Headlines for Wednesday, April 24, 2013

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VW keeps targets after first-quarter profit falls 26%

April 24, 2013 12:04 CET
Volkswagen is sticking to its goal to match last year's record operating profit and vehicle sales after first-quarter profit dropped 26 percent on falling demand in Germany and heavy spending on new vehicles.

Daimler plans 300 million euro expansion in Romania

April 24, 2013 15:08 CET
Daimler will invest more than 300 million euros to build a factory in Romania to assemble transmissions for its Mercedes-Benz brand after reaching full capacity at its main powertrain plant near Stuttgart.

Mitsubishi pinpoints lithium ion battery glitch

April 24, 2013 20:43 CET
Mitsubishi has pinpointed the cause of the lithium ion battery glitch that forced it to halt production of the Outlander plug-in hybrid crossover and most i electric cars. Mitsubishi said a small number of the affected i EVs were on the road in Europe and the United States.

Fiat weighs New York listing following merger with Chrysler, report says

April 24, 2013 18:19 CET
Fiat may select New York as the primary exchange for its stock after a planned merger with Chrysler Group, sources said. The move would be highly political and symbolic for debt-ridden Italy as it struggles to emerge from a cycle of recessions.

Renault Q1 revenue falls 12% on weak Europe

April 24, 2013 18:19 CET
Renault said first-quarter revenue fell 11.8 percent on a 4.7 percent decline in global deliveries but the company reiterated its goal of achieving a positive automotive operating margin for the full year.

GM will invest 230 million euros to expand Opel test facilities

April 24, 2013 13:19 CET
General Motors will invest 230 million euros ($299 million) on test facilities for Opel as part of its effort to break even in Europe by 2015.

PSA says Q1 revenue fell 6.5% on European slump

April 24, 2013 08:34 CET
PSA/Peugeot-Citroen said first-quarter revenue fell 6.5 percent as its vehicle sales abroad failed to offset a recession in Europe. PSA said it will implement additional measures to attain its goal of breaking even next year if the European market continues to falter.

Ford profit rises despite $462 million Europe loss

April 24, 2013 13:02 CET
Ford today said its first-quarter net income rose 15 percent from a year earlier despite a $462 million operating lose in Europe. Ford reaffirmed its forecast for a 2013 loss in Europe of about $2 billion. In 2012, the loss was $1.75 billion.

Daimler lowers 2013 profit goal after first-quarter earnings drop 56%

April 24, 2013 08:19 CET
Daimler cut its 2013 profit forecast after its quarterly earnings fell 56 percent, burdened by Europe's slump and weaker Mercedes-Benz sales in China.

Henrik Fisker: 'Confluence of events' led to company's downfall

April 24, 2013 06:01 CET
Henrik Fisker's testimony before the U.S. Congress today will paint the automaker he founded as a victim of "a confluence of events" and as an enterprise that is capable of being saved.

Gentex earnings drop 2% in first quarter

April 24, 2013 06:01 CET
Gentex, a U.S. supplier of automotive rearview mirrors and related parts, reported a 2 percent decline in net profits for the first quarter, citing a decrease in vehicle production in Japan, Korea and Europe.

LUCA CIFERRI

Why even a weak China is good news for European automakers

12:01 am U.S. ET | April 24, 2013
The Shanghai auto show proved once again that China is the promised land for automakers, particularly Europeans bracing for a sixth straight year of declining car sales in their home region.

 
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Europe recovery continues in March
European car sales increased 11 percent in March, the strongest growth in a year, as the region's im ...
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Western European sales recovery accelerated in March
Western European new-car sales rose nearly 11 percent in March, helped by an increasing willingness ...
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Russian new-car sales fall 43% as economy slides
Russian new-car sales fell 43 percent last month as a weak currency, falling oil prices and Western ...
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UK sales rise 6% in best March this century
British new-car registrations rose by 6 percent in March to 492,774 vehicles, a record for the month ...
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Germany's 9% sales rise a positive sign of Europe's continued rebound
New-car sales in Germany increased 9 percent last month, the VDA industry association said. ...
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France, Italy, Spain sales growth in March encourages European recovery hopes
New-car registrations rose in France, Italy and Spain last month, adding to signs that the European ...
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European February car sales rise as economy bolsters demand
European car-sales rose by 7 percent in February as signs of a strengthening economic expansion in t ...
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Russian car sales fall 38% in February
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German car sales rise as Europe rebound continues
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Spanish car sales jump 28% for 17th month of growth
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Fiat Chrysler promotes Gilles to global design boss
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Hyundai names sales veteran Schmid as No. 2 in Europe
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Jaguar Land Rover names new global engineering chief
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Former GM Europe chief Forster will lead UK taxi builder
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Volvo appoints Europe boss as part of global reorganization
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Renault reinforces quality oversight
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Cadillac Europe will be run by former BMW executive
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BMW X6 gets sleeker to keep edge on new rivals
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