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AUTOS' NEWS WORLWIDE - Weekly Digest
* USA - Ford reports $5.8B loss and will restate results - New president, chief executive calls results "clearly unacceptable"
New York,NY,USA -MarketWatch, by Shawn Langlois & Steve Gelsi -Oct 23, 2006: -- Ford Motor Co., toiling to overhaul its struggling car business and return to profitability, reported Monday a $5.8 billion third-quarter loss and said the current quarter's operating results are shaping up to be even worse... The troubled automaker also said it will restate earnings going back five years for derivatives accounting... Ford shares sat out the broad market advance, falling as much as 2.5% to $7.81 following the report, which showed the company's biggest loss since 1992. The stock closed down 11 cents, or 1.4%, at $7.90...
* UK - DaimlerChrysler profit drops less-than-forecast 37% - Strong performance from Mercedes helps limit expected Chrysler loss
London,UK -MarketWatch, by Simon Kennedy -Oct 25, 2006: -- DaimlerChrysler AG on Wednesday reported a 37% drop in third-quarter profit, but comfortably beat market expectations as a strong performance from its Mercedes unit limited the damage from an expected $1.46 billion loss at Chrysler... DaimlerChrysler, the world's fifth-biggest car maker by sales, posted net income of 541 million euros ($681 million), down from 855 million euros a year ago... Revenue for the period fell 7.9% to 35.18 billion euros... Operating profit fell 51.5% to 892 million euros, which was sharply ahead of the consensus forecast of around 530 million euros...
* USA - Chrysler turns to turnaround pros
Detroit,Mich,USA -The Detroit News, by Christine Tierney & Josee Valcourt -Oct 28, 2006: -- In an effort to get Chrysler back on track after an alarming $1.5 billion third-quarter loss, DaimlerChrysler AG has retained its longtime consultants McKinsey & Co. to help Chrysler's management draft a recovery program... Careers and reputations on both sides of the Atlantic -- possibly even Chrysler's future -- ride on the success of the plan, which DaimlerChrysler CEO Dieter Zetsche expects on his desk before the end of the year... Chrysler CEO Tom LaSorda is leading the teams drafting the plan, but parent DaimlerChrysler brought in reinforcements last month from Mercedes-Benz and this month from McKinsey, one of the most prestigious management consulting firms...
* Japan - Honda bumps up outlook; quarter disappoints
Tokyo,Japan -MarketWatch (Hong Kong,China), by Chris Oliver -Oct 25, 2006: -- Honda Motor Co. reported Wednesday second-quarter net profit fell 4.3% from a year earlier, as weaker vehicle sales in Japan offset gains from higher unit sales overseas and a weaker yen... The automaker also boosted its earnings outlook for the full fiscal year... Japan's No. 3 automaker by volume, Honda posted profit for the three months through September of 127.9 billion yen ($1.09 billion), down from 133.71 billion yen a year earlier... Net revenue for the quarter rose 12.5% to 2.63 trillion yen from a year earlier...
* USA - GM technology going 'green' to challenge Toyota - Automaker will make hydrogen-powered fuel cell and hybrid-electric vehicles in near future
Detroit,Mich,USA -Bloomberg News/The Detroit News, by Jeff Green -Oct 28, 2006: -- General Motors Corp., losing sales to Toyota Motor Corp., will use some of the $9 billion in savings from cost cuts this year to make vehicles that match the Japanese automaker in technology and fuel efficiency, according to people familiar with the strategy... GM's plans include a hybrid-electric vehicle with a battery that recharges at any outlet, improved gasoline engines, hybrid versions of its Silverado pickup trucks and hydrogen-powered fuel cell models that emit only water vapor, according to sources, who didn't want to be identified because the plan isn't public...
* USA - S&P may still cut GM's ratings
New York,NY,USA -Reuters/Automotive News -Oct 26, 2006: -- Standard & Poor's today said it may still cut its ratings on General Motors after GM reported third-quarter earnings on Wednesday, Oct. 25... S&P said GM's long-term "B" rating, or five levels below investment grade, will remain on negative watch "until we are able to ascertain the financial effect on GM of its exposure to bankrupt former unit Delphi Corp.," S&P said in a statement... The rating company also is waiting for the sale of a 51 percent stake in GMAC, GM's profitable finance unit, S&P said...
* Japan - Nissan Motor Profit Surges 31 Percent
Tokyo,Japan -Associated Press -Oct 25, 2006: -- Nissan Motor Co., which drew the limelight earlier this year for discussing a possible alliance with General Motors, said Thursday that profit rose 31 percent to in the July-September quarter, thanks partly to special gains that offset sliding sales... Net income surged to 164 billion yen ($1.38 billion) in the period from 125 billion yen a year earlier, the Japanese automaker said In a release. But sales slid 0.9 percent to 2.324 trillion yen ($19.5 billion)...
* France - Nissan to add $627 million to Renault's second half earnings
Paris,France -Reuters/Automotive News -Oct 26, 2006: -- Renault SA said today that Japanese partner Nissan Motor Co. Ltd.'s fiscal first half earnings would contribute $627.8 million (496 million euros) to the French carmaker's second half earnings... Nissan, which is 44 percent-owned by Renault, today posted a smaller-than-expected 4.9 percent drop in quarterly operating profit on as an ageing product line hit global sales...
* USA - Audi A4s being recalled for ignition work
USA -Big News Network.com-southafricanews.net/UPI -27 Oct, 2006: -- Volkswagen of America Inc. is recalling more than 28,000 Audi A4 vehicles to fix an ignition problem that could break headlights or windshield wipers... The National Highway Traffic Safety Administration said Thursday on its Web site that dealers would install a new ignition switch during the recall, which begins Nov. 27... The recall affects 1996-97 vehicles...
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