Automotive News Headlines - Yahoo! News

Former Ford CEO Harold "Red" Poling dies

2012-05-15T18:43:35Z

(Reuters) - Harold "Red" Poling, Ford Motor Co's chief executive in the early 1990s, has died, the U.S. automaker said on Tuesday. Poling, who lived in Pacific Grove, California, was 86. No cause of death was given. He retired from Ford on January 1, 1994, after a 43-year career with the company. He was widely credited with imposing a tough restructuring program that turned around Ford's money-losing North American automotive operations in the early 1980s. ...

Ex-NE mob boss gets 5½ years in RI strip club plot

2012-05-11T19:04:30Z

The former New England Mafia boss was sentenced Friday to 5½ years in prison for his role in the shakedown of Providence strip clubs, becoming the first ex-mob leader to be locked up in a case that has ensnared nine people described by prosecutors as having ties to organized crime.

Ex-NE mob boss to be sentenced in strip club plot

2012-05-11T12:11:37Z

When 84-year-old Luigi "Baby Shacks" Manocchio is led away to prison, the New England Mafia will lose an "old school" former boss who came up through the ranks during the mob's heyday only to be undone in his old age over his role in the shakedown of Providence strip clubs.

Fisker: Karma battery did not cause Houston fire

2012-05-08T22:55:08Z

(Reuters) - A house fire that destroyed a $100,000-plus Fisker Karma near Houston last week does not appear to have been caused by the plug-in hybrid's lithium-ion battery pack, Fisker Automotive said in a statement on Tuesday. Local officials and insurance companies are investigating the cause of the May 3 fire, which originated in the garage of a newly built home in Sugar Land, Texas. Two other cars in the garage were also destroyed. "There are conflicting reports and uncertainty surrounding this particular incident," Fisker said. ...

Ford settles lawsuit over 2003 crash in Montana

2012-05-07T16:21:39Z

A settlement has been reached in a lawsuit against the Ford Motor Company that alleged defects in tires on the Ford Bronco II were a substantial factor in a crash that left a Montana man paralyzed and with cognitive impairment.

Ford asks steep price for Japan to join trade talks

2012-05-03T22:55:27Z

WASHINGTON (Reuters) - Japan should be required to reduce the size of its auto industry before being allowed into regional free trade talks with the United States and eight other countries in the Asia Pacific, a top Ford Motor Co official said. "Any way you look at the Japanese market, it's the most protected automotive market in the developed world," Steve Biegun, Ford's vice president for international government affairs, said in an interview. ...

U.S. auto sales to drive aluminum demand -Novelis

2012-05-03T17:50:37Z

NEW YORK (Reuters) - Novelis Inc. , the world's largest maker of aluminum sheet, said strong U.S. automotive sales this year would help drive U.S. demand for products using aluminum at a pace consistent with an expected 2 percent growth in U.S. gross domestic product. "We look at the U.S. economy, all things considered, as stable and running at about a 2 percent GDP, maybe 2.5 percent. Nothing exciting, but still growing," Chief Executive Phil Martens told Reuters in a recent interview. ...

CarMax's Folliard made $6.1M in fiscal 2012

2012-05-03T13:45:28Z

Used car dealership chain CarMax Inc. gave its CEO, Tom Folliard, a pay package valued at $6.1 million for fiscal 2012, about 5 percent more than the previous year, according to an Associated Press analysis of a regulatory filing.

Kensey Nash sells itself for $360 million to DSM

2012-05-03T13:44:25Z

Kensey Nash Corp., a medical device maker, said Thursday it will be acquired for about $360 million by Royal DSM, a Dutch manufacturer with operations in the pharmaceutical, food and automotive sectors.

Ford to sell ACH interior trim business, no terms

2012-05-03T12:54:17Z

Ford will sell its Automotive Components Holdings interior trim business to a French auto supplier.

