U.S. Treasury Secretary Henry Paulson on Thursday offered mixed signals on the chances of a bailout for troubled automakers, saying failure is not an option but adding that any bankruptcy should be "orderly."
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As an indication of just how bad things are getting, Japanese media today said Toyota Motor was expected next week to report its first annual parent-only operating loss in decades.
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British car dealer Lookers issued a profit warning on Friday and scrapped its final dividend, blaming increasingly tough trading conditions in both new and used car markets.
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At a meeting with top managers in Dresden yesterday, Volkswagen chief executive Martin Winterkorn warned of hard times ahead.
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German automotive research company, the Institut für Automobilwirtschaft (IFA), is forecasting a 5% downturn in global vehicle markets in 2009 to 50.4m vehicles.
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General Motors Corp. and Chrysler LLC are close to securing emergency loans as part of a U.S. government aid package that would demand sweeping restructuring, according to sources familiar with the talks.
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General Motors and Chrysler LLC could get the first installment of $17.4 billion in federal emergency loans as soon as Dec. 29, the Bush administration says.
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General Motors and Chrysler made significant progress late Thursday on a deal to secure emergency loans as part of a U.S. government aid package, sources familiar with the talks said.
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General Motors and Chrysler LLC made significant progress late Thursday on a deal to secure emergency loans as part of a U.S. government aid package, sources familiar with the talks said.
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Toyota is likely to report its first annual parent-only operating loss since the company was founded more than 70 years ago, hit by plunging sales and the soaring yen, several Japanese media reported.
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Toyota Motor Corp. is likely to report its first annual parent-only operating loss since the company was founded more than 70 years ago, hit by plunging sales and the soaring yen, several Japanese media reported.
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The Saulnier Racing/Mazda France team will run two LMP2 cars in the Le Mans Series in 2009 and will apply to the ACO for two entries in the same class at the Le Mans 24 Hours in June.
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Mecachrome International Inc., the Renault F1-linked motor sport engineering company, seems on the brink of collapse.
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The economic situation being what it is, North American consumers are having more trouble obtaining credit for major purchases such as real estate or vehicles. The effect of the lack credit is visible in the American auto industry, more specifically at Chrysler where sales have dropped between 20 and 25%.
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Next year, General Motors will be the biggest seller of vehicles equipped with direct injection in North America. The technology was initially borrowed from the realm of diesel engines, and is proving its ability to save fuel and reduce emissions. BMW, Volkswagen / Audi and Mazda also use the technology in some of their vehicles.
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Shame, all this financial doom and gloom stuff lately. It's depressing sure- but it also takes away from some of the great new stuff our automakers are planning to bring to market. Example? Ford's latest hybrid- the Fusion. Powered by a newly hybridized version of the automakers latest 2.5 liter four cylinder engine, Ford engineers are saying that it will be the most fuel efficient mid-sized sedan in America- with at least a 6 mpg advantage over its key competitor, the Camry hybrid.
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Due to obvious lack of financial support and sponsorship, the IRL will have no choice but to cancel next season�E(tm)s IndyCar race at the Belle-Isle circuit in Detroit. This event had been a long time feature on the Champ car calendar and was brought back by Roger Penske in 2007.
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Ferrari driver and 2007 Formula 1 World Champion Kimi Raikkonen will work with a new race engineer during the 2009 season.
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Nicholas Cage was once said: "I consider cars to be objects of art, and since I can't drive a Picasso, I drive them instead. They symbolize freedom." Well, if you are a fan of this Academy Award-winning actor, here's a chance to drive one of his cars: a 1970 Hemi 'Cuda Hardtop. It will be part of Russo and Steele 9th annual Scottsdale collector automobile event in January.
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