Find News by Subject:
General Motors is searching for savings under every RenCen couch cushion as it ramps up a profit-boosting cost-cutting effort.
The automaker has already chopped plenty of what it sees as fat, and is so confident in its streamlining abilities that it now claims it could weather a major plunge in sales. Even, say, a 40-percent dropoff.
For a company that knows all about sales plunges — recent ones, too — this is pretty confident talk. It has to be, as GM wants you — yes, you! — to invest. Read More >
British supercar maker and racecar developer McLaren Technology Group has refuted a report claiming it is talks with tech giant Apple ahead of a possible takeover.
A McLaren spokesperson has told Street Insider that the earlier report, published in the Financial Times, is incorrect. Read More >
It’s not the podium an automaker wants to find itself on top of.
After marking the first anniversary of its emissions debacle, former “clean diesel” builder Volkswagen finds itself staring down the barrel of $9.15 billion in investor lawsuits, the Wall Street Journal reports.
When it comes to being sued by investors, no German company can match Volkswagen’s performance. Read More >
New details about the Formula One purchase trickled out last night after the buyer, Liberty Media Corp., agreed a deal to take over the sport.
The U.S.-based entertainment and telecommunications giant will initially pay $4.4 billion for a controlling stake in the franchise, The Guardian reports, and a familiar white-haired figure will keep his job. Read More >
Longtime Formula One chief executive Bernie Ecclestone will remain involved with his beloved sport, even after an imminent takeover by a U.S.-based media company.
Ecclestone, head of Formula One for the past four decades, says he’s been asked to stay on for three years after the takeover, Reuters reports. Read More >
With memories of the 2008 financial meltdown still fresh, American consumers aren’t borrowing wildly anymore — except when it comes to cars and credit card purchases.
As of the end of June, car buyers racked up the highest auto loan debt in U.S. history — $1.1 trillion, according to a quarterly report from the Federal Reserve Bank of New York. Also on the rise? Credit risk. Read More >
To bastardize an old Dodge slogan, if you’re willing to devote your life to sustainable driving and ditch your electricity provider, you could be Tesla material.
The electric automaker announced a deal with solar company SolarCity today — an all-stock agreement worth $2.6 billion. Acquiring the nation’s largest rooftop solar provider gives Tesla CEO Elon Musk the top-to-bottom green company he always wanted, but it opens the company up to new risks. Read More >
Ford Motor Company says its profits dropped 9 percent in the second quarter, and warns that leaner times are coming.
Net income, global market share, and earnings per share all fell, but the automaker’s financial news wasn’t all bad. Still, Ford plans to do some cost cutting as the red-hot new vehicle market cools off in North America. Read More >
General Motors is busy phoning friends and posting on its Facebook wall after it made record net revenue in the second quarter of 2016 and boosted its net profit by 157 percent.
A net revenue of $42.4 billion is a high point for the company, even though the automaker’s global sales were flat compared to this time last year, with 2.4 million vehicles sold. Is it any wonder GM isn’t concerned about its falling market share? Read More >
There’s money in them there cars, Samsung Electronics Company must have thought.
The Korean technology giant is in talks to buy a stake in Chinese automaker BYD, Reuters reports, and it isn’t the first time the company sought new cash streams from automotive world. Read More >