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AUTOS & TRUCK MAKERS NEWS * USA
* DC - GM rakes in big profits, avoids U.S. income tax
Washington,DC,USA -The Detroit News, by David Shepardson -May 4, 2012: -- General Motors Co., which reported $1 billion in profits for the first three months of the year, has legally avoided paying U.S. federal income taxes since exiting bankruptcy. And GM likely will pay no income taxes for many more years... A series of Treasury Department rulings since 2008 let GM use $18 billion in losses — from the "old GM" that was left behind in bankruptcy — to offset any profits... But GM isn't alone among automakers that have paid little, if any, federal income taxes in recent years... Ford Motor Co. has paid relatively low worldwide income taxes in recent years after it lost $30 billion between 2006 and 2008. It, too, has been able to use past losses to offset its profits. Last year, Ford paid $268 million in worldwide income taxes — up from $73 million — on income of $7.8 billion, excluding $12.4 billion in deferred tax assets... Chrysler Group LLC, majority-owned by Fiat SpA, doesn't pay any federal income taxes. As a limited liability partnership, it isn't a taxable entity for U.S. federal income purposes. Chrysler's owners are responsible for any U.S. income taxes, though Chrysler does pay state and foreign taxes. Worldwide, Fiat SpA Group paid $700 million in taxes, including $92 million for Chrysler operations, according to its 2011 annual report...
Briefly News
* Michigan - Three more Chrysler plants to stay open
Auburn Hill,MICH,USA -The Detroit News, by Bryce G. Hoffman -May 3, 2012: -- Chrysler Group LLC is canceling the traditional summer shutdown at three more of its factories to keep up with demand for its hot-selling cars and crossovers... The Toledo Supplier Park in Ohio, the Belvidere Assembly Plant in Illinois and Chrysler's plant in Toluca, Mexico, will join Detroit's Jefferson North plant in working through the summer... In addition, she said Chrysler's factories in Sterling Heights and Saltillo, Mexico, will only close for one week this year... Chrysler was the only one of the Detroit Three to post a sales increase in April. Its numbers were up 20.4 percent year-over-year...
* NY - AutoNation reports 12% new-vehicle sales jump
- AutoNation Inc. said Wednesday that its new vehicle sales rose 12 percent in April on strong demand for both domestic and imported vehicles. The automotive retailer said it sold a total of 20,534 cars and trucks in April. Sales of imported vehicles increased 16 percent to 10,358, while demand for domestic vehicles rose 9 percent to 6,306. Sales of premium and luxury vehicles rose 10 percent to 3,870, AutoNation said.
* Michigan - Supplier Meritor credits jump in profit to cost cuts
- Auto parts supplier Meritor Inc. said Wednesday that its fiscal second-quarter profit rose 18 percent, as lower costs more than offset a drop in sales. For the quarter ended March 31, the company reported net income to $20 million, up from $17 million in the same quarter last year. The company attributed the better-than-expected profit to cost savings stemming from the recent restructuring of the company's European operations.
* Michigan - Ford names CEO to head Brazilian unit
- Ford Motor Co. named Steven Armstrong chief executive officer of its Brazilian unit, replacing Marcos de Oliveira who is retiring, according to an emailed statement Wednesday. Armstrong takes office on June 1, according to Ford...
posted by Unknown @ 4:01 PM
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