Unsurprisingly, things aren't getting better for the Big Three. Yesterday, GM announced a 2.5-billion net loss for the 3rd quarter of 2008 alone. In the United States, the company sold 828,000 vehicles versus 1,047,000 during the same period in 2007; that's a 21% drop. In October alone, GM sales plunged 45%, and if the current trend continues, it will run out of money before the end of the year.
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How can this car be profitable? These days, manufacturers are merging and using the good old badge engineering method to produce vehicles that have a different name, bumper and grille, but are otherwise the same. This practice is for reducing development costs and maximizing profits, because carmakers are supposedly facing tough times.
Full Story...
How can this car be profitable? These days, manufacturers are merging and using the good old badge engineering method to produce vehicles that have a different name, bumper and grille, but are otherwise the same. This practice is for reducing development costs and maximizing profits, because carmakers are supposedly facing tough times.
Full Story...
How can this car be profitable? These days, manufacturers are merging and using the good old badge engineering method to produce vehicles that have a different name, bumper and grille, but are otherwise the same. This practice is for reducing development costs and maximizing profits, because carmakers are supposedly facing tough times.
Full Story...
Ford Motor Co. announced production shutdowns for varying lengths at 11 North American assembly plants to trim vehicle supplies.
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The Detroit 3 are working with Michigan's congressional delegation to qualify to take part in the $700 billion bailout of the financial industry, a source familiar with the talks said today.
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The Detroit 3 are working with Michigan's congressional delegation to qualify to take part in the $700 billion bailout of the financial industry, a source familiar with the talks said today.
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Automotive News Staff Reporter Amy Wilson spoke to Alan Mulally, CEO of Ford Motor Co., after the automaker posted a $3 billion quarterly after-tax operating loss and said its cash reserves fell by $7.7 billion during the third quarter.
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Georgia State Sen. Emanuel Jones has filed a bid to purchase the Bill Heard Enterprises Inc. store in Buford, Ga.
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Barack Obama, in his first news conference as president-elect, today called the auto industry "the backbone of American manufacturing.
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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.
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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.
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.
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.
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.
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.
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.
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.
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.
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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