Navistar International Corp., the truckmaker under pressure from shareholders including Carl Icahn to boost its performance, fell the most since September after a $2 billion tax expense led a quarterly loss of $2.77 billion.
Johnson Controls Inc., the largest U.S. auto-parts maker, fell the most in more than two months after saying profit will trail analysts’ estimates because European vehicle demand is falling and labor costs aren’t.
A123 Systems Inc., the electric-car battery maker that filed for bankruptcy this week, had promising chemistry and marquee customers. What it couldn’t overcome, even with government funding, were missteps in manufacturing.
U.S. auto-part suppliers BorgWarner Inc. , Gentex Corp. and Tenneco Inc. are boosting revenue faster than vehicle sales are growing as safety and fuel-efficiency rules force automakers to adopt new technologies.
Johnson Controls Inc., the largest U.S. auto supplier, said profit this fiscal year will rise 4 percent on a similar gain in sales, exceeding analysts’ estimates, as higher automobile production in the U.S. and China offsets a slump in Europe.
A U.S. rule that may require all cars and light trucks sold in the country to have rear-view cameras won’t be issued by today’s deadline and may be delayed until after November’s presidential election, regulators said.
Harman International Industries Inc., a maker of car infotainment systems, fell the most in 17 months after forecasting 2013 profit would fall short of analysts’ estimates because of the automotive slump in Europe.