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Ford Motor on Friday said it's going to have trouble breaking even by 2009 and slashed third-quarter production by 25 percent.
If $3.50 a gallon was the tipping point that pushed people away from big rigs, $4 appears to be the breaking point. Buyers are not just worried about fuel economy, they're wondering about the economy as a whole.
I noted yesterday the miserably bearish mood Wall Street has been in recently. The market has been having problems because the central assumption of bulls--that the second half of the year would see a rebound in earnings--is coming under attack. As a result, traders have been taking every opportunity to sell into rallies in June.
What was shaping up to be a tough summer for GM has rapidly worsened and become a major gut-check for GM, its investors, and fans of the American automaker. Which brings up the most frequently asked question I get from readers and viewers: can GM successfully shift gears from trucks to cars?
Billionaire investor Kirk Kerkorian's Tracinda reports it has increased its ownership stake in Ford Motor Co. to 6.49 percent from 5.5 percent.
Auto stocks are notably weaker here, with new lows for GM, CarMax, and AutoNation; Ford is down 7 percent but not at a new low.
Carmax, the largest U.S. retailer of used cars, said Wednesday quarterly profit fell by 55 percent as a slowing economy and falling resale values for fuel-hungry light trucks and sports utility vehicles brought lower than expected sales.
Over the last two days General Motors has found itself dancing around the potentially delicate question of whether to run an ad this summer that might tick off oil companies. GM execs outlined an ad in Washington that has been described as a "dear john" letter to big oil.
Over the last two weeks I've been inundated with e-mails from readers venting about the latest round of cutbacks Detroit's automakers have announced. What's surprised me the most has been the wide range of reasons why you think the Big 3 are in big trouble.
If you've read this blog for long, you know how I feel about hydrogen fuel cell cars. Great potential. Limited real world possibilities right now. That said, this morning Honda gave us a glimpse into hydrogen's promise.
Relax. I haven't lost it. I agree that for many people (soccer moms, the guy putzing around the suburbs, etc) driving a gas guzzling SUV makes no sense. But there is a market out there.
A four-day strike over pay by hundreds of tanker drivers hit Shell fuel stations across Britain on Friday after last-ditch pay talks broke down.
A new survey today by Auto Futures Group/TechnoMetrica concludes that people would rather buy gas/electric hybrids instead of diesel powered cars. Diesel fans will roll their eyes and say that's ridiculous, but that's the way it is.
Ford Motor is assembling a plan to retool its North American truck plants to build cars in a bid to keep up with changing consumer demand in the United States, the Detroit News reported Wednesday.
The switch to 4 cylinders is picking up momentum, with the small engines powering almost half of all the vehicles sold last month. Yes, that's right, the 4 banger is doing a lot more than driving small and mid size cars. The reason? People are desperate to save money and these engines do that on two fronts.
Chrysler Chief Executive Robert Nardelli said Tuesday that the private equity buyers of auto maker Chrysler weren't second guessing their decision to buy Chrysler, and that the business was ahead of target.
NEW YORK (Reuters) - Chrysler LLC may cut production further amid a steep drop in truck sales, according to a Wall Street Journal online report citing an interview with Chief Executive Robert Nardelli on Tuesday.
Billionaire Kirk Kerkorian's investment company said Tuesday its tender offer for 20 million additional shares of Ford Motor attracted a huge response and will easily enable it to increase its stake in the automaker to about 5.5 percent.
Chrysler is not playing up the Challenger's HEMI engine as the classic muscle car returns. Who can blame them. The HEMI was a hot selling point a few years ago when gas was cheap and buyers clamored for power.
When gas prices spike, the public finally opens its eyes to alternatives. It happened in the mid '70's when compact cars became big sellers. It's happening again today with hybrids flying off of lots.