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Top Stories
Fiat-Peugeot Talks Signal Growing Cost Pressure on Car Industry
A merger of Fiat Chrysler and PSA, the No. 2 for car sales in Europe, would create a regional powerhouse to rival Volkswagen AG, and have a stock-market value of about $49 billion — comparable to Japan’s Honda Motor Co. The tie-up would also bring together two auto-making dynasties, the billionaire Agnelli clan in Italy and the Peugeot family of France. Under the current proposal, the Agnelli’s holding, Exor, could become the single biggest investor in the combined entity, one of the people said.
Source: Bloomberg
Volkswagen Lowers Sales Outlook
Volkswagen AG lowered its outlook for vehicle deliveries this year on a faster-than-expected decline in auto markets around the world amid economic jitters in Europe and an unprecedented slump in China. The world’s biggest carmaker now expects vehicle deliveries to be flat this year, compared with a previous expectation for a slight rise, the Wolfsburg, Germany-based company said Wednesday in a statement. Volkswagen, which beat analyst expectations for third-quarter earnings, cited the slowing global economy, increasingly intense competition and volatile exchange rates for the change.
Source: Bloomberg
Strike? GM's Financial Gearing Delivers Solid Third Quarter
General Motors is committed to building cars in the United States, but not necessarily the way it always had or with as many people as it currently employs. On Tuesday morning, GM reported its third-quarter earnings. During a call with Wall Street analysts afterward, one analyst asked GM CEO Mary Barra if — over the next five years — GM will spend more money to develop electric vehicles or to make internal-combustion cars. Barra replied: "I believe it'll be EVs."
Source: The Detroit News
Trump White House Wants Direct Control Over Where Cars Are Made
The Trump administration wants to dictate how and where global auto companies make cars and parts to secure duty-free treatment under the new Nafta — in its most direct intervention yet to manage trade and production, according to people familiar with the effort. The issue is being discussed between Trump administration officials, congressional staff, and domestic and foreign auto makers in the context of the legislation that lawmakers will vote on for the trade deal to take effect. The White House wants specific language that would allow it to unilaterally administer the production rules for companies.
Source: Bloomberg
Vehicle-Lease Transfer Approvals Jump to Highest Point in Nearly 3 Years
Swapalease.com reported the highest number of credit approvals for vehicle-lease transfers in nearly three years. Site officials said this week that the approval rate in September came in at 72.9%, representing a 4% increase from the August rate of 68.9%. The last time credit approvals on Swapalease.com rose higher than 72.9% was in March 2016 when 75% of applicants were approved.
Source: Auto Remarketing
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