America's third-largest automaker said Tuesday that its sales picked up in the second quarter thanks to strong U.S. demand for trucks and SUVs. But the company cut its target for full-year sales and profit, blaming persistent problems as it adds more shifts and ramps up production of vehicles like the Ram pickup and the Jeep Cherokee small SUV.
The government says the U.S. economy grew at a much faster pace last year than previously estimated. The revised growth figures signal a more sustainable economic recovery and help explain why job growth has accelerated this year. The economy expanded at a 2.8 percent annual rate in 2012, up from a previous estimate of 2.2 percent.
German automaker Volkswagen AG says net profit fell 50 percent in the second quarter compared to the previous year, when earnings were boosted by a one-time accounting plus related to its takeover of Porsche. Excluding the Porsche effect, the company's operating earnings rose 1.8 percent in what it called "a difficult market environment," beating analyst estimates.
Ford soon will offer a natural gas version of its F-150 pickup truck, the most popular vehicle in America. The company is the first Detroit automaker with that option in a light-duty pickup truck. Ford, General Motors and Chrysler already have natural gas-powered heavy-duty trucks.
Americans' confidence in the economy fell only slightly in July but stayed close to a 5 ½-year high. The report shows consumers remain upbeat about the outlook for job growth later this year. Consumers' confidence in the economy is watched closely because their spending accounts for about 70 percent of U.S. economic activity. It surged in June, coinciding with a stronger job market.
Japan's industrial output fell in June for the first time in five months, the government said Tuesday as it released data highlighting the fragility of the recovery in the world's No. 3 economy. Manufacturing slipped 3.3 percent from the month before in June and was 4.8 percent lower than a year before, the Ministry of Economy, Trade and Industry said.
With the return of the Datsun, Nissan is making aggressive moves to expand its markets, and the latest numbers show that business for the automaker has been "pretty good." Nissan's quarterly net profits are on the rise, beating forecasts. But here are three reasons why Japan's number two automaker isn't out of the woods yet.
Four out of five U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream. Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor, and the loss of good-paying manufacturing jobs as reasons for the trend.
Tennessee is, for a fourth consecutive year, ranked No. 1 in automotive manufacturing strength in the nation. Economic development publication Business Facilities has released its annual ranking, showing Tennessee the top state. Economic and Community Development Commissioner Bill Hagerty called the ranking "an impressive distinction."
The city of Detroit's bankruptcy is an American tragedy and an entirely preventable one. The downward spiral began decades ago when deindustrialization led to depopulation, crime and declining public revenues. Corruption and mismanagement may have exacerbated the problem, but they weren't the root cause.
Just as General Motors is getting a handle on its troubles in Europe, the automaker faces a new challenge in another part of the globe. GM says Japanese automakers are using the weak yen to cut prices in Southeast Asia and Australia, taking a bite out of GM's profits there. Sales tailed off in India as well.
Toyota shrugged off China sales woes to stay the world's top selling automaker for the first half of this year, outpacing U.S. rival General Motors Co., which boasted such bragging rights for seven decades until 2008. Toyota Motor Corp. sold 4.91 million cars and trucks around the world for the January-June period, down 1.2 percent from the previous year, according to numbers it released Friday.
Ford Motor Co. is finally becoming the well-rounded company it aspires to be. Almost bankrupt last decade because it relied too heavily on selling big trucks and SUVs in North America, the second-largest U.S. automaker is now making small and midsize cars at a profit and selling them across the globe.
Orders for long-lasting U.S. factory goods rose in June, bolstered by a surge in aircraft demand and more business spending. The increase suggests companies are more confident in the economy and could boost economic growth in the second half of the year.
Boeing's problems with its 787 have made headlines, but they aren't slowing the big plane maker down. The company's second-quarter earnings topped expectations as it ramped up deliveries of commercial planes like its 737 and its 777. It also raised its full-year profit guidance.
The Chevrolet Impala, long the standard-bearer for mediocre cars from Detroit, has made an amazing turnaround. Consumer Reports magazine has ranked the completely reworked 2014 version of the full-size car as its top U.S. sedan. It's the first time in at least 20 years that a domestic brand has beaten out cars from Germany and Japan.
President Barack Obama said Wednesday that Washington has "taken its eye off the ball" as he pledged a stronger second-term commitment to tackling the economic woes that strain many in the middle class nearly five years after the country plunged into a recession.
Japan's trade deficit was a smaller-than-expected 180.8 billion yen ($1.8 billion) in June as the weaker yen boosted exports. The deficit reported by the Ministry of Finance on Wednesday was smaller than most forecasts and down from May's deficit of 996.4 billion yen. Still, it was more than triple the 56.1 trillion yen deficit recorded in June 2012.
Automaker Daimler AG laid out the hope of a recovery in the West European car market later this year as it reported a big jump in its second-quarter net profit following the sale of its stake in aerospace firm EADS. The Stuttgart-based company said Wednesday that net profit rose to €4.58 billion ($6.04 billion) from €1.56 billion in the same quarter a year before. Sales rose 3 percent to €29.7 billion.
U.S. manufacturers can breathe a sigh of relief that the global economy has taken a few steps back from the brink, with the Federal Reserve and other central banks playing key roles, according to a new report. In the Manufacturers Alliance for Productivity and Innovation’s Global Outlook, senior economist Cliff Waldman writes that central banks have been somewhat aggressive in flooding globally important regions with liquidity.
General Motors stock would have to sell for $95.51 per share for the U.S. government to break even on bailing out the company, according to a government watchdog's report released Wednesday. That price is about three times what GM shares are selling for now, even after a 25 percent increase in the price so far this year.
A deepening slowdown is challenging Chinese leaders' determination to stick with painful economic reforms they say will deliver more sustainable growth in the long run. The latest gloomy data point: A manufacturing survey released Wednesday showed this month's activity fell to an 11-month low.
Lockheed Martin raised its profit guidance for the year after posting a higher-then-expected second-quarter profit because of strong sales of missile defense systems, and because it settled a dispute over a canceled project to build the new presidential helicopter.
Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, announced that at its special meeting of stockholders held today, the stockholders approved the adoption of the merger agreement, pursuant to which ABB (NYSE:ABB) will acquire Power-One for $6.35 per share of Power-One common stock.
Nissan Motor Co. and its French alliance partner Renault SA said Tuesday they have sold a combined 100,000 electric vehicles globally. However, the companies' sales of zero-emission cars have not been as strong as expected due to higher price tags than equivalent gasoline-powered vehicles as well as scarce charging facilities.