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
Talk about moving fast. Just two days after taking ownership of Chrysler, Cerberus Capital has put a new man in charge of the struggling automaker. And it's a bold move picking an auto industry outsider. Bob Nardelli steps in as Chrysler's chairman and CEO in a move that many will question. Yet, I think this move could work for a couple reasons.
Ford Motor said Friday it is recalling 3.6 million passenger cars, trucks, sport utility vehicles and vans to address concerns about a cruise control switch that has led to previous recalls based on reports of fires.
German automaker DaimlerChrysler said Friday it has completed the sale of a majority stake in its U.S. Chrysler division to the private-equity firm Cerberus.The $7.4 billion deal sets the beleaguered 82-year-old Chrysler on a new path to recovery as a private company.
Toyota Motor's quarterly operating profit rose by a better-than-expected 32% as brisk overseas sales combined with a softer yen to make up for chronic weakness in domestic demand.
Call this the tale of two brands going in opposite directions. One knows its core market and continues to roll out hot models that win over fans. The other is drifting with sales slumping and serious questions mounting about its future. When I look at the July sales, I'm struck by the numbers at Buick. How bad was it? Sales dropped 29 % and every single model was down at least 17%. Think that's bad?
On a regular basis, I hear from bloggers who think I'm pushing Toyota and would like nothing more than to see the Big 3 implode. In fact, I got an e-mail to that effect yesterday after blogging about the possibility of Chevy and Ford being outsold by the Toyota brand. For the record, Toyota has passed Ford, but still trails Chevy by a slight margin.
U.S. auto sales dropped in July as weakness in the housing market sapped demand, increasing pressure on the embattled Detroit-based automakers and hitting Toyota Motor with its first sales decline in almost three years.
When the July auto sales come out later today, the most interesting numbers to watch may be those for Chevrolet and Toyota. Halfway through this year the two were neck and neck in the battle to be America's top selling brand. I know some of you will read this and think, "who cares?". Well, the long list of people who care stretches from Detroit to Tokyo, and for good reason.
A selling wave in global stock markets is sweeping futures lower this morning as subprime and credit woes once more rise to the surface. A new disclosure about a third troubled hedge fund at Bear Stearns is rattling investors.
Auto parts supplier and tire maker Continental said Wednesday that its second-quarter net profit rose by 50% amid demand by car makers for its automotive parts and tires.
Luxury car maker BMW said Wednesday that its second-quarter profit slipped 4.3 percent, hurt by a strong euro, rising materials costs and the costs of launching new models.
General Motors on Tuesday said it flipped to a net profit, trouncing Wall Street estimates as it benefited from cost-cutting, a better mix of products and growing sales overseas.
When I sat down to talk with GM CEO Rick Wagoner this morning on "Squawk Box," I was expecting to see a man, beaming over the better than expected second quarter earnings. Instead, I saw the Chairman of a company who looked cautious. Why? Well, maybe it's because General Motors' glass is half full, and filling it up even more will be a challenge. Certainly the second half of this year will be tougher than the first half.
Truckmaker MAN said Tuesday that improved demand in eastern Europe for its trucks along with lower costs helped its second-quarter earnings more than double as it confirmed its outlook for the rest of 2007.
Digital mapping company Tele Atlas, in the process of being acquired by navigation device maker TomTom for 1.8 billion euros ($2.5 billion), Tuesday reported a second quarter net loss of 1.2 million euros ($1.6 million).
This job really does beat working for a living. I've just had the opportunity to drive a car worth, gulp, $435,000. That's about twice the price of your average home in the U.S. these days. The car is a new Rolls Royce Phantom Drophead Coupe (pronounced coup-AY). Drophead is a fancy name for convertible. The car will start selling in September, and the first year is pretty much sold out. Yeah. Sold out.
It sounds like a Hollywood script. Futuristic looking car generates the type of buzz needed to become a star: but it never shines as predicted, flames out amid scandal, and years later its devoted fans pine and plan for the icon's revival. It's only fitting I see this story in the Los Angeles Time this weekend. The star car in question is the DeLorean. The famed sports car that has achieved greater popularity since its limited production finished in 1982.
Luxury car maker Audi, a unit of Volkswagen, said Monday that sales and profit soared during the January-June period, putting it on track to a 12th consecutive year of record results.
German sports car maker Porsche is not currently considering raising its 31 percent stake in Volkswagen once a law capping voting rights is repealed, a German newspaper reported on Sunday.
There's a new sheriff at Dodge, and for that matter Chrysler as well. But the new boss is actually one of the old bosses. Either way you look at it, the return of Wolfgang Bernhard to be chairman of Chrysler is important for a few reasons. First, he brings the kind of urgency Chrysler needs.