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Inside this issue
Detroit Big Three Surge in Beating Estimates Except Shares
Stronger N. American Pricing Drives GM's First-Quarter Results
BMW Group Has Best First-Quarter Profit in its History
With Sale, Ford Nears End of U.S. Restructuring
April U.S. Dealer Inventory Still Short
Average MPG of New U.S. Vehicles Bought in April Declines, Report Says
BMW, Hyundai in Talks on Engine Alliance
Google Exec: Self-Driving Cars Could Reach Consumers Within A Decade
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Detroit Big Three Surge in Beating Estimates Except Shares

Home was where the hemorrhaging happened three years ago when two Detroit automakers headed for bankruptcy and a third suffered record losses. Now North America has become a money machine for the Detroit Three, which earned $4.5 billion there in the first quarter on surging U.S. sales. General Motors Co., Ford Motor Co. and Chrysler Group LLC exceeded estimates with first quarter net income that totaled $3.2 billion. The most pleasant surprise was healthy North American operating margins of 11.5 percent at Ford, 7 percent at GM and 4.5 percent at Chrysler. Investors remain impatient. Despite all three automakers exceeding estimates, investors are dumping shares as if Detroit is on the road to ruin. GM fell 18 percent before today from its peak this year at $27.34 on Feb. 17. Ford dropped 16 percent since peaking this year at $12.96 on Feb. 6.
Source: Bloomberg

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Stronger N. American Pricing Drives GM's First-Quarter Results

General Motors [Thursday] posted sharply higher first-quarter profits in North America thanks to stronger pricing, which helped to blunt continued troubles in Europe. GM's $1.0 billion net profit for the January-March period was driven by a 35 percent jump in North American pretax profit. GM losses in Europe, $256 million, were smaller than most analysts expected but worse than its break-even result in the same period a year earlier. 
Source: Automotive News

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BMW Group Has Best First-Quarter Profit in its History

BMW Group [Thursday] reported a first quarter net profit of $1.8 billion, up 18.1%, on revenue of $24.1 billion, up 14.1% -- both the best in company history for a first quarter. "We have recorded the best first-quarter figures ever -- for sales volume, revenues and earnings -- in the BMW Group's corporate history," Norbert Reithofer, chairman of BMW's management board said in Munich in a statement.
Source: USA Today

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With Sale, Ford Nears End of U.S. Restructuring

Ford Motor Co. is poised to shed one of its three remaining auto-parts operations, a move that would bring the auto maker a step closer to completing the global restructuring plan that helped the company return to profitability in the U.S. French parts maker Faurecia SA has agreed to take control of a plant in Saline, Mich., that makes interior trim parts and instrument panels, for an undisclosed sum. The transaction is due to close on June 1.
Source: The Wall Street Journal

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April U.S. Dealer Inventory Still Short

U.S. new light-vehicle dealers closed April in the same predicament they’ve been in for several months, namely lots stocked with too many of some models and not enough of most cars, cross/utility vehicles and vans. The April inventory count turned up 2,736,985 cars and light trucks either at or in transit to dealers, some 16,000-plus units less than the prior month, although a modest sales retreat nudged the days’ supply tally to 56 from 55.
Source: WardsAuto

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Average MPG of New U.S. Vehicles Bought in April Declines, Report Says

The average fuel economy of new vehicles bought in the United States in April dropped to 23.9 mpg from a record 24.1 mpg in the previous month, researchers at the University of Michigan said. The university’s Transportation Research Institute in Ann Arbor, Mich., has tracked the average fuel economy of new vehicles sold each month since October 2007, when average fuel economy was 20.1 mpg. The researchers said the drop most likely reflected the slight reduction in the price of gasoline toward the end of April.
Source: Automotive News

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BMW, Hyundai in Talks on Engine Alliance

German premium carmaker BMW and South Korean group Hyundai Motor are discussing a possible tie-up in engine development and other areas, a source with direct knowledge of the matter told Reuters. "The talks are at early stages," the source said on condition of anonymity because the talks were confidential.
Source: Reuters

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Google Exec: Self-Driving Cars Could Reach Consumers Within A Decade

Google Inc. wants cars, not people, to do the driving in the near future and is approaching car makers to see if they want to partner on a project. "The most important thing computers can do in the next 10 years is drive a car," Google project manager Anthony Levandowski said ... at the SAE World Congress in Detroit, according to The Detroit News. Google is on the path to proving that self-driving cars are safer than those operated by people, Levandowski said, and the company is approaching car makers to see if they would want to partner and build self-driving cars.
Source: AOL Autos

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The NADA Story

The NADA story began in 1917 when 30 auto dealers traveled to the nation’s capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. From that experience was born the National Automobile Dealers Association. Today, NADA represents nearly 16,000 new-car and -truck dealerships with 32,500 franchises, both domestic and international. For more information, visit www.nada.org.

 
Quotable
"Our North American business drove these results."

   
-- GM CEO Dan Akerson, referring to the company's higher first-quarter profits in North America resulting from higher prices and lower incentive spending, Automotive News, May 3

 

 

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