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Most automakers saw their U.S. sales drop from May to June, a sign that this year’s slow recovery in the industry may be stalling.
Americans are delaying big-ticket purchases because they’re worried about their jobs in a period of high unemployment. Nervous consumers could mean a tough summer for automakers, which hope to improve sales after a dismal 2009. Get the full story »
Toyota Motor Corp by Thursday morning had not yet alerted U.S. safety regulators of a recall of one Toyota and seven Lexus models for possible engine stalling while driving, a federal safety official said.
Toyota officials in Tokyo earlier on Thursday said the world’s top automaker was considering “some kind of measure” that may include the recall of 270,000 vehicles worldwide. Get the full story »
Toyota Motor Corp. is considering a recall of the Lexus LS460, its top-of-the-line sedan, because of concerns that the engine may stall, The Nikkei reports in its Thursday morning edition.
Tens of thousands of units would be covered in a worldwide recall. The LS460, which has a 4.6-liter engine, debuted in 2006 and went through a partial remodeling last fall. Get the full story »
Ford Motor Co., the only Detroit automaker to avoid bankruptcy protection, said Wednesday it will reduce its huge debt by another $4 billion as it continues to show signs of financial strength. The Dearborn, Mich., automaker will pay $3.8 billion in cash to a United Auto Workers trust fund that pays retiree health care bills, and it will pay out $255 million in dividends on preferred securities that had been deferred as the automaker worked its way through financial troubles.
Shares of Tesla Motors Inc. climbed in their trading debut after the electric car maker’s expanded initial public offering raised more money than expected.
Tesla’s performance was a feat in a sour market that has forced many companies looking to raise funds through IPOs to accept lower prices to get deals done. Get the full story »
From Automotive News | Lotus Cars reportedly has talked to former GM product chief Bob Lutz and retired BMW executive Tom Purves about advising on its five-year plan.
Toyota Motor Co. is recalling and temporarily halting sales of its 2010 Lexus HS250h gasoline-electric hybrid due to a potential fuel leak problem, the company said on Friday.
In a letter to the National Highway Traffic Safety Administration, Toyota said the recall and stop-sale order affected approximately 17,000 sedans that have been manufactured for sale in the United States. Get the full story »
A bankruptcy court judge has cleared the way for auto parts supplier Visteon Corp. to begin soliciting votes on its proposed reorganization plan.
The judge in Delaware approved documents describing the Michigan company’s proposed reorganization plan and the process for creditors to vote on it. Get the full story »
The new head of the United Auto Workers Wednesday provided an early glimpse of the campaign he plans to wage to unionize the U.S. plants of Asian automakers like Toyota Motor Corp. In an interview with Reuters, Bob King, who vowed to “pound Toyota” when he was elected UAW president last week, said theeffort will involve a big public relations component and not rely solely on the old-fashioned organizing pushes that have proved so unsuccessful with the transplants in the past. Get the full story »
General Motors Co is planning to file a statement outlining its plan for a public offering of its stock in July for a listing that could raise up to $20 billion, a person with knowledge of the preparations said Wednesday.
In addition, GM is in talks with JPMorgan Chase and Wells Fargo on deals aimed at providing improved access to consumers for auto loans at its U.S. dealerships, two people with knowledge of those talks said. Get the full story »
General Motors Co. is looking to boost auto sales by lining up banks and other financial institutions to make loans and lease deals for buyers with poor credit.
The talks lessen the likelihood of GM trying to buy the auto finance business from Ally Financial Inc., its main lender. They also make it less likely that GM would start its own auto financing unit. Get the full story »
Cadillac it will offer buyers of 2011 vehicles free regular service for four years after purchase or for the first 50,000 miles.
The Cadillac Premium Care Maintenance program covers oil changes, tire rotations, filter changes and vehicle inspections. The first 2011 Cadillacs arrive at dealerships in late summer.
The move by Cadillac, which is owned by General Motors, follows a similar program announced last week by Ford for its Lincoln brand.
Ford Motor Co. is counting on a leaner and greener makeover of its Explorer to find new buyers for a once hot-selling sport utility vehicle that powered the automaker’s profits a decade ago. Get the full story »
Ford Motor Co. (F) will provide free maintenance for customers who purchase or lease new Lincoln vehicles this summer, an offer that comes on the heels of the automaker’s announcement that it will expand the brand’s lineup.
The offer covers 2010 and 2011 Lincolns purchased in the U.S. Get the full story »
Associated Press | U.S. automakers have surpassed imported brands
for the first time in a survey that measures the quality of new cars
and trucks.
J.D. Power and Associates said Thursday that owners of domestic cars
reported fewer problems on average in the first 90 days of ownership
than foreign cars and trucks.
