Honda Cuts F1 Racing Team

Chrysler off 53%; GM, Ford, Toyota, Honda all down more than 30%

(NEWSER) - Chrysler's sales were off 53% in December compared to the same time last year, the Wall Street Journal reports today, with Ford's off 32% and General Motors down 31%, further indicating a steep decline in US demand for cars. Foreign makers took an even harder hit last month: A 35% decline at Honda propelled that company to its first annual loss since 1993, Bloomberg says, while Toyota fell 37%. More»

(NEWSER) - The "cash for clunkers" program might be a boon for car dealers, but for American automakers the news isn't so good—four of the five top-selling cars in the program are Japanese. While the Ford Focus is the No. 1 seller, Toyota and Honda occupy the next four spots. The new vehicles get an average of 25.4 miles per gallon, while the traded-in cars—more than 80% of which were trucks and SUVs—get just 15.8 mpg. More»

First Japanese automaker to move production from Japan and soaring yen

(NEWSER) - Nissan will cut 20,000 jobs worldwide by next year and move production from Japan and its soaring yen, reports the Wall Street Journal. Reeling from a massive $900 million loss last quarter, Nissan also announced it will slash management, seek public assistance and suspend its 5% annual growth goal until 2012. More»

First loss in seven decades multiplies as market deteriorates

(NEWSER) - Toyota now expects its full-year operating loss to be three times larger than the $1.6 billion it forecast in December, the New York Times reports. The company expects to lose $5 billion for the fiscal year through March 31 as world automobile demand deteriorates. Toyota, which last year overtook GM as the world’s largest automaker, blamed declines in auto sales as well as gains by the yen. More»

As automakers expand globally, just what helps US economy most?

(NEWSER) - Lawmakers hoping to give a boost to the American economy by investing in the auto industry might get as much bang for their buck by sinking money into Honda or Toyota as they would Ford, Chrysler, or General Motors, the Wall Street Journal notes. The auto industry has become too global to categorize as “American” or “foreign.” More»