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Top Headlines - part 3

General Motors Posts $3 Billion in Second-Quarter Earnings

General Motors Posts $3 Billion in Second-Quarter Earnings

BUSINESS

  • Quarter the best since before recession
  • Rivals showed mixed results
  • Chinese market still crucial to GM’s growth

General Motors Co., the top American automaker, posted a strong second quarter thanks to the strength of the North American and Chinese markets.

Eliminating one time charges, GM earned $2.9 billion, $1.29 a share, compared to $1.4 billion a year ago. This was ahead of analysts’ forecast of $1.08 a share.

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AutoNation's Profit Rises 15% in Second Quarter

AutoNation's Profit Rises 15% in Second Quarter

BUSINESS

  • Increase lower than analysts’ expectations
  • CEO believes 17 million vehicles will be sold in 2015
  • Customers driven to larger vehicles

The United States’ largest auto retailer, AutoNation Inc., saw profit rise 15% compared to the second quarter of 2014, buoyed by lower gas prices and an improving economy.

Revenue reached $5.22 billion, a 9% increase and a company record, while stock prices were $1 a share.

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Jeep Hacked Remotely by Computer Security Experts

Jeep Hacked Remotely by Computer Security Experts

BUSINESS

  • Vehicles use Sprint cellular network
  • Patch available which resolves vulnerability
  • Researchers were able to disable key vehicle systems

Security experts have found a serious vulnerability in Fiat Chrysler’s connect car software and are telling customers they need to have their vehicle’s onboard software updated.

The software, called Uconnect, works using Sprint’s cellular network to connect to the Internet. It allows owners to use a smartphone app to activate anti-theft features, remote start the engine and find the vehicle on GPS. It has no firewall.

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Ford Develops Smart Headlights and a New Air Filtration System

Ford Develops Smart Headlights and a New Air Filtration System

BUSINESS

Ford Motor Co.’s European Research and Innovation Center has developed smart headlights able to detect road hazards and the contours of the road.

Cameras and GPS systems will illuminate the road based on curves, dips and bends. If GPS is not available, the system will store the road’s data for future use.

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Magna Buys Getrag for $1.9 Billion

Magna Buys Getrag for $1.9 Billion

BUSINESS

Canadian automotive parts maker Magna International Inc., the world’s third largest auto part supplier, has agreed to purchase German automotive transmission systems Getrag for $1.9 billion in order to expand its business.

The deal includes debt and pension liabilities which brings its value to $2.67 billion.

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Ford Stops Sales of 2015 Edge Crossover Due to Leak

Ford Stops Sales of 2015 Edge Crossover Due to Leak

BUSINESS

  • Ford establishes customer-satisfaction program
  • Drivers encouraged to take their cars to the dealership
  • Subaru recalls 32,000 cars because of airbag issue

Ford Motor Co. has stopped the sale of the redesigned 2015 Edge crossovers after the company discovered a leak in the car’s body.

Water is able to drip into the passenger compartment under the dashboard through the hood hinges. The issue could lead to corrosion or mold.

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ARC Automotive Under Investigation for Faulty Airbags

ARC Automotive Under Investigation for Faulty Airbags

BUSINESS

The National Highway Traffic Safety Administration, U.S. safety regulators, are investigating potentially faulty airbag inflators manufactured by ARC Automotive.

ARC Automotive inflators are used by various airbag manufacturing companies.

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Two Visions for Getting Autonomous Cars on the Market

Two Visions for Getting Autonomous Cars on the Market

BUSINESS

Automotive manufacturers and technology companies have differing visions as to how quickly autonomous vehicles should arrive on the market.

Traditional automakers believe in a gradual approach, adding technology slowly over the next decade.

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Honda Expands Airbag Recall Yet Again

Honda Expands Airbag Recall Yet Again

BUSINESS

Honda Motor Co. has expanded its recall of vehicles with Takata Corp. air bags yet again, adding 1.63 million vehicles in Japan and bringing the total number of recalled vehicles to 24.5 million.

The recall is Honda’s third largest this year and an expansion of a May recall.

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Volvo Concept Car Features Baby Car Seat

Volvo Concept Car Features Baby Car Seat

BUSINESS

  • Car replaces front passenger seat with platform
  • Company says it is committed to safety
  • Volvo has decided not to participate in 2016 MATS

Swedish automaker Volvo had designed a concept car with parents of young children in mind, hoping to keep children safer and make parents’ lives easier.

A XC90 SUV had had its front passenger seat removed, replaced with a baby seat pedestal. The pedestal allows the car seat to be locked in rear facing position and to swivel. The baby would be able to maintain eye contact with passengers and the driver, and it would be easier to remove the child from the car.

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