auto industry

Stories 221 - 240 | << Prev   Next >>

Ford Sales Rise 33% as GM, Chrysler's Fall

But all three domestic automakers suffered in '09

(Newser) - Ford continued to dominate its domestic rivals in December, with the carmaker the only one of the "big three" to see sales advance. The company's US sales rose 33%, marking Ford's best month since May 2008. GM saw a 6% sales decline for December, while Chrysler's sales were down...

US to Hand Ailing GMAC Another $3.5B
 US to Hand Ailing  
 GMAC Another $3.5B 
TARP TO THE RESCUE
Dec 30, 2009 12:20 PM CST

US to Hand Ailing GMAC Another $3.5B

Firm has already taken some $12.5B

(Newser) - GMAC is set for another $3.5 billion from the government—this on top of more than $12.5 billion since last December. The latest infusion comes amid an overhaul as the firm grapples with mortgage-linked losses, aiming at a return to profitability in the first quarter of next year,...

Toyota Plans Smaller, Cheaper Hybrid

It's expected to go on sale in early 2012

(Newser) - Toyota will introduce a new hybrid next month that is smaller and more affordable than the Prius, reports the Detroit News . The hybrid-only subcompact is expected to go into production in 2011 and be in US showrooms by early 2012. Toyota, which will offer a peek Jan. 11 at the...

Ford in Deal to Sell Volvo to Chinese

Final agreement with China's Geely expected early next year

(Newser) - Ford says it is close to selling its loss-making Volvo unit to China's Geely and expects a final deal in the first quarter of next year. "All substantive commercial terms relating to the potential sale have been settled," Ford said in a statement. Ford chose Geely as the...

Ford Offers Buyouts to All 41K Hourly Workers

Low response expected for 2nd buyout offer of year

(Newser) - All 41,000 hourly union workers at Ford plants have been offered buyout or retirement deals as the company seeks to slash its workforce. Ford is in better shape than GM or Chrysler, but still has more workers than it needs, according to a company spokesman. The company failed to...

GM to Close Down Saab




 GM to Close Down Saab   
MOTOBITUARY
Dec 18, 2009 9:16 AM CST

GM to Close Down Saab

After another failed sale, GM will begin 'orderly wind-down,' it says

(Newser) - GM has failed in a last-chance bid to sell its Saab unit and will now settle the Swedish automaker’s debts and “wind down production and the distribution channel in an orderly manner.” A deal with Dutch sports-car maker Spyker just fell through, a month after the sale...

GM CEO Henderson Resigns
 GM CEO Henderson Resigns 
Dec 1, 2009 4:15 PM CST

GM CEO Henderson Resigns

Move comes as sales figures show industry stabilizing

(Newser) - General Motors CEO Fritz Henderson has resigned after only 8 months in his post. He will be replaced on an interim basis by board chairman Ed Whitacre Jr. Henderson took over in March and led the company through bankruptcy proceedings and helped it toward its goal of scaling down to...

Saab Veering Toward Junkyard
 Saab Veering Toward Junkyard 
Nov 25, 2009 9:54 AM CST

Saab Veering Toward Junkyard

GM's failed bid to unload Swedish automaker may spell its doom

(Newser) - GM’s bid to sell its Saab unit to a small Swedish automaker has fallen through after Koenigsegg pulled out yesterday, citing costly delays in the closing process. Saab’s managing director tells the Wall Street Journal it’s “premature” to write the employer of 4,000 off, but...

Detroit's Silverdome Sells for 1% of $56M Cost

Stunning bargain sale marks state's desperation

(Newser) - In a stunning sign of the imploding economy, Detroit is selling its $56 million sports dome for a bargain basement $580,000. The 80,000-seat Pontiac Silverdome, once home to the Detroit Lions, went for 1 percent of the cost to build it 35 years ago. The city of Pontiac...

GM to Repay Bailout Early, Posts (Smaller) $1.2B Loss

Auto giant speeds $1.2B per quarter repayment sked

(Newser) - General Motors will start repaying its $6.7 billion debt to the US and Canadian governments early, with $1.2 billion quarterly payments beginning next month, reports the Detroit News . The accelerated repayment plan is a strong indication that finances are looking up for the troubled automaker, which today posted...

