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Ford to Oppose Trans-Pacific Trade Pact Without Currency Limits

Ford Motor Co. (F:US) said it will oppose the Trans-Pacific Partnership if the trade agreement doesn’t limit a country’s ability to manipulate its currency.

The proposed pact “is not likely to generate any net benefits for American manufacturers if it does not address the critical issue of currency manipulation,” Joe Hinrichs, Ford’s president of the Americas, said in a Feb. 6 speech at the Chicago Auto Show.

Ford steps up pressure over TPP

America's car industry has plenty to thank President Barack Obama for, but it's still unhappy with a flagship trade deal that the White House is negotiating.

The carmakers want the Trans-Pacific Partnership (TPP), a free trade agreement with 11 Pacific nations, to include provisions to stem what they claim is the deliberate weakening of the yen by the Japanese government, something they argue hands an unfair advantage to Japan's car manufacturers, writes the FT's Aaron Stanley.

DOUBLE-DIGIT GROWTH STRENGTHENS FORD FOCUS’ LEAD AS BEST-SELLING VEHICLE NAMEPLATE IN THE WORLD

  • Ford Focus global registrations grew more than 16 percent year-over-year, widening its lead over its next competitor by more than 75,000, based on Ford’s analysis of the just-released and latest Polk global vehicle data for January to September 2013
  • Propelled by Ford’s growth in China, Focus registrations surpassed 303,000 units there to also make it the best-selling passenger car nameplate in China
  • Focus is driving Ford’s global growth and is joined by Fiesta to give Ford two of the top five best-selling nameplates in the world

The Ford Focus continues to b

GM Expects Profits to Rise in 2014 on New Vehicles

General Motors Co. (NYSE: GM) forecasts modest global industry growth in 2014 driven by the United States, China and Europe. Based on this outlook and the introduction of key vehicles globally, the company expects its total earnings before interest and tax (EBIT) adjusted to be modestly improved with improved underlying operating performance more than offsetting increased restructuring expense. Additionally, the company said it expects EBIT-adjusted margins will be similar to last year.

Chrysler Says Jeep to Reach 1 Million Sales Worldwide by 2015

Chrysler Group LLC (F)’s Jeep division, aided by the fast start of the new Cherokee, probably will surpass 1 million sales worldwide this year or next, the brand’s top executive said.

Jeep global sales reached a record 731,565 last year and shipments have more than tripled since 2009, said Mike Manley, the brand’s president. Getting the maker of sport-utility vehicles to the automaker’s 1 million target by 2015 would be faster than Manley originally had expected.

Massive trade bill hits Hill

Three senior lawmakers on Thursday unveiled long-awaited legislation to help President Barack Obama strike major trade deals in Asia and Europe, setting the stage for a potential election-year battle between the president and many of his fellow Democrats in Congress.

UPDATE 1-U.S. automakers call for currency rule in Pacific trade pact

American automakers on Thursday pushed for rules against currency manipulation to be included in an ambitious trade pact being negotiated between the United States and 11 other Pacific Rim countries.

The American Automotive Policy Council, which represents Chrysler, Ford and General Motors, said participating nations should commit to not manipulating their exchange rates to gain an unfair competitive advantage.

Congressional Deal Reached on Obama Trade-Talks Authority

Congressional leaders who oversee trade policy introduced legislation today that would give President Barack Obama the fast-track authority he is seeking to enact three of the world’s largest accords.

House Ways and Means Committee Chairman Dave Camp of Michigan joined leaders of the Senate Finance Committee to offer legislation on so-called trade-promotion authority, which subjects trade deals to an up-or-down vote by Congress.