Kia Motors America is recalling nearly 87,000 of its 2014 Forte sedans because of faulty equipment that could cause the cars to catch fire. The recall notice issued Saturday affects Kia Fortes made from Dec. 5, 2012, through April 17, 2014. The recall by the South Korean automaker is expected to begin Feb. 24.» Read More
Mark it down. May is the month that finally broke the back of the Big 3's great run with trucks and SUVs. Oh sure, Detroit still dominates the truck business, but it's clear buyers want something less, that's what is hurting Detroit.
General Motors and Ford reported sharp falls in U.S. auto sales in May, with sales of trucks hit especially hard as consumers shied away from automobiles with low gas mileage. Toyota Motor, meanwhile, reported a smaller decline.
Residential Capital said Tuesday that parent GMAC and private equity firm Cerberus Capital Management agreed to inject more than $1.4 billion in cash, a move that may help the struggling mortgage lender stay solvent.
Sure, some analysts are skeptical about the relationship between oil and the dollar. The conventional wisdom, though, is that the weaker dollar has encouraged investors to buy dollar-denominated commodities to hedge inflation and has contributed in some part to rising oil prices.
It's sad that it took record high gasoline prices for GM to figure out what it takes to be a competitive global auto maker. It's sad that GM has to go through yet another wrenching restructuring, closing plants and sacking workers from lines that make trucks and big SUVs.
General Motors, facing a sinking US market for gas-guzzling trucks and SUVs, said it will take dramatic steps to shift its focus to smaller vehicles.
The plant closings are prudent. If gas remains at high levels, there will be fewer and fewer buying trucks and SUVs. Sales are down 17.3 % this year, and may not get much better the rest of this year. With 4 fewer plants, GM will save roughly a billion dollars. More importantly, it will reduce the number of SUVs sitting on dealer lots in the future.
General Motors, facing a sinking U.S. market for trucks and SUVs, is expected to unveil steps on Tuesday to conserve cash and cut production of slower-selling models in a bid to shore up a faltering restructuring now in its third year, according to analysts.
After getting hammered last week, shares of General Motors are starting this week moving higher. Some of that is in anticipation of the company announcing Tuesday it will take steps to shift production from slow-selling SUVs and pick-ups, and moving more towards cars.
Toyota Motor is considering downgrading its U.S. sales forecast to account for a worsening outlook for pick-up trucks and other big vehicles, the Financial Times newspaper said on Monday.
Following my blog earlier this week asking you to tell me who is to blame for GM's problems, I received the following e-mail from the automaker. Give it a read and let me know what you think.
Major automakers are expected to post steep declines in U.S. sales for May, as the spike in gasoline prices battered an industry already reeling from weak consumer confidence and tighter credit.
Some brief background so we're on the same page: the Tesla is the world's first, ultra-high-end, ultra-performance, electric sports car. The anti-Prius in virtually every way except for that one: it's electric.
Billionaire investor Kirk Kerkorian will move ahead with his tender offer for Ford shares despite a recent slump in the No. 2 U.S. automaker's stock, pushing shares up as much as 3 percent.
In the last 10 years, the Big 3 have struggled to come up with sedans to beat the Camry, Corolla, Civic and Altima. In fact, if you look at the top 10 best selling cars right now, only 4 are American models: The Ford Focus, Chevy Cobalt, Malibu and Impala.
General Motors said about 19,000 U.S. factory workers—just more than a quarter of its American blue-collar work force—had taken buyouts to leave the automaker.
AutoNation CEO Mike Jackson joined the CNBC 'Squawk Box' crew to discuss the effects higher gasoline prices are having on the automotive industry and consumers. Americans, he said, have finally reached the "tipping point" at four dollars a gallon.
Yes, gas prices are soaring, SUV values are tanking, and Detroit is bracing for the possibility of more job cuts. But there are reasons to be optimistic about the future of the industry. Here are four:
With gas prices at record highs across the country, some employers are implementing measures to help their employees ease the cost of driving to work.
Lehman Brothers reduced its estimates for General Motors, cutting the share price target to $19.50 from $24, citing a fall in sales of pickup trucks and SUVs as well as a doubling of steel costs among headwinds facing the car maker.