BMW Global Sales Gain Tops German Competitors in November
BMW Global Sales Gain Tops German Competitors in November
If you've been rejected for a car loan due to poor credit, you might want to apply again. The automotive credit industry increased the share of new car loans going to credit-challenged borrowers by 12.7% in the third quarter, a sign that lenders are loosening their credit criteria.
For the ninth year in a row, nurses topped the list of professions that Americans consider the most ethical, according to a new Gallup poll released Friday.
Ford, which expects 70% of its sales growth to come from Asian-Pacific and African markets in the next decade, plans to open 100 dealerships in China this year.
Considering where the iconic carmaker has been in recent years, the pending IPO -- and robust investor demand for shares -- is a remarkably positive step. But GM still has plenty of problem spots that will need fixing if this historic event is to have lasting meaning.
Stock in Ford hit levels not seen since the summer of 2004 Thursday, a day after the Dearborn, Mich., automaker reported solid sales for the month of October. The stock rose as much as 4.3% to $15.83 a share in morning trading on Wall Street.
GM said Wednesday its overall sales in October rose modestly on higher demand for pickup trucks and crossover vehicles.
Overall demand for new cars and trucks, while better than a year ago, is likely to be lower than that recorded in August, itself an unimpressive month. That would mean auto sales are stuck in a four-month-long rut.
CarMax Inc (KMX) reported quarterly earnings of 48 cents per share, up from 46 cents per share a year earlier. Net sales rose 13% to $2.34 billion, from $2.08 billion a year earlier, the company said in a statement. Comparable store used unit sales rose 4%, with total used unit sales rising 5%.
Tires are getting more expensive across the world. Goodyear Tire & Rubber Co. (GTR) and Cooper Tire & Rubber Co., (CTB) the two largest U.S. tiremakers, plan to raise prices by as much as 6.5% starting October, according to Bloomberg News. In Europe, Bridgestone (BRDCY) is upping its prices by about 6%.
U.S. auto sales started off strong over the Labor Day holiday weekend, but have since dropped significantly, according to analysis by car-buying guide Edmunds.com.
Chrysler Unveils New Midsized Sedan to Dealers
"We see the economy improving, but the strength of the recovery in individual markets has been uneven," said John Fleming, head of Ford's global manufacturing in London on Thursday. He said demand could rise by as much as 10%.
GM reported Wednesday that sales fell 25% in August as the U.S. economic recovery appeared to stall and cautious consumers held back on buying cars. But despite the downturn, GM officials said they remain upbeat that the hard-hit auto industry will continue to improve in the months ahead.
Next month, Korean automaker Hyundai will begin building its popular Santa Fe SUV at a Kia plant in West Point, Ga., where its sister company makes the Kia Sorrento SUV. The move is expected to boost the number of workers associated with the plant from 1,900 to 7,000.
Auto sales braked sharply in August, starting out strong, then slowing to a level that may be the lowest in 28 years. The slowing economy made nervous consumers hesitant to buy, despite the bevy of end-of-model-year deals.
July was a mixed bag for auto sales, with sales improving, but not as much as the abundance of incentives for would-be car buyers led industry watchers to expect. But if August car sales continue on track, it may be the best month of 2010 so far, Edmunds.com reports.
BMW, the largest maker of luxury cars in the world, announced that its profits rose sharply from %u20AC119 million last year to %u20AC831 million ($1.1 billion) in the second quarter.
Automakers Expected to Boost Incentives to Drive Summer Sales
The financial results show "there is still significant work to be done," said GM's Chief Financial Officer Chris Liddell. "However, I continue to believe we have a chance of achieving profitability in 2010."
Japanese automakers Toyota, Honda and Nissan expect positive growth in 2010, bouncing back from vehicle recalls and sagging global car sales in 2009. Standard & Poor%u2019s forecasts a combined 11.5% increase in car sales for the three brands in the U.S. as demand for vehicles heats up.
Ford Motor and General Motors, the two largest U.S. auto makers, reported higher sales in January, as consumers steered cleared of the showrooms of the companies' nearest Japanese competitor, Toyota Motor, which is mired in massive recall involving millions of vehicles.
News that could affect stock prices today: Kraft's Cadbury bid gets slim support from shareholders; Google releases its Nexus One smart phone; Ford, Toyota, Honda reported improved December sales; retailers saw strong finish to the year.
Detroit automakers closed 2009 with mixed results. While overall sales for the year fell at Ford Motor, General Motors and Chrysler Group, each reported strong December sales as bargain-hungry consumers sought to cinch deals before year's end.
Ford Motor reported Tuesday that sales of its vehicles rose 33 percent in December compared to a year ago. Sales for the full year, however, were down 15 percent compared to 2008. The company increased its domestic market share by a full percentage point, to 15 percent.
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November is a notoriously weak month for auto sales. So it's perhaps a bit surprising that several carmakers reported either increased or steady...
General Motors reported its first monthly gain in U.S. sales in almost two years, while Toyota and Ford also improved, a sign the auto industry it...
As widely anticipated by auto industry experts, sales of new cars fell last month as consumers lost motivation to hit dealer showrooms without a...