Profits at Japanese automakers have surged in yen terms as the Japanese currency weakened against the U.S. dollar over the past year, helped by a mammoth Bank of Japan effort to expand the money supply and ignite inflation to end years of economic stagnation.
Tesla said it sold just over 5,500 of its Model S sedans in the July-September period, which was a record for the automaker but lower than some analysts had predicted. Barclays analyst Brian Johnson, for example, had expected Tesla to deliver 5,820 cars during the quarter.
Chip Ganassi is making another manufacturer switch, taking his sports car program to Ford to run the new EcoBoost engine package next year. The move announced Tuesday at the annual Specialty Equipment Market Association show comes on the heels of Ganassi's switch last month from Honda to Chevrolet in the IndyCar Series.
Mays led development of designs that helped to turn Ford from a money-losing company with mostly boring products in 2006 to a company with coveted designs today. As group vice president and chief creative officer for design, he led development of the Ford Fusion, Focus, Fiesta, Taurus, Mustang and F-150, the statement said.
The U.S. Attorney's Office in Grand Rapids, Mich., said Tuesday that the workers watched movies, played games and did volunteer work in 2012 while being paid through a $150 million Department of Energy grant to build and operate a battery factory in Holland, Mich.
The UAW's chief lawyer is portraying the city of Detroit as inflexible in the weeks leading to last summer's bankruptcy filing. Unions opposed to Detroit's bankruptcy say there was a lack of good-faith negotiations with creditors before the Chapter 9 filing in July. If a judge finds that's true, he could throw out the case.
Nissan Motor Co., Japan's second-largest automaker, and Mitsubishi will develop a new small car through their existing joint venture, to be sold globally, including an electric version. The car will be based on the "kei car" platform popular in Japan, the companies said in a statement.
The problem, analysts say, is a fuel system increasingly vulnerable to short-term shocks. That's because refiners try to keep stocks of gasoline low to save money, just as other manufacturers aim to operate on a "just-in-time" inventory schedule.
All three groups love compact crossover SUVs, utility vehicles built mainly on small-car frames that are among the hottest-selling vehicles in the U.S. So far this year, sales of the versatile, high-sitting hatchbacks such as the Honda CR-V, Ford Escape and Toyota RAV4 are up more than 20 percent.
U.S. factory activity expanded in October at the fastest pace in 2½ years, suggesting that the 16-day partial shutdown of the government had little effect on manufacturers.Instead, overseas demand and healthy U.S. auto sales appear to be supporting factory output.
Chrysler, Ford, General Motors, Nissan and Toyota all posted October sales increases as the U.S. auto industry rebounded from a lackluster September. The gains signal that automakers made it through the 16-day partial government shutdown relatively unscathed. Chrysler even predicted stronger industry sales for the month than most analysts.
Ford is recalling about 3,100 F-Series ambulances because the engines can stop unexpectedly. The F-350, F-450 and F-550 "Super Duty" ambulances have 6.7-Liter diesel engines. They're from the 2011 and 2012 model years. Ford says a faulty exhaust gas temperature sensor can cause the engines to stop and not be restarted for at least an hour.
Ghosn attributed the weaker than expected performance to a variety of troubles, chief among them weakness in many emerging markets and painfully expensive recalls. He announced a management reshuffle that will make the company's chief operating officer, Toshiyuki Shiga, a vice chairman and appoint three other executives as COOs.
The newly minted Hyperloop Transportation Technologies Inc. announced Thursday that it has secured help from several high-tech firms and UCLA's architecture school. It also published a set of "milestones" it hopes to hit, with the goal of creating a prototype in a little more than a year.
The IPO would consist of shares currently held by the trust. Last month, UBS AG set the value of the trust's stake at $5.6 billion. Fiat has gone to court seeking a judgment on the price, but the trial date is set for next September. The news added drama to an otherwise unsurprising third quarter.
The affected Serena and Suzuki Motor Corp.-branded Landy minivans are prone to ice crystals building up in their fuel pump filters, cutting the fuel supply to the engine and causing stalling or poor acceleration, according to a report it submitted to the Ministry of Land, Infrastructure, Transport and Tourism.
Under the pact announced early Wednesday, Panasonic will supply nearly 2 billion cells over the next four years. The automotive grade lithium-ion battery cells will power the Model S sedan as well as the Model X SUV, which is scheduled to go into production by the end of 2014, Tesla said.
General Motors says third-quarter net income fell 53 percent compared with a year ago, as one-time expenses and losses in Europe offset strong performances elsewhere. The company earned $698 million in the quarter, or 45 cents per share. That compares with $1.48 billion, or 89 cents per share, a year ago.
Honda is recalling about 21,000 all-terrain vehicles due to concern that the steering shaft can break off suddenly and cause a crash. The U.S. Consumer Product Safety Commission announced the recall Tuesday.
A watchdog says the U.S. government expects to lose $9.7 billion on its bailout of General Motors. The government spent $49.5 billion to save GM five years ago. The Special Inspector General for the Troubled Asset Relief Program says the government has recovered $34.5 billion. That leaves $15 billion.
A sharp drop in auto sales caused largely by a calendar quirk lowered U.S. retail spending in September. But Americans boosted their spending on most other goods, suggesting confidence in the economy ahead of the government shutdown.
The Nissan plant in Tennessee that makes the all-electric Leaf stands to benefit from an announcement last week that eight states will work together to dramatically increase the number of zero-emission cars on the nation's roads.
Japan's lock on Consumer Reports' vehicle reliability rankings is starting to ease. Three Japanese brands — Lexus, Toyota and Acura — took the top spots in this year's survey, and seven of the top 10 brands are Japanese. But three non-Japanese brands — Audi, Volvo and GMC — cracked the top ten.
A Texas woman who placed the winning bid for a sprawling former Detroit car plant says she wants to build modular homes and offices at the site that's become a symbol of the city's economic decline.Dr. Jill Van Horn won the property tax foreclosure auction last week with a bid of $6 million.
Toyota's global sales for the first nine months of the year reached 7.41 million vehicles, little changed from the previous year but outpacing General Motors to keep its lead as the world's top-selling automaker.Detroit-based GM said earlier this month that its global sales for January through September totaled 7.25 million vehicles.