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Breaking NewsThe latest breaking automotive news, coincidentally is being provided by Automotive News.
Lithia derives almost 30 percent of its sales from Chrysler Group brands but doesn't plan to seek much Fiat business as the Italian automaker prepares to reenter the U.S.market. In exchange for U.S. bailout money that reached $85 billion, the auto industry has been restructured, and 'you now have all those auto companies showing a profit," Obama said. The nation's second-largest dealer holding company sold 68,908 new and used vehicles during the period, up 16 percent from a year earlier. Revenue rose 17 percent to $2.7 billion. Toyota will recall 412,000 high-end passenger cars in the United States to fix steering problems. Volkswagen reported the biggest quarterly profit in 2 years on higher demand in China and the U.S. for the Golf compact and Audi A5 coupe. Second-quarter net income quadrupled to $1.63 billion, the company said. Sonic reported net income of $14.8 million, up 68 percent from $8.8 million in the second quarter of last year. Both earnings totals reflect an upward adjustment primarily associated with debt refinancing, the company said. The auto parts maker reported a sharp rise in quarterly profit as the global auto industry continued to recover. Net income during the second quarter rose to $49 million, up from $3 million. Revenues rose 23 percent to $1.6 billion, up from $1. Auto parts maker reported a sharp rise in quarterly profit as the global auto industry continued to recover. Net income during the second quarter rose to $49 million, up from $3 million. Revenues rose 23 percent to $1.6 billion, up from $1.3 billion. Nissan Motor Co. and Hyundai Motor Co's forecast-beating quarterly profits may prove tough to match in the second half as robust sales in China and elsewhere start to slow. A patchy recovery in the U.S. China's Ministry of Commerce said it has approved Zhejiang Geely Holding Group Co.'s purchase of Ford Motor Co.'s Volvo car unit, paving the way for completion of the $1.8 billion acquisition agreed by the two companies in March. Home Page
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