sales
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Saab's slowing sales and delayed models from parent company GM have previously sparked rumors that the Swedish brand could be sold off by General Motors to raise some much needed cash for its operations. Today, GM's CEO, Rick Wagoner, said that the General is not looking to sell any of its brands except for the ailing Hummer brand. GM's cash flow struggles have seen the company itself predict that it will run out of cash in the first half of next year, however despite these liquidity problems, Wagoner emphasized that the company has "assets" that they are "looking at selling, but not brands"...
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GM announces $2.5 billion Q3 loss, may run out of cash by mid-2009Trading of General Motors stocks halted at 11:04am EST this morning in anticipation of a major announcement concerning the company's financial situation. The substance of that announcement revealed that high fuel prices, slumping sales and a tough finance market have led to a net loss of $2.5...
Nelson Ireson -
Toyota slashes earnings forecast
Following Toyota’s official announcement back in August that it was reducing its global sales target for 2009 by 700,000 vehicles comes a new report that claims the industry juggernaut has cut its annual earnings forecast to less than a third of what it was the previous fiscal year. The new...
Jeremy Weber -
6,000 Camaros on order, 84% V8 SS models
The muscle-car revival that had seemed so wrong-headed just a few months ago may have gotten at least a temporary reprieve with the fuel price drop of the past several weeks, but the orders for the Camaro reflect an apparent disregard for the issue altogether, with 84% of the 6,000 cars ordered so...
Nelson Ireson -
Report: BMW and Ford discussing Volvo sale
A report over the weekend has linked talks between BMW and Ford to a potential sale of the Volvo brand. Despite consistent denials by Ford that it is shopping Volvo around, the rumors of such talks continue to crop up every few months. The strain of the current weak economy could be raising the...
Ralph Hanson -
Cerberus won't split Chrysler up, wants single buyer
Talk of General Motors purchasing or merging with Chrysler, sale to a third party or other speculation has been refined somewhat by Cerberus' statement today that it is trying to find a single buyer for Chrysler. The ideal situation for Cerberus would be a merger with GM, stake in the combined...
Nelson Ireson -
The downturn in vehicle sales around the world is affecting nearly every carmaker in some way or another, but not equally in each market. Volkswagen, for example, has been on a four-year downturn in the U.S., with 2008 merely marking a particularly rough spot. But the company is working to turn that around, planning the launch of several new models and aiming for the 'sweet spots' of the U.S. market. A full five new models will hit the U.S. over the next several years, including an all-new sedan that remains cloaked in secrecy, reports The Detroit News. The German makers of the people's car...
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U.S. auto industry sales follow credit availability to new lows
There were no winners in September's sales totals, with every major manufacturer in the market down against the same month last year. The tale is as much one of the U.S. economy and the finance industry's condition as it is of the carmakers', but the effect it will have on bottom lines and future...
Nelson Ireson
