America's 'Big Three' car manufacturers have released their second quarter financial results, and after the turmoil of the global financial crisis, and a soft recovery in the home market, each has remained in the black. But there's bad news to go with the good.
Chrysler has recorded a net income of $436M, which is up a substantial $806M in the same (loss-making) period last year. Detroit heavyweight, Ford has reported net income of $1.0B, but that’s a decrease of $1.4B on the second quarter of 2011. On the up side, the blue oval, the only major US car company not to enter into partial government ownership in the teeth of the GFC storm, claims this is its 12th consecutive profitable quarter.
The third global giant, General Motors, has published a net income figure of $1.50B. A huge number, but like Ford, down on 2011; this time by $1.0B. GM says its North American operations are doing well, but some overseas subsidiaries (read Opel and Vauxhall in Europe) are creating financial “headwind” for the company.
Opel has just launched in the Australian market, but its parent in Russelsheim, Germany has been bleeding money for over a decade, and is currently struggling in the face of the European debt crisis. A succession of chief executives have also rotated through the company’s top job in recent years.