GENEVA, March 3- Fiat Chrysler Automobiles may create a Netherlands- based holding company controlling Ferrari when it spins off the luxury carmaker later this year, FCA Chief Executive Sergio Marchionne said on Tuesday. Speaking at the Geneva auto show, Marchionne stressed the move would not be for tax reasons, but is meant to facilitate Ferrari's planned...» Read More
Stocks are striking a much-improved tone after Wednesday's high energy selloff, as investors await testimony this morning from Fed Chairman Ben Bernanke. Monthly chain store sales and some big earnings could also influence direction.
GM's record loss of $39 billion is a stunner that has investors once again questioning whether the country's largest automaker is any closer to consistently turning a profit. For what it's worth, I think GM will get there, and I'll explain why in a bit.
The takeaway from the GM numbers is that expectations for auto sales, particularly in North America, appear too high and is exacerbating concerns about a softer U.S. consumer. Forget about the somewhat confusing $39 billion non-cash charge.
General Motors CEO Rick Wagoner sees "tough circumstances" in the marketplace, but expects "no cash impact" from a massive charge that left his company with a record $39 billion third-quarter loss.
Toyota Motor, the world's biggest and most profitable automaker, posted a 2.7 percent rise in quarterly operating profit thanks to a weaker yen, cost cuts and stronger sales, and it raised its full-year forecasts.
I'm not a car geek, but I have to admit, there are certain models that immediately make me smile. Ford's Bullitt Mustang is one-mainly because I still say the chase scenes in Steve McQueen's movie "Bullitt" are among the best I've ever seen ("The French Connection" is another favorite).
General Motors said it would book a $39 billion non-cash charge in the third quarter, reflecting the risk of a slower turnaround that could keep it from claiming expected future tax credits in key markets. GM will report third-quarter results on Wednesday.
The trade as U.S. automakers prepare to report earnings.
"Bullitt" was a hit cop drama movie in 1968, with two super stars in the cast: Steve McQueen and a hotter than hot Ford Mustang featured in what was then one of the most exciting cars chases ever filmed (by the way, the car McQueen was chasing was a Dodge Charger)
I know the debate over how long until we see Hydrogen powered vehicles can be a heated one, but I have to admit I'm a little surprised at some of the e-mails sent to me about my blog yesterday. In a nutshell I told you I believe the hype surrounding the potential of hydrogen powered vehicles is overshadowing the reality that these clean burning rides won't be out on the street for a long, long time.
BMW, the world's largest premium carmaker, reported third-quarter pretax profit that fell far short of market expectations amid a strong euro and higher raw material costs, sending its shares sharply lower.
Ford Motor agreed to keep three U.S. plants open and pour significant new investment into its other manufacturing facilities as part of a tentative contract with the United Auto Workers, union officials briefed on the deal said on Monday.
With this being the start of "Green Week" here on the networks of NBC, it's only natural the guy who covers the one industry responsible for a good chunk of the world's pollution, look at the great hope for reducing emissions in automobiles: Hydrogen.
Shortly after I blogged yesterday about Chrysler cutting four slow-selling models (Pacifica, Crossfire, convertible PT Cruiser, and Dodge Magnum) as part of its effort to stem losses, I heard from people saddened to see these models go. Earl wrote, "Too bad about the Magnum. I have one and it is a great car. Much better than my old Five Series BMW! I would buy another in a second."
Ford's U.S. sales fell 9.3 percent in October, leaving it slightly behind rival Toyota, which reported a 4.5 percent sales increase for last month.
As expected, Chrysler is wasting little time in downsizing both its work force and struggling line-up of vehicles. Today, the automaker announced it will cut another 8,500 to 10,000 jobs, including 1,000 white collar employees. This round of downsizing is on top of the 13,000 job cuts announced earlier this year as part of the plan to get Chrysler back in the black.
In the entertainment industry, the idea of being green is very, very cool. You can't go two feet without seeing a Prius--they're even becoming the limo-of-choice for the Oscars. I myself bought a Prius in May and I love it. Not only is it eco-friendly, but it's also incredibly convenient. Not having to fill up that often saves a ton of money, and all that time wasted at the gas station. Tons of time.
U.S. auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the U.S. housing market, analysts said.
If you go to as many auto shows as I do, you quickly realize that there are only a few times you see a car, truck or SUV that is truly cool. Once again, spending a couple days in Las Vegas convinced me that the WOW factor is at the SEMA (Specialty Equipment Manufacturing Association) convention.
Truck maker MAN said Wednesday that its third-quarter profit rose 32 percent on a gain in orders for its trucks and improving sales, and raised its outlook for the rest of the year.