Chrysler’s last few years have been emblematic of the difficulty some of the older portions of the automobile industry are having adjusting to the increasingly mature, saturated and urban U.S. and global automobile markets. But Chrysler isn’t counting itself out yet. Repackaging the Chrysler structure as a smaller, lighter company is going well, […]
Although the first batch of Tesla Roadsters is already on sale - to the tune of 1,000 pre-orders - only four production cars have been built. But that hasn’t stopped Tesla from opening its first dealership in one of the busiest sections of Los Angeles. Built at a cost of $2 million, the […]
Chrysler CEO Bob Nardelli has repeated statements made by a number of CEOs from rival carmakers including Renault-Nissan’s Carlos Ghosn that the U.S. auto market is likely to slide even further and there’s no prediction of a recovering any time soon. Nardelli expects sales this year to drop below 15.5 million units, down from 16.1 […]
The former CFO of Chrysler and chief aide to Kirk Kerkorian and his Tracinda investment company, Jerry York, has given some insight about his thoughts on the current state of Ford and its subsidiaries. York, who met with Ford CEO Alan Mulally last month, thinks the Blue Oval chief will sell Volvo and Mercury but […]
As carmakers face stricter fuel-economy and emissions regulations, shifting demand to smaller and less profitable models and shrinking sales in key markets like Japan and the U.S., GM marketing chief Mark LaNeve says prices for new cars and crossovers will have to rise. This follows previous statements from GM vice chairman Bob Lutz that new […]
As fuel economy standards tighten and prices rise, more car makers are turning to forced-induction solutions to improve the efficiency of existing engines. Turbochargers are the most efficient way to do so, and Detroit firm BorgWarner sees rising demand in North America, Europe and China as its ticket to increased sales. A partnership with Ford […]
Bob Lutz, writing today on GM’s FastLane blog, discussed the Buick Invicta Concept (pictured) and its relation to the upcoming Buick LaCrosse production car. The GM CEO also gave a look into the future of GM’s model-sharing plans, focusing on differentiating cars that share platforms, rather than just badge-engineering them, as GM has […]
Rick Wagoner, General Motors’ CEO, has recently come out against United Nations research arguing that there is a link between biofuel production and a global rise in food prices, deriding the report as “shockingly misinformed.”
Perhaps GM’s own vested interest in the subject - not just in the form of its already hefty investment in […]
Concerns about rising fuel prices have spilled into the U.S. presidential election campaign with both Republican nominee John McCain and Democratic hopeful Hillary Clinton calling for a gas tax ‘holiday’ this summer. They want to see the current 18.4 cent per gallon tax on fuel lifted for the period between May-end and Labour Day.
Democratic rival […]
The auto industry spent a combined $70.3 million lobbying the U.S. government last year, setting a new record for the bill, which came in 19.6% higher than the previous year. The inflated level of spending was driven mostly by new CAFE regulations voted in over the past 12 months.
The finding was the result of […]
U.S. auto sales have been on the decline for the past 12 months and there’s no sign of a major upturn anytime soon. The market, which for years has been the world’s biggest in terms of auto sales, could soon be overtaken by Europe and possibly China and according to Renault-Nissan CEO Carlos Ghosn it […]
Despite the massive losses of early 2008 at GM and Chrysler, other firms, like Maserati and Ferrari are doing quite well - as is Volkswagen. The Volkswagen group’s Volkswagen brand generated a $718 million profit in the first quarter, despite essentially unchanged revenues compared to last year.
The boost comes from reducing costs, yielding an increase […]
Since Chrysler is under private control it has no obligation to release financial results but according to its former parent company, Daimler AG, its result for the 2007 financial year could be a loss of more than $6.8 billion. Daimler indicated that Chrysler lost roughly that amount in the last five months of 2007, however […]
GM today announced financial results for the first quarter of 2008, revealing a $3.3 billion loss over the period – down from a modest loss of just $42 million one year ago. Revenue for the first quarter was $42.7 billion, down slightly from $43.4 billion in the year-ago quarter. This was primarily due to lower […]
Over 40 reports of severe corrosion of Hyundai Sonata frames has prompted the U.S. National Highway Traffic and Safety Administration (NHTSA) to investigate the matter. The rust problem is reportedly so severe it is causing suspension failure and ‘fist-sized holes’ in the frame. The problem affects only the 1999-2002 model years (2008 model pictured is […]