April vehicle sales dip but Chrysler strong

2012-05-01T21:38:30Z

(Reuters) - Vehicle sales dipped in April from an exceptionally strong month the year before, but sales of fuel-efficient cars stayed strong. Sales of cars and light trucks in Canada slipped 1.4 percent in April from a year earlier to 157,777 vehicles, the first monthly drop this year, according to data compiled by independent automotive analyst Dennis DesRosiers and released on Tuesday. There were three fewer sales days this April than in April 2011. ...

O'Reilly shares touch all-time high on strong 1Q

2012-04-26T20:17:10Z

Shares of O'Reilly Automotive Inc. soared to an all-time high Thursday, after the auto parts retailer posted better-than-expected first-quarter results.

Group 1 Automotive 1Q profit rises 51 pct.

2012-04-26T16:28:28Z

Group 1 Automotive Inc. said Thursday that its first-quarter profit jumped 51 percent, boosted by higher consumer demand for cars and trucks.

BorgWarner 1Q profit jumps 26 pct as demand rises

2012-04-26T13:56:48Z

Automotive parts supplier BorgWarner Inc. said Thursday its first-quarter profit jumped 26 percent, as increased production of cars and trucks boosted demand for its products.

GE CEO says electric car disappointment will fade

2012-04-24T16:06:49Z

DETROIT (Reuters) - General Electric Co Chief Executive Jeff Immelt said people "may be disappointed in the adoption of the electric vehicle" but his company will continue investing in battery technology to reflect its confidence in an eventual uptick. Speaking during an automotive conference in Detroit on Tuesday, Immelt -- whose company is a key supplier to automakers producing electric cars -- said GE is "committed to long-term development" of alternative-fuel vehicles. ...

Delphi Automotive 1st-qtr profit rises 18 percent

2012-04-24T13:23:53Z

Vehicle parts maker Delphi Automotive PLC said Tuesday its first-quarter profit jumped 18 percent, as the company controlled expenses and boosted efficiency.

Nissan cruises in China as Japan rivals play catch-up

2012-04-24T12:12:23Z

BEIJING (Reuters) - Nissan Motor Co is proving that being late to the party in China doesn't have to be a handicap, and is poised to widen its lead among Japanese automakers in the world's biggest car market with speedy and aggressive expansion plans. Despite being among the last global automakers to enter the Chinese market, Nissan outsold Toyota Motor Corp to become the top Japanese light-vehicle brand there last year for the first time, according to research firm LMC Automotive. ...

Analyst says auto cos could report strong 1Qs

2012-04-23T16:47:33Z

With a strong quarter expected in the automotive sector, Citi advised clients Monday to pay close attention to margins and full-year financial outlooks.

Sonic Automotive 1Q profit jumps 37 pct

2012-04-23T13:05:38Z

Sonic Automotive Inc. said Monday its first-quarter profit jumped 37 percent, boosted by higher demand for new and used autos.

Ford to quadruple SUV offerings in China over next year

2012-04-22T10:34:04Z

(Reuters) - By Ben Klayman BEIJING, April 22 (Reuters) - Ford Motor Co , seeking to tap into China's growing appetite for brawny sport utility vehicles, will quadruple its offerings in that segment over the next year. The U.S. automaker, a latecomer in the world's largest automotive market, will add the Kuga, the Chinese version of the Escape, and EcoSport small SUVs, and the larger Explorer to its sparse China SUV portfolio, Ford Asia chief Joe Hinrichs said on Sunday. ...

Honda to recycle rare earth metals in used parts

2012-04-17T06:26:28Z

TOKYO (Reuters) - Honda Motor Co said on Tuesday it would start the world's first mass-production process to extract rare earth metals from used car parts and recycle the expensive materials mainly controlled by China. Honda has partnered Japan Metals & Chemicals Co to begin extracting rare earth metals this month from nickel-metal hydride batteries collected from used hybrid vehicles at its dealers around the world, the Japanese automaker said. China produces about 95 percent of global rare earth supplies and has ratcheted up export controls, sending prices soaring. ...

