SAO PAULO, March 30- Volkswagen AG has furloughed 4,200 workers at its second largest factory in Brazil for three weeks, a local union said on Monday, as disappearing demand forces carmakers in the country to manage excess capacity. As exports to Argentina have plunged and demand in Brazil hits its worst downturn in over a decade, VW is cutting a shift at the Taubate...» Read More
First, as oil has dropped like a rock, a lot of money has shifted, at least temporarily from commodities to stocks. Money that had to go someplace, and GM shares were a perfect buy. This stock, in my opinion, was way oversold when it dropped under $9 a share.
Over the last two months, I've heard one comment over and over about the dire straits Detroit's Big 3 find themselves in right now: Just go bankrupt and wipe the slate clean. This is one of those ideas that on paper makes sense on some level.
As if rising gasoline prices weren't enough, motorists are being hit by higher parking charges, with London coming up tops as the world's most expensive city to park your car, according to a survey.
Delta Air Lines and AMR both swung to a hefty losses, but their shares took off as the results beat diminished forecasts.
Amidst all the talk about GM coming up with $15 Billion dollars to increase liquidity there was an important announcement about new models coming from the struggling automaker. Seven new ones that will be key to fueling GM's recovery.
The European car market suffered another month of heavy declines in June and its fourth drop overall this year as rapidly deteriorating economic conditions kept new car buyers from leaving the house.
Tires-to-brakes maker Continental rejected a surprise 11.2 billion euro ($17.8 billion) bid from Schaeffler Group on Wednesday, saying only the family-owned firm would benefit and that its offer was too low.
Toyota Motor will cut its global sales target for calendar 2008 by 3.6% to 9.5 million vehicles to reflect a sharp slowdown in the United States, Japanese national broadcaster NHK said on Wednesday.
General Motors said Tuesday it would cut salaried employment costs by 20 percent, sell up to $4 billion of assets and borrow at least $2 billion in a bid to bolster its liquidity by $15 billion through 2009.
European stocks dropped 1.9 percent on Tuesday, knocked lower by growing fears over the fate of the financial services sector, but a steep fall in oil prices helped the market end above the session's lows.
For the second time in five weeks, General Motors is making major cuts to give its business the breathing room it needs to hopefully turn things around. Unlike the last restructuring, five weeks ago, where GM cut truck plants and put HUMMER up for sale, these latest moves are about saving cash as soon as possible.
The world's number one bearings maker, Swedish SKF, is speeding up plans to close down a factory in Kentucky, moving production to Mexico as the financial markets turmoil has hit hard the automotive industry, SKF CFO Tore Bertilsson told CNBC.com on Tuesday.
General Motors Chief Executive Rick Wagoner is set to announce further steps on Tuesday morning to cut costs in the face of slumping sales.
This week we could finally hear the location where Volkswagen plans to open a new assembly plant here in North America. Huntsville, Alabama is considered to be the favorite, but the fact is the only location that really matter is North America.
Well, I asked and you told me. When I asked earlier this week if you would buy a Volvo if the brand were sold to a Chinese automaker, and you answered emphatically, "NOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!"
GM will not consider selling or eliminating any brands besides Hummer and has no plans to declare bankruptcy, Richard Wagoner, General Motors chairman and CEO, said Thursday at the Dallas Chamber of Commerce.
The message from General Motors chairman and CEO was clear and direct: The company has no plans to cut anymore of its brands. I asked Wagoner about cutting the brands when I caught up with him after a speech here in Dallas.
On Mad Money we pander to neither panic nor euphoria. On Tuesday, an up day, Jim urged everyone to get out of the financials. I can't emphasize how important it is that we go negative on up days, but history can. The 234 point rout yesterday afternoon is a pure example of what I'm talking about. We try not to be too down on down days, and emphasize extreme caution on up days because that's useful.
I've said it for some time, and will continue to say it to anyone who asks. The flexibility Asian automakers have to build different vehicles in different plants is the reason they'll ride out this tough time better than the Big 3.
Boeing on Wednesday raised its outlook for spending on commercial airplanes over the next 20 years by 14 percent, helped in part by an expected 5 percent rise in worldwide air travel and the demand for new, more fuel-efficient planes.