Just as the assembly lines making them prepared for a five-week shutdown due to slack demand, General Motors Co's Chevrolet Volt and Ampera plug-in electric hybrid cars were named European Car of the Year at the Geneva Auto Show.
General Motors Co. saw a 30.4 percent year-over-year jump in sales of passenger cars in China in February, a record-setting month for the United States automaker. Sales rose primarily due to the absence of the Lunar New Year holiday, which fell at the beginning of the month last year.
French auto manufacturer PSA Peugeot Citroën SA will sell shares at a 42 percent discount as part of a €1 billion ($1.32 billion) capital increase the company is seeking, as it confirms an alliance with U.S. automaker General Motors Co, reports say.
Wall Street was set to open lower on Tuesday on renewed concerns that Greece and private bondholders may not meet a looming deadline to complete a debt swap and as caution grew over the global economic outlook after recent weak data.
Amid rising gas prices and increasing demand for alternative sources of energy, automakers in the United States are turning to natural gas to power new pickup trucks.
General Motors has halted production of its Chevrolet Volt electric car in the face of missed sales goals in 2011 and the early months of 2012, sources report. Production will be halted from March 19 to April 23, and 1,300 employees at its Detroit-Hamtramck factory will be temporarily laid off.
The auto sales in the U.S. picked up to the fastest rate in four years strengthened by the climb in sales of fuel-efficient vehicles as gasoline prices continued to surge.
U.S. auto sales rose nearly 16 percent in February and the annual sales rate leapt to its best level in four years, helped by a surprising sales gain by General Motors Co and strong results from Chrysler Group LLC and Ford Motor Co .
Sales of General Motors Co.'s Chevrolet Volt rallied back in February from early-year lows, as the company sold more than 1,000 units of its hybrid electric plug-in vehicle last month.
A surprising sales gain by General Motors Co and strong performances by Ford Motor Co and others helped put U.S. February auto sales on track for their highest annual sales rate in nearly four years.
Ford Motor Co. could lose between $500 million and $600 million in Europe this year, another inclination of automakers struggles in a region plighted by an ongoing debt crisis and crawling with competition.
New car sales grew at a better than expected pace, continuing automakers' steady revival in 2011 and the early months of 2012 and forcing many analysts to revise year-long sales forecasts above a benchmark 14 million mark.
Major automakers including General Motors Co posted a rise in auto sales for the month of February, helped by American drivers' need to replace aging cars and trucks despite the rise in fuel prices.
Futures on major U.S. stock indices point to a higher opening Thursday ahead of a wave of economic data including ISM manufacturing index and key weekly jobless claims.
General Motors Co. said Wednesday that the company has entered into a long-term and broad-scale alliance with French automaker PSA Peugeot Citreon to share vehicle platforms, components and modules and jointly purchase goods and services from suppliers. As part of the agreement, GM will purchase a 7 percent stake in Peugeot.
PSA Peugeot Citroen has agreed to form an alliance with General Motors targeting $2 billion in savings, sources with knowledge of the discussions said on Wednesday.
French car maker PSA Peugeot Citroen's alliance talks with General Motors may yet fail as the U.S. automaker hesitates over criticism from investors, a source with knowledge of the discussions said.
President Barack Obama on Tuesday hit Republican presidential challengers hard during a speech at the United Auto Workers conference in Washington, most notably lashing out at former Massachusetts Gov. Mitt Romney for his views on the auto bailout.
General Motors Co. will take up to a 7 percent stake in France's PSA Peugeot Citroen as the two automakers discuss an engineering and development partnership to boost both of their struggling European operations.
Seventy-five years ago, Mopar began as a name for an antifreeze product. That antifreeze brand has grown into the global automobile parts and service arm of Chrysler Group LLC, and its latest announcement further expands its global footprint.
First, Mitt Romney gaffed in admitting he was not worried about the very poor. Then, he admitted he only paid about a 15 percent tax rate. Now, his ad-libbing in Detroit led him to a flub about his wife Ann's Cadillacs.
Some descriptions of Mitt Romney's auto bailout position from former Obama car czar Steven Rattner: dead wrong, utter fantasy, has delusions, and hasn't felt a need to be consistent.
