Net income at the biggest U.S. dealership group was dragged down by a sharp drop in auto sales, while an effort to focus on new-vehicle margins showed signs of paying off.
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Daimler's first-quarter operating profit fell 16 percent, weighed down by a 4 percent drop in sales of Mercedes cars, higher raw material costs and investments into its heavy trucks division.
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Renault will propose to Nissan a plan to create a joint holding company that would give both automakers equal footing as Renault seeks further integration with its Japanese partner, the Nikkei newspaper reported.
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Denso reported a 23 percent decline in operating profit for the latest fiscal year amid rising investment costs and market slowdowns in Europe and China.
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The turbocharger and electric motors supplier said its performance in the first quarter was stronger than it expected, driven by higher volume of new programs, especially in Europe and North America.
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Ford's first-quarter profit fell 34 percent to $1.15 billion, on one-time charges, but the company said it was on track to generate better results in 2019 than it did last year. Earnings before interest and taxes rose 12 percent to $2.45 billion, including a 14 percent gain in North America, behind strong light-truck sales.
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GM said a second shift in Bowling Green, Ky., will add 400 workers, who will build the highly anticipated midengine Corvette — a first for the famed sports car.
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Strong used-vehicle sales and a growing parts-and-service business helped lead Group 1 to record profit in the first quarter despite a dip in revenue as new-vehicle sales tumbled.
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Toyota Motor Manufacturing Canada on Monday plans to make what it calls “a significant production announcement” at its North Plant in Ontario, where the RAV4 is assembled.
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Cockpit electronics supplier Visteon said operational challenges hampered its first-quarter margins, but results should improve in the second and third quarters. Visteon shares fell 23.5 percent.
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