Hard Times Catch Up with Well-Heeled Jobless

Generous severance packages start to sputter

(Newser) - Time and money is finally beginning to run out for large numbers of people who lost their jobs, and have been living off hefty severance packages for up to two years. Many workers who received generous exit packages from the financial and auto industries kept on spending the way they...

Ford's Inflatable Seat Belts Not Just Hot Air

More comfortable, and safer than regular airbags

(Newser) - Still not a fan of wearing your seat belt? Ford’s latest take on the safety standby could change your mind: It’s inflatable, as with vehicle air bags, and its softer webbing has been a comfortable hit with test groups. And unlike many front-seat airbags, the belts inflate with...

GM Won't Sell Opel After All
 GM Won't Sell Opel After All 
Nov 3, 2009 7:47 PM CST

GM Won't Sell Opel After All

European operations won't go to Canadian outfit

(Newser) - General Motors backed out today on a deal to sell Opel, its European arm, to a Canadian parts supplier and its Russian banking partners. The GM board’s move reflects an uptick in the auto business, the Financial Times reports, and will also be a blow to the German government,...

@Ford: Give Social Media Some Credit
@Ford: Give Social Media Some Credit
Auto Turnaround
Nov 2, 2009 1:29 PM CST

@Ford: Give Social Media Some Credit

Ford's finally profitable, and coincidentally, it owns the web

(Newser) - You’ve heard all the standard reasons for Ford’s $1 billion third-quarter profit—cost-cutting, layoffs, cash for clunkers, and so forth. Lost in the hubbub is another crucial element: Ford’s social media prowess. The company's social media guru has been extremely successful at drumming up buzz for its...

Nissan Leaf Wins Name Game
 Nissan Leaf Wins Name Game 
Oct 30, 2009 5:40 PM CDT

Nissan Leaf Wins Name Game

Not dirty, sexy, or violent, brand is 'a minor miracle'

(Newser) - Nissan already had its work cut out in designing a hybrid—whatever it made had to measure up to Toyota’s hugely successful Prius. Then it needed a name, which came at the end of a process blending business, culture, and the law. Possibilities must be cleared in hundreds of...

In Congress, 535 New GM Boardmembers

Legislators strong-arm automaker to keep dealerships, factories open

(Newser) - GM might not have realized when it took $58 billion in bailout money that it would now be beholden to members of Congress, who have been acting like 535 new board members as they angle for their constituents' (and their own) interests. Dems and Republicans alike have pressured companies to...

Ford Looks to Sell Volvo to China

Geely is only bidder remaining for Swedish subsidiary

(Newser) - Ford put its Volvo unit up for sale last December, and it's narrowed the possible buyers to just one bidder: a Chinese consortium led by Geely, the country's largest private automaker. Geely first approached Ford about the purchase in summer 2008 and is prepared to pay about $2 billion, less...

Chrysler Adds Fiats, Dumps Dodge, Jeep Models

Revamped automaker will reintroduce Alfa Romeo to US

(Newser) - Now four months out of bankruptcy, Chrysler is set to unveil a new business plan that relies heavily on models from Fiat, its Italian partner, and abandons many American cars. The company will reintroduce the luxury Alfa Romeo to the US and also bring in a Mexican-built Fiat 500, the...

Hummer Sold to Chinese Firm
 Hummer Sold to Chinese Firm 
Oct 10, 2009 1:22 AM CDT

Hummer Sold to Chinese Firm

GM offloads brand to Chinese heavy-equipment maker

(Newser) - General Motors has finalized a deal to sell its iconic Hummer brand to Chinese heavy-equipment maker Sichuan Tengzhong Heavy Industrial Machinery Co. The deal will save 150 Hummer dealerships and 3,000 American jobs, execs say. The vehicles will be assembled at GM plants in the US until 2011 under...

Saturn: GM's Biggest Mistake
 Saturn: GM's Biggest Mistake  
ANALYSIS
Oct 2, 2009 5:39 PM CDT

Saturn: GM's Biggest Mistake

Brand was an unsustainable distraction from the start

(Newser) - As General Motors’ Saturn experiment ends with a whimper, it’s important to understand that the brand was a failure from the start. Some obituaries blame GM for not providing a fuller roster of vehicles to build customer loyalty—but if anything, the automaker gave Saturn too much, writes Mark...

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