue, Dec. 2, 1:09 PM
Mon, Nov. 24, 3:19 PM
- Edmunds.com projects U.S. auto sales will rise 1.6% to 1.261M units in November.
- Projected sales volume growth by automaker: General Motors (NYSE:GM) +0.6% to 213.42K, Ford (NYSE:F) -1.4% to 186.98K, Toyota (NYSE:TM) +1.6% to 180.88K, Chrysler Automobiles Group (NYSE:FCAU) +14.9% to 163.49K, Honda (NYSE:HMC) +1.1% to 117.76K, Nissan (OTCPK:NSANY) -8.5% to 97.46K, Hyundai (OTC:HYMLF) -6.6% to 94.77K, Volkswagen (OTCQX:VLKAY) +4.2% to 46.24K.
Tue, Nov. 18, 7:55 AM
Tue, Nov. 18, 7:54 AM| Comment!
Wed, Nov. 12, 10:06 AM
- The landmark emissions deal struck between the U.S. and China has implications for the automobile industry even if it is largely symbolic, according to analysts.
- There's some speculation that bickering between the nations over spying and other free trade issues won't reel in China-Western auto joint ventures and impact government EV subsidies as the nation stays focused on pollution control.
- Automaker stocks: GM, F, TM, FCAU, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTC:KIMTF, OTCPK:MMTOF, OTCPK:PEUGF, TTM, TSLA.
Tue, Nov. 11, 4:48 AM
- Hyundai (OTC:HYMLF) and Kia (OTC:KIMTF) have announced share buybacks worth 670B won ($615M), in an apparent bid to appease investor fury at their multibillion-dollar investment for a new headquarters.
- The move represents Hyundai's first share buyback specifically aimed at enhancing shareholder value in nearly a decade and Kia's first ever.
- Shares in the two companies plunged in September after they and affiliate Hyundai Mobis revealed plans to spend $10B on a plot of land in Seoul.
- Separately, Kia announced that company president Park Han-woo will now become co-CEO.
- Previously: Hyundai moves ahead with mega-land deal
- Previously: Hyundai, Kia drop on extravagant HQ buy
Thu, Nov. 6, 6:12 AM
- Hyundai (OTC:HYMLY) and Kia (OTC:KIMTF) are aiming to increase the average fuel economy of their vehicles by 25% by 2020 to meet emissions regulations in South Korea, the U.S. and Europe.
- The automakers will develop next-generation engines and transmissions, reduce the weight of key models and expand their line-up of environmentally friendly vehicles to reach their target.
- The news comes on the heels of the South Korean duo's settlement earlier this week, when they agree to pay a $350M fine to the U.S. government for overstating fuel economy ratings.
- Previously: Hyundai, Kia agree to record settlement for overstating mileage
Tue, Nov. 4, 6:48 AM
- Hyundai (OTC:HYMLY) and Kia (OTC:KIMTF) will pay $350M in penalties to the U.S. government for overstating fuel economy ratings, resulting in the largest fine ever issued under the Clean Air Act.
- "This will send an important message to automakers around the world that they must comply with the law," says Attorney General Eric Holder.
- The deal follows a $395M settlement the automakers agreed to pay last December to resolve claims from the owners of the vehicles, bringing the companies' total cost for the mileage overstatements to more than $700M.
Mon, Nov. 3, 2:14 PM
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