TORONTO, July 2- A healthy appetite for trucks and luxury cars pushed auto sales in Canada to a record high for June, with Fiat Chrysler Automobiles the top seller, according to data released on Thursday. "Ongoing gains being enjoyed by the luxury manufacturers in the Canadian market turned into a veritable feast in June," DesRosiers Automotive Consultants wrote...» Read More
GM's shares have plummeted to less than $12, the lowest level since 1955. That means the world's largest auto maker has a stock market value of only about $7 billion.
The CEO says his company has plenty of liquidity. But at what cost?
So who do you blame for high gas prices? According to the latest survey from Consumer Reports, the fault lies with the federal government for not having a national energy policy. This is not a Republican complaint or a Democrat complaint, it's a government complaint.
California on Thursday took a major step forward on its global warming fight by unveiling an ambitious plan for clean cars, renewable energy and stringent caps on big polluting industries.
Let me be clear about what a mis-guided and bad idea this would be. As a friend of mine said when I brought this up, "Two wrongs do not make a right." Right now, these guys are going in the wrong direction for similar reasons and there's little reason to believe a marriage would make things right.
Ford-owned Volvo said Wednesday it had given layoff notices to 1,200 workers in Sweden following a $151 million first-quarter loss on declining U.S. sales.
Nissan Motor is close to having to raise prices in Japan amid a surge in the cost of raw materials such as steel, Carlos Ghosn, chief executive of Japan's third-largest automaker, said on Wednesday.
Over the last three weeks, I have heard the same thing over and over, often from those who think I'm partial to Toyota. It goes something like this: "You never say when things go wrong for Toyota." Well, for all of you, Toyota Phil has a news flash: Toyota says it will be falling short of its sales goal for the U.S.
For those who are on a death watch for GM and Ford, the words of CNBC's and Street.com's Jim Cramer are the kind of affirmation they've been looking for.
General Motors initiated a series of steps on Monday from cutting production of trucks to offering aggressive incentives to combat the drop in demand for large vehicles amid record-high gas prices.
With Standard and Poor's putting GM, Ford, and Chrysler (and their respective finance companies) on credit watch with negative implications, the big issue is not just the deteriorating auto market, it's the potential liquidity crisis looming for these firms.
In another blow to beleaguered U.S. automakers, Standard & Poor's on Friday said it may cut its ratings on Ford Motor, General Motors and Chrysler, citing financial damage resulting from high gasoline prices.
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.