(Reuters) – Makers of ATVs, boats and other recreational vehicles are staring at a bleak summer as caution around big-ticket purchases amid high interest rates has dashed hopes of a demand recovery for big manufacturers of leisure products.

In the wake of the coronavirus pandemic, consumers with money to spend took advantage of low rates to buy goods many refer to as “adult toys” – motorcycles, boats, RVs and other vehicles that cost a lot and are often financed through loans. Continue reading “Leisure vehicle makers feel the heat this summer as big-ticket spending cools”

DETROIT, (Reuters) – General Motors is changing the way it rates the performance of its salaried employees in the U.S. in a move to better reward high-performers and put pressure on low-performers to improve or leave.

According to an internal memo viewed by Reuters, the Detroit automaker is now rewarding its top 5% of employees with 150% bonuses, higher than what was available in the previous system, to better attract and retain the talent needed to achieve its goals in the cut-throat automotive transformation to electric vehicles. Continue reading “GM raises bar for employee performance with new ratings system”

Source : PTI | New Delhi: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter.

Puri noted that petrol and diesel were deregulated during the UPA government. Continue reading “India only country where petrol, diesel prices declined in last 3 years: Puri”

Hero MotoCorp has started its operations in the Philippines, marking a strategic expansion into Southeast Asia. This move is a significant milestone in the company’s ongoing efforts to enhance its global footprint. Terrafirma Motors Corporation (TMC) will serve as the exclusive assembler and distributor of Hero MotoCorp products and services in the Philippines. The partnership between Hero MotoCorp and TMC, announced in October 2022, is set to bring a new level of mobility solutions to the region.

Niranjan Gupta, CEO of Hero MotoCorp, stated ‘The commencement of operations in the Philippines will bolster our overall global presence. Hero MotoCorp, with its extensive and innovative product portfolio, is committed to delivering superior mobility solutions and exceptional after-sales services, ensuring a delightful ownership experience. Partnering with Terrafirma Motors Corporation, a distinguished entity within the Columbian Group, we are poised to swiftly establish and expand our presence in this vital market.’ Continue reading “Hero MotoCorp Expands Global Presence”

Summary

• Shipped 3,484 cars in the first quarter, up 3%
• Sees adj EBITDA of at least 2.50 bln euro this year
• Adj EBITDA rose 14% in Q2 to 669 mln euros
• Net revenue up 16% in Q2 to 1.712 bln euros
• Generated cash for 121 mln euros in the quarter

MILAN, (Reuters) – Pricier models such as the Daytona SP3 and growing demand from buyers for personal touches helped Ferrari beat second-quarter results forecasts on Thursday and raise its full-year expectations. Continue reading “Ferrari lifts forecasts on pricier models and personal touches”

Summary

• Restructuring costs, model launches weigh on returns
• Investment in 2025-2029 to fall to around 165 bln euros
• Combustion engine line-up may expand amid weak EV demand
• First half return on sales ‘too low’, CFO says

BERLIN, (Reuters) – Volkswagen will need to make “significant cost-cutting efforts” in the second half of the year and beyond if it is to revive profit margins, the automaker said on Thursday, after reporting first-half margins it described as “too low”. Continue reading “Volkswagen doubles down on cost cuts to try to revive margins”

TOKYO, (Reuters) – Toyota Motor posted a 17% increase in first-quarter profit on Thursday, as cost-cutting and a weaker yen helped offset lower sales and a decline in production at home.

The world’s top-selling automaker said operating profit for the three months through June totalled 1.3 trillion yen ($8.70 billion), matching the average of six analyst estimates compiled by LSEG. Continue reading “Toyota posts 17% increase in Q1 profit but shares tumble”

Summary

• Q2 EBIT margin falls to 8.4% from 9.2%, below analysts consensus
• Shares fall 3.8%
• China sales fall 4% in first half but less than peers
• BMW investing heavily in model revamps
• No change in guidance for 2024

BERLIN, (Reuters) – BMW reported a lower-than-expected profit margin in its core automotive segment during the second quarter on Thursday, hitting its shares as heightened competition and weaker demand in China weighs on the sector. Continue reading “China woes hit BMW as profit margin falls”

(Reuters) – Germany’s Daimler Truck said on Wednesday it has cut its full year revenue outlook to a range of 53 billion euros ($57.30 billion)to 57 billion euros.

The truck maker had previously forecast revenue of 55 billion euros to 57 billion euros for the year. Continue reading “Daimler Truck cuts full-year revenue outlook”

WASHINGTON, (Reuters) – A U.S. regulator said on Wednesday it still believes that air bag inflators in 49 million U.S. vehicles assembled by 13 automakers pose serious safety risks and it is considering issuing a recall.

The issue has been linked to one U.S fatality and seven injuries following an eight-year government investigation. If the recall proceeds, it would be the second-largest in U.S. history. Continue reading “US says 51 million air bag inflators pose safety risks despite automaker objections”

SAN FRANCISCO, (Reuters) – A Tesla Model S car was in “Full Self-Driving” mode when it hit and killed a 28-year-old motorcyclist in the Seattle area in April, police said, making it at least the second fatal accident involving the technology on which Tesla CEO Elon Musk is pinning his hopes.

The 56-year-old driver was arrested on suspicion of vehicular homicide based on his admission that he was looking at his cell phone while using the driver assistant feature, police said in a statement. Continue reading “Tesla car that killed Seattle motorcyclist was in ‘Full Self-Driving’ mode, police say”

CHICAGO, (Reuters) – Republican presidential candidate Donald Trump said on Wednesday that he was against everyone having an electric car despite the endorsement of billionaire Elon Musk, the CEO of electric carmaker Tesla.

“Elon Musk endorsed me and he is a friend of mine, … but I am against everybody having an electric car,” Trump said while speaking at the National Association of Black Journalists conference in Chicago. Continue reading “Trump says he is against everyone having an electric car”

DETROIT/WASHINGTON, (Reuters) – The United Auto Workers union endorsed Vice President Kamala Harris for U.S. president on Wednesday, providing a likely boost for Harris in the swing state of Michigan as her recently launched campaign ramps up.

UAW President Shawn Fain, who spoke by phone last week with Harris, praised the vice president’s record “of delivering for the working class” and said she “will stand shoulder to shoulder with us in our war on corporate greed.” Continue reading “United Auto Workers union endorses Harris’ bid for US president”