UBS Cuts Price Target on General Motors (GM) to $48 Following Investor Day

U.S. regulator extends diesel emissions probe to other car models: FT

October 2, 2015 5:51 AM EDT

(Reuters) - The U.S. regulator that exposed Volkswagen's rigging of emissions tests is investigating more than two dozen diesel car models made by BMW , Chrysler, General Motors (NYSE: GM), Land Rover and Mercedes-Benz to find out whether they engaged in similar cheating, the Financial Times reported.

The Environmental Protection Agency's search for software-based "defeat devices" will encompass at least 28 diesel-powered models to... More

Market Wrap: U.S. Manufacturing Inched Higher in Sept.; Auto SAAR at Decade-High Levels; Tyler Tech Makes Key Purchase

October 1, 2015 5:25 PM EDT

Market wrap for October 1st

End of the Day: S&P 500 up 3.8 to 1,923.82; Dow Jones down 12.7 to 16,272.01; Nasdaq up 7.0 to 4,627.08

Market Brief: U.S. markets were wobbly early as the Caixin China General Manufacturing PMI slipped 0.1 points to 47.2 in September, Markit said today. The reading below 50 indicates continued contraction in the segment. Both the Nasdaq and S&P 500 fought-off all-day pressure to finish positive, while the DJIA ended slightly lower.

Initial claims rose more than expected last week, ahead of... More

GM's CFO moves toward a higher profile role

October 1, 2015 5:24 PM EDT

By Joseph White

MILFORD, Mich. (Reuters) - General Motors Co (NYSE: GM) Chief Financial Officer Chuck Stevens doesn't deliver passion and drama in his presentations.

But he got closer than ever Thursday with about 180 investors gathered at the company's historic proving grounds here.

"We expect double digit earnings per share growth for the next number of years," Stevens said. "Let me repeat that," he added. Then he did, emphasizing each word.

Stevens, 55, told investors GM is targeting earnings per share as much as 22 percent... More

U.S. Auto SAAR Rose to 18.17M in Sept.; Light-Vehicle Sales Increased 15.8% (F)

October 1, 2015 3:28 PM EDT

AutoData said Thursday afternoon that the U.S. seasonally adjusted annual rate for auto sales came in at 18.17 million for September 2015. That compares with 17.81 million the prior month and 16.52 million during the same period last year.

Total light-vehicle sales for September were 1,442,431 units, up 15.8 percent from September 2014.... More

UAW rejects Fiat Chrysler contract; strikes loom

October 1, 2015 12:10 PM EDT

By Bernie Woodall

DETROIT (Reuters) - Fiat Chrysler Automobiles NV's (NYSE: FCAU) U.S. workers soundly rejected a four-year contract the automaker had agreed with the UAW, the union said on Thursday, setting the stage for at least localized strikes against the automaker.

The tentative agreement was voted down by 65 percent of the 40,000 unionized workers who work at the 37 plants of Fiat Chrysler, the smallest of the three major Detroit automakers.

UAW President Dennis Williams is holding a meeting with 300 representatives from Fiat Chrysler union halls on Thursday to consider... More

Mobileye (MBLY) Gains as GM Highlights Autonomous Car Push on Call

October 1, 2015 11:20 AM EDT

Mobileye (NYSE: MBLY) is sees upside action following headlines from GM's (NYSE: GM) conference call that it is developing a "heightened partnership" with Mobileye to speed development of autonomous cars.

Shares of MBLY last traded up 0.8% to $45.83.

MBLY is a recent short target of Citron Research.

... More

GM has 'heightened partnership' with Mobileye for autonomous cars

October 1, 2015 11:12 AM EDT

By Joseph White

MILFORD, Mich (Reuters) - General Motors Co is developing a "heightened partnership" with vision technology supplier Mobileye NV as part of a broader effort to speed development of autonomous cars, the automaker's global product development chief told investors Thursday.

"We are in very detailed... More

GM says will announce new technology co-development with Honda

October 1, 2015 11:03 AM EDT

MILFORD, Mich. (Reuters) - General Motors Co's product chief, Mark Reuss on Thursday told investors the company will announce new technology development cooperation with Honda Motor Co, but gave no specifics.

GM is already working with Honda on a commercially viable hydrogen fuel cell vehicle around 2020.

