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The jokes came quickly as officials of Ford Motor stretched across a conference room table Monday to shake the hands of United Auto Workers negotiators and formally kick off contract talks.
Day one of the UAW contract talks kicked off with union leaders shaking hands with Chrysler executives at company headquarters in Auburn Hills, Michigan. Already I'm tiring of the news reports, talk shows, commentators and general public portraying these talks inaccurately. If I had a nickel for every time a talk show host blamed the rank and file guy at GM for all of that automakers problems, I'd be rich. So with that in mind, let's play fact or fiction.
Chrysler Group and the United Auto Workers union on Friday mark the formal start of a summer of crucial contract negotiations under intense pressure to break the model of business as usual for Detroit.
The Ford Motor Company is expected to receive opening bids on Thursday for its Jaguar and Land Rover brands from a number of companies including private equity firms and other automakers, the New York Times reported on Thursday, citing people with direct knowledge of the situation.
German car parts maker Continental and Blackstone Group with its TRW Automotive Holdings are set to submit bids for VDO, the automotive unit of Siemens, people familiar with the situation said on Wednesday.
Need proof the world of wheels is increasingly being spun by automakers in developing countries? Look no further than Tata Motors out of India. It is reportedly close to buying Jaguar and Land Rover from Ford. If this goes through, it would be a win/win for the companies involved.
The Dow Jones Industrial Average closed at a new record high, even as renewed worries about a subprime spillover dragged on the broader market. "I think everything's going really well," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "We think the market is being driven mostly by full employment, low interest rates, low inflation and a reasonably good economy."
The latest reports out of Europe have Ford once again moving closer to selling its Volvo subsidiary. Officially, Ford won't comment on a possible sales. With that in mind, here's a rundown of what those in Detroit, on Wall Street, and in the auto industry expect to happen.
Ford Motor, responding to reports that it's putting its Volvo unit up for sale, said it is not negotiating with anyone to sell the Swedish automaker.
The Sunday Times, citing unnamed sources in London, said the decision to sell Volvo, which is part of Ford's Premier Automotive Group, was made in the past two weeks, but that the timing of the sale had yet to be decided.
Workers at struggling auto parts giant Delphi's largest union have approved a historic contract agreement that cuts wages for many longtime workers but secures thousands of jobs at plants that once were in jeopardy.
GM, Ford and DaimlerChrysler said Tuesday their U.S. sales fell in June, while Toyota sold more cars during the month. The news came as an industry group reported that automakers are deepening discounts to entice consumers to buy cars.
Stocks ended a holiday-shortened session with modest gains following mixed economic data and crude oil prices that stretched above $71. "The two days before the July 4 holiday are usually good for the market," said Michael Sheldon, chief market strategist at Spencer Clarke. "There are some headwinds, but overall the atmosphere is generally positive for the second half."
DaimlerChrysler said Tuesday its U.S. sales fell 2 percent in June. The news came even as an industry group reported that automakers are deepening discounts to entice consumers to buy cars.
Middle Eastern investment funds are targeting Jaguar and Land Rover, the British luxury car brands that U.S. owner Ford Motor is considering selling, the Observer newspaper said on Sunday.
Options volume in Ford Motor swelled today as bulls moved in with force to snap up call options, or bets that Ford's stock will rise further above the 52 week high level that shares reached today.
Ford will offer zero-percent financing for three years on all 2007 Ford, Lincoln and Mercury models and additional cash on some vehicles as it tries to clear showroom floors at the end of the month.
The auto and reinsurance industries are under one portfolio manager's radar, as he predicts high yields from those segments over the next three years. Laton Spahr, RiverSource Investments portfolio manager, told "Morning Call" he likes Ford Motor and XL Capital.
Ford Motor has hired accountancy group KPMG to examine the books at its British units Jaguar and Land Rover ahead of their expected sale later this year, the Sunday Times reported.
Delphi said it reached a tentative deal with the United Auto Workers and former parent General Motors to complete the bankrupt auto-parts maker's reorganization.