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AUTOMAKERS NEWS * USA
* Michigan - Chrysler's turnaround on track with solid profits: Automaker earns $436M in 2Q
(Photo by Seth Perlman / Associated Press: From April through June, Chrysler sold more than 436,000 Jeep, Dodge, Ram and Chrysler cars and trucks in the U.S.)
Auburn Hill,MICH,USA -The Detroit News, by Bryce G. Hoffman -July 31, 2012: --
Chrysler Group LLC reported another quarter of solid earnings Monday, posting a profit of $436 million and on track to reach $1.5 billion this year.
But its second-quarter numbers are likely to be eclipsed by the less-than-stellar results its parent company, Fiat SpA, is expected to release today. Fiat depends heavily on financially troubled Europe, where sales are slumping, but Chrysler is a minor player there, selling 87 percent of its cars and trucks in the U.S. and Canada.
Fiat-Chrysler Chairman and CEO. Sergio Marchionne. urged Chrysler employees not to forget the company's recent near-death experience as they celebrate its latest success.
Chrysler's second-quarter profit was down slightly from the $473 million it made in the first three months of 2012, but it was a whopping 218 percent better than the same period last year, when Chrysler repaid its bailout debts to the U.S. and Canadian governments and posted a $370 million loss.
But even excluding that one-time charge, Chrysler's net income increased $255 million, or 141 percent...
* Tennessee - Volkswagen adds third shift to Tenn. plant
Chattanooga,TENN,USA -The Detroit News -July 31, 2012: -- Volkswagen AG has hired and trained a third-shift team for its Chattanooga, Tenn., plant, bringing the total number of workers to 3,300... The three production teams will rotate through two shifts and work 40 hours, VW said... The plant will operate six days a week, 20 hours a day. This will allow for an increase in plant production time as well as even out weekly work hours for all team members. The addition of the third-shift team has boosted the number of employees well above the 2,000 announced when Volkswagen chose Chattanooga as the site for its only American assembly plant in 2008... In 2013 the plant will have increased capacity to produce 180,000 vehicles per year, over 30,000 over its original capacity...
* DC - Federal investigation launched for faulty intelligent brake-assist system
Washington,DC,USA -The Detroit News, by David Shepardson -August 1, 2012: -- Federal safety investigators have opened an investigation into whether automatic braking systems on the Nissan's 2013 Infiniti JX35 may activate the brakes when there is no emergency... The new safety technology is billed as way to prevent distracted or inattentive drivers from crashes, and is being added to luxury vehicles... The National Highway Traffic Safety Administration said in a notice posted on its website this week that it is opening a preliminary investigation into 8,000 Infiniti crossovers after receiving two complaints of false application of emergency braking... The consumers allege that the intelligent brake-assist system inappropriately activated emergency braking autonomically, bringing the vehicles to immediate and complete stops. Both drivers said the incidents occurred on the same bridge, and suggested the sensor may have halted the vehicles because of the amount of metal in the bridge...
* DC - TRW German unit pleads guilty to price fixing
Washington,DC,USA -The Detroit News, by David Shepardson -July 30, 2012: -- The German subsidiary of Livonia-based TRW Automotive Holdings Corp. agreed today to plead guilty to price-fixing of seat belts, air bags and steering wheels, and pay a $5.1 million fine. It's the latest company to be snared in the Justice Department's auto parts investigation... TRW Deutschland Holding GmbH, a Koblenz, Germany-based subsidiary, has agreed to plead guilty for its involvement in a conspiracy to fix prices of components sold to two German automobile manufacturers and installed in cars sold in the United States, the Justice Department said. The company has agreed to cooperate; the plea deal must still be approved by a federal judge... This is the second case filed relating to safety systems sold to auto manufacturers as part of the department's ongoing antitrust auto parts investigation...
Labels: automakers news USA
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