BERLIN— Top directors at German carmaker Volkswagen plan to give a two-year contract extension to CEO Martin Winterkorn, who emerged on top of a power struggle this year with company patriarch Ferdinand Piech. But the company has struggled to reduce costs and improve market share in the United States. It now faces slackening demand in China, which is a key source...» Read More
You figured the automakers would eventually scream "UNCLE!" I'm not sure it's a scream, but it's more than just a whisper. One thing is clear: the automakers are once again turning to 0 percent financing to spur sales that are stalling.
Cramer makes the call on viewers' favorite stocks.
One is cruising. The other is sputtering. One has lived up to its fabled name. The other is a shell of what it once represented. So why is the one that is struggling getting more attention than the one riding high? Because Rolls-Royce and Jaguar are in different places and facing different questions with their new models.
German sports car maker Porsche will not seek to raise its Volkswagen stake to 75 percent, it said on Monday, noting talk of such a move "overlooks the realities in VW's shareholder structure".
Volkswagen aims to more than triple annual car sales in the United States to more than 1 million a year by 2018, according to the Wall Street Journal on Monday, citing VW's top U.S. executive.
Here we go again. Oil is spiking higher (over $107 a barrel) and the folks in the auto industry are once again projecting that $4 a gallon gas may be here this summer. It's sparking a new round of discussion about whether this will prompt people to change their driving habits or the type of cars/trucks/SUVs people will buy.
After numerous road trips over the last week and half, it's been a while since I had a chance to share some of your e-mails about my recent blogs. And boy have some of them touched a nerve. On VW's turnaround plan, a number of you are skeptical. Glen told me, "Phil..it's all about "R.E.L.I.A.B.I.L.I.T.Y !!!!!!! Tell the new North American CEO to improve on that!!"
European markets closed lower every day except for Wednesday, with the financial stocks taking an especially hard battering on continued concerns over the state of the U.S. economy.
When you think of Volkswagen, what pops into your mind? Let me guess: the Beetle, Microbus, and Jetta all bring a smile to your face. Then it fades as you think about the Touareg, Phaeton, and a company that often appears lost. I call it the split personality of VW.
It was all about beautiful cars and gorgeous girls as CNBC took to the ground for the 78th Geneva Motor Show, where automakers revealed their latest models, concept cars and technical and environmental innovations for 2008.
American Axle & Manufacturing Holdings said Wednesday it plans to return to the bargaining table with striking workers, signaling movement in a strike that has shuttered plants and cut vehicle production at General Motors.
Here's something that should make you realize what crazy times we are living in: 9-year auto loans are popping up around the country. That's right, it wasn't a typo. Nine years! 108 months! Almost a third of the time used to pay off a conventional mortgage!
General Motors said Tuesday it will close a seventh facility next week as the impact from a strike against American Axle & Manufacturing continues to widen for the No. 1 U.S. automaker.
Amid the gloomy comments from auto executives at the Geneva Motor Show, the unveilings of several important new models are being overshadowed. Take the new Ford Fiesta. This compact car is being sold in Europe, but the design cues and architecture behind this car will be the underpinnings of compact cars the automaker will roll out in the U.S. in the future.
We knew they would be bad, and they were. In fact, February auto sales make it clear, the consumer is tired, nervous, worried: you-fill-in-the-adjective. Look at the numbers: GM down 16.7 percent (including trucks down more than 22 percent)
Ford Motor said Monday it would eliminate shifts at four U.S. plants and lay off some 2,500 workers -- or almost 5 percent of its remaining work force -- as part of an effort to cut costs and return to profitability next year.
European stocks closed lower across the board Monday, despite recovering form earlier lows, with banks suffering the worst of the selling on continued concerns over the state of the U.S. economy.
Later today, the February auto sales will come out. By all accounts, the numbers will likely be awful. Not just lower, but in the words of one industry veteran, "terrible." We'll have to wait and see what the actual numbers are, but I won't be surprised to see industry sales down 10 percent.
German sports car maker Porsche will increase its 31 percent voting stake in Volkswagen to a majority but does not intend to merge the two carmakers, Porsche said on Monday.
German carmaker Volkswagen said on Monday it would raise its stake in Swedish truckmaker Scania to 68.6 percent, a move that may lead to a merger of Scania and German truckmaker MAN.