Cadillac says sales inflated to beat Lincoln

Article Abstract:

General Motors Corp reported that it overstated Dec 1998 sales figures of its Cadillac vehicles, which effectively edged out the company's Lincoln cars as the top-selling luxury-car brand. The auto manufacturer notes that it will restate Cadillac's monthly sales from Dec 1998, when sales were inflated by 4,773 units due to an inappropriate reporting process, until Apr 1999. Although the sales misrepresentation did not affect GM revenue, earnings or production, Cadillac General Manager John Smith nevertheless apologized for the error. GM top sales spokesperson Jim Farmer accredited the error to some employees' overzealousness, and described their behavior as perhaps unethical but not illegal.

Sales & consumption, Automobiles, General Motors Corp.

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DaimlerChrysler says 2000 net income plunged 44%

Article Abstract:

DaimlerChrysler has announced that net income from continuing operations dropped 44% in 2000 to $3.2 billion. The decline in net income is fueled by losses at its struggling Chrysler unit and decisions to divest non-core automotive assets. It is DaimlerChrysler's worst performance since Germany's Daimler-Benz and US's Chrysler merged in 1998. DaimlerChrysler stated that net income would have increased 37% for the year had the company not sold its non-automotive assets, including its intelligent- technology joint venture with Germany's Deutsche Telekom and de- consolidation of its Debis Systemhaus.

DaimlerChrysler AG

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Intel issues warning, cuts jobs

Article Abstract:

Intel Corp has issued a warning that its revenue for 1st qtr 2001 will fall 25% short of its $8.7 billion in revenue in the previous quarter. The technology giant made the announcement after the markets closed on the 1- year anniversary of the start of the high-tech bear market and the Nasdaq stock index plunge. Intel shares dropped 7%, or $2.31, to $30.94. Other high-tech companies also went down.

Semiconductor and Related Device Manufacturing, Semiconductor Parts, Intel Corp.

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