BEIJING, April 20- Strong demand for new automobiles in China has laid the foundations for the next leg of business for carmakers BMW, Audi and Mercedes-Benz: the second-hand premium car market. We have 290 dealers who offer certified pre-owned Audis, " Rupert Stadler, chief executive of Volkswagen's premium brand, Audi, said during the Auto China show in Beijing.» Read More
Here we go again. Oil is spiking higher (over $107 a barrel) and the folks in the auto industry are once again projecting that $4 a gallon gas may be here this summer. It's sparking a new round of discussion about whether this will prompt people to change their driving habits or the type of cars/trucks/SUVs people will buy.
After numerous road trips over the last week and half, it's been a while since I had a chance to share some of your e-mails about my recent blogs. And boy have some of them touched a nerve. On VW's turnaround plan, a number of you are skeptical. Glen told me, "Phil..it's all about "R.E.L.I.A.B.I.L.I.T.Y !!!!!!! Tell the new North American CEO to improve on that!!"
European markets closed lower every day except for Wednesday, with the financial stocks taking an especially hard battering on continued concerns over the state of the U.S. economy.
When you think of Volkswagen, what pops into your mind? Let me guess: the Beetle, Microbus, and Jetta all bring a smile to your face. Then it fades as you think about the Touareg, Phaeton, and a company that often appears lost. I call it the split personality of VW.
It was all about beautiful cars and gorgeous girls as CNBC took to the ground for the 78th Geneva Motor Show, where automakers revealed their latest models, concept cars and technical and environmental innovations for 2008.
American Axle & Manufacturing Holdings said Wednesday it plans to return to the bargaining table with striking workers, signaling movement in a strike that has shuttered plants and cut vehicle production at General Motors.
Here's something that should make you realize what crazy times we are living in: 9-year auto loans are popping up around the country. That's right, it wasn't a typo. Nine years! 108 months! Almost a third of the time used to pay off a conventional mortgage!
General Motors said Tuesday it will close a seventh facility next week as the impact from a strike against American Axle & Manufacturing continues to widen for the No. 1 U.S. automaker.
Amid the gloomy comments from auto executives at the Geneva Motor Show, the unveilings of several important new models are being overshadowed. Take the new Ford Fiesta. This compact car is being sold in Europe, but the design cues and architecture behind this car will be the underpinnings of compact cars the automaker will roll out in the U.S. in the future.
We knew they would be bad, and they were. In fact, February auto sales make it clear, the consumer is tired, nervous, worried: you-fill-in-the-adjective. Look at the numbers: GM down 16.7 percent (including trucks down more than 22 percent)
Ford Motor said Monday it would eliminate shifts at four U.S. plants and lay off some 2,500 workers -- or almost 5 percent of its remaining work force -- as part of an effort to cut costs and return to profitability next year.
European stocks closed lower across the board Monday, despite recovering form earlier lows, with banks suffering the worst of the selling on continued concerns over the state of the U.S. economy.
Later today, the February auto sales will come out. By all accounts, the numbers will likely be awful. Not just lower, but in the words of one industry veteran, "terrible." We'll have to wait and see what the actual numbers are, but I won't be surprised to see industry sales down 10 percent.
German sports car maker Porsche will increase its 31 percent voting stake in Volkswagen to a majority but does not intend to merge the two carmakers, Porsche said on Monday.
German carmaker Volkswagen said on Monday it would raise its stake in Swedish truckmaker Scania to 68.6 percent, a move that may lead to a merger of Scania and German truckmaker MAN.
We've all done it. When we've gone looking to buy a new car, we get a price on a model or two and then we think to ourselves, "Ok, THIS is what this car is going to cost me." Now we may need to re-think that approach.
They've done it again. The Asian automakers, especially the Japanese dominate the latest Consumer Reports survey (subscription needed for full reports) on auto reliability. Of the 33 models CR picked to be "most reliable," 23 are from Japanese automakers. Some, like the Toyota Prius, we've come to expect to see on the list.
Later today we'll find out if the time, money and effort the Big 3 have put into building more reliable cars and trucks has paid off. Consumer Reports releases its 2008 auto reliability survey and the question for many is: Are the Big 3 finally getting their act together?
Ford Motor expects to produce 685,000 vehicles in North America during the first quarter of 2008, 55,000 fewer than the first three months of last year, the company said in a report filed Wednesday with the Securities and Exchange Commission.
Usually, when the United Auto Workers strike it's pretty big news. Usually, when the picket lines form, Detroit gets nervous. Usually, when the rhetoric heats up, so do the heart rates of executives running the Big 3. Not this time.