Burning cash, dogged by creditors, and deep in debt, Ford had to hock its most famous icon back in 2006, putting it up as security for $23.4 billion worth of loans. On Tuesday, Ford got it back -- and that will mean better, cheaper cars coming out of Dearborn.
Demand for U.S. factory goods fell by 1.5% in March -- the biggest drop in three years -- driven by a sharp decline in orders for commercial aircraft. But airplane orders are a volatile statistic, and more recent data suggest the dip may be temporary. The Commerce Department said Wednesday that orders for factory goods fell 1.5%, the steepest decline since March 2009, when the economy was mired in recession. Orders rose 1.1% in February.
Automakers reported their sales Tuesday. Toyota and Chrysler saw big U.S. sales gains in April, but they came at the expense of General Motors and Ford.
Bad news for GM: The Chevy Volt still isn't selling the way the automaker hoped it would, so it's temporarily halting production of the battery-powered hybrids for five weeks. Worse news for GM: Shutdowns like this only make the Volt a harder sell.
Chevy's Super Bowl ad poking fun at Ford's pickups has turned into an all-out brawl in Detroit. Has Ford just lost its sense of humor, or is there more at stake here than meets the eye? Actually, there's a lot more -- and some of it's great news.
U.S. auto sales are off to a strong start this year, continuing the brisk pace from late 2011. Chrysler had its best January in four years while Ford got a boost from small cars and SUVs. Volkswagen, which wants to aggressively expand in the U.S., reported much higher sales. One sour note was GM, where sales fell.
Despite its troubles in recent years, Toyota retained its crown in Consumer Reports' annual survey of auto-brand perception, but the survey also showed that Ford is rapidly closing the gap, and other brands aren't far behind.
U.S. factory output surged in December by the most in year. Stronger demand for business equipment, vehicles and energy offered the most visible evidence that manufacturing has roared back from the depths of the recession. The Fed said Wednesday that manufacturing increased 0.9% in December, the biggest gain since December 2010.
Perhaps the most surprising recent news in the auto industry last week was this little gem. In large part owing to President Obama's negotiation of a free trade agreement with South Korea earlier this year, Toyota will be expanding exports of U.S.-built vehicles to Korea for sale.
Chrysler says it will add 1,100 jobs at an Ohio assembly complex as part of a $1.7 billion investment to build a new Jeep sport utility vehicle. The automaker said Wednesday that includes $500 million to expand its Toledo assembly plant and add a body shop. State and local officials signed off on incentives for the project.
Hyundai and its stablemate Kia have been taking U.S. auto market share gradually for more than two decades. Lately, though, those chunks have gotten bigger. The South Korean car makers' sales are expected to surge almost 25% in September compared to the same month year ago.
GM is expected to show a sales increase of 15.3% from a year ago when it posts August numbers later this week, according to auto industry research firm Edmunds. That would be an improvement of 30,000 cars and light trucks and would eclipse the unit gains of its smaller rivals.
DailyFinance collects all the new recalls here each week to help you keep track of the food and products to avoid. This week's recalls include vehicles, an herbicide from DuPont, a pin from the Build-A-Bear Workshop, step stools and of course, a ground turkey from Cargill.
In this economy, many Americans feel grateful to have jobs in the first place. The nation's high unemployment rate makes recent video of some of Chrysler's unionized workers drinking and smoking pot on the job all the more galling. It's time for unions to stop protecting slacker employees.
