Here's what we have now our eye on today:
- GM filed its ninth consecutive quarter of profits, announcing first-quarter net earnings of $1 billion today. Still, that's about 69% below first-quarter profits a year ago, The Detroit News reports. The automaker's earnings before interest and taxes - $2.2 billion - were hammered by losses in Europe, where economic instability caused auto sales to dip 7.7% within the first three months. GM's European units, including Opel/Vauxhall, lost $256 million before taxes and interest.
- Despite the placement around the pond, BMW followed fellow German automakers Volkswagen and Daimler (which owns Mercedes-Benz) in announcing a rise in first-quarter profits, Bloomberg News reports. On strong demand for the 1 Series, BMW outpaced analysts' expectations with a 19% increase in year-over-year profits.
- Mitsubishi is "at the fence" as to if this will introduce its new Mirage to america, a corporation spokesman tells Automotive News. The subcompact reprises a nameplate we haven't seen since 2002, and Mitsubishi plans to sell the automobile in Canada in early 2013. Automotive News says strained marketing budgets and uncertainty over U.S. buyers' reception to the Thailand-built car, that is concerning the same size as a Chevrolet Spark, may contribute to the hesitance.
- With sales up 33% within the first four months of 2012, Chrysler will skip a typical two-week retooling shutdown at four plants this summer, in step with Bloomberg News. Three plants that assemble eight vehicles - among them are the Jeep Grand Cherokee, Dodge Journey, Fiat 500 and forthcoming Dodge Dart - will work in the course of the summer. So will a parts factory in Ohio. Two more assembly plants are shutting down for one week as opposed to two.
- Rising fuel efficiency will save drivers money on the pump, but it surely will cost Uncle Sam some $57 billion in gas-tax revenue through 2025, the Congressional Budget Office said yesterday. The Detroit News reports that rising fuel economy will cost the government in gas taxes, that have remained at 18.4 cents per gallon since 1993. The shortfall would depart the govt without $48 billion to preserve roads, or 12% of maintenance revenue, and $9 billion to fund mass transit, or 16% of transit revenue. Nonetheless, the Congressional Budget Office said a 5-cent-per-gallon tax increase can make up for the shortfall.
1. http://www.cbo.gov/sites/default/files/cbofiles/attachments/05-02-CAFE_brief.pdf
From WhatNewsToday.net
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