The Detroit automakers are largely forgoing the traditional two-week summer break and speeding up production to meet buyers' growing demand for new cars and trucks.» Read More
With Shares of GM stock trading at 54 year lows, there's renewed talk about GM being in a slide it can't stop. I won't go that far. But this week could go down as one of the toughest in the company's 100 years.
Jon Hilsenrath, money and investing news editor at The Wall Street Journal, offered CNBC his "4 for 4": the four stocks he says investors must watch on this shortened business week.
As I watched my White Sox finish a sweet sweep of the Cubs last night, I talked to my friend Mike from Detroit. He's a great guy, despite his love of the Tigers. But he said one thing that could summarize how many in motown may feel by tomorrow night. "It's not like we didn't see this coming," said Detroit Mike about Toyota closing in on #1.
After a couple of weeks of being on the road in New York for the "Today Show," Detroit for auto stories, and other places around the country, I've finally had a chance to take in the e-mails you've been sending me about the increasingly dicey auto business. While I have, and will continue to directly answer your e-mails, there are a few I'd like to share.
Toyota Motor said on Friday it may need to consider raising the prices of its passenger vehicles in the future due to surging raw materials costs, though fierce global competition would make such a move difficult.
Let me be clear about what a mis-guided and bad idea this would be. As a friend of mine said when I brought this up, "Two wrongs do not make a right." Right now, these guys are going in the wrong direction for similar reasons and there's little reason to believe a marriage would make things right.
Over the last three weeks, I have heard the same thing over and over, often from those who think I'm partial to Toyota. It goes something like this: "You never say when things go wrong for Toyota." Well, for all of you, Toyota Phil has a news flash: Toyota says it will be falling short of its sales goal for the U.S.
1) Reliance Steel just jumped 5 percent as they updated guidance, raising it 30 percent from previous guidance, due to much higher increases in carbon steel prices.
One of this sector's last lines of defense in the market is falling through.
What was shaping up to be a tough summer for GM has rapidly worsened and become a major gut-check for GM, its investors, and fans of the American automaker. Which brings up the most frequently asked question I get from readers and viewers: can GM successfully shift gears from trucks to cars?
Over the last two days General Motors has found itself dancing around the potentially delicate question of whether to run an ad this summer that might tick off oil companies. GM execs outlined an ad in Washington that has been described as a "dear john" letter to big oil.
Over the last two weeks I've been inundated with e-mails from readers venting about the latest round of cutbacks Detroit's automakers have announced. What's surprised me the most has been the wide range of reasons why you think the Big 3 are in big trouble.
If you've read this blog for long, you know how I feel about hydrogen fuel cell cars. Great potential. Limited real world possibilities right now. That said, this morning Honda gave us a glimpse into hydrogen's promise.
A new survey today by Auto Futures Group/TechnoMetrica concludes that people would rather buy gas/electric hybrids instead of diesel powered cars. Diesel fans will roll their eyes and say that's ridiculous, but that's the way it is.
With oil surging to $138.54 and being projected by some to hit $150 by July 4, it's putting immediate pressure on automakers to adjust production and push small cars and crossovers while pulling back on trucks and SUVs. On paper, this shift seems simple enough. In reality, it's not so easy.
It's a major achievement Chrysler should rightfully be proud of. But it also highlights the next challenge for them, as well as GM and Ford: closing the "perception gap." First, here's the good news for the Big 3 on assembly plant efficiency.
This year Porsche is number 1 with an average of 67 problems per 100 made. It's followed by Infiniti (jumping from 9th to 2nd), Lexus, Mercedes and Toyota. The Porsche victory is not surprising given it historically does well in quality surveys. Infiniti's jump is impressive and will help that brand continue on the resurgence it's enjoyed in the last couple of years.
Stocks tumbled after General Motors and Ford reported sharp drops in May sales. Prior to the news, it was a yo-yo session as a $2 drop in oil prices dragged on energy stocks and concerns lingered about financials. The market popped several times after some good news, including a jump in factory orders, GM's restructuring plan and comments from Federal Reserve Chairman Ben Bernanke, but gains quickly fizzled.
Mark it down. May is the month that finally broke the back of the Big 3's great run with trucks and SUVs. Oh sure, Detroit still dominates the truck business, but it's clear buyers want something less, that's what is hurting Detroit.
General Motors and Ford reported sharp falls in U.S. auto sales in May, with sales of trucks hit especially hard as consumers shied away from automobiles with low gas mileage. Toyota Motor, meanwhile, reported a smaller decline.