Shares of major carmakers rallied on Thursday after better-than-expected sales in the United States and Europe encouraged hopes that a global auto market collapse could be nearing an end.
U.S. auto sales fell 37 percent in March, a smaller-than-expected drop that encouraged hope that the world's largest car market is nearing a bottom after a freefall that has pulled the industry into a deepening crisis.
U.S. auto sales fell 37 percent in March, a smaller-than-expected drop that encouraged hope the world's largest car market is nearing a bottom after a freefall that has pulled the industry into a deepening crisis.
The U.S. auto industry's March sales met or beat Wall Street's dismal expectations, sending a bit of light into a sector struggling to mimic the incentive-driven successes of their European rivals.
General Motors Corp on Wednesday reported a 45 percent decline in auto sales for March in the U.S. market, but the drop was broadly within expectations for the struggling automaker.
Ford Motor Co posted a 41 percent drop in U.S. sales in March from a year ago with declines across all its major vehicle segments as the industry continued to feel the impact from a deep recession.
The U.S. auto industry struggled to restructure and added deals to get buyers back into their showrooms, hoping to mimic the incentive-driven successes their European rivals started to see during March.
European car markets reported tentative shoots of recovery on Wednesday but Honda moved to further cut U.S. output as General Motors Corp faced a rising bankruptcy risk and Chrysler raced to secure its survival.
General Motors warned on Tuesday there was a rising chance it could file for bankruptcy by June as Fiat and Chrysler executives met in a race to complete a tie-up the U.S. government has said Chrysler needs to survive.
General Motors Corp and Ford Motor Co announced a new series of incentives covering payments if customers lose their jobs, joining rivals in offering heavy discounts to attract consumers sidelined by the recession.
Ford Motor Co introduced an incentive covering payments for up to a year if customers lose their jobs, joining rivals in offering heavy discounts to attract consumers sidelined by a deepening recession.
General Motors Corp, whose chief executive was forced out by the Obama administration on Sunday, and Chrysler LLC will each be given capital and time to accelerate their attempts to restructure and survive, according to a government aid plan set for release on Monday.
A U.S. congressman has asked the Obama autos task force to withhold further emergency aid to Chrysler until the automaker resolves a financial dispute with an Indiana county stemming from a failed plant project.
Electric car start-up Tesla Motors Inc unveiled its newest, cheapest vehicle on Thursday, a four-door sedan that can carry five adults and could travel up to 300 miles per charge.
Ford has moved a step closer to a sale of its loss-making Swedish brand, Volvo Car Corp, opening detailed discussions with potential buyers, it said in a message to Volvo employees on Wednesday.
Ford is holding detailed discussions with potential buyers of Volvo cars, and has been pleased by the number and quality of parties interested in the Swedish carmaker, a spokesman said on Wednesday.
Ford Motor Co Chief Executive Alan Mulally's total compensation fell 37 percent to $13.6 million last year and he received no bonus -- but he won't have to fly commercial.
Ford Motor Co Chief Executive Alan Mulally's total compensation fell 37.4 percent to $13.6 million in 2008 from the prior year as the automaker fought a downturn in auto sales, the company said on Tuesday.
Deep in the last stronghold of the struggling U.S. auto industry, Rosario Criscuolo says he owes the survival of his business to Toyota Motor Corp .
What a difference a year makes.
A healthcare agreement struck between Ford Motor Co and the United Auto Workers would not work for General Motors Corp , GM's chief executive said on Tuesday.
Advisers to bondholders of General Motors Corp said on Monday they have presented a framework plan to President Barack Obama's autos task force and the ailing No. 1 U.S. automaker that provides the company's best chance for an out-of-court restructuring.
