Ford has announced profits of almost $1bn (£611m) between July and September thanks to increased market share and a successful cost-cutting programme.
Pre-tax profit for the quarter came in at $997m, compared with a loss of $161m a year earlier. Revenue was $30.9bn, down $800m on a year ago.
The US carmaker said it was making "tremendous progress despite the slump in the global economy".
It also said it expected to be "solidly profitable" during 2011.Ford has announced profits of almost $1bn (£611m) between July and September thanks... more
The Oxen Picks report is recommending a healthcare stock in the wake of Humana’s earnings and is short selling a car seller that seems to have moved too high in the morning.The Oxen Picks report is recommending a healthcare stock in the wake of Humana’s... more
DETROIT -- Ford Motor Co. returned to profitability in its second quarter and slowed its cash burn amid speculation that it may issue more equity to reduce its debt.
The auto maker reported a net income of $2.3 billion or 69 cents a share, compared with a loss of $8.67 billion, or $3.89 a share, for the same period a year earlier. The company burned through about $1 billion in cash during the quarter as it controlled incentive spending around ...DETROIT -- Ford Motor Co. returned to profitability in its second quarter and slowed... more
GM now has 219 new CEOs to tell it how to run its business. Good luck making decisions now, boys.GM now has 219 new CEOs to tell it how to run its business. Good luck making decisions... more
With the recent news of car dealerships forced to close, WHACKO-TV traveled to QUICKSAND, KY to talk to one dealership that has been around for 75 years. Wolf Douglas' new News show, NEWS CHUNKS, proves to be the best way for those on the go to get the news in bite size portions they can regurgitate to their friends around the water cooler.With the recent news of car dealerships forced to close, WHACKO-TV traveled to... more
This is a bland 4 door sedan, but intentionally so. It's aimed right at heart of the masses. It's the anti-Tesla.
It will cost $45,000 pre-tax breaks, and will get 100 miles per charge. It will take 6 hours to charge, which means in 2 hours it will be good for 40 miles. Says Miles CEO, Kevin Czinger, 100 miles will cover 90% of the drivers needs.This is a bland 4 door sedan, but intentionally so. It's aimed right at heart of the... more
TOKYO — Toyota rolled out the revamped Prius on Monday, and said it already had 80,000 advance orders in Japan for the remodeled hybrid amid intensifying competition with Honda's rival offering, the Insight.
The world's largest automaker said it aims to sell up to 400,000 units globally a year of the car.
"We are resting the future of cars in this model," said incoming president Akio Toyoda, the grandson of the company's founder, who drove the new model onto a stage at a packed Tokyo showroom.TOKYO — Toyota rolled out the revamped Prius on Monday, and said it already had... more
Fiat Group SpA confirmed Sunday that it is in talks to buy most of General Motors Corp.'s European operations, taking another step toward creating a global automotive powerhouse.
Fiat also said it is evaluating the possible spinoff of its auto business to form the core of a new company.
Fiat Group Automobiles includes the Fiat, Alfa Romeo and Ferrari brands. In addition, Fiat is in the process of acquiring U.S. automaker Chrysler LLC without putting up any cash.
The new auto company, which according to Fiat would have $105 billion in annual revenue, would put the Italian automaker in markets where it has little or no presence, including North America, traditionally the largest market in the world.
"They're going to be a global powerhouse, I guess. Who would have thought?" asked Erich Merkle, an independent auto industry analyst in Grand Rapids, Mich. "They seem to be on a buying binge right now, looking for cheap and distressed assets like Chrysler and Opel."
The Chrysler deal, which must still be approved by a U.S. bankruptcy court, would be in exchange for giving Chrysler access to Fiat's small-car and engine technology. Chrysler cars and trucks also would be sold by Fiat through its global distribution network.
The deals would make Fiat a big global player, but that might not be the best thing for the Italian automaker, which might be overreaching with the acquisitions, said Merkle.
"This is a lot to take on, quite honestly," Merkle said. "When you start looking at Chrysler, it'll make them a very large automaker, but we've seen that large isn't necessarily indicative of success."Fiat Group SpA confirmed Sunday that it is in talks to buy most of General Motors... more
US automaker General Motors and scooter maker Segway announced Tuesday they were working together to build a new two-wheeled, two-seat electric vehicle for city use.
Dubbed Puma (Personal Urban Mobility and Accessibility), the vehicle would be powered by lithium-ion batteries and feature a wireless communications network allowing users to avoid traffic and prevent crashes, the companies said in a statement.
The prototype is designed to reach speeds of up to 35 miles (56 kilometers) per hour and travel up to 35 miles between recharges. But the groups did not say when the two-wheeler would hit the roads or how much it would cost.
"Imagine small, nimble electric vehicles that know where other moving objects are and avoid running into them," said GM vice president of research and development Larry Burns.
"Now, connect those vehicles in an Internet-like web and you can greatly enhance the ability of people to move through cities, find places to park and connect to their social and business networks."
Segway president and CEO Jim Norrod said the project would "demonstrate a dramatically different approach to urban mobility."
Embattled GM, which has already received 13.4 billion dollars in federal bailout funds, is under pressure from the government to develop more environmentally conscious technology less dependent on oil.US automaker General Motors and scooter maker Segway announced Tuesday they were... more
Tensions exploded Tuesday when down-on-their-luck employees of Wayland Chevrolet in Michigan began brawling.
The fight broke out hours after the employees discovered the dealership was closing and they would be out of jobs.
