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Barack Obama, in his first news conference as president-elect, today called the auto industry "the backbone of American manufacturing. Full Story...
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The latest auto news, reviews, prices, product and vehicle releases. Auto News 5
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About 3,600 General Motors production line workers in 10 plants will be laid off indefinitely starting in January as GM trims production to match sinking demand. Full Story...
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The wholesale used-vehicle market was "horrible" in October, causing prices to plunge, an industry analyst said today. The used-vehicle value index compiled by the Manheim auction company dropped 6.0 percent, to 104.
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Of course, the Wall Street meltdown and attendant consumer credit freeze - not to mention tens of thousands of pink slips handed down in October - didn't just affect GM, or the domestic auto makers.
"You can't have an automobile industry without a functioning credit market." So said GM chief sales analyst Michael DiGiovanni, on Bloomberg radio. "This is an industry that runs on credit." That's been the case ever since the 1920s, when GMAC, one of the first automaker-owned financing companies, began to popularize the idea of buying a car "on time". Now, ironically, a dramatically weakened GMAC (which has suffered billions in losses on subprime home loans as well as losses from over-optimistic residual values on returning off-lease vehicles) is a significant factor in dragging down GM sales. GMAC followed Chrysler's captive financing arm by quitting the automotive lease market, and in October began restricting auto loans to only those customers with top credit scores (shutting out roughly 2 out of 3 buyers).
Photo Gallery: 2008 October Auto Sales - Car Sales Analysis - Automobile Magazine
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TORONTO (Reuters) - Ottawa would consider granting fresh aid to the Canadian arms of Detroit's automakers only if it amounted to more than a short-term fix and was affordable, Prime Minister Stephen Harper's office said on Friday.
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Ford Motor Co.'s cash burn accelerated dramatically in the third quarter. The company used $7.7 billion in cash during the quarter, a rate of $2.57 billion each month.
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Wheel supplier Superior Industries International Inc. reported a bigger loss for the third quarter of 2008 than in the same quarter last year and said that shipments were at the lowest level in 10 years.
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Specialty car builder Saleen Automotive, the company that built the mighty GT for Ford Motor Co. and created dozens of high-performance classic Mustangs, is for sale.
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Standard and Poor's today cut its ratings on GMAC LLC and its residential mortgage unit deeper into junk territory, citing "intense financial stress" at the automotive lender. GMAC said on Wednesday it lost $2.
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TOKYO (Reuters) - Panasonic Corp said it would acquire smaller rival Sanyo Electric Co, creating Japan's top electronics maker and foreshadowing further consolidation in an industry hit by slowing consumer demand.
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General Motors Europe suffered a $1 billion pre-tax loss in the third-quarter as the worsening economic situation hit sales. GM Europe's reported third quarter pre-tax loss increased to $1 billion from a $398 million loss in 2007.
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In addition to its previously announced liquidity and capacity actions, GM is taking further actions to improve liquidity by an incremental $5bn by the end of 2009, it said on Friday.
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The singers have changed but the song is the same: Ford Motor Company is deep in the doo-doo and expects nothing to improve this year or next.
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General Motors is calling off talks with Cerberus Capital Management LP about a possible acquisition of Chrysler LLC.
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The best pictures from this year's SEMA Motor Show Full story...
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Daimler has announced that a total of 93,800 Mercedes-Benz, AMG, smart and Maybach brand cars were sold worldwide in October, 18% down on October of last year. Within that total Mercedes-Benz passenger cars were down 21% to 82,500 units while Smart cars were up 7% to 11,300 units.
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GM has reported a net loss of $2.5 billion or $4.45 per share for the third quarter, including special items. That compares with a net loss from continuing operations of $42.5 billion or $75.12 per share in the third quarter of 2007, which included a non-cash charge of $38.3 billion to establish a valuation allowance against some of the company's net deferred tax assets.
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General Motors has reported a net loss of US$2.5bn or $4.45 per share for the third quarter, including special items, signalled a liquidity crisis and said talks with Chrysler are off.
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General Motors has reported a net loss of US$2.5bn or $4.45 per share for the third quarter, including special items, signalled a liquidity crisis and said talks with Chrysler are off as the incoming president insisted he would help the beleagured industry. Announcing the results, GM CEO Rick Wagoner confirmed talks had taken place with Chrysler but said GM had eventually decided to address its liquidity problems as its top priority. Full Story...
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As this was being started, four hours later than usual, for reasons which will soon be apparent, General Motors was running 35 minutes and counting late on publishing its eagerly anticpated third quarter results due around 15:30GMT or 10:30 eastern in American money. It was not a good sign. Finally, the numbers showed up 70 minutes later than hoped.