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GM posts quarterly net income of $1.96 billion

General Motors Co., in its final financial snapshot before next week's initial public offering of stock, posted third quarter net income of $1.96 billion on revenues of $34.06 billion. The results, released Wednesday, were in line with a forecast issued last week. GM now has earned $4.16 billion on revenues of $98.71 billion through three straight profitable quarters this year--a dramatic swing after five consecutive annual losses.

Infiniti G to get Mercedes engine

Infiniti’s volume line, the G series, will get a Mercedes-Benz engine as part the global alliance between Daimler AG and Renault-Nissan, the story AutoWeek blew wide open at the end of March. Carlos Ghosn, CEO of Renault SA and Nissan Motor Co., said the G will use a Mercedes inline four-cylinder from Daimler to improve fuel economy and cut emissions. He didn’t say when the engine would reach Infiniti production lines or indicate the extent to which it will replace Japanese-made four-cylinder and V6 engines used in the G sedan and coupe.

Pininfarina family to lose control of company

The Pininfarina family is set to lose its controlling share stake in the company as it takes a step closer to restructuring its €76 million net debt. The Italian design firm, founded in 1930, has been plagued with debt in recent years, shutting its manufacturing branch in 2011 to concentrate purely on design, ending a joint venture with Volvo that saw the company assemble Volvo's C70. The move is seen as a positive one for the company in the long-term, making it more financially secure for future developments, but it also means that the Pininfarina family will lose control of the company by selling its 77 percent share.