Asian stocks were mixed on Friday, as focus turned to the release of U.S. jobs data for clues on when the Fed could cut back its stimulus program.» Read More
This week is not only the last one of the month. It's also the week that could determine if GM holds on to the top spot in monthly auto sales in the U.S.
Whether it's the Wall Street Journal speculating about Cerberus Capital pushing for "fresh air" in the management at GM, or the steady flow of e-mails I get from people saying "Wagoner must go!", there is no shortage of people suggesting GM's leadership needs to change.
This morning GM and Chrysler announced a fresh round of job cuts due to the stunning drop in business and their balance sheets.
The billionaire investor who said he bought Ford stock as a long term investment is pulling out of the automaker after a short, money losing ride. Kirk Kerkorian still owns more than 6% of Ford's outstanding common shares.
As discussions between GM and Chrysler heat up, there's a steady flow of questions about road blocks that could stop this merger of American auto giants. Any other time, I'd agree with some of the points being raised. But given the economy and the weakened state of the auto industry, I think few of these are going to stop GM from acquiring Chrysler- IF the country's largest automaker decides it wants this deal.
After a week of stating in this blog and on the air that I don't see the logic behind a combination of GM and Chrysler, I took the last two days to ask people familiar with the talks and inside the auto industry if I'm missing the boat.
Like a python squeezing the air out of its victim, Toyota is in the midst of a move that will further hurt the Big 3.
After a few days of tracking the latest talks between GM and Chrysler, I'm more convinced than ever before that these two companies will not merge. It's an idea that ultimately creates more headaches than solutions for GM.
If you think GM is just a short drive from steering into bankruptcy, think again. This morning, while everyone says this company is on the verge of collapsing, a GM spokeswoman emphatically said "NO!"
If you are GM CEO Rick Wagoner, what do you do? The man in the top job at the struggling automaker is pulling every move possible to keep his company from collapsing. And by all accounts, he's done a hell of a job.
Want a sign of just how screwed up this economy has become? Auto repo companies are finding business has slowed down because banks and lenders are reluctant to take back cars and trucks people can no longer pay for.
These are gut check times for Ford & GM investors. Shares of the two automakers slid to lows not seen since the early 80's for Ford and mid 50's for GM. As one Wall Street veteran told me, "These are dire times for Ford & GM."
Could this finally be the big breakthrough diesel fans have been clamoring for? Could this be the start of Americans getting over their lack of interest for diesel cars? Audi certainly hopes so. Audi is on a cross country publicity push spreading the word about clean diesel.
This is for all of you who e-mail and call me "Toyota Phil" and for those of you who think I favor the Japanese automaker and never write anything critical.
Over the last two weeks I've done several reports on TV and written in this blog about tighter credit hurting auto sales. For the industry, September sales dropped 27% and nearly everyone in the industry admits that a big reason for the plunge has been the deteriorating credit markets.
How bad is the auto business right now? Every automaker is feeling the pain, not just the Detroit 3. In the last week, showroom traffic (people simply visiting a dealership) is down 50% compared to the same time last year.
Whether or not you agree with Congress voting down the $700 billion bailout, one thing is clear, this is bad news for automakers and auto dealers.
Call it the Prius Principle. Toyota's Prius was not the first hybrid, nor, you could argue, was it the best gas-electric car in terms of performance. Still, ask 90% of America about hybrids and Prius is the first thing they mention.
By the end of this weekend, lawmakers in Washington are expected to approve $25 Billion in low interest federal loans.
Chrysler CEO Bob Nardelli says tighter consumer credit is making it tougher to sell a car. Now the industry as a whole wants the federal government to take bad auto loans off the hands of auto finance companies.