PARIS (Reuters) – French carmaker PSA Group raised its medium-term profit guidance on Tuesday after reporting record full-year sales and earnings, buoyed by the success of its Peugeot 3008 and 5008 SUV models. FILE PHOTO: The Peugeot logo is pictured on the new Peugeot 508 before a news conference of PSA Group to announce the… Continue reading UPDATE 1-Peugeot-maker PSA lifts profit goal after record 2018
Author: Ritters US Newsfeed
SEC asks U.S. judge to hold Tesla’s Musk in contempt of violating deal
SAN FRANCISCO (Reuters) – The U.S. Securities and Exchange Commission on Monday said a federal court should hold Tesla Inc Chief Executive Officer Elon Musk in contempt for violating last year’s settlement with the federal regulatory agency due to new statements made on Twitter, sending shares of the electric carmaker down 5 percent in extended… Continue reading SEC asks U.S. judge to hold Tesla’s Musk in contempt of violating deal
Car industry will be big 5G customer down the road, says SEAT
BARCELONA (Reuters) – Carmakers will be big customers for next-generation telecoms networks, helping to justify investment in 5G, but need to be more innovative if the technology is to take off, Spain’s SEAT said on Monday. FILE PHOTO: Men stand over a sign at the Mobile World Congress in Barcelona, Spain February 25, 2019. REUTERS/Sergio… Continue reading Car industry will be big 5G customer down the road, says SEAT
UPDATE 1-VW could sell smaller trucks stake if markets in a spin – sources
FRANKFURT (Reuters) – Volkswagen could sell a smaller stake in its Traton trucks division than expected if markets are shaken by Brexit, two sources familiar with the matter told Reuters on Monday. FILE PHOTO: The logo of Volkswagen’s truck unit Traton, former Volkswagen Truck & Bus AG, is pictured in Hanover, Germany September 19, 2018.… Continue reading UPDATE 1-VW could sell smaller trucks stake if markets in a spin – sources
Munich prosecutors fine BMW $9.65 million for faulty engine software
FILE PHOTO: The BMW logo is seen on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau FRANKFURT (Reuters) – Munich prosecutors fined BMW 8.5 million euros ($9.65 million) for administrative lapses after the German luxury carmaker installed the wrong engine management software into 7,965 vehicles, leading… Continue reading Munich prosecutors fine BMW $9.65 million for faulty engine software
FCA sets $14 million annual target compensation for CEO Manley: filing
FILE PHOTO: Fiat Chrysler Automobiles (FCA) CEO Mike Manley arrives at the memorial service held in honor of former CEO Sergio Marchionne in Turin, Italy, September 14, 2018. REUTERS/Massimo Pinca/File Photo DETROIT (Reuters) – Fiat Chrysler Automobiles NV (FCA) has set an annual compensation target for Chief Executive Officer Mike Manley consisting of pay, cash… Continue reading FCA sets $14 million annual target compensation for CEO Manley: filing
AutoNation names new CEO as slowing auto sales hit results
(Reuters) – AutoNation Inc said on Friday it has chosen insurance and financial services executive Carl Liebert to succeed longtime Chief Executive Officer Mike Jackson and lead the largest U.S. auto dealership chain at a challenging time, when the domestic vehicle market has been slowing. Vehicles for sale are pictured on the lot at AutoNation… Continue reading AutoNation names new CEO as slowing auto sales hit results
GM extends production at Detroit factory until early 2020
General Motors Detroit-Hamtramck Assembly plant is seen in Hamtramck, Michigan, U.S. November 26, 2018. REUTERS/Rebecca Cook (Reuters) – General Motors Co said on Friday it had extended the production at its Detroit Hamtramck plant until January 2020, against an earlier plan to discontinue production in June this year. The No.1 U.S. automaker is revamping its… Continue reading GM extends production at Detroit factory until early 2020
VW warns of headwinds, to redouble efforts to meet targets
The Volkswagen show floor is seen under setup at the Canadian International AutoShow in Toronto, Ontario, Canada, February 13, 2019. REUTERS/Mark Blinch FRANKFURT (Reuters) – Volkswagen warned investors about a tough year ahead as the 12-brand car and truck making group posted disappointing preliminary full-year results on Friday. “The headwinds in key markets are expected… Continue reading VW warns of headwinds, to redouble efforts to meet targets
UPDATE 2-Magna International profit beats on strength in vehicle assembly unit
(Adds details on business segments) Feb 22 (Reuters) – Canada’s Magna International Inc beat analysts’ estimates for quarterly profit on Friday as the auto parts maker assembled more vehicles, benefiting from new launches by car makers Jaguar Land Rover and Daimler AG. Sales at its complete vehicles unit rose 39 percent to $1.69 billion, with… Continue reading UPDATE 2-Magna International profit beats on strength in vehicle assembly unit