PARIS/ HONG KONG, Dec 5- Renault has won approval from Beijing authorities to begin Chinese production in a $1.3 billion joint venture with Dongfeng Motor Group, the carmakers said on Thursday. The 50-50 partnership "will allow Renault to deploy its ambitious strategy in the world's largest automotive market", the French company said in a statement.» Read More
Ford Motor Chief Executive Alan Mulally told CNBC Thursday that the company's latest results are an encouraging sign that its restructuring plan will help return the company return to profitability.
Credit worries and bad news from home builders trumped any positives from the stream of earnings being reported this morning. Wall Street is set up for a steep drop on the opening and the talk in the market focuses on whether the takeover boom is ending.
No, your eyes aren't deceiving you--Ford DID post a profit of $750 million. That's right, the automaker that was sucking fumes earlier this year is now back in the black. Which brings up the question: Is this real? The answer is yes, but don't take this to mean Ford is out of the woods.
If you are a Mercedes Benz fan, you may have already tuned in to the latest attempt by the automaker to reach out to buyers. It's called Mercedes-Benz.tv. It's actually on the Mercedes Benz Web site www.mercedes-benz.tv and it is perhaps one of the best sites run by an automaker, when it comes to advancing the placement of a brand.
Siemens' new chief executive made his debut on Wednesday with a politically astute disposal, a surprise acquisition but a weak set of third-quarter results, sending Siemens shares down more than 4%.
DaimlerChrysler's premium auto division Mercedes Car Group boosted second-quarter earnings before interest and tax (EBIT) 74% to 1.20 billion euros ($1.66 billion), the world's fifth-biggest carmaker said on Wednesday, beating market expectations.
Strong earnings news is helping push credit market fears back into the shadows this morning, and stocks are poised to spring higher at the opening. Some Asian markets sold off after yesterday's bad day on Wall Street and Europe is mostly lower.
French automaker Peugeot-Citroen said Wednesday first-half earnings rose 60% on rising demand , better pricing and the rollout of new models.
Chrysler Group is warning some of its dealers that it may try to shut them down if they don't improve their sales within six months, the Wall Street Journal reported on its Web site on Tuesday.
Nissan Motor, Japan's third-largest automaker, posted a 3.2% drop in quarterly operating profit as a worsening product mix favoring smaller, cheaper cars hit margins, and kept its full-year forecasts unchanged despite the weaker yen.
Today on Capitol Hill, GM will renew the auto industry's push to convince lawmakers that fuel efficient vehicles are on the way. Problem is, it may do little to slow down the CAFE express in congress. For years, the auto lobby was the strongest in D.C. and, for the most part, effectively limited Congress from passing aggressive fuel efficiency standards. But this time around, Congress, fueled by the impact of high gas prices, isn't going along for the ride.
Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
The jokes came quickly as officials of Ford Motor stretched across a conference room table Monday to shake the hands of United Auto Workers negotiators and formally kick off contract talks.
A $3.1 billion debt sale to pay for the buyout of General Motors' Allison Transmission unit has been postponed, the Wall Street Journal said on its Web site on Monday, citing an unnamed source.
General Motors and Ford Motor began talks with the United Auto Workers union Monday, hoping to win sweeping concessions that would slash labor costs for the struggling auto industry.
Senate Democrats' fruitless effort to force a withdrawal of U.S. troops from Iraq this week carries a side lesson for everyone on Wall Street watching other parts of the Washington political agenda. The lesson? From hedge fund taxes to energy legislation to expansion of government-financed health care, it appears that the domestic policy phase of the Bush presidency is pretty well over.
A union representing more than 2,000 of Delphi's hourly workers said Friday it has told the auto parts maker that it plans to terminate its contracts, a first step toward a possible strike in October.
Day one of the UAW contract talks kicked off with union leaders shaking hands with Chrysler executives at company headquarters in Auburn Hills, Michigan. Already I'm tiring of the news reports, talk shows, commentators and general public portraying these talks inaccurately. If I had a nickel for every time a talk show host blamed the rank and file guy at GM for all of that automakers problems, I'd be rich. So with that in mind, let's play fact or fiction.
Full-timers. Part-timers. Class 'A'. Towables. Toy Haulers. Monaco. Country Coach. Winnebago. Airstream. What is it? It's 'The Rally'. Close to four thousand RV's of all shapes and sizes and nearly 10,000 people living right now at the Deschutes County Fair & Expo Center in Redmond, Oregon. The largest RV 'rally' or gathering in North America, and maybe the world.
Chrysler Group and the United Auto Workers union on Friday mark the formal start of a summer of crucial contract negotiations under intense pressure to break the model of business as usual for Detroit.