Just three years out of bankruptcy, Chrysler posted a $1.7B profit in 2012 and said it expects to earn more than $2B this year. Improving U.S. auto sales — and better products at Chrysler — were the big reasons for the vast improvement over 2011's profit of $183M. Chrysler sold 2.2 million cars and trucks worldwide last year, up 18 percent.
A government watchdog says U.S. taxpayers stand to lose $27 billion from the 2008 financial bailout, up from an estimate of $22 billion made in the fall. A report issued Wednesday by the special inspector general for the Troubled Asset Relief Program says the estimate is higher because of increased losses for the Treasury Department on sales of shares in bailed-out companies.
Boeing Co. said Wednesday that its top priority this year is fixing the battery problems that grounded its 787. The company made the pledge while reporting a fourth-quarter profit that topped Wall Street estimates, as rising profits from commercial jets offset a smaller profit from defense work.
A judge rejected Apple Inc.'s demand to increase the $1.05 billion in damages a jury ordered Samsung Electronics Inc. to pay its fiercest rival in the smartphone market. U.S. District Judge Lucy Koh also rejected demands from both companies to conduct another trial on different issues over claims that the South Korean company unfairly used technology controlled by Apple to build its iPads and iPhones to market knockoff products.
Nippon Steel & Sumitomo Metal Corp. and ArcelorMittal S.A. of Luxembourg are considering jointly acquiring a U.S. plant of Germany's ThyssenKrupp AG that has been supplying steel sheets to automakers operating in North America, sources familiar with the matter said Wednesday.
Mazda Motor Corp. said Wednesday it will build a plant to manufacture automatic transmissions in the Thai province of Chonburi, with production starting in the first half of fiscal 2015. The plant, to be built with 26 billion yen in investment, will turn out 400,000 transmissions a year for the automaker's vehicles employing its fuel-efficient technology dubbed Skyactiv, Mazda said.
The indestructible Twinkie appears to be one step closer to a comeback. Hostess Brands is close to announcing that it has picked two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management — as the lead bidders for its Twinkies and other snack cakes, according to a source close to the situation who was not authorized to comment publicly on the talks.
The U.S. economy unexpectedly shrank from October through December for the first time since 2009, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles. The drop occurred despite stronger consumer spending and business investment.
Toyota is recalling 907,000 vehicles, mostly Corolla models, around the world for faulty air bags and another 385,000 Lexus IS luxury cars for defective wipers. Initially, the Japanese automaker had said there were no accidents related to either problem. In total, it received 46 reports of problems involving the air bags from North America, and one from Japan, and 25 reports of problems related to the windshield wipers.
Pro-union workers said Tuesday that Nissan Motor Co. has threatened to close its Canton assembly plant if workers vote for the United Auto Workers to represent them, though the company denies such threats. Such threats would violate federal law, which bars managers from telling employees they'll close a plant in retaliation for a pro-union vote.
U.S. investigators said Wednesday they asked Boeing Co. to provide a full operating history of lithium-ion batteries used in its grounded 787 Dreamliners after Japan's All Nippon Airways revealed it had repeatedly replaced the batteries even before overheating problems surfaced.
Now that a $4 billion plea deal has resolved BP's criminal liability for the massive Gulf of Mexico oil spill nearly three years ago, the company will turn its focus to a trial that could potentially cost it billions of dollars more in civil penalties.
Gov. Rick Snyder asked the Michigan Supreme Court on Monday to rule quickly on the constitutionality of the new right-to-work law that takes effect in late March, saying questions on how it would impact 35,000 unionized state employees must be resolved before new contract talks begin this summer.
Gov. Mike Beebe on Tuesday unveiled Arkansas' largest ever economic development project, saying investors were poised to build a $1.1 billion steel mill along the Mississippi River if legislators approve startup funding. Big River Steel LLC, to be located near Osceola, would employ 525 people with an average salary of $75,000 — twice the state average.
Harley-Davidson's net income slid 33 percent in the fourth quarter compared with last year when the company booked a $51 million gain related to taxes. Net income figures fell just shy of Wall Street profit expectations, yet shares moved in and out of positive territory in premarket trading as the company outlined cost savings from a massive retooling at the iconic motorcycle maker.
The DuPont Co. is feuding with sports equipment maker Easton-Bell Sports over the use of the Kevlar trademark in packaging for bicycle tires and locks. DuPont filed a federal lawsuit in Delaware this week claiming that Easton-Bell's prominent use of the Kevlar trademark on tire and lock packages infringes on DuPont's trademark.
AK Steel fourth-quarter loss widened, stung by pension and tax charges and declining prices. Its adjusted results topped Wall Street's view. AK Steel produces flat-rolled carbon, stainless and electrical steel products for a range of industries, including automotive, construction and infrastructure, manufacturing, and electricity.
Chinese auto parts conglomerate Wanxiang Group Corp. says a federal panel has approved its purchase of most assets of failed battery maker A123 Systems Inc. Wanxiang said Tuesday that the Committee for Foreign Investment in the United States (CFIUS) approved the $257 million deal.
Ford earned better-than-expected profits in 2012 as record results in North America trumped losses in Europe. It will have to do even better at home this year as the losses in Europe mount. The No. 2 U.S. automaker earned $5.7 billion for the year, or $1.42 per share.
Six Belgian police officers have been injured in scuffles with some 2,000 steel workers protesting plans to lay off 1,300 workers at several plants in Liege. Workers seeking to get close to the regional government offices in southern Namur threw bricks at police. Authorities responded with tear gas and water cannon.