Officials said the move also would help boost cash reserves at the Government Development Bank, which oversees the island's debt transactions, and allow for the refinancing of at least $1 billion in loans made to Puerto Rico's Highway and Transportation Authority. It also would allow the Highway and Transportation Authority's loan to be transferred to...» Read More
General Motors says it's shutting down the Saturn brand after an agreement with Penske Automotive Group to acquire the unit fell apart.
Opening a government meeting on auto safety, the Obama administration reported Wednesday that nearly 6,000 people were killed and a half-million injured last year in vehicle crashes connected to driver distraction, a striking indication of the dangers of using mobile devices behind the wheel.
Canadian circus billionaire Guy Laliberte blasted off in a Russian Soyuz spaceship from Kazakhstan on Wednesday to become the world's seventh space tourist.
General Motors will go to 24-hour operations at factories in Kansas, Michigan and Indiana to make up for production lost due to a large-scale factory consolidation announced earlier in the year.
Car dealership chain CarMax said Tuesday its fiscal second quarter profit surged on higher sales and a one-time gain related to its auto financing business.
The transport sector saw an increase of 60 percent over the last six months, a greater percentage increase than the S&P 500, but Lee Klaskow, a transportation analyst at Longbow Research, said the fundamentals of the industry are not getting better, just "less worse."
Both the Dow and S&P 500 closed in negative territory on Friday, ending their five-day winning streak after the declining price of oil dragged down energy shares.
Alan Valdes, vice president of Hillard Lyons and Peter Andersen, portfolio manager at Congress Asset Management Company shared their insights on where to invest in a low volume environment and what investors should be watching for next week.
Taxpayers may not recover all of the bailout money awarded to the auto sector, said Elizabeth Warren, chair of the Congressional Oversight Panel in charge of the Troubled Assets Relief Program [TARP].
A Congressional Oversight Panel report on the use of TARP funds to restructure the auto industry questions some of the decisions President Obamas Auto Task Force made with regard to GM and Chrysler.
Looking ahead to next week after the three day weekend, one transportation stock is something investors should consider, said Art Hogan, managing director at Jeffries. "Navastar is a pure play on North American transportation," Hogan said.
Cash for Clunkers was "one of the most successful stimulus programs of all time" that has helped the auto industry on its road to recovery, AutoNation CEO Mike Jackson told CNBC.
Toyota Motor plans to raise production of its Tacoma and Tundra pickups to meet expected demand for trucks and increase production of fuel-efficient vehicles through the end of the year, executives said on Tuesday.
A top Ford executive expects industry-wide U.S. auto sales to rise for the first time in more than two years this month, thanks largely to the government's Cash for Clunkers program.
Somali pirates holding a hijacked ship off the coast of Somalia fired at a U.S. Navy helicopter as it made a surveillance flight over the vessel, the first such attack by pirates on an American military aircraft, the Navy said Thursday.
The popular Cash for Clunkers program generated nearly 700,000 new car sales during the past month, giving the U.S. auto industry a badly needed jolt of activity during the deepest decline in auto sales in two decades.
From Vermont to California, exhausted but appreciative car dealers watched their lots grow empty as crowds rushed to trade in gas guzzlers during the final weekend of the popular Cash for Clunkers program.
AutoNation, the nation's largest auto dealership chain, said Saturday it hit the brakes on the popular Cash for Clunkers program three days early because it wants to make sure it can submit the paperwork on thousands of sales to the government before a Monday evening deadline.
As more American car buyers take advantage of the rebate program, the federal government is struggling to reimburse dealers that shoulder the rebates up front
Hundreds of auto dealers in the New York area have withdrawn from the government's Cash for Clunkers program, citing delays in getting reimbursed by the government, a dealership group said Wednesday.