Find News by Subject:
Tesla Motors CEO Elon Musk told press Wednesday that people who refer 10 people to buy the company’s new Model X would get one for free, Mashable is reporting (via Car and Driver).
The caveats: You need to be the first in your region to refer 10 people (we have no idea on what “regions” mean, we asked) and you’d need to do it by Oct. 31.
Despite how you feel about Tesla, the company is proving that an automaker can be run like a tech startup and not a car company.
Read More >
Fiat Chrysler Automobiles said strong North American sales and brisk worldwide Jeep sales propelled the company to a $364 million profit in the second quarter of 2015, despite record fines from the federal government.
Overall, the company earned a pre-tax profit of $1.4 billion, which is double the $650 million it made in the same quarter last year, the Detroit Free Press reported.
The earnings beat expectations for the company, whose profit margins are still below the other domestic automakers. FCA reports its margin was 7.7 percent in the second quarter, up from 4.9 percent last year, but well behind the double-digit margins of Ford and General Motors.
Read More >
Since 2010 — when America’s auto industry was in tatters but also in recovery — General Motors, Ford Motor Company, Toyota USA, and American Honda have lost 5.5 percentage points of market share.
Through the first half of 2015, those four automobile manufacturers produced 56.1 percent of all new vehicle sales in the United States, down from 61.6 percent in calendar year 2010. Read More >
Despite slowdowns in China, Russia and Asia, Volkswagen surpassed Toyota in global auto sales by delivery in the first half of 2015, Automotive News Europe is reporting.
Volkswagen sold 5.04 million cars in the first six months of 2015, compared to 5.02 million for Toyota, according to the report. Sales were down 1.5 percent and 0.5 percent for Toyota and VW respectively.
GM was the third-largest automaker with 4.86 million vehicles.
Read More >
Ford announced that it made a $1.9 billion net-adjusted profit in the second quarter of 2015, marking the largest gain for the automaker since 2000, according to Automotive News.
The profit represents a 44-percent gain over last year despite dipping global sales and a stronger U.S. dollar hampering exports. Ford said it was selling cars for more money and offering fewer incentives, despite recent reports of F-150 incentives topping nearly $11,000 in some places.
Ford said revenues in North America surged 10 percent, which helped the company beat Wall Street’s expectations.
Read More >
FCA Canada only sold 220 Dodge Darts in June 2015, a 79-percent year-over-year decline. Through the first six months of 2015, Dart volume is down 55 percent to only 1,979 sales, one-fifteenth the total achieved by the best-selling Honda Civic and equal to just 1.1% of the compact car market.
The Dart’s market share in the United States, meanwhile, grew from 3.4 percent in the first-half of 2014 to 4.2 percent in the first half of 2015. Though no industry observer would suggest that the Dart’s U.S. uptick relates purely to increased desirability and demand – and not to cash allowances and fleet-friendliness – the car’s Canadian dive speaks volumes about FCA’s emphasis on light trucks and SUVs north of the 49th parallel. Read More >
In June 2015, BMW USA finally began providing a breakdown in their monthly sales report for the 3-Series and 4-Series. We’re grateful.
You’ll recall that in prior generations, the 4-Series was the 3-Series. The 3-Series was the 3-Series, too, but the 4-Series cars were versions of the 3-Series with two doors.
The story is still the same, except now you can get a version of the 4-Series with four doors and a hatch. You can get a 3-Series with four doors and a hatch, too, except it’s ugly. The 4-Series with four doors and a hatch is a decent looker. Read More >
The National Highway Traffic Safety Administration will fine Fiat Chrysler Automobiles $105 million for botching the recall of more than 11 million cars, including 1.6 million Jeeps with a fuel tank issue, the Wall Street Journal is reporting.
The automaker faced fines of up to $700 million.
As part of the settlement, FCA will agree to an independent monitor to audit its recalls. On Friday, FCA announced it was recalling 1.4 million cars and trucks for software that could be hacked and controlled remotely.
Read More >
TrueCar CEO Scott Painter said his company will miss expected earnings for the second quarter, and said the company needed a “wake-up” in his call, Automotive News is reporting.
The news sent shares of TrueCar plummeting more than 35 percent. TrueCar closed Friday down 3.81 down to $6.87 per share.
Painter said a lack of marketing was to blame for the company’s struggles in the second quarter, not the recent highly publicized split with AutoNation.
Read More >
With news that Mitsubishi is ending U.S. new vehicle production front and centre in the minds of not a single auto industry observer, one wonders how the situation devolved so quickly.
That’s not to say there are any surprises when it comes to Mitsubishi’s U.S. decline. (And remember, they’re not dead… yet.) A recall scandal tarnished the brand’s global image. Mitsubishi moved away from SUVs like the Montero, Montero Sport, and Endeavor ahead of the market’s turn toward SUVs and crossovers. Mitsubishi is reluctant to do anything more than facelift unpopular models like the Outlander. They’re unwilling to import the popular Outlander PHEV to hybrid-friendly America. They’ve utterly forsaken the midsize car market. They’ve crafted a muddled image which suggests Mitsubishi is both a performance brand (Lancer Evo) and a green brand (i-MiEV). Good news stories? Few and far between.
The results have been catastrophic. Read More >