With U.S. automotive dominance waning, a new moniker has emerged: the "Detroit Three." Still, don't count out Ford, GM or Chrysler. Their post-recession future looks strong, thanks to some agonizing restructuring. Now, they can be profitable selling fewer cars.
The smallest of the Detroit Three, Chrysler has made substantial strides in turning around its business, including lowering the number of vehicles it needs to sell to make a profit. The automaker had pegged 1.65 million as its operating break-even point, but has just lowered this to about 1.5 million vehicles.
At the North American International Auto Show in Detroit Tuesday, Ford and Chrysler both announced plans to introduce a host of new models. Ford will add seven vehicles with "truly unique Lincoln DNA" to its luxury line, while Chrysler has its eyes on new pickups, a revived Jeep Grand Wagoneer, and possibly, a 'mini-minivan.'
New models from Ford and Toyota drew the hottest interest Monday as the North American International Auto Show opened in Detroit: Each announced several electric and hybrid vehicles, including an electric Focus and a plug-in Prius.
Italian automaker Fiat increased its stake has in Chrysler Group to 25% after the U.S. automaker met a key goal by starting engine production at a plant in Dundee, Mich., the company said Monday during the North American International Auto Show in Detroit.
The nation's leading trade association for car dealers says it now sees industry sales of nearly 13 million vehicles this year, topping last year's by 12%. The rise is attributed to pent-up demand, loosening credit and a rising stock market.
The auto giant announced plans Monday to extend its start-stop technology -- a feature common to gas-electric hybrids -- to its conventional gasoline-powered passenger cars and SUVs as well.
Buoyed by stronger demand for pickups and crossover, GM said today that October sales increased 3.5% compared to a year ago. Excluding its discontinued brands, sales of Buick, Cadillac, GMC and Chevrolet models rose 13% for the month.
BMW raises its earnings outlook for the year as profits soar to %u20AC874 million from %u20AC78 million in the same period a year ago.
General Motors plans to invest $190 million in its Lansing Grand River assembly plant where it will build a new Cadillac model, resulting in 600 new jobs and the addition of a second shift.
Chrysler, which emerged from bankruptcy owned by its unions, Fiat, and the American taxpayers, is expected to announce its October sales surged 40% year over year.
The U.S. automaker reported a $1.7 billion profit on strong demand for its revamped line of products, despite a lackluster economy. Continued growth at its Ford Credit finance unit also helped push profits higher.
Riding high on improved demand for its vehicles, analysts expect Ford to post a record third-quarter profit of $1.37 billion tomorrow. The automaker's current third-quarter earnings record is $1.13 billion, set in 1997.
Toyota Motor is issuing another recall -- this time it involves 740,000 cars and sports-utility vehicles in the U.S. and nearly 600,000 units in Japan to repair a seal on the vehicles' brake master cylinder that may leak fluid and impair braking performance.
Honda unveiled its new hybrid Fit subcompact in Tokyo Friday. At a starting price of around $19,160, it is cheaper than any other hybrid vehicle in Japan -- including Toyota's popular Prius.