S&P raises outlook for TRW Automotive

2012-04-16T18:43:33Z

Standard & Poor's Ratings Services on Monday raised its outlook for TRW Automotive Inc. to "Positive" from "Stable," saying that the auto supplier's credit profile has improved to the point where S&P could consider raising its ratings to investment grade in the near future.

San Francisco startup makes data science a sport

2012-04-14T22:40:01Z

Strange secrets hide in numbers. For instance, an orange used car is least likely to be a lemon.

San Francisco startup make data science a sport

2012-04-14T22:07:14Z

Strange secrets hide in numbers. For instance, an orange used car is least likely to be a lemon.

Inflation outpaces earnings, threatens spending

2012-04-13T17:01:50Z

WASHINGTON (Reuters) - Consumer prices rose modestly in March amid signs a spike in gasoline costs was ebbing, but inflation still outpaced workers' earnings and threatened to undermine spending. The Labor Department said on Friday consumer prices increased 0.3 percent last month. Gasoline prices rose 1.7 percent, a sharp slowdown from February when costs at the pump rose more than three times as quickly. Still, workers' earnings fell 0.4 percent in March after adjusting for the increase in prices. ...

General Cable buys Brazilian autoparts maker

2012-04-12T21:33:37Z

Automotive parts maker General Cable Corp. said on Thursday that it has bought a Brazilian maker of ignition wiring for cars.

Gloomy Canada trade data perplexes analysts

2012-04-12T20:26:11Z

OTTAWA (Reuters) - Canada reported a much smaller than expected trade surplus for February on Thursday as auto exports to the United States fell, puzzling analysts who cited healthy U.S. vehicle sales so far this year. Statistics Canada said the surplus dropped to just C$292 million ($292 million) from a revised C$1.95 billion in January. The figure was much less than the C$1.90 billion forecast by market operators. Exports sank by 3.9 percent as shipments of energy products dropped by 6.9 percent, while automotive products fell 11.9 percent after five consecutive monthly increases. ...

Canada February trade surplus shrinks on lower exports

2012-04-12T13:02:28Z

OTTAWA (Reuters) - Canada's trade surplus shrank unexpectedly in February on lower exports of energy and automotive products while imports grew slightly, Statistics Canada data indicated on Thursday. The surplus was just C$292 million, significantly lower than the C$1.90 billion forecast by market operators. Statscan revised the January surplus to C$1.95 billion from an initial C$2.10 billion. Exports sank by 3.9 percent as shipment of energy products dropped by 6.9 percent while automotive products fell 11.9 percent after five consecutive monthly increases. Overall volumes sank by 3.5 ...

Ford, Dow to explore carbon fiber use in vehicles

2012-04-12T04:09:55Z

DETROIT (Reuters) - Ford Motor Co and Dow Chemical Co will work to develop cost-effective ways of using carbon fiber in high-volume cars and trucks as the No.2 U.S. automaker moves to cut vehicle weight to improve overall fuel economy. The joint venture with Dow Automotive Systems mean Ford could start using components made from advanced carbon fiber composites in its vehicle lineup before the end of this decade. Dow Automotive is a unit of Dow Chemical . ...

Alcoa ups 2012 aerospace demand forecast

2012-04-10T21:46:39Z

(Reuters) - Alcoa Inc has raised its forecast for aerospace demand growth this year by 3 percentage points, Chief Executive Officer and Chairman Klaus Kleinfeld said in an interview on Tuesday. Speaking with CNBC, Kleinfeld also reiterated the U.S. aluminum producer's 2012 demand growth forecast for the automotive and transportation sectors, with automotive demand expected to be back at pre-recession levels this year. The interview was broadcast after the company released its first-quarter financial results. ...

Auto supplier to create hundreds of jobs in W.Va.

2012-04-10T19:21:43Z

Automotive parts supplier Gestamp plans to create hundreds of jobs and invest a minimum of $100 million at the former South Charleston Stamping and Manufacturing Plant, West Virginia Gov. Earl Ray Tomblin announced Tuesday.

