The Carlovers Magazine

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• Chrysler to Repay Government Loans by June
• U.S. Economic Growth Slows Sharply
• Oil Inches to New 31-Month High Near $113
• Federal-Mogul More Than Triples Quarterly Income
• Tornadoes Cause Shutdowns of Two Alabama Auto Plants
• BorgWarner Posts Record Sales, Earnings
• Sweden Backs Antonov’s Investment in Saab
• Honda Profit Falls 38%, “Grimmer” Results Ahead
• Renault Reaches Settlements in Espionage Fiasco
• Hyundai Earnings Soar 46%

Chrysler to Repay Government Loans by June Posted: Chrysler Group LLC says it will pay off $7.5 billion of loans to the U.S. and Canadian governments by the end of the quarter through a term loan facility from unidentified banks and a private offering of bonds to institutional investors. The company did not disclose the amount of either [...]

U.S. Economic Growth Slows Sharply Posted: America's output of goods and services expanded at a 1.8% annual rate in the first quarter of 2011 compared to a 3.1% pace in the fourth quarter of last year, according to the initial estimate from the Dept. of Commerce. Inventory building and export growth were partially offset by higher imports [...]

Oil Inches to New 31-Month High Near $113 Posted: Crude oil futures traded as high as $113.97 per barrel yesterday on the New York Mercantile Exchange before settling at $112.86, up 10 cents for the day. It was the highest close since Sept. 22, 2008. Analysts say the impact of the weaker dollar and political unrest in the Middle East [...]

Federal-Mogul More Than Triples Quarterly Income Posted: Federal-Mogul Corp. netted $51 million in the first quarter of 2011 compared with $15 million a year earlier as sales rose 16% to $1.7 billion. The Southfield, Mich.-based company credits higher global auto output and market share gains at all it units for the improvement. Federal-Mogul's earnings before interest, taxes, depreciation [...]

Tornadoes Cause Shutdowns of Two Alabama Auto Plants Posted: The series of tornadoes that ripped across six southern states on Wednesday have temporarily halted production at Daimler AG's assembly plant near Tuscaloosa, Ala., and Toyota Motor Corp.'s engine factory in Huntsville, Ala. The twisters killed more than 290 people, flattened buildings, blocked roads and knocked out power across the region. [...]

BorgWarner Posts Record Sales, Earnings Posted: BorgWarner Corp. says its first-quarter sales surged 35% to $1.7 billion, and net earnings jumped 59% to $125 million, or $1 per share. Both results were records for the period. The Auburn Hills, Mich.-based maker of turbochargers and other powertrain components predicts its full-year revenue for 2011 will surpass last year's [...]

Sweden Backs Antonov’s Investment in Saab Posted: Sweden's National Debt Office says it does not object to a request from Russian businessman Vladimir Antonov to buy a 29.9% stake in Spyker Cars N.V., the owner of struggling Saab Automobile. Antonov, a former chairman of Spyker, says he will pay as much as €30 million ($45 million) for the [...]

Honda Profit Falls 38%, “Grimmer” Results Ahead Posted: Honda Motor Co. says a 22% drop in sales in Japan caused its net profit to plunge 38% to 44.6 billion yen ($547 million) in the fiscal fourth quarter ended March 31. Worldwide revenue dropped 3% to 2.2 trillion yen ($27 billion). Operating profits plunged 52% to 46.2 billion yen ($566 [...]

Renault Reaches Settlements in Espionage Fiasco Posted: Renault SA says one of the three executives it wrongly fired in January on suspicion of industrial espionage will return to the company on Monday. The other two managers have accepted compensation but declined to be reinstated. Renault did not offer details about the settlements. Matthieu Tenenbaum, the former deputy head [...]

Hyundai Earnings Soar 46% Posted: South Korea's Hyundai Motor Co. says its net income in the first quarter of 2011 jumped to 1.9 trillion won ($1.8 billion) from 1.3 trillion won. First-quarter revenue grew 21% to 18.2 trillion won ($17 billion). Sales rose 9% to 919,100 vehicles worldwide as a 12% jump in overseas sales more [...]

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