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Found 8 results

  1. Daimler AG says it has lost €1.2 billion ($1.3 Billion) in quarter two 2019. This is the company's first quarterly loss since 2009. Daimler says the primary causes for the loss are airbag recalls and lawsuits and investigations regarding its diesel engines. U.S. and European regulators have gone after diesel engine emissions after Volkswagen AG was caught in 2015 with cheat software in their engine control computers. The fallout has caused Daimler and other manufacturers to recall those vehicles and update the engine control software. Daimler has previously announced cost cutting efforts, including laying off up to 10,000 employees globally. Further cost cutting efforts are pending, however, Daimler declined to comment on such measures until an investor presentation in November. The company did say that it would be reviewing its product portfolio and cutting where needed. Models that have already seen cuts are the Mercedes-Benx X-Class truck and the Mercedes Benz SLC. View full article
  2. Daimler AG says it has lost €1.2 billion ($1.3 Billion) in quarter two 2019. This is the company's first quarterly loss since 2009. Daimler says the primary causes for the loss are airbag recalls and lawsuits and investigations regarding its diesel engines. U.S. and European regulators have gone after diesel engine emissions after Volkswagen AG was caught in 2015 with cheat software in their engine control computers. The fallout has caused Daimler and other manufacturers to recall those vehicles and update the engine control software. Daimler has previously announced cost cutting efforts, including laying off up to 10,000 employees globally. Further cost cutting efforts are pending, however, Daimler declined to comment on such measures until an investor presentation in November. The company did say that it would be reviewing its product portfolio and cutting where needed. Models that have already seen cuts are the Mercedes-Benx X-Class truck and the Mercedes Benz SLC.
  3. Hyundai has been seeing its sales declined as it doesn't have enough crossovers and SUV to feed the growing demand by consumers. This, in turn, is causing profits to drop, making investors disappointed. Because of this Hyundai is going crazy with cutting costs. Reuters reports that Hyundai's cost-cutting measures include reducing the number of business-class flights, annual trips for overseas workers to see family, and cutting back on fluorescent light bulbs. "We're trying to address a mismatch between the market trend and our product line-up. That's a longer term plan. For now we're trying to save every penny," said a source. Hyundai is working overtime to get new crossovers out the door starting with a B-segment model in 2018. In the meantime, Hyundai is redirecting exports from low-demand markets to the U.S. Source: Reuters View full article
  4. Hyundai has been seeing its sales declined as it doesn't have enough crossovers and SUV to feed the growing demand by consumers. This, in turn, is causing profits to drop, making investors disappointed. Because of this Hyundai is going crazy with cutting costs. Reuters reports that Hyundai's cost-cutting measures include reducing the number of business-class flights, annual trips for overseas workers to see family, and cutting back on fluorescent light bulbs. "We're trying to address a mismatch between the market trend and our product line-up. That's a longer term plan. For now we're trying to save every penny," said a source. Hyundai is working overtime to get new crossovers out the door starting with a B-segment model in 2018. In the meantime, Hyundai is redirecting exports from low-demand markets to the U.S. Source: Reuters
  5. Mazda's North American office will be getting a new CEO early next year, and he believes that crossovers will bring good things to the brand. Masahiro Moro, currently Mazda's global sales and marketing executive and soon to be the CEO of Mazda' North American office in January told Automotive News that to build up customer loyalty and profits for the brand, they would need to increase sales of their crossovers. Currently, Mazda relies heavily on the Mazda3 for sales in North America. While popular, margins on the were very tight. Also, customers who bought the 3 tended to go to other makes when getting a new vehicle. "Loyalty is very low historically. With the new-generation product, our focus is how we can treat customers better and keep them loyal," said Moro. By putting more focus on crossovers, Moro explained that it would reduce the reliance on the 3 for sales. It also allows for more profit as crossover buyers tend to go heavy on the options and are likely to return to Mazda to buy another vehicle. "Our opportunity here is to recapture those customers or gain new customers through the crossover vehicles," said Moro. "In light of this, I wish that more than 50 percent of our total [u.S.] sales in two or three years be crossovers." Currently, Mazda has moved 121,622 crossovers through November. That represents 42 percent of total sales in the U.S. of 289,889. Source: Automotive News (Subscription Required)
