An Obama administration official who oversaw the restructuring of the auto industry says he’s encouraged that U.S. automakers are returning to profitability despite tough economic conditions. Get the full story »
Inside these posts: Detroit
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GM injects $4 billion cash into pension funds
General Motors said on Thursday that it made a $4 billion cash contribution to pension plans for its U.S.-based hourly and salaried workers. Get the full story »
U.S. auto market picks up speed in November
Though still far from robust, the U.S. auto market continued its slow recovery in November as consumers headed for showrooms, enticed by heavy month-end advertising.
General Motors Co. the first of the major automakers to report Wednesday, said that November sales rose 21% from a year earlier, to 168,704 vehicles, after factoring out the Pontiac, Hummer, Saturn and Saab brands it closed or sold as part of its bankruptcy reorganization last year.
Through the first 10 months of this year — prior to the reports of November sales — the industry has been averaging about an 11% gain. Get the full story »
GM says it expects 3Q earnings from $1.9B to $2.1B
General Motors Co. says it expects net income of $1.9 billion to $2.1 billion when it announces third-quarter results next week.
The earnings forecast was announced ahead of an expected filing with federal regulators giving details of the company’s initial public stock offering. Get the full story »
Ford, other automakers announce Michigan jobs
Michigan’s auto industry could get a boost — including the possibility of more than 2,000 additional jobs at the Detroit area’s biggest carmakers — from projects assisted with state tax incentives announced Tuesday.
Ford Motor Co., General Motors Corp. and Chrysler Group LLC were among the 16 companies with projects granted tax incentives by a state board.
It’s not clear exactly how many new jobs might be created directly at the companies awarded the tax incentives. But the new jobs could top 2,000 with the Detroit-area automakers alone, if all projects — including some in the early stages — materialize as planned. Get the full story »
Little Caesars owner to bid for Pistons
The owner of the Little Caesars Pizza chain and professional baseball and ice hockey teams said Monday he wants to buy the Detroit Pistons basketball team, confirming speculation since the team’s owner died last year.
Michael Ilitch, who lives in the Detroit area and owns the Detroit Tigers baseball team and Detroit Red Wings hockey team, said he wants to keep the National Basketball Association team from leaving Detroit. Get the full story »
