Honda Posts First Quarterly Loss in 15 Years
For the quarter ending March 31, Honda Motor Co. posted a loss, the company's first in 15 years, but still managed a profit for the entire fiscal year and projects profits for the new accounting year that opened on April 1.
Chrysler, UAW Reach Tentative Agreement
Late on Monday April 27, United Auto Workers leaders approved an agreement with Chrysler LLC that would reduce the troubled automaker's cash payments into the union retiree health-care trust in exchange for a 55% stake in the company's planned partnership with Fiat.
Ford Posts Loss But Slows Cash Burn
The Ford Motor Co. went through $3.7 billion in cash for the first quarter of 2009, posting its fourth quarterly loss in a row, but the company, still operating without federal loans, is slowing its cash burn.
AutoNation Posts Profit Amid Industry Slump
Although light vehicle sales in the United States are at 25-year lows, the largest dealership group in the country, AutoNation Inc., posted a first-quarter net income of $34.6 million.
GM's Henderson Says No Bankruptcy Decision Made Yet
In a morning teleconference with journalists reported by Automotive News Fritz Henderson, newly appointed General Motors CEO, said no decision has been reached about a filing for bankruptcy protection although preparations are being made should that move become necessary.
Pontiac and GMC May Fall to Cost Cutting Ax
As General Motors faces a June 1 deadline to restructure under federal oversight, the company may ditch its GMC and Pontiac , brands to achieve deeper cost cuts, according to a report by Bloomberg on Wednesday, April 15.
Mini Cars Perform Poorly in Front Crash Testings
The Insurance Institute for Highway Safety reports that minicars made by Toyota , Honda, and Daimler AG all performed poorly on frontal crash tests with mid-sized automobiles, collapsing on impact into the space around the driver.
GM Bondholders Protesting Potential Bankruptcy
According to a report in the Wall Street Journal , General Motors' bondholders are drawing up legal arguments against the company's bankruptcy plan that would divide GM into "good" and "bad" halves.
Government to Make Largest Fleet Purchase in History
In a statement issued by the White House on Friday, April 10, the government revealed its intent to purchase 17,600 fuel-efficient vehicles from the Detroit Bit Three by June 1, including 2,500 hybrid sedans by April 15, adding further stimulus to the automotive sector while cutting federal gasoline consumption by 1.3 million gallons annually.
Three Bidders Vie for Hummer
Although GM has not commented on the report, Automotive News cited "two sources with knowledge of the matter" who said on Wednesday, April 8 that three bidders remain in contention to purchase General Motors' Hummer , line with offers ranging from $100 million to $200 million in cash and other commitments.
Treasury Announces Aid to Suppliers
The U.S. Treasury Department has announced supplier support programs backed by government funds for both Chrysler LLC and General Motors that will guarantee receivables owed for any goods shipped after March 19.
GM, Segway Partner to Build PUMA
General Motors has announced a partnership with the trendy, personal transport company Segway to build a two-wheeled vehicle designed to relieve congested urban conditions.
Ford Brings Debt Down by $9.9 Billion
The Ford Motor Co. has announced financial moves that have successfully reduced its debt by 38 percent or approximately $9.9 billion. The company's annual expenses for cash interest will fall by more than $500 million.
Splitting up GM into Good and Bad
In an interview for Automotive News by Jamie Lareau, General Motors Chairman Kent Kresa said he believes the company can restructure successfully without a bankruptcy.
GM Seeks Federal Loans for Volt Spin-Offs
In an update of its business plan, General Motors is asking the federal government for low interest loans totaling $2.6 billion to develop three new hybrid vehicles , .