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Automotive News |
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Yahoo! News: Business - Automotive
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Business - Automotive
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S&P downgrades Detroit bonds to junk status
(Reuters)
 Reuters - Detroit, a city already struggling due to the depressed auto industry, was hit with another blow on Tuesday when Standard & Poor's Ratings Services downgraded the city's general obligation ratings to junk status, citing ongoing financial deterioration.
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U.S., European data grim
(Reuters)
 Reuters - Dismal economic data from the United States and Europe pointed to further pain for the world's two largest economies, while aluminum maker Alcoa Inc plans to slash thousands of jobs and curtail operations to conserve cash in a deepening recession.
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German car exports down 22 pct in December
(AP)
AP - German auto makers exported 22 percent fewer cars in December than a year earlier, with production down by the same amount, the country's main industry group said Tuesday.
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Toyota orders 11-day output halt as sales slump
(Reuters)
 Reuters - Toyota Motor Corp (7203.T) is to halt production at its Japanese plants for 11 days in February and March as a sharp slide in U.S. sales has left dealers' lots full of unsold cars.
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US auto sales drop in 2008, recovery unclear
(AP)
 AP - After a year in which U.S. auto sales tumbled 18 percent and GM had its worst year in nearly a half-century amid slack demand fueled by a terrible economic outlook and growing job worries, automakers are reluctant to predict when a recovery might occur.
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Renault orders boosted by French car scheme
(AP)
AP - Orders for Renault cars were boosted in December by a government-sponsored euro1,000 bonus for French consumers who trade in old cars for new lower-emission models, a top executive at the automaker said Tuesday.
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Can Eaton Outrun the Recession?
(BusinessWeek Online)
BusinessWeek Online - While the bailout of the auto industry garners most of the headlines these days, the woes of the U.S. manufacturing sector extend far beyond Detroit.
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For Car Companies, It Was a Year to Forget
(BusinessWeek Online)
BusinessWeek Online - General Motors closed out its centennial year having to ask the U.S. taxpayers for loans to survive. Chrysler closed out its first full year owned by a private equity firm by hiring bankruptcy lawyers. And Toyota's miserable U.S. performance led the Japanese company to project its first worldwide operating loss since the end of World War II, and to the likely ouster of its chief executive.
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Volkswagen shares gain as Porsche gets majority
(Reuters)
 Reuters - Shares in Volkswagen traded higher on Tuesday, pacing European auto stocks, following news late on Monday that Porsche SE (PSHG_p.DE) raised its voting stake in the world's third-largest carmaker to a majority.
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GM says China '08 sales up 6 pct but growth slows
(AP)
 AP - General Motors Corp. said Tuesday its sales in China rose 6 percent to 1.09 million vehicles in 2008, but growth slowed as consumers held back amid an economic downturn.
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Toyota to suspend production for 11 days in Japan
(AP)
 AP - Toyota is suspending production at all 12 of its Japan plants for 11 days over February and March, a stoppage of unprecedented scale for the nation's top automaker as it grapples with shrinking global demand.
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Toyota to shut production plants for 11 days
(AFP)
 AFP - Toyota Motor Corp. said Tuesday that it would suspend production at all of its domestic plants for 11 days in February and March in response to a slump in sales.
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GM says 2008 China sales growth slowed to 6.1 percent
(AFP)
 AFP - US auto giant General Motors said Monday its sales growth in China slowed to 6.1 percent in 2008, less than a third of the rate seen the previous year as the economic slowdown affected demand.
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US auto sales crash as 2008 hits lowest level since 1992
(AFP)
 AFP - US auto sales crashed again in December as the industry posted its worst year since 1992 and the Detroit Three saw their annual market share slip beneath 50 percent for the first time, industry data showed Monday.
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Car sales plunge heralding bleak 2009
(Reuters)
 Reuters - U.S. auto sales plunged by 36 percent in December led by outsized declines at Chrysler LLC, Hyundai Motor (005380.KS) and Toyota Motor Corp(7203.T) as the battered industry closed out its weakest year since 1992 in its largest single market.
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Automakers' U.S. Sales Tumbled In Dec.; Chrysler Hit Hardest, With 53% Plunge
(Investor's Business Daily)
Investor's Business Daily - Chrysler's U.S. sales plunged 53% from a year earlier in December and other top automakers' sales shrank more than 30%, as the industry finished off its worst year since 1992 on a low point.
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Toyota's US sales down 37 percent in Dec, 16 percent in 2008
(AFP)
 AFP - Toyota Motor reported Monday a 37 percent drop in US sales in December, which helped drag 2008 sales down 16 percent to 2.2 million vehicles.
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Chrysler sales plummet 53 percent
(AP)
AP - Chrysler says its December U.S. sales plunged 53 percent, blaming a tough economy with driving customers from showrooms.
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GM's US sales fall 31 percent in Dec, 23 percent in 2008
(AFP)
 AFP - General Motors posted Monday a 31 percent drop in December US sales which helped pull 2008 sales down 23 percent to just under three million vehicles.
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Subaru posts 2008 sales increase in US
(AP)
AP - Subaru said Monday its U.S. sales crept higher in 2008 on strong demand for Forester and Impreza models. The Japanese company is the only major automaker so far to post an increase in yearly sales.
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