Detroit may be moving to resolve its pension crisis, but New Jersey's pension problems are just heating up.» Read More
GM reported fourth quarter earnings on Thursday that fell short of analysts' expectations, as losses in Europe widened and prices in its key North American market softened.
At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered - including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball.
The usual explanations for reckless borrowing focus on people's character. But recent research has shown that scarcity by itself is enough to cause this kind of financial self-sabotage.
Cuba has eased travel rules, and General Motors is unveiling its 2014 Chevrolet Corvette Stingray, with CNBC's Michelle Caruso-Cabrera and Stephan Paternot, Slated co-founder & chairman.
Ford's turnaround plan is "clearly working," Ford CEO Alan Mulally said in a First on CNBC interview on Monday from the Detroit Auto Show.
Investing in new and updated cars and trucks will lead to a renaissance for General Motors, CEO Daniel Akerson told CNBC on Wednesday.
President Obama is preparing to speak in Detroit today on the U.S. economy, and there is no word of any progress on a deal to avert the fiscal cliff. CNBC's John Harwood offers insight.
Could Detroit become the largest U.S. city to file for bankruptcy protection? Doc Thompson, Detroit Talk Radio host, weighs in; while Ernest Istook, Heritage Foundation, discusses fiscal cliff concerns; and Robert Reich, Former Labor Secretary and Casey Mulligan, University of Chicago Professor of Economics, discuss the jobs report.
Should the Federal Government bail out the entire city of Detroit? Doc Thompson, host of Talk Radio 1270 WXYT, provides perspective.
SEOUL, Nov 6- General Motors Co said it would not build its next-generation Chevrolet Cruze small car in South Korea, raising the possibility that it might shift the assembly to Europe to help boost efficiency at its money-losing unit there. Rocha said the new model would be built in five regions, including Europe, the United States and China, according to Choi.
DETROIT, Nov 5- General Motors Co secured an $11 billion revolving credit facility, more than doubling its financial cushion and further strengthening the balance sheet of the largest U.S. automaker. Thirty-five banks from 14 countries, led by JPMorgan Chase& Co and Citigroup Inc, participated in the deal.
DETROIT, Nov 5- General Motors Co secured an $11 billion revolving credit facility, more than doubling its financial cushion and further strengthening the balance sheet of the largest U.S. automaker. The additional liquidity comes as GM works to stanch losses at its Opel brand in Europe.
DETROIT, Nov 5- General Motors Co said it clinched an $11 billion revolving credit facility, further strengthening the largest U.S. automaker's balance sheet.
NEW YORK, Nov 3- Kim Bondy was in New Orleans seven years ago when Hurricane Katrina devastated the city, and scores of patients died in flooded hospitals cut off from power.
*Combined losses could top $6 bln in Europe in 2012-13. PARIS/ DETROIT, Nov 3- Ford Motor Co, which clung to the road with a timely swerve before the 2009 crisis that bankrupted General Motors Co, may now be pulling a similar stunt in Europe.
Nov 2- Ally Financial Inc, the auto lender 74 percent- owned by the U.S. government, posted a third-quarter profit compared with a year-ago loss, helped by its car-loan and mortgage businesses. The Detroit- based company, once the auto lending arm of General Motors Co, said it earned $384 million in the quarter, compared with a loss of $210 million a year earlier.
Nov 2- Penske Automotive Group Inc, the No. 2 U.S. car dealership group, posted a stronger-than-expected quarterly profit on Friday, but shares fell more than 2 percent as gross margins and vehicle pricing disappointed.
Nov 2- Penske Automotive Group Inc, the No. 2 U.S. dealership group, on Friday posted a stronger-than-expected quarterly profit, helped by a 24 percent jump in retail sales of vehicles. Net income in the third quarter fell to $41 million, or 45 cents a share, compared with $55.7 million, or 61 cents a share, in the year-earlier quarter.
Jeep production to China, which the automaker refutes. Ralph Gilles, the head of product design for Chrysler, became the second top Chrysler executive in three days to strongly deny the claim, which was first made by Republican presidential candidate Mitt Romney last week to a crowd in Ohio.
DETROIT, Nov 1- Superstorm Sandy's fury caused U.S. auto sales to fall short of expectations in October, but industry executives still see a strong fourth quarter as the housing market improves.