NADA Headlines - 07/24/2013 (Plain Text Version)
By every measure, automaker beats Wall Street estimates and ups guidance for rest of year
Powered by record profits in North American, Ford Motor said Wednesday that its net income increased in the second quarter to $1.2 billion, up $193 million from $1 billion, on an increase of revenue from $38.1 billion, up $4.8 billion. The automaker's results smashed through analysts estimates and the automaker surprised Wall Street by saying it expects to do better in the second half than it earlier forecast. The automaker says performance of all its units around the world increased from a year ago, and that North American operations led the way. In the U.S., Canada and Mexico, it was a record quarter and record first half.
With more than 50 orders for the new Corvette sports car, Florida Chevrolet dealer Steve Hurley said he's anticipating big things from General Motors Co.'s product push that reaches U.S. showrooms during the second half of 2013. The redesigned Corvette, Silverado and Impala are among the 18 new or refreshed GM vehicles arriving in the U.S. this year -- the largest wave of new products in the company's history. The models are poised to put CEO Dan Akerson in the driver's seat by flipping GM's lineup into one of the newest in the industry from one of the stalest. That's why analysts see profit improving following the second-quarter results that GM is set to release Thursday, a day after Ford Motor Co. reports.
North Carolina Franchise Law Legislation Signed Into Law
Several new motor vehicle franchise law provisions, supported by the North Carolina Automobile Dealers Association, were signed into law last week by Governor Pat McCrory. The bill received overwhelming support and was approved by a 108-1 vote in the House and a final 42-0 concurrence vote in the Senate. The bill covers many areas of the North Carolina Motor Vehicle Dealers and Manufacturers Licensing Law including: Ability of dealers to offer non-manufacturer ancillary products to consumers, dealership vendor choice, dealership staffing, warranty reimbursement, and protection of dealership customer data.
Not particularly, but debate has erupted lately that maybe they are. A major determining factor is the energy we use to mine the iron, lithium and rare earth elements, to smelt and process the raw materials, and to transport all these materials in order to manufacture the cars, the batteries and everything associated with them. But the most important question is how you charge them once they're made. Even more important is how you charge 100,000,000 of them 20 years from now. If it's not with nuclear and renewables, then things get dicey.
BMW says its i3 electric car will start at $42,225 when it goes on sale in the U.S. the second quarter next year. The car will be shown publicly for the first time in simultaneous unveilings July 29 in New York, London and Beijing.
Ford Motor Co. and Toyota Motor Corp. are ending their agreement to jointly develop rear-wheel drive hybrid pickup trucks, Ford said on Tuesday. The two sides will part ways after two years of collaboration. Ford says it “successfully” completed “feasibility and development of the hybrid system.” The Dearborn automaker said it will put that system into rear-wheel drive trucks and SUVs on its own without Toyota. Toyota confirmed the announcement Tuesday.
There's something about the smallest of cars that lend themselves to wild paint jobs. But purple? And pink? When it comes to its two smallest models, Sonic and Spark, Chevrolet is plumbing the depths of customer appeal for colors like, well, plum. The Chevrolet Sonic is temporarily going to come in a new color, Deep Magenta Metallic, which is described as a "chromatic plum" color. It's the kind of hue that car executives are hesitant to call for what it is: purple.