US automakers

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Tesla Is Now the Most Valuable US Automaker

Investors aren't put off by lack of profits

(Newser) - Tesla sent a jolt through the auto industry Monday by becoming the most valuable American automaker, overtaking General Motors, which sold more than 100 times as many cars last year. GM also made a profit of around $9 billion in 2016, while Tesla—which has had only two profitable quarters... More »

Ford Hands Michigan Sliver of Good News

Automaker will hire more than expected this year, with most jobs located in the state

(Newser) - The news cycle has been a rough one for Michigan of late, which makes this announcement from Ford quite welcome. The automaker yesterday said that it would hire 800 more salaried workers than it had expected to in the US this year—and of the 3,000 total jobs, between... More »

Luxury Cars Flunk New Crash Test

Audi, Lexus, receive "poor" ratings

(Newser) - Drivers of posh rides, beware: All but three of 11 2012 luxury vehicles failed a new crash test conducted by the Insurance Institute for Highway Safety. The group created a test that simulated a vehicle crashing into an object, such as another car, head-on on the driver's side, reports... More »

US-South Korea Free Trade Opens to Cheers, Jeers

Korean left vows to change, repeal, if they win looming elections

(Newser) - The US-South Korea free trade agreement takes affect today, despite plenty of opposition in both countries, reports Reuters . As South Korea is the fourth-largest economy in Asia, US officials touted the deal as a major win for the American economy. "Starting today, Korea's doors are wide open for... More »

New US Fuel Standards: 54.5 MPG by 2025

Obama hails new goal with automakers

(Newser) - Announcing new fuel-efficiency standards, President Obama hailed his administration’s deal with automakers as “the single most important step we’ve ever taken as a nation to reduce our dependence on foreign oil.” With mileage standards almost doubling, Americans will save some $8,000 per vehicle on fuel,... More »

Obama Should Campaign on Auto Bailout

Some Republicans were ready to let GM, Chrysler die: Jonathan Cohn

(Newser) - Barack Obama reportedly plans to make the auto bailout a key part of his reelection campaign, and Jonathan Cohn of the New Republic thinks that’s a great idea. Chrysler and GM are in much better shape, he argues—GM in particular is “reporting big profits, it is winning... More »

Chrysler Turns 1st Profit Since Bankruptcy

Revenue climbs 35% as Big Three return to profitablility

(Newser) - Good news for Detroit: The Big Three automakers are all profitable once again. Chrysler has reported its first net profit since leaving bankruptcy nearly two years ago, with a net income of $116 million in the first quarter. The firm saw revenue jump 35% to $13.1 billion compared to... More »

GM Earns $2B in Q3

Biggest quarterly profit in more than a decade

(Newser) - General Motors has reported a $2 billion third-quarter profit, its biggest quarterly report in 11 years. The figure shows that GM doesn’t need to sell big to earn big anymore, writes Nick Bunkley in the New York Times . A week before its initial public offering—which will reduce the... More »

Ford Earns $2.7B in 2009, First Profit in 4 Years

Riding goodwill for refusing bailout, predicts 2010 profit, too

(Newser) - Ford Motor Co. says it made $2.7 billion in 2009, its first annual profit in four years. Ford says it benefited from cost-cutting, debt reduction, and popular cars and trucks like the Fusion sedan and Escape SUV. It's also enjoying customer goodwill for avoiding bankruptcy and refusing federal aid,... More »

Ford Sweeps Detroit Auto Show

Automaker nabs car, truck of the year

(Newser) - Ford vehicles won both car and truck of the year at the North American International Auto Show in Detroit, cementing the carmaker's dominance over its domestic competition. The Fusion Hybrid snagged car of the year, and the company copped truck of the year for the second consecutive year with the... More »

Ford Posts $1B Q3 Profit

Surprise swing to black driven by cost cuts, Cash for Clunkers

(Newser) - Ford earned $1 billion in the third quarter, fueled by US market share gains, cost cuts, and the government's Cash for Clunkers rebates. The automaker, reporting net income of $997 million, or 29 cents per share. says it now expects to be "solidly profitable" in 2011. The company lost... More »

GM to Try Money-Back Guarantee

Firm hopes 60-day refund period will rouse sales

(Newser) - General Motors is offering a good old money-back guarantee as a ploy to entice buyers to its showrooms, USA Today reports. Buyers will be able to get a full refund on any new GM model within 60 days of purchase. The automaker plans to announce the refund program in ads... More »

700K Cars Sold Under Clunkers

(Newser) - The final numbers for the Cash for Clunkers are in, and they’re pretty rosy, the Los Angeles Times reports. Dealers had until yesterday to file for rebates, and the total was 690,114 new cars sold—and 690,114 clunkers traded in—for a total of $2.9 billion,... More »

'Clunkers' Ends Monday

(Newser) - The Obama administration will end the $3 billion Cash for Clunkers program at 8pm Monday, giving car shoppers a few more days to take advantage of big government incentives. Dealers have complained about sluggish reimbursements, but Transportation Secretary Ray LaHood said the program has been "a lifeline to the... More »

How to Get the Most Out of Your 'Clunker'

Time offers tips for buyers considering CARS

(Newser) - Cash for Clunkers has become a smashing success—but is it right for you? Time explains how to get the most out of your clunker:
  • First, make sure your vehicle really is a “clunker”: Cars that get more than 18 mpg, don't run, haven't been registered and insured over
... More »

Resurgent Ford Has High Hopes for Taurus

Automaker's financial independence has improved its image with consumers

(Newser) - Ford is hoping to use the imminent launch of the 2010 Taurus to cement its newly dominant position among Detroit’s Big Three, MSNBC reports. Ford’s position as the only major US automaker not receiving government aid has been translating into small but significant gains in market share as... More »

Done Deal: GM Out of Bankruptcy

Good assets go to US-backed firm

(Newser) - As of 6:30 this morning, the new General Motors is on its way: The old firm sold its good assets to a new automaker backed by the government via a bankruptcy overhaul far speedier than experts expected, the New York Times reports. The new firm, Vehicle Acquisition Company, will... More »

China Won't Allow Hummer Sale: Report

Country KOs GM deal with manufacturer over environmental worries

(Newser) - Beijing will halt GM’s sale of the Hummer brand to a Chinese machinery firm over pollution concerns, according to Chinese state radio. The purchase would run counter to the government’s goal of reducing pollution caused by manufacturing, the BBC reports. The Chinese firm shrugged off the report. “... More »

Big Three See Bumpy Road With 20-Somethings

Demographic key to rebuilding for US automakers

(Newser) - Detroit automakers face a hard road when it comes to Generation Y—consumers aged 22-32 whose business is crucial to securing the firms' futures, BusinessWeek reports. Their boomer parents broke from tradition by shifting to Japanese cars, and Gen Y is following in those footsteps. Detroit “simply must do... More »

Fire Sale Sweeps Chrysler Dealerships

Prices hit rock bottom before June 9 deadline

(Newser) - Those well-worn "Rock-Bottom Price!" and "Must Go!" stickers are more than sales pitches at nearly 800 dealerships cut loose by Chrysler, which have to sell by June 9 or lose vehicles to auction. The bankrupt automaker refused to buy back some 44,000 cars, reports ABC... More »

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