General Motors is dropping Chevy as its No. 1 brand for mass-market vehicles in Europe and is making Opel its primary mainstream line.» Read More
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.
On the eve of our country's birthday, it seems like a perfect time to celebrate the good things happening for American automakers (and yes, there are good things happening). So with that said, this 4th of July Behind the Wheel blog will include no mention of high labor and healthcare costs, dwindling market share, or the struggle to break even. After all this is the holiday to sing out, "Baseball, hot dogs, apple pie, and Chevrolet."
Bankrupt U.S. auto parts maker Delphi, which reached a cost-cutting deal with the United Auto Workers, hopes to complete agreements with its remaining unions by mid-August, it said in court papers.
The headline this morning from Automotive News is hardly surprising, but it is another reminder of how the U.S. auto industry has changed dramatically in recent years. The latest data shows Japan surpassed the U.S. last year to become the world's #1 vehicle producer. It's the first time in 12 years Japan has outpaced the U.S. Not only that, but the Asian country is on track this year to expand its lead.
Stocks edged higher for the week, closing out a solid first half, but there was little to celebrate going into the July 4th holiday.
The United Auto Workers said that members have ratified a deal that gives Delphi concessions on wages, benefits and plant closings the auto parts maker has said it must have to exit bankruptcy.
I attended the "Transformers" premiere Wednesday night--and my first star spotting epitomized the importance of the film for its parent company. It was Sumner Redstone (he qualifies as a star for the CNBC set) and he was slowly retreating from the hubbub of the red carpet and (surrounded by bodyguards) slipping into a black car.
Stocks finished little-changed after a roller-coaster session as investors tried to figure out the Federal Reserve's latest statement on inflation and interest rates. "The Fed's been engaged in a real delicate balancing act," said Bruce Bittles, chief investment strategist at Robert W. Baird
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.
General Motors Thursday said it reached a deal to sell its Allison Transmission unit for $5.6 billion to private-equity firms Carlyle and Onex, sending the automaker's shares to the highest level in 2-1/2 years.
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.
A New Jersey importer has asked the U.S. National Highway Traffic Safety Administration for help in recalling about 450,000 light-truck tires made in China after a fatal car accident, lawyers said.
In Monday’s Sector Trade - the rental car trade. Morgan Stanley is taking down the entire space with downgrades right at the top of the summer driving season. Should you be buying or selling?
Stocks ended lower as investors were rattled by concerns regarded leveraged mortgage securities held by two Bear Stearns hedge funds. "We will see a splash near term as some of these funds need to unwind positions in paper that really isn't traded too much," said Jack Ablin of Harris Private Bank.
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.
Here’s the number one question I always get: Who’s the best endorser in sports? And the right answer is, there isn’t one. What people have to remember is that endorsements are a partnership and if the product doesn’t make sense with the athlete, then it doesn’t work. There’s also an economic threshold to endorsements that is never talked about. Athletes can affect purchasing decision, but only to a certain extent.
Delphi and the United Auto Workers are very close to completing a labor deal the U.S. auto-parts maker needs to complete its reorganization, two UAW sources said on Wednesday.
The Benz is back,. and if you don't believe me, check out sales (up 4.8%), reliability ratings (top 5 in the latest J.D. Power Survey), and strength across the line-up (The S Class, GL Class, and C Class are all surging). In short, Mercedes has re-asserted itself as a leader in the luxury car market. Now comes the new C Class. The company is showing it off for reporters this week outside of Portland, Oregon.
A week ago, while doing a live shot for an unrelated story, a viewer, who's husband worked at Ford for years, came up to me and said, "Tell people all the good things happening at Ford, we need the good news to get out." This is not the first time I have heard this type of message, either in person or via e-mail, from an investor, worker, retiree, or just plain fan of the big 3. Often the message includes a side comment such as, "Quit telling people the public doesn't believe in the quality/reliability of the big 3, because that's not true."
If you've been reading the headlines this week, you've probably seen stories about the Big 3 planning to push for pay and benefit cuts totaling 30%. Often the headline is accompanied by a sub-headline saying the United Auto Workers and the Big 3 are headed for a collision course. Folks, get ready for a long hot summer of posturing, trial contract offers being floated, and the yes, the very real possibility that we could see a work stoppage.