GMAC Financial Services, a lender that has received $12.5 billion in government bailouts, today said it posted a third straight quarterly loss, hurt by red ink in its mortgage business.
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GMAC Financial Services reduced its third-quarter net loss to $767 million from $2.5 billion for the same period last year and from $3.9 billion in the previous quarter this year.
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U.S. light-vehicle sales--bolstered by General Motor Co.'s first gain in 21 months--declined less than 1 percent in October as the industry showed signs of a recovery without the aid of government incentives.
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Britain's Unite union on Wednesday welcomed the decision by General Motors Co. not to sell its European Vauxhall unit, saying it was a "far better deal" and that it expected the government to offer financial support.
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Daimler AG plans to offer several thousand employees a payoff if they leave the company voluntarily. The carmaker could spend hundreds of millions of euros on the severance packages, sources said.
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Daimler plans to cut 1,000 jobs at its Mercedes-Benz Cars premium division by offering a variety of buyout packages to staff, the German carmaker said on Wednesday.
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Hyundai Kia Automotive Group's annual overseas output rose above 1.5m units for the first time, industry data showed.
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The U. S. Patent and Trademark Office this week approved a new winged logo for the Chrysler brand, according to the Detroit Free Press. As reported last month by Allpar.
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October Canadian car sales were the best for a month so far this year in October and were down 1% year on year to 121,500 units, according to DesRosiers Automotive Consultants data.
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Russian Prime Minister Vladimir Putin hinted the battle for carmaker Opel was not over, saying it was the trust overseeing Opel, not the board of General Motors Co., its parent, that should decide any further steps.
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GM's decision to keep Opel means the U.S. automaker must secure 3 billion euros to turn around its European operations.
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General Motors Co. has abandoned a deal to sell its European operations to a group led by auto supplier Magna International Inc.
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General Motors Co. is right keep Opel, Dirk Pfeil, a member of the trust overseeing the German-based GM division, said. "I consider it to be the right move," Pfeil said.
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With Russia's car market in the doldrums, hopes that a scheme to encourage the replacement of old cars with new ones will kick-start the market are facing some doubts that it will be very effective.
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Shanghai-based SAIC, partner of GM and VW in China and owner of SAIC Motor, China's biggest automaker, plans to invest RMB6bn (US$879m) to develop and manufacture clean energy vehicles between now and 2011, the official Xinhua news agency said, quoting SAIC chairman Hu Maoyuan.
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Toyota Motor Corp. pulled out of Formal One racing today, as it battles a second straight year of red ink and races to cut more than $9 billion in costs this year. Toyota follows Japanese rival Honda Motor Co. in quitting the sport.
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All new, larger 3-Series spied.
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Toyota Motor Corp. withdrew from Formula One today, leaving Japan without a team in motorsport's premier series.
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