Auto News

Ford earnings: Q2 net income rises 19% to $667 million as revenue jumps 50%

“We’re moving with purpose and speed into the most promising period for growth in Ford’s history — to innovate and deliver great products and connected services, raise quality and lower costs,” CEO Jim Farley said in a statement. “We’re giving customers great experiences and value, improving our profitability and making Ford the next-generation transportation leader.” …

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Senate passes semiconductor industry bill with $2 billion for auto-grade chips

The Alliance for Automotive Innovation, which represents most major automakers and some suppliers in the US, commended the Senate bill’s passage and urged the House to follow suit. “Other countries are taking aggressive steps to get ahead of the United States on semiconductor production. By investing in American-made chips today, our country will be in …

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Penske Automotive Q2 earnings: Another record for quarterly profits

Penske Automotive Group Inc.’s second-quarter net income jumped as the company recorded its most profitable quarter ever, even amid a slight drop in revenue and lower new- and used-vehicle sales. Second-quarter net income rose 10 percent from a year earlier to $375.9 million. Revenue, which Penske said was hurt by foreign currency exchange, slipped 1.2 …

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Group 1 Q2 earnings: Record revenue, gross profit as US business prospers

Dealership giant Group 1 Automotive Inc. reported Wednesday that revenue and net income rose in the second quarter in part on higher new-vehicle profitability and gains from acquisitions. The Houston-based dealership group said net income rose 2.6 percent to $195.9 million and revenue rose 14 percent to a record $4.15 billion. Net income from continuing …

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