Ford Motor Co posted a narrower-than-expected quarterly loss on Thursday and said it was nearing a deal to spin off British luxury brands Jaguar and Land Rover. Shares of Ford rose almost 5 percent in pre-market trading. Ford said it expects to conclude a deal to sell Jaguar and Land Rover by early next year.
Ballard Power Systems, the Vancouver producer of hydrogen fuel cells, said it agreed to sell its automotive-fuel-cell business to Daimler AG of Germany and Ford Motor Co. of Dearborn, Mich. As payment, Ballard will receive the 34.3 million of its shares that Daimler and Ford hold.
General Motors Corp posted its largest quarterly net loss on Wednesday, reflecting a $39-billion charge related to unclaimed tax credits and a loss at its former finance subsidiary GMAC. The largest U.S. automaker posted a third-quarter net loss of $39 billion, or $68.85 per share, compared with a loss of $147 million, or 26 cents per share a year earlier.
Toyota Motor Corp, the world's most profitable automaker, posted a 2.7 percent rise in quarterly operating profit thanks to a weaker yen, stronger sales and cost cuts and nudged up its full-year forecasts.
General Motors Corp said on Tuesday it would book a $39 billion non-cash charge in the third quarter, reflecting the risk of a slower turnaround that could keep it from claiming expected future tax credits in key markets.
Mazda Motor Corp., the Japanese affiliate of Ford Motor Co., announced on Friday that its July-September period net profit soared 29 percent to 26.6 billion yen due to strong sales overseas.
Negotiators for Ford Motor Co and the United Auto Workers talked into Friday morning as the two sides closed in on a labor deal that would cap a historic round of bargaining between the union and the embattled U.S. auto industry.
Mazda Motor Corp posted a 1.5 percent rise in quarterly operating profit as a weaker yen, cost cuts and sales growth offset a cutback in shipments to North America, and kept its full-year profit forecast unchanged.
Chrysler LLC and Ford Motor Co on Thursday reported double-digit drops in October sales, lagging rivals in a slumping U.S. market widely expected to remain under pressure into next year. Chrysler, which also announced plans to slash one-fifth of its factory work force and cut four slow-selling models, posted a 12 percent drop in monthly sales that was deeper than analysts had forecast.
U.S. auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the U.S. housing market, analysts said.
Contract talks between Ford Motor Co and the United Auto Workers union broke off in the early hours of Wednesday morning after a marathon session that began Tuesday morning, a source familiar with the talks said.
Workers represented by the United Auto Workers ratified a four-year contract with automaker Chrysler LLC, the union said on Saturday, capping a close-fought battle that had threatened to scuttle the labor pact.
Ford Motor Co (F.N) and the United Auto Workers union have agreed on the broad terms of a new round of buyouts that would slash thousands of jobs under the terms of a new contract, people familiar with the ongoing talks said.
Every car from Toyota is no longer automatically recommended, according to a new reliability study.
Ford Motor Co Chief Executive Alan Mulally said on Monday he is pleased with the breadth and depth of interest in Ford's British luxury brands Jaguar and Land Rover.
General Motors Corp said on Monday it will shift $16 billion from an existing trust fund to a new entity that will take over $47 billion in health-care obligations for some 270,000 union-represented retirees.
Ford Motor Co, considered the weakest of the three U.S.-based automakers, could agree on a new contract with the United Auto Workers union fairly quickly and without the strikes that marked negotiations with General Motors Corp and Chrysler LLC, analysts said on Thursday.
Negotiators from Chrysler LLC and the United Auto Workers were set to resume contract talks on Monday after the union set a deadline for wrapping up negotiations this week. The struggling No. 3 U.S. automaker has been given a 72-hour strike notice by the UAW as they negotiate a new labor agreement, a person familiar with the talks said on Monday.
General Motors Corp gained ground against rivals in September with a 4 percent U.S. sales increase while Ford Motor Co sales plunged 18 percent and Toyota Motor Corp sales were off 1 percent for a third monthly decline. Overall, sales steadied in September, bucking Wall Street expectations for a decline.
Ford Motor Co. Chief Executive Alan Mulally said on Monday that the No. 2 U.S. automaker was keeping its target to return to the black by 2009, although the world economy might be hurt by the U.S. mortgage crisis.
Four firms remain in the race to buy Ford's European luxury brands Jaguar and Land Rover after India's Mahindra & Mahindra and vulture fund Cerberus pulled out, people familiar with the matter said on Monday.
Ford Motor Co may accelerate cost cutting if a slowing U.S. economy puts the auto maker at risk of missing key financial goals in 2008 and 2009, the Wall Street Journal reported in its online edition on Tuesday, citing an interview with an executive.
