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...
While the big 3 continue to struggle with costly (both in dollars and human terms) plant closings, the Japanese auto plants are surging. And the reason for this is America's growing appetite for fuel efficient vehicles. Which reinforces the hangover GM, Ford and Chrysler are feeling from years of focusing on SUV's and pick-up trucks. The latest number from the Japanese Automobile Manufacturers Association shows...
Bullish sentiment took hold of markets as stocks charged higher--albeit on thin volume--with auto and homebuilding shares leading the way.
When I heard that Ford CEO Alan Mulally met earlier this month in Tokyo with Toyota CEO Fujio Cho, I wasn't surprised. Nor should Ford investors and fans of the #2 American automaker. This is yet another sign, Mulally is bound and determined to move his company into a more competitive position - even if that means learning from a fierce competitor that is about to pass Ford.
This morning the market is buzzing about a meeting in Japan between Ford's CEO and Toyota's Chairman. They said they did not discuss forming an alliance, but that didn't stop speculation in this morning's Japanese newspapers which are ablaze with rumors that it’s the first step of a partnership. CNBC’s Bob Pisani reveals how this news (and other events) are moving markets.
Good morning. Our quote of the day comes from Gerald Ford: "Our long national nightmare is over." That of course was the former president referring to the end of Watergate. As you probably know-- Ford died last night in California. He was 93. Ford was the only U.S. president to serve--without having been elected to the office.
The meeting was also attended by Ford Executive Vice President Mark Fields, who is in charge of restructuring the automaker's loss-making North American operations, a newspaper said.
OK, I know you’ve probably heard that corny old line before, but for the breaking news desk, it certainly works today. Trust me when I tell you that the week between Christmas and New Year’s is slow. Painfully slow. Oh sure, there might be breaking news, but here in the business world, with many on vacation, we’re essentially waiting for January.
Ford's days as the nation's Number Two automaker may be numbered. The New York Times reports the car company expects Toyota to unseat it from that position for good next year. It's a post Ford has held since the 1920s.
Ford Motor doesn’t exactly inspire confidence in investors these days. The U.S. auto industry on the whole has been lagging behind stronger Japanese competitors like Toyota Motor and Honda Motor. But Morgan Stanley analyst Jonathan Steinmetz upgraded Ford to a “buy” today and says shares will jump 32% by the end of 2007.
The next time someone says, "Boy that is one hot car!" Keep in mind, while beauty is in the eye of the beholder, the one independent way of measuring the hottest or fastest selling cars is J.D. Power's, "Hot off the Lot" list. And the latest list confirms what you might suspect: the most in demand models right now are made by...
The Mulally "re-mix" is starting to play out at Ford , and the new CEO isn't waiting long to send a message. The question is how much this management shake up will go in reviving ford. Long-time Ford employee Derrick Kuzak has been put in charge of global vehicle development after previously serving as Ford's VP of product development. The new job means Kuzak is the man...