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DETROIT – Amid struggling hybrid and electric vehicle sales, Ford Motor Co. is laying off 700 workers at its Michigan Assembly Plant, according to the Detroit News, reported MLive. The cuts include 673 hourly and 27 salaried employees, beginning June 22. Some of the hourly workers will be redeployed amid summer vacations, and some salaried ... Read More »
Read More →DETROIT – The number of approved death compensation claims related to a recall of a faulty General Motors ignition switch has risen to 90, reported MLive. The claims were approved by a fund set up by GM to compensate victims of a defective part in mid-to-late-2000s model cars that has led to a massive recall ... Read More »
Read More →LOUISVILLE, Ky. – Maximus Auto Group (MAG), the first company of its kind to connect its services to customers via smartphones, has added custom, white-label branding to its patent-pending app, MyCar Mobile. This new feature will allow dealers to match the app’s branding with their dealership’s brand. “Since we thrive on the loyalty of our ... Read More »
Read More →Volkswagen AG Chairman Ferdinand Piech may have lost the battle to oust Chief Executive Martin Winterkorn, but the war isn’t over, reported The WSJ. Key members of VW’s supervisory board Friday proposed extending Mr. Winterkorn’s contract, one week after Mr. Piech expressed a lack of confidence in the CEO and threw his future into doubt. ... Read More »
Read More →Fiat Chrysler Automobiles NV shareholders on Thursday approved the automaker to buy back up to 10 percent of company shares over the next 18 months, reported The Detroit News. The approval does not entail any obligation for the automaker to actually buy the shares but is designed to provide additional flexibility, according to the company. ... Read More »
Read More →WASHINGTON, D.C. — On the same day Sen. Elizabeth Warren (D-Mass.) called on Congress to impose further reforms on the financial sector that go beyond the Dodd-Frank Act, the House of Representatives passed a bill that aims to bring greater transparency to the Dodd-Frank-created Consumer Financial Protection Bureau (CFPB). Speaking at the Levy Economics Institute’s ... Read More »
Read More →SAN FRANCISCO and NEW YORK — The country’s largest auto lender, Wells Fargo, tempered its auto lending activities during the first quarter of 2015, officials reported during a conference call this week. Also reporting quarterly earnings was J.P. Morgan Chase, which saw solid loan and lease growth in the automotive space. Auto originations at Wells ... Read More »
Read More →Nissan Motor Co said on Friday it would expand an investigative recall in certain U.S. regions to replace air bags made by Takata Corp, adding about 45,000 Sentras from the 2004-2006 model years that weren’t included previously, reported Reuters. Japan’s second-largest automaker has informed the U.S. National Highway Traffic Safety Administration about its plans to ... Read More »
Read More →Volkswagen has plunged into a full-blown leadership crisis after Chief Executive Martin Winterkorn let it be known on Saturday he will fight for his job even though the carmaker’s chairman has reportedly withdrawn confidence in the CEO, reported Reuters. Ferdinand Piech, who has spent almost 22 years at the helm of VW, nine as CEO, ... Read More »
Read More →Chief Executive Sergio Marchionne wants Fiat Chrysler Automobiles to play a key role in a consolidation of the global auto industry which he sees as inevitable to manage prohibitive capital costs, reported Reuters. Speaking on Thursday to shareholders in Amsterdam, away from Fiat’s historic roots in Turin and Chrysler’s in Detroit, Marchionne said: “We don’t ... Read More »
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