Auto Industry In Turmoil
General Motors Co. says it has signed an agreement to sell control of its iconic Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. That company will acquire 80 percent of the brand, trademarks and trade names plus intellectual property rights needed to build Hummer vehicles. The remaining 20 percent will go to a private entrepreneur.
Ford CEO says the company will sell small, medium and large cars, utilities and trucks.
July 31, 2009 The White House says it's reviewing options for keeping the "cash for clunkers" program going. Auto dealers already may have surpassed the 250,000 vehicle sales funded by the $950 million program. The White House says any valid deals already made will be honored.
July 20, 2009 General Motors has had a rough few months, filing for bankruptcy and restructuring. But many of the U.S. auto giant's international operations are posting strong gains. In Latin America, brand recognition and price are key factors contributing to GM's success.
July 15, 2009 In all, 21 Chrysler and General Motors plants will be closed permanently or idled over the next few years. In addition to the loss of thousands of jobs, the closures can mean a substantial drop in tax revenue for affected communities. Some cities converted the vacant auto plants into other businesses in an attempt to reinvent their economies.
July 10, 2009 The new General Motors will be far faster and more responsive to customers than the old one, and it will make money and repay government loans faster than required, CEO Fritz Henderson said Friday as the company emerged from bankruptcy protection.
July 7, 2009 Toyota's U.S. sales fell by more than 30 percent in June, and for the third month in a row Ford sold more vehicles than Toyota. To deal with the challenges, Toyota has selected a new president. Akio Toyoda, the grandson of the automaker's founder, is just 53.