... More

GM to launch citywide car sharing service in U.S. in early 2016

October 1, 2015 10:54 AM EDT

By Joseph White

MILFORD, Mich. - (Reuters) - General Motors Co said Thursday it plans to launch a citywide car sharing service in the U.S. in early 2016, expanding efforts to compete for revenue from consumers who want to pay for using cars instead of owning them.

... More

Cheap gas, Labor Day weekend drive automakers' U.S. sales in Sept

October 1, 2015 9:53 AM EDT

By Sweta Singh

(Reuters) - U.S. auto sales surged in September to their strongest in more than a decade, with the Detroit Three clocking double-digit growth as cheap gasoline and ultra-low interest rates drove demand for sport utility vehicles and pickup trucks.

Sales also got a boost from the calendar, with the entire Labor Day weekend falling in September for the first time since 2012. The holiday weekend is traditionally important for sales.

Total vehicle sales for the month shot up 15.8 percent from a year earlier to 1.44 million cars and light trucks, equal to a seasonally... More

General Motors (GM) U.S. Sales Rose 12% in Sept.; Retail Deliveries Increased 17%

October 1, 2015 9:20 AM EDT

General Motors (NYSE: GM) Chevrolet, Buick, GMC and Cadillac brands sold 251,310 vehicles in the United States in September 2015. Retail deliveries climbed 17 percent compared with a year ago, which makes September the sixth month in a row that GM has increased retail market share year over year. Total sales were up 12 percent.

*** The Street was looking for a 9.3 percent increase.

Staying focused on core values like initial quality, sales and service satisfaction, cost of ownership, dependability and advanced technology is paying off in higher sales and share, stronger transaction prices and lower... More

General Motors (GM) Announces Plan to Capitalize on Future of Personal Mobility

October 1, 2015 9:03 AM EDT

General Motors Co. (NYSE: GM) CEO Mary Barra and her leadership team today outlined the company's plans to capitalize on the future of personal mobility by owning the customer relationship beyond the vehicle, building upon nearly two decades of connectivity leadership.

GM also... More

China activity surveys show economic conditions deteriorating, not crashing

September 30, 2015 9:18 PM EDT

By Xiaoyi Shao and Kevin Yao

BEIJING (Reuters) - Activity in China's vast factory sector shrank again in September as demand softened at home and abroad, fueling fears that the world's second-largest economy may be cooling more rapidly than expected just a few months ago.

Similar private surveys also showed growing strains on smaller and medium-sized manufacturing and service companies which are at the heart of China's economy, providing most of its jobs and 60 percent of its gross domestic product.

The weak readings add to fears that a steady stream of stimulus measures has been... More

Auto union skids toward clashes with Detroit Three over pay

September 30, 2015 6:03 PM EDT

By Bernie Woodall and Joseph White

KOKOMO, Ind. (Reuters) - The United Auto Workers union is skidding toward clashes with at least two of Detroits Big Three automakers, as rank and file workers reject compromises on wage increases, benefits and work schedules that their leaders had urged them to accept.

A majority of about 40,000 UAW workers at Fiat Chrysler Automobiles NV(NYSE: FCAU) appear to have voted against a proposed four-year labor agreement hammered out by UAW President Dennis Williams earlier this month, union officials said Wednesday.

A UAW... More

General Motors (GM), Navistar (NAV) Enter Agreement for Commercial Vehicle Development, Assembly

September 30, 2015 9:03 AM EDT

General Motors (NYSE: GM) and Navistar (NYSE: NAV) have reached a long-term agreement to develop and assemble future medium-duty, conventional cab Class 4/5 commercial vehicles, allowing Navistar to strengthen its product lineup and GM to expand its Chevrolet commercial truck portfolio.

"Bringing medium-duty conventional... More

China tax cut on small cars seen lifting sales, VW to benefit

September 30, 2015 2:41 AM EDT

By Norihiko Shirouzu and Kazunori Takada

BEIJING/SHANGHAI (Reuters) - China has halved sales tax on small cars to revive growth in the worlds biggest automobile market, a move likely to provide a limited boost to carmakers including Volkswagen AG , the company embroiled in a global diesel emissions scandal.

The cut in sales tax on cars with less than 1.6 liters engines takes effect on Oct 1 and lasts through the end of 2016.

Automobiles in this segment account for nearly 70 percent of total sales in China.

Volkswagen makes five of the 10 best-selling models in the... More