  6. Mazda's North American office will be getting a new CEO early next year, and he believes that crossovers will bring good things to the brand. Masahiro Moro, currently Mazda's global sales and marketing executive and soon to be the CEO of Mazda' North American office in January told Automotive News that to build up customer loyalty and profits for the brand, they would need to increase sales of their crossovers. Currently, Mazda relies heavily on the Mazda3 for sales in North America. While popular, margins on the were very tight. Also, customers who bought the 3 tended to go to other makes when getting a new vehicle. "Loyalty is very low historically. With the new-generation product, our focus is how we can treat customers better and keep them loyal," said Moro. By putting more focus on crossovers, Moro explained that it would reduce the reliance on the 3 for sales. It also allows for more profit as crossover buyers tend to go heavy on the options and are likely to return to Mazda to buy another vehicle. "Our opportunity here is to recapture those customers or gain new customers through the crossover vehicles," said Moro. "In light of this, I wish that more than 50 percent of our total [u.S.] sales in two or three years be crossovers." Currently, Mazda has moved 121,622 crossovers through November. That represents 42 percent of total sales in the U.S. of 289,889. Source: Automotive News (Subscription Required) View full article
  7. With Ferrari being spun off from Fiat Chrysler Automobiles later this year, the company will lose its biggest profit maker that helps bankroll a number of vehicles in FCA's lineup. So what is the company to do? FCA CEO Sergio Marchionne is hoping Maserati can fill that void. “Maserati is very important,” Marchionne said Bloomberg in an interview. After the Ferrari spinoff, “Maserati becomes the most coveted, exclusive brand that we have.” Maserati is a known quantity in terms of performance, and the luxury market is booming in the U.S. But trying to convince buyers that they want a Maserati instead of the usual suspects in the luxury class is a difficult task. Despite selling 36,448 vehicles last year, - more than double the shipments the company has done before - worldwide sales have declined 9 percent to 7,306 through the month of April. Not helping matters is dealers putting a large amount of incentives on the new Ghibli sedan, which has caused a fair amount of the profits made on every sale to go downward. Marchionne has set a goal of selling 75,000 Maserati vehicles worldwide by 2018. A very lofty goal as IHS Automotive forecasts only 54,000 registrations of Maserati vehicles by that time. But the Ghibli is bringing in younger buyers and the upcoming Levante crossover will hopefully add to it. “They’ve got a hell of a lot to build on. But it’s incredibly expensive to play the game. Marchionne can’t afford to stumble. With the volume numbers he’s trying to generate, he’d better not miss.” said Joe Phillippi, president of consulting firm AutoTrends Inc. Source: Bloomberg View full article
  8. With Ferrari being spun off from Fiat Chrysler Automobiles later this year, the company will lose its biggest profit maker that helps bankroll a number of vehicles in FCA's lineup. So what is the company to do? FCA CEO Sergio Marchionne is hoping Maserati can fill that void. “Maserati is very important,” Marchionne said Bloomberg in an interview. After the Ferrari spinoff, “Maserati becomes the most coveted, exclusive brand that we have.” Maserati is a known quantity in terms of performance, and the luxury market is booming in the U.S. But trying to convince buyers that they want a Maserati instead of the usual suspects in the luxury class is a difficult task. Despite selling 36,448 vehicles last year, - more than double the shipments the company has done before - worldwide sales have declined 9 percent to 7,306 through the month of April. Not helping matters is dealers putting a large amount of incentives on the new Ghibli sedan, which has caused a fair amount of the profits made on every sale to go downward. Marchionne has set a goal of selling 75,000 Maserati vehicles worldwide by 2018. A very lofty goal as IHS Automotive forecasts only 54,000 registrations of Maserati vehicles by that time. But the Ghibli is bringing in younger buyers and the upcoming Levante crossover will hopefully add to it. “They’ve got a hell of a lot to build on. But it’s incredibly expensive to play the game. Marchionne can’t afford to stumble. With the volume numbers he’s trying to generate, he’d better not miss.” said Joe Phillippi, president of consulting firm AutoTrends Inc. Source: Bloomberg

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