The deteriorating economy, the precarious employment situation and the lack of available credit will push the annual sales rate in December for US car sales to their lowest level of the year below 10m units, Edmunds.com forecasts.
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General Motors' credit rating was cut by Fitch Ratings today to "C," the last step above default, saying the threat of a bankruptcy remains after a $17.4 billion rescue plan for U.S. automakers.
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For General Motors and Chrysler LLC, the White House's $17.4 billion bridge loan is an early Christmas present.
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Sprinkled in among the resto-mods, classic cars and a Ford Tri-Motor airplane that cross the block at the Barrett-Jackson auction in Scottsdale, Ariz., in January will be some pieces of General Motors history.
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One of Alan Mulally's first acts after taking the helm of the Ford Motor Co. was revive the Taurus nameplate, for the large sedan that had been christened the Five Hundred.
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U.S. auto-parts suppliers want aid from the federal government, now that General Motors and Chrysler LLC have gotten approval for a $17.4 billion lifeline.
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General Motors must prove to lawmakers that it can be a viable company by the end of March. )x("",We're going to work on what's been put forth today, and that's our complete focus, said CEO Rick Wagoner during a press conference today.
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Finally... The RS is ready for the road! We've got full details and first pictures of the fastest ever Ford Focus.
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SmarTire has announced that it has signed a definitive agreement to sell its business and the related assets to Bendix Commercial Vehicle Systems LLC, North American affiliate of the Munich, Germany-based Knorr-Bremse Group.
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The Russian government plans to spend 83 billion rubles on its plan to bail out the auto industry, Deputy Economic Development Minister Andrei Klepach has said at an official meeting on the auto industry.
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Bond fund Pacific Investment Management, called Pimco, has turned down a debt-exchange offer from GMAC LLC, threatening the finance company's bid to qualify for U.S. government funds, The Wall Street Journal reported.
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The Thai auto industry, which could be the hard-hit in the global recession, says the government must move aggressively to stimulate domestic spending as exports are sinking.
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General Motors is "highly confident" it can meet the financial viability test set forth in a government bailout package, CEO Rick Wagoner said on Friday.
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General Motors Europe said it would continue with its cost-cutting program as its ailing parent received access to $17.4 billion in loans from the U.S. government.
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Stocks of automakers and parts suppliers jumped after President Bush's announcement that the executive branch will provide emergency bridge loans to the Detroit 3, amid a broad market gain. General Motors' stock price rose to $4.
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Auto stocks jumped after President Bush's announcement of emergency loans for U.S. automakers, yet some companies couldn't sustain the gains. General Motors climbed 22.6 percent to $4.49 after securing a $13.4 billion U.S. aid package.
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The Korean government has temporarily cut special excise taxes on passenger cars until the end of June to spur demand.
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Remember the Taurus? It was a good car at the right time and it made Ford a bunch of money--until they turned it into a jelly bean and then started concentrating too much on trucks.
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Porsche sales fell by almost 20% year on year in the four months from August to November.
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Research by the AA has slammed police tests for driving while under the influence of drugs.
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With the current economy the last thing you need is for your vehicle to break down. Whether your driving a reliable car or a busted up
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