WASHINGTON— Institute for Supply Management releases its manufacturing index for July, 10 a.m.; Commerce Department releases construction spending for June, 10 a.m.. WASHINGTON— Commerce Department releases personal income and spending for June, 8:30 a.m.. TOKYO— Honda reports fiscal first quarter results. » Read More
We knew GM's second quarter earnings would be ugly, but I'm not sure many people expected this kind of number. Certainly Wall Street didn't since the estimate was for GM to lose $1.489 Billion. Turns out Gm's loss was 4 times worse: $6.3 Billion.
Stocks got a quick pop from the better-than-expected July jobs report but the gains faded within the first 10 minutes of trading.
General Motors posted a $15.5 billion quarterly loss Friday, as North American sales dropped by 20 percent and plunging prices for SUVs prompted deep charges for its auto finance business.
BMW will miss its 2008 targets, it said on Friday, after it unveiled an unexpected 44 percent drop in quarterly pretax profit, thanks to worsening industry conditions and big one-off charges.
Nissan Motor posted on Friday a much worse-than-expected 46 percent drop in quarterly operating profit, and stuck to its annual forecasts despite a severe downturn in the U.S. market.
Automakers are expected to report on Friday that U.S. auto sales fell for a ninth consecutive month in July, as the industry hits its worst showing in 15 years.
General Motors is in talks with Indian automaker Mahindra & Mahindra to sell its iconic Hummer brand, sources familiar with the matter said.
Friday, Wall Street analysts are expecting GM to lose $1.489 billion. If they are right, the loss will be just short of the $1.631 billion GM lost (excluding charges) in that woeful third quarter of 2007.
With GM on the verge of soon exporting Buick Enclaves to China, I'm reminded of the people who e-mail me on a regular basis about "China sucking the life out of the American automakers." That's a paraphrase, but you get the point.
In this world, I've long believed that people are either new car/truck buyers, used car/truck buyers, or someone who leases a vehicle. These days, those in that third category are feeling the heat. It's coming from higher interest rates, and being squeezed by the car/truck they are driving.
Mitsubishi Motors posts a 64% rise in quarterly operating profit thanks to sales contributions from the new Lancer and Outlander models, and it kept its forecasts unchanged.
General Motors says it's cutting production by another 117,000 vehicles as a result of lower demand for pickup trucks and SUVs.
The signs are not good. From Chrysler's decision to stop leasing cars, to its recent decisions to cut staff and close plants, to its lack of major new product announcements, there is little of late inspiring confidence that this company can stage a comeback...
Toyota Motor on Monday cut its 2008 groupwide global sales forecast by 350,000 units to 9.5 million vehicles due to a pronounced downturn in the U.S. market, in a rare setback for the world's biggest automaker.
Chrysler's financial arm is planning to stop offering vehicle lease options to consumers and would focus on financing retail vehicle purchases, spokesman Bill Porter said on Friday.
In the last three weeks, the message has been coming from a variety of sources, but it's generally been the same: forget about the auto industry rebounding anytime soon. In fact, some are saying things may get worse before they get better.
Honda Motor posted a surprise 8 percent increase in quarterly net profit after it raised car prices and cut costs, helping it overcome a stronger yen, crumbling U.S. auto market and higher commodity prices.
Kia Motors, South Korea's No.2 automaker, said on Friday its quarterly operating profit more than tripled, but its results missed a forecast as higher overseas marketing costs offset stronger sales.
Daimler cut its 2008 earnings outlook on Thursday, saying it would not be able to offset a global growth slowdown, rising raw material prices and the strong euro by selling more vehicles and cutting costs.
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