Local television station WWMT News Channel 3 caught the fight on camera; they later called cops after being harassed by one of those involved in the fight. It was the second time cops had been called to the scene because of violence, the police told the station.Tensions exploded Tuesday when down-on-their-luck employees of Wayland Chevrolet in... more
“Pure Detroit” is a short film by Ivan George with gorgeous cinematography, but also one which confronts the viewer with dramatic images of the effects that rapid economic and social change can have upon urban life. The impact of the film has been described as somewhere between heaven, hell and quiet meditation. While “Pure Detroit” is a beautiful visual mood piece, it’s also incredibly sad. The film reveals so much about the rapid changes we’re encountering in our world right now, how the old things gets broken much faster than new things are put in their place. “Pure Detroit” serves as a powerful reminder of what the old things breaking down can be like for so many of us.
This piece includes a number of dramatic photographs and the short film, “Pure Detroit.”“Pure Detroit” is a short film by Ivan George with gorgeous cinematography, but... more
General Motors Corp. said in a government filing Thursday that its accounting firm has found there is "substantial doubt" about the automaker's ability to survive.
The embattled automaker made the disclosure in a 480-page filing with the Securities & Exchange Commission.
GM has sustained large and continuing losses, while saying it needs additional federal loans to remain in business. Thursday's statement from the company's auditors presents another hurdle the automaker will have to clear as it makes the case that it deserve additional taxpayer support going forward.
The Obama administration, under the terms of the $13.4 billion in federal loans GM has already requested, must determine that the company's plans make it viable in the long run.General Motors Corp. said in a government filing Thursday that its accounting firm has... more
Ford Motor Co. said Thursday it lost $5.9 billion in the fourth quarter and burned through $5.5 billion in cash as sales slumped, but the company still says it does not plan to seek federal loans.Ford Motor Co. said Thursday it lost $5.9 billion in the fourth quarter and burned... more
The price of fuel has fallen to the point that it's no longer financially ruinous to fill the tank on a full-size pickup, so looks like truck sales will eclipse cars in December.The price of fuel has fallen to the point that it's no longer financially ruinous to... more
"How many times do we have to see this play before we admit that it always ends the same way?
Which play? The one where gasoline prices go up, pressure rises for more fuel-efficient cars, then gasoline prices fall and the pressure for low-mileage vehicles vanishes, consumers stop buying those cars, the oil producers celebrate, we remain addicted to oil and prices gradually go up again, petro-dictators get rich, we lose. I’ve already seen this play three times in my life. Trust me: It always ends the same way — badly.
The two most important rules about energy innovation are: 1) Price matters — when prices go up people change their habits. 2) You need a systemic approach. It makes no sense for Congress to pump $13.4 billion into bailing out Detroit — and demand that the auto companies use this cash to make more fuel-efficient cars — and then do nothing to shape consumer behavior with a gas tax so more Americans will want to buy those cars. As long as gas is cheap, people will go out and buy used S.U.V.’s and Hummers."
You can read the full article "Win, Win, Win, Win, Win ..." by Thomas L. Friedman at "The New York Times" link. I think that he is one hundred percent right and that the United States will not become more energy efficient until it enacts a substantial tax on gasoline. ... However, will that ever happen?"The New York Times"
Thomas L. Friedman
"How many times do we have to see this... more
Toyota said today it was on course to record its first operating loss in more than 70 years after a surging yen and dramatic fall in exports battered profits at Japan's biggest carmaker.
The firm said it expected losses through to the end of next March to total ¥150bn (£1.1bn), a massive decline on its previous forecast of a ¥600bn operating profit.
Toyota, once a byword for opulence in corporate Japan, is now expected to barely break even, slashing its net income forecast by 90% to ¥50bn.Toyota said today it was on course to record its first operating loss in more than 70... more
Cheney not sure if bin Laden is alive. Also, says problems with auto industry fall to Obama.
All of President Bush's actions during his years as a wartime leader were done with full legal authority, Vice President Dick Cheney said on Fox News Sunday.
Asked by Chris Wallace if it's legal when the president makes a decision to help the country when it's fighting a war, Cheney said, "As a general proposition, I'd say yes."
"You need to be more specific than that, but clearly when you take the oath to support, protect and defend the Constitution of the United States from all enemies foreign and domestic, there's no question about what your responsibilities are in that regard," Cheney said.Cheney not sure if bin Laden is alive. Also, says problems with auto industry fall to... more
As of the New Year, taxpayers will pretty much own General Motors, as well as Chrysler until that automaker is stripped or its assets flipped into profits. That’s because the market value of the two companies is less than the total amount the government is lending them to stay afloat, and because taxpayers are getting stock warrants in the companies equal to 20% of the loans.
Here's 10 things the taxpayer should know about the US auto industry.As of the New Year, taxpayers will pretty much own General Motors, as well as Chrysler... more
The US president, George Bush, handed General Motors and Chrysler a lifeline today by giving the struggling car manufacturers $17.4bn in short-term loans.
However, the White House warned that the former industrial giants would be forced into bankruptcy by 31 March if they did not produce viable restructuring plans over that period. The Detroit-based companies were forced to turn to the president for a cash injection after the Senate rejected a bail-out plan at the beginning of the month.Taxpayer dollars down the tube.
The US president, George Bush, handed General... more
The taxpayer is bled to fund government initiatives to, supposedly, help the public. Take away this corporate welfare, the free market will decide the real value of automobiles and every other good and service.
Obviously, automakers, and other industries are not finding the US market profitable.The taxpayer is bled to fund government initiatives to, supposedly, help the public.... more
