DETROIT, Sept 18- A federal grand jury in Detroit on Thursday indicted seven executives from two Japanese auto parts makers on charges of price fixing, the U.S. Department of Justice said.» Read More
Volkswagen, Europe's biggest automaker by sales, said Thursday that deliveries of new cars in the first five months of 2007 were up 7.6% from last year, with 2.5 million sold amid rising demand in Europe and Asia.
Delphi and the United Auto Workers are very close to completing a labor deal the U.S. auto-parts maker needs to complete its reorganization, two UAW sources said on Wednesday.
The Benz is back,. and if you don't believe me, check out sales (up 4.8%), reliability ratings (top 5 in the latest J.D. Power Survey), and strength across the line-up (The S Class, GL Class, and C Class are all surging). In short, Mercedes has re-asserted itself as a leader in the luxury car market. Now comes the new C Class. The company is showing it off for reporters this week outside of Portland, Oregon.
Talk about a perfect time to market a fuel efficient sub-compact car. Gas prices are well over $3.00 a gallon. Sub-compact cars are hot. And if there's a new model the public has yet to see on the street, publicity will be huge. It's the perfect culmination of events that are helping to generate greater interest and "reservations" with car buyers around the country. The new Smart fortwo (not a typo) sub-compact doesn't go on sale until early next year. But the buzz about this tiny car that's expected to get over 40 miles on a gallon, is big and getting bigger.
Federal antitrust regulators have cleared Cerberus Capital Management's $7 billion purchase of Chrysler, people close to the deal said.
Shares in Fiat bucked the overall weakness in European stock markets on news the Italian carmaker won a contract worth $3.22 billion to supply DaimlerChrysler with truck engines for the next eight years.
While everyone's talking about the shakeup at Yahoo, Google continues to take over the world. Google's video site YouTube is launching its first foreign-language Web sites. Already, over half of the site's audience comes from outside the U.S., but by translating its site into seven other languages is intended to fend off competition. Eventually YouTube will tweak the translated sites to the specific countries-- Brazil, France, Ireland, Italy, Japan, the Netherlands, Poland, Spain and the UK, featuring local content and being sensitive to cultural issues.
Auto parts supplier Lear raised its financial outlook Tuesday due to better-than-expected production levels of light trucks and the benefits of its ongoing restructuring.
Prosecutors demanded a six-year prison term for Hyundai Motor Chairman Chung Mong-koo on Tuesday in his appeal trial against a three-year sentence handed down in February for embezzlement.
A week ago, while doing a live shot for an unrelated story, a viewer, who's husband worked at Ford for years, came up to me and said, "Tell people all the good things happening at Ford, we need the good news to get out." This is not the first time I have heard this type of message, either in person or via e-mail, from an investor, worker, retiree, or just plain fan of the big 3. Often the message includes a side comment such as, "Quit telling people the public doesn't believe in the quality/reliability of the big 3, because that's not true."
United Auto Workers President Ron Gettelfinger said Monday that the union must offer health care concessions to Chrysler similar to those it gave Ford Motor Co. and General Motors Corp. in 2005.
NASCAR filed a $100 million counter claim against AT&T on Sunday, accusing the wireless provider of interfering with its exclusive sponsorship agreement with rival wireless company Nextel.
Winnebago Industries posted a weaker-than-expected profit Friday as cautious buyers turned to motor homes that cost more to make and had lower profit margins and nervous dealers continued to cut inventories.
If you've been reading the headlines this week, you've probably seen stories about the Big 3 planning to push for pay and benefit cuts totaling 30%. Often the headline is accompanied by a sub-headline saying the United Auto Workers and the Big 3 are headed for a collision course. Folks, get ready for a long hot summer of posturing, trial contract offers being floated, and the yes, the very real possibility that we could see a work stoppage.
The increased demand for "green" vehicles is spilling over to the rental car counter, where many more drivers will soon be able to choose a hybrid vehicle. Hertz Global Holdings said Thursday it will spend $68 million to add 3,400 Toyota Prius hybrids to its fleets by 2008. And Avis Budget Group said this week it plans to make 1,000 hybrid Prius vehicles available for rent as early as next week.
Volatility in the auto parts and services sector is likely to persist with the Detroit labor negotiations between GM, Ford, and Chrysler months away, one analyst said."I think there's really disproportionate risks that the stocks could see some softness in the next few months rather than go higher," Richard Kwas, Wachovia Securities Senior Auto Analyst, said on "Power Lunch."
General Motors Corp. and bankrupt auto parts maker Delphi Corp. are near a deal with the United Auto Workers union that would provide a cash payout to Delphi workers in exchange for lower hourly wages, the Detroit News reported.
Ford Motor said Thursday about 27,000 union workers who accepted buyouts from the automaker have left the company so far.
Shares in Renault outperformed the CAC-40 with a 4.2%, rise as the French automaker said it was considering adding a low-cost car to its fleet to target emerging market consumers, Reuters reported.
Europe's new car registrations fell for the fourth month in a row in May, but Fiat beat the market and its rivals with a 5.7% rise in sales thanks to tax breaks in Italy, industry data showed.