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Barely a week after U.S. employees were put on a 5-day unpaid furlough, troubled Fisker Automotive has apparently given termination notices to as much as half or more of its staff.
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Barely a week after U.S. employees were put on a 5-day unpaid furlough, troubled Fisker Automotive has apparently given termination notices to as much as half or more of its staff.
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*Raised $1.2 bln from investors, but cash has dwindled to $30 mln. DETROIT, April 5- Fisker Automotive, the struggling, government-backed hybrid sports car maker, said on Friday that it terminated most of its rank-and-file employees, in what sources said was a last-ditch effort to conserve cash and stave off a potential bankruptcy filing.
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*Raised $1.2 bln from investors, but cash has dwindled to $30 mln. DETROIT, April 5- Fisker Automotive, the struggling, government-backed hybrid sports car maker, terminated most of its rank-and-file employees on Friday, in a last-ditch effort to conserve cash and stave off a potential bankruptcy filing, sources said.
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Crude oil prices are down for third day, as traders assess the latest round of economic reports. Marvin Odum, Shell Oil Company, weighs in.
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SAO PAULO, April 4- Automobile production in Brazil rose slightly in March but sales continued to lag compared with a year earlier, underscoring a fragile market that prompted the government to extend tax breaks on car and truck sales through the end of the year.
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SAO PAULO, April 4- Automobile production in Brazil rose 39.2 percent and sales climbed 20.8 percent in March from February, the national automakers' association said on Thursday. Production in the month rose 3.4 percent from March 2012, according to data released by industry group Anfavea.
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Daniel Akerson, Chairman & CEO of General Motors, reveals his company's strategy to grow market share by bringing back favorite models from the past, with CNBC's Phil LeBeau.
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Daniel Akerson, Chairman & CEO of General Motors, discusses how central banks and Japan's aggressive monetary policy will impact his company, with CNBC's Phil LeBeau.
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Daniel Akerson, Chairman & CEO of General Motors, discusses the automaker's plans to grow sales, and how threats in Korea are impacting his company, with CNBC's Phil LeBeau.
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*Hyundai shares tumble 5.1 pct; Kia down 3.3 pct. "Hyundai has built factories very fast around the globe until recent years, but its quality improvement has failed to keep up with its rapid volume growth," said Kim Phill- soo, a professor at Department of Automotive Engineering at Daelim University College in Seoul.
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*Toyota execs mull repositioning of 10- year-old brand. DETROIT, April 3- Toyota Motor Corp executives are weighing repositioning Scion as a line of premium small cars as they debate the youth brand's future in the United States.
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Tesla is offering a financing product that will make its model "S" sedan more accessible. A close look at the deal, with CNBC's Phil LeBeau.
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DETROIT, April 3- Hyundai Motor Corp and its Kia Motors affiliate are recalling more than 1.8 million cars and SUVs in the United States to address a potentially faulty switch and a loose headliner, according to U.S. safety regulators.
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DETROIT, April 3- Hyundai Motor Corp and its Kia Motors affiliate are recalling more than 1.8 million cars and SUVs in the United States to address a potentially faulty switch and a loose headliner, according to U.S. safety regulators.
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Hyundai is recalling 1,059,824 cars and SUVs and Kia 623,658 vehicles from model years 2007 through 2011 to replace a switch that could increase the risk of a crash, according to documents filed with U.S. National Highway Traffic Safety Administration.
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As expected, Tesla is finally getting into the leasing game. And as expected, CEO Elon Musk says having a lease option will make the $62,000 minimum of the Model S more affordable and expand sales.
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DETROIT-- Electric car maker Tesla Motors Inc. says it has joined with two banks to finance a 10 percent down payment on its new Model S sedan. US Bank and Wells Fargo will make loans for the down payment, which eventually would be covered by a $7,500 federal tax credit for electric car buyers.
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General Motors sales tumbled nearly 11 percent. Asian automakers also saw declines, with Toyota Motor Corp sales down 6.2 percent, Honda Motor Corp Ltd down 0.6 percent and Hyundai Motor Co sales 4.7 percent lower. "These are not bad numbers at all," said Tony Faria, an auto industry expert at the University of Windsor in Ontario. "
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Tesla Motors launched a leasing program for the Model S electric car, partnering with Wells Fargo and US Bank.
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Tesla is working with Wells Fargo and US Bank on an auto financing product, reports CNBC's Phil LeBeau.