In a market where only about 10 million cars are expected to be sold annually - down from 16 million last year - every tenth of a percent of market share counts. That's why Board of Directors Chairman Ed Whitacre sees a strong need to act quickly to prevent further market share erosion. Despite the boost of the CARS 'cash for clunkers' scheme, GM saw its share of the marketplace drop from 20.5% to 18.9% in July, according to the Detroit News. To help turn that trend around, Whitacre is pushing to get every upcoming new model out to the public as early as possible, though exactly which models...
Hyundai tempts buyers with promise of a year of $1.49 gas
Last year's sudden surge in oil prices sent many car buyers - and the industry - into shock. Prices over $4 per gallon were outside most people's frame of reference. This year, in the weak economy, even fewer people are prepared to fork over more money for their fuel, and Hyundai has taken note. It...Ralph Hanson
Ford's image improves by staying above the fray, says study
It wasn't so long ago that people were deriding Ford for mortgaging the Blue Oval itself, key investors were dumping shares into the open market and the company was forced to sell off its stake in Mazda. But now a study is saying things have turned around, with Ford's image improving in relation to...Nelson Ireson
Kia considering brand-wide name changes
Getting young people to buy cars is tougher than it sounds. Fashion, mode and politics all play a role in addition to the classical considerations for car buying: price, features and performance. But Kia is determined to grow its business with younger buyers, as its current 52-year-old average...Nelson Ireson
Over 40% of cars built in North America built by foreign companies
In January we brought you news of Toyota's predicted surpassing of Chrysler in North American output in 2009, and nearly two years ago we reported on the Detroit 3 slipping below 50% market share in the U.S. Now the trend continues, with the Detroit 3's North American car output slipping below 60%...Nelson Ireson
Audi's A4 outsells all other premium sedans in Germany
Though overall sales figures have slumped through the end of 2008 and start of 2009, there are occasional bright patches of news as carmakers grab market share from long-time competitors or reach individual sales records. Audi has done just that, beating BMW's 3-series and Mercedes-Benz's C-Class...Nelson Ireson
Yesterday the U.S. Treasury announced it would be backing GMAC with $6 billion in total funding, and today both the car finance company and General Motors, which gets 85% of its customer loans from GMAC, announced a wave of new incentives and programs to drive up sales. GMAC announced it would be dropping its minimum credit rating floor from 700 points to 620 points, which is about the national average. The previous 700-point floor was hurting dealers who couldn't find financing for many of their potential customers, according to Mark LaNeve, GM's vice president of sales and marketing. "The...