The auto industry shed 400,000 jobs in 2008 and would have lost at least another 1 million if the Obama administration hadn't intervened to support General Motors and Chrysler, a White House report said today.
GM Financial plans to begin offering wholesale loans to dealers by year end, a move that could stoke competition and improve rates for dealers to finance new inventory.
U.S. light vehicle sales dropped 4 percent in May--the first decline since August--as rising gas prices, inventory shortages, higher stickers and economic jitters curbed demand.
U.S. light vehicle sales dropped 4 percent in May--the first decline since August--as rising gas prices, inventory shortages, higher stickers and economic jitters curbed demand.
General Motors and Ford Motor Co. reported a drop in May sales as rising gasoline prices put a damper on consumer demand for new cars and light trucks.
Saab has received another cash boost from its new China partner Pang Da with an additional order for 630 cars, worth 15 million euros or $21.7 million at current exchange rates.
In an effort to compete with the Ford SVT Raptor off-road pickup, Chrysler and parts group Mopar have released the Ram Runner kit.
A major Renault union says it will watch carefully new chief operating officer Carlos Tavares' responsibilities with regard to the development of French sites.
ART DIRECTOR CHERYL L. BLAHNIK: Wow. What does everyone think of this Laguna blue paint job on this 2011 Mitsubishi Outlander Sport SE? Not sure I'm sold on the color with the alloy fuel door.
Fiat will invest $1.1 billion and build 120,000 cars a year in Russia to take advantage of state investment incentives and a recovering car industry, Russia's Economy Ministry said. Fiat may finalize a deal this week.
Also in today's show: The Audi A1 gets 496 hp, it's sales day, and Volvo looks at flywheel technology.
Toyota and Honda, hobbled by inventory shortages stemming from the March earthquake in Japan, posted sharp declines in U.S. sales last month, while South Korean rivals Hyundai and Kia advanced.
Canada won't recover the full investment it made in General Motors and Chrysler in monetary terms but did reap job abd industry benefits, finance minister Jim Flaherty said.
Chinese distributor Pang Da has brought forward a further investment of EUR15m (US$21.6m) in Saab by 17 days following a visit by the Tangshan City CEO last week.
Skoda is planning to launch a premium mid-size sedan in India by year-end to further challenge the Honda City which has led the segment for more than a decade.
British bosses get too much time off seems to be the view of India's Tata which made sure its UK executives were at their desks on Monday, a bank holiday in the country.
Maruti Suzuki is looking to build a new factory in India's western Gujarat state as it seeks to boost production by up to 2m units a year, according to local press reports.
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