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April 13, 2012
14:47 EDTTM, VLKAY, FIATY, DDAIF, F, HMC, NSANY, GMAuto output may be disrupted by resin shortage says supplier, Bloomberg reports
The global automotive industry may face production issue because of a “severe” shortage of a resin used to make fuel and brake components, according to supplier TI Automotive, reported Bloomberg. Reference Link
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October 1, 2015
09:05 EDTHMC, GMGeneral Motors outlines plans on future of personal mobility
General Motors (GM) CEO Mary Barra and her leadership team outlined the company's plans to capitalize on the future of personal mobility. GM also said it plans to strengthen its core business through global growth initiatives and an aggressive product launch cadence. As a result, the company expects to increase its earnings per share and generate significant shareholder value. The company shared its plans with investors during a conference at its Milford Proving Ground. GM announced that late in 2016 it will add a fleet of 2017 Chevrolet Volts designed to drive autonomously within its renovated Warren Technical Center campus. GM also announced two new car- and ride-sharing projects, one in New York City operating today and one to come in first quarter next year in another U.S. city. In collaboration with Honda, it is developing a next-generation hydrogen fuel cell stack and hydrogen storage systems. GM confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. The company expects to grow its business over the next five years through key initiatives including a $5 billion investment in an all-new Chevrolet growth market vehicle family; maintaining a strong market position in China by enhancing its presence in SUV and luxury segments; expanding Cadillac's vehicle portfolio into growing luxury segments; continuing the growth of GM Financial through the expansion of services globally, and expanding aftersales and OnStar revenue opportunities globally. In the same timeframe, GM plans to introduce a large number of all-new or refreshed vehicles globally. In 2015, about 26 percent of GM's global sales volume has come from vehicles new or refreshed within the previous 18 months. This percentage is projected to be 39 percent in 2016, 40 percent in 2017, 31 percent in 2018, and reach 40 percent in 2019 and 2020. GM is also accelerating its efforts to drive further cost efficiencies across the value chain, with a focus on enhancing overall value for its customers. The company said it expects to generate benefits of approximately $5.5 billion in purchasing, manufacturing and administration expense between 2015 and 2018, more than offsetting increased investments in brand development and technology.
08:36 EDTFMarathon Patent subsidiary receives favorable order against Ford, Fiat Chrysler
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06:49 EDTVLKAYVolkswagen eyes cost cuts, cash flow boost amid scandal, Reuters says
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05:56 EDTDDAIF, TM, NSANY, GM, F, HMC, VLKAYTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
September 30, 2015
19:27 EDTDDAIF, VLKAYEuropean carmakers use stripped-down vehicles for certification, WSJ says
European car certification tests rely on "golden vehicles," stripped down models with oftentimes sparse resemblance to their real-world counterparts, reports the Wall Street Journal. One anonymous auto executive disclosed that automakers in the region never use random vehicles drawn from assembly lines, remarking, "It's like preparing for a major race. We tune them and pamper them like stud horses." Companies in the space include Volkswagen (VLKAY), BMW (BAMXY), Daimler (DDAIF), Peugeot (PUGOY), and Fiat Chrysler (FCAU). Reference Link
18:08 EDTVLKAYVolkswagen appoints Hans-Gerd Bode as Head of Group Communications
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18:04 EDTVLKAYPorsche appoints Blume as CEO
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15:45 EDTGMGeneral Motors to hold a conference call
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11:57 EDTFFord issues 5 safety recalls and one safety compliance recall in North America
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09:05 EDTGMGeneral Motors and Navistar reach long-term commercial vehicle agreement
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08:57 EDTVLKAYMarathon Patent Group announces USPTO denies Volkswagen petition for IPR
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07:55 EDTVLKAYVW CEO to discuss diesel investigation with board, Bloomberg says
Volkswagen CEO Matthias Mueller will brief board leaders on the findings of its internal investigation of cheating on emissions tests, Bloomberg reports. Mueller will address the investigation at a closed-door meeting, the report says, citing people familiar with the matter. Reference Link
06:46 EDTVLKAYVolkswagen might not face criminal charges for emissions scandal, WSJ says
Volkswagen might not face environmental crime charges for admitting using test-evading software in as many as 11M cars worldwide, the Wall Street Journal reports, citing legal experts. If the Department of Justice decides to pursue a criminal case, it would be the first ever against a car maker for evading emissions standards, the report says. Car companies won a carve-out from criminal penalties in the 1970 Clean Air Act, making prosecutors consider alternative legal approaches, the report says. Reference Link
September 29, 2015
13:45 EDTVLKAYPorsche to appoint Blume as CEO, WSJ says
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10:30 EDTVLKAYVolkswagen provides action plan for improvement of diesel vehicles
In a press release issued in German, Volkswagen presented its action plan to remedy the exhaust performance of diesel vehicles, according to a translation. The action plan foresees that Volkswagen and the other concerned Group brands present the technical solutions and measures in October to the appropriate authorities. An internal evaluation showed that a total of eleven million Group vehicles worldwide, including around five million vehicles Volkswagen brand passenger cars, will require a service intervention, the translation of the press release stated. Reference Link
06:17 EDTGM, FFiat Chrysler labor deal faces resistance, NY Times reports
Fiat Chrysler's (FCAU) tentative deal with the United Auto Workers union has seen resistance in early voting, with several plants rejecting the deal outright, the New York Times says. Voting at some of the largest plants will start Tuesday, and that fate of the proposed four-year deal will be determined by the middle of the week, the report says. Opponents to the deal have said that it does not offer any clear path for lower-tier workers to reach the highest levels of hourly play and fails to limit the number of entry-level workers, the report says. Fiat Chrysler's deal with its auto workers is viewed as a template for labor talks that General Motors (GM) and Ford (F) will have with their workers, the report says. Reference Link
06:13 EDTVLKAYVolkswagen to recall up to 11M cars linked to emissions scandal, Reuters says
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05:10 EDTVLKAYContinental AG upgraded to Conviction Buy from Buy at Goldman
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05:08 EDTVLKAYAutoliv upgraded to Neutral from Sell at Goldman
Goldman Sachs upgraded Autoliv to Neutral citing valuation as well as the company's relative low exposure to Volkswagen (VLKAY) and diesel. The firm keeps a $119 price target for shares.
05:06 EDTVLKAYPeugeot downgraded to Buy from Conviction Buy at Goldman
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