Hybrid Car Owners Not Buying Again

2012-04-10T17:22:23Z

Once you “go hybrid,” it seems you can turn back after all. Only 35 percent of hybrid car owners bought a hybrid again when they purchased a new vehicle in 2011, according to a report by automotive research group Polk. But some regions of the...

Yale donor goes to prison for $110 million stock scam

2012-04-09T22:51:12Z

NEW YORK (Reuters) - John D. Mazzuto, former chief executive officer of Industrial Enterprises of America Inc, was sent to jail on Monday for running a $110 million stock scam. Mazzuto, 63, a Yale University benefactor and former bank director, was the architect of a "pump and dump" scheme at the automotive chemicals company. He was sentenced in Manhattan Supreme Court to up to 4-1/2 years behind bars. Mazzuto had faced a sentence of as long as 25 years if convicted at trial. ...

Fisker plan to build cars in Delaware in doubt

2012-04-04T22:31:36Z

Electric car maker Fisker Automotive's plans to build vehicles at a former General Motors plant in Delaware may be in jeopardy because of trouble obtaining a loan from the federal government.

Fisker CEO revamps business plan amid Karma woes

2012-04-04T04:29:13Z

NEW YORK (Reuters) - Fisker Automotive, a maker of plug-in hybrid sports cars, may build its second model outside of the United States if federal funds intended to pay for the vehicle's production fall through, the company's chief executive said on Tuesday. Earlier this year, the U.S. Department of Energy froze a $529 million loan awarded to Fisker in 2009 as part of an Obama administration program to spur advanced vehicle development. The bulk of that loan was slated to help Fisker build the new model, called the Atlantic, at a former General Motors Co factory in Wilmington, Delaware. ...

Canada car sales up in March but pace slows

2012-04-03T21:29:42Z

(Reuters) - Canadian auto sales rose for a third consecutive month in March, and Ford regained its crown as the No. 1 seller, but the pace of sales slowed as demand returned to what Ford Canada's chief executive said was a "more realistic" level. Industry sales rose 2.8 percent in March to 157,750 cars and trucks, according to statistics compiled by independent automotive consultants, DesRosiers. Continued demand for smaller, fuel-efficient cars drove the increase, which was considerably smaller than the sales gains in Canada in the first two months of the year. January's 15. ...

U.S. automakers expect sizzling sales for March

2012-04-02T10:56:54Z

DETROIT (Reuters) - U.S. auto sales are expected to continue at a strong pace in March, capping the best quarter in four years for new vehicle purchases as the overall U.S. economy improved and new car buyers found easier financing. The strong first quarter in the U.S. market could temper the impact of weak auto sales in Europe, where both General Motors Co and Ford Motor Co have lost money. "The strong U.S. data should help support first-quarter earnings and potentially offset any greater than expected softness in Europe," RBC Capital Markets analyst Joseph Spak said in a research note. ...

Ford CEO pay rose 11 percent to $29.5 million in 2011

2012-03-30T17:04:02Z

DETROIT (Reuters) - Ford Motor Co boosted Chief Executive Officer Alan Mulally's total compensation by 11 percent to nearly $30 million last year, despite the automaker falling short of its targets on market share, quality and costs. The No. 2 U.S. automaker did, however, surpass its goals for annual profit and cash flow in automotive operations, Ford said in its 2011 proxy statement with the U.S. Securities and Exchange Commission. Mulally, 66, got $2 million in salary and $5.5 million in cash bonuses. Including stock options and equity awards, his compensation was $29.5 million, up from $26. ...

AutoNation approves $250M stock repurchase

2012-03-23T21:38:43Z

Automotive retailer AutoNation Inc. said Friday that its board authorized the repurchase of another $250 million in stock.

Lear breaking ground on plant in Alabama

2012-03-23T15:24:00Z

Automotive supplier Lear Corp. is breaking ground Friday on a plant that will bring 150 jobs to Alabama's Tuscaloosa County.