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Inside this issue
Ford Q2 Earnings Rise On N.A. Record, First European Profit in 3 Years
GM Estimates $400M Needed to Pay for Victims Compensation Program
Fiat Investors Urged to Vote Against Chrysler Merger
Nissan to Add L.A. to 'No Charge to Charge' Leaf Promotion
Porsche, Hyundai Stand Out in Latest J.D. Power Study
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Top Stories
Ford Q2 Earnings Rise On N.A. Record, First European Profit in 3 Years

Ford Motor Co. posted a second-quarter pretax profit of $2.6 billion, bolstered by a record performance in North America and its first quarterly profit in Europe in three years. The pretax profit was up $44 million from a year earlier. Ford's second-quarter net income was $1.3 billion, an increase of $78 million compared with last year's quarter. Ford's net figure was trimmed by pretax special charges of $481 million, the company said in a statement. Revenue fell slightly to $37.4 billion.
Source: Automotive News

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GM Estimates $400M Needed to Pay for Victims Compensation Program

General Motors Co. on Thursday reported net income of $190 million or 11 cents a share, a figure that was significantly reduced by $1.2 billion in recall-related charges and a $400 million special charge it estimates will be needed to pay for a victims compensation program. The company's net income fell about 85 percent from earnings a year ago, but squared with analysts' estimates. Net income was reduced by about $1.5 billion with special items that included the compensation plan costs, recall charges and a $874 million pre-tax charge to reserve for future recall costs in North America going forward. The company also took an approximately $200 million restructuring charge mostly for Europe.
Source: The Detroit News

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Fiat Investors Urged to Vote Against Chrysler Merger

Proxy advisor ISS has recommended that Fiat investors vote against a cross-border merger of the Italian carmaker and its U.S. unit Chrysler at a meeting on Aug. 1, saying it would reduce shareholder rights. Fiat completed the buyout of Chrysler earlier this year and is hoping to incorporate the two into Dutch-registered Fiat Chrysler Automobiles to boost the world's seventh-largest carmaker's appeal with international investors and to pave the way for a U.S. listing planned for October this year. "Despite the potential benefits of a NYSE-listing in attracting new investors, [the merger] would decrease shareholder rights," ISS said in its recommendation document seen by Reuters. Fiat CEO Sergio Marchionne said he was confident that the merger would be approved.
Source: Reuters
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Nissan to Add L.A. to 'No Charge to Charge' Leaf Promotion

Nissan will add Los Angeles to its “No Charge to Charge” promotion for the Leaf electric vehicle on Aug. 15. The program provides free access with an EZ-Charge card to public charging stations for two years. Vehicles bought in Los Angeles after July 1 will be retroactively added to the promotion. Nissan launched the program in September 2013 in the Dallas-Fort Worth and Houston areas. Since then, “No Charge to Charge” has expanded to San Francisco, San Diego, Seattle, Nashville, Phoenix, Washington, Portland, Ore.; and Sacramento, Calif. Nissan said it expects to add 14 markets in the next year.
Source: Automotive News
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Porsche, Hyundai Stand Out in Latest J.D. Power Study

Hyundai ranked highest among mainstream automakers while Porsche ranked highest overall in a J.D. Power study released Wednesday that measures how much car buyers like their new cars. Hyundai also was the top-ranked brand in another J.D. Power study earlier this year that measured quality during the first 90 days of ownership. The APEAL Study, now in its 19th year, measures automotive performance, execution and layout by asking owners to evaluate their vehicle across 77 attributes, which combine into an overall APEAL score that is measured on a 1,000-point scale.
Source: Detroit Free Press
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Quotable

"We remain focused on keeping our customers at the center of all we do, and executing our plan to operate profitably in every region of the world."

   --- GM CEO Mary Barra, commenting on the impact of the automaker's recent recalls on its 2Q profit, The Detroit News, July 24

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