The United Auto Workers’ tentative agreement with Ford Motor Co. closely follows the pattern set by General Motors Co. in wage increases, lump-sum bonuses, maintained health care benefits and pathways for temporary and in-progression employees to earn top wages. UAW local leaders on Friday voted to send the agreement to its 55,000-plus members for a ratification vote.… Continue reading UAW-Ford deal follows wage, health care pattern set by GM
Tag: Financial Results
CORRECTED-Waymo tests ‘rider only’ service and looks beyond robo-taxis
(This October 28 story corrects to remove erroneous reference in paragraph 6 to regulations preventing the use of autonomous trucks) FILE PHOTO: A Jaguar I-PACE self-driving car is pictured during its unveiling by Waymo in the Manhattan borough of New York City, U.S., March 27, 2018. REUTERS/Brendan McDermid/File Photo DETROIT (Reuters) – Waymo Chief Executive… Continue reading CORRECTED-Waymo tests ‘rider only’ service and looks beyond robo-taxis
Factbox: GM strike sends ripples across auto parts suppliers
(Reuters) – Several auto parts makers and suppliers have lowered their full-year forecasts and disclosed hits to quarterly earnings from the 40-day strike at No.1 U.S. carmaker General Motors (GM.N). FILE PHOTO: A union strike sign is stuck in the fence outside the General Motors Flint Truck Assembly in Flint, Michigan, U.S., October 9, 2019.… Continue reading Factbox: GM strike sends ripples across auto parts suppliers
Peugeot’s turnaround driver, Tavares, faces his biggest challenge
Tavares has stoked competition among Peugeot and former Opel factories to push workers to cut costs. PARIS – Carlos Tavares, a former Renault star credited with reviving the company’s French rival Peugeot SA , has long shone as a restructurer-in-chief, staring down unions and slicing down bureaucracies. Now the 61-year-old Portuguese car fanatic and weekend… Continue reading Peugeot’s turnaround driver, Tavares, faces his biggest challenge
Mazda braces for 30% FY profit drop on falling car sales in US, China: Nikkei
Mazda Motor Corp is facing a drop in annual profit of about 30 per cent as the Japanese automaker struggles with falling sales in the United States and China, its biggest markets, the Nikkei newspaper reported on Friday.The updated forecast would be almost half the automaker’s previous profit forecast of 110 billion yen.Demand for Mazda vehicles including the Mazda3 sedan and the CX-5 SUV crossover has slumped since the company posted record annual sales of about 1.6 million vehicles in the 2018 financial year.
Bosses leave car dealer Lookers as Brexit blamed for profit warning
Automotive industry Shares plunge and company announces the closure of 15 branches Lookers says it expects annual underlying pre-tax profit to plunge to about £20m from £67m a year earlier. Photograph: Suzanne Plunkett/Reuters Lookers, one of Britain’s biggest car dealerships, has parted company with its chief executive and chief operating officer as it blamed Brexit… Continue reading Bosses leave car dealer Lookers as Brexit blamed for profit warning
Auto dealer Lookers expects profit to slump; top executives leave
(Reuters) – British car dealership Lookers (LOOK.L) on Friday issued its second profit warning in less than four months and announced the departure of its two top executives. The company expects annual underlying profit to fall by more than two-thirds as the UK car market struggles with dwindling consumer confidence and margin pressures. Lookers said… Continue reading Auto dealer Lookers expects profit to slump; top executives leave
UPDATE 2-Mazda sees 30% FY profit drop on strong yen, weak sales in U.S., China
TOKYO (Reuters) – Mazda Motor Corp (7261.T) cut its annual profit forecast by nearly half on Friday as the Japanese automaker expects a strong yen and falling cars sales in the United States and China, its biggest markets, to drive earnings to a seven-year low. FILE PHOTO: The logo of Mazda Motor Corp. is displayed… Continue reading UPDATE 2-Mazda sees 30% FY profit drop on strong yen, weak sales in U.S., China
Peugeot’s boss, Carlos Tavares, plans a merger with Fiat Chrysler – The Economist
IN 2013 TWO Carloses sat atop the Renault-Nissan alliance. One was Carlos Ghosn, the Brazilian-born architect of the Franco-Japanese carmaking colossus. His protégé was Carlos Tavares, the Portuguese chief operating officer of Renault, who made sure that good cars rolled off the production line. But Mr Tavares, an engineer and racing driver, was not content… Continue reading Peugeot’s boss, Carlos Tavares, plans a merger with Fiat Chrysler – The Economist
BorgWarner Announces Divestiture of BorgWarner Morse TEC LLC to Enstar
Auburn Hills, Michigan, Oct. 30, 2019 – BorgWarner today announced that it has divested BorgWarner Morse TEC LLC (“Morse TEC”), a wholly-owned subsidiary of the company that holds asbestos and certain other liabilities, to Enstar Holdings (US) LLC, a subsidiary of Enstar Group Limited. In connection with the closing, BorgWarner contributed approximately $172 million in… Continue reading BorgWarner Announces Divestiture of BorgWarner Morse TEC LLC to Enstar