The prices and totals at the Pebble Beach auctions show the spending spree in collectible cars continues to rage on.» Read More
Ford capped the worst year in its 103-year history with a wider-than-expected fourth-quarter loss and said it would cut production this quarter and lose market share through September.
Ford shares ended up little-changed after the auto maker reported a $5.8 billion loss in the fourth quarter amid slumping sales and huge restructuring costs.
Ford Motor Co. had the worst year in its 103-year history in 2006. The automaker lost $5.8 billion in the fourth quarter alone – and lost $12.7 billion on the year. Yet CEO Alan Mulally - who came to Ford after overhauling aerospace giant Boeing - is reportedly considering paying bonuses to some of Ford’s managers, even as the company seeks concessions from its unions and predicts more losses this year.
Toyota Motor is open to a broader partnership with Ford Motor if the struggling U.S. auto maker asks, the Nikkei business daily reported on Wednesday, citing an interview with its president.
Ford Motor is moving ahead of its own schedule for reducing costs, including plant closures and job cuts, the automaker's chief executive said.
Exxon Mobil – the most profitable company in U.S. history and also one of the most loathed among climate change activists. But going green isn't just good for the environment – it could also be good for the oil giant’s bottom line. Chris Fox of Ceres – an organization that pushes companies on climate issues on behalf of institutional investors – and Paul Sankey, an oil analyst at Deutsche Bank, debated the issue on “Street Signs.”
As Detroit's Big Three automakers face tough competition from an increasingly powerful Toyota, executives at the Detroit Auto Show expressed confidence that turnaround and restructuring plans could stem losses and new offerings would lure drivers back in their showrooms.
The Chery-DaimlerChrysler alliance and Changfeng's "Cheetah" brand are only two of the big China stories at the 2007 North American International Auto Show.
Cult cars emerge regardless of marketing efforts and BMW's MINI is on the verge of joining the Ford Mustang and a select group of other autos that captured the imagination of car lovers.
Shares of XM Satellite Radio and Sirius Satellite Radio are up today. The gains come on news that XM recorded positive cash flow from operations during the fourth quarter. Some traders are reacting to the news as if the worst of the companies’ struggle into the black are over. Maria Bartiromo had two analysts on “Closing Bell” who would beg to differ.
When I walked in to dinner with Ford CEO Alan Mulally on Wednesday night, I knew the menu would include a tasty entree, a sweet dessert, and a healthy dose of candor. All courtesy of the "outsider" trying to turnaround the struggling automaker. I expected the honesty since that's what I found while covering Mulally as he turned around Boeing Commercial Airplanes. And at this dinner, he was forthright in his praise of Toyota.
Ford CEO Alan Mulally says the struggling automaker is on target to return to profitability by 2009. Mulally also downplayed his meeting with Toyota's Chairman Fujio Cho saying he's talking with leaders from many automakers to better understand the industry and see if there are opportunities for mutual cooperation.
DaimlerChrysler's December U.S. auto sales rose 2.9%, while General Motors' sales fell 9.6% and Ford Motor's sales declined 9.4% for the same period, CNBC's Phil LeBeau reported. Toyota garnered a 16.6% sales increase.
December is proving to be another disappointing month for the big three U.S. automakers. Today's sales report for last month showed a double-digit decline in trucks sold by General Motors, and Ford dropped almost 13% on the whole. Chrysler eked out half a percent gain. On today's "Closing Bell," CNBC’s Dylan Ratigan sifted through the data to find out what it all means going forward.
As I'm reading the December auto sales numbers, it's clear 2006 will be remembered as a bleak one for the big 3. The healthiest of the trio, GM, is still not cash flow positive. And even though the company is in better shape today than a year ago, the fact remains, it's still in a turnaround. Look at their numbers for the final month of the year.
You may recall a previous entry in which I stated my completely non-political dislike of presidential news conferences - strictly from a breaking news desk point of view, of course. Well, that pales in comparison with my loathing of auto sales numbers, easily the most stress-inducing, messy, difficult set of statistics of all the numbers we try to get on the air in a hurry. Of course, it could be worse.
FAST MONEY IN THE BIG APPLE: The Fast Money five will ring in the opening of 2007 trading at the NASDAQ this morning. Our Dylan Ratigan and company will share their market insights every night at 8 pm, starting next Monday. Meanwhile...stocks in the U.S. look set to spring higher at the open on the first trading day of the New Year.
After years of ceding much of the car market to Asian competitors, Detroit's Big Three are preparing to roll out an array of new autos that they hope will bring buyers back to their showrooms to look for something besides trucks.
While most of us wrapped 2006 with holiday parties and hopefully a few days off - hey, at least that's what I did last week - Chevy and Ford dealers finished a pitched battle to see which brand would wrap up the year as number one in total sales. The winner gets bragging rights as being America's favorite nameplate for cars and trucks. The loser will claim it doesn't matter. The truth is...