Detroit — General Motors Co. burned $7.8 billion in the second quarter navigating the coronavirus pandemic, but the Detroit automaker still beat Wall Street expectations and is hopeful it can pay down debt and generate cash going forward. GM reported a second-quarter income loss of nearly $800 million on revenue of $16.8 billion in the second quarter, even as it declined to provide guidance for… Continue reading GM posts $800 million loss in 2Q, to end salary cuts
Author: Detroit News Online
Nissan expects second straight year of red ink amid outbreak
Yuri Kageyama, AP Business Writer Published 9:18 p.m. ET July 28, 2020 Tokyo – Nissan reported a 285.6 billion yen ($2.7 billion) loss for April-June, as the Japanese automaker’s sales crashed amid the coronavirus pandemic and it struggled to recover from the loss of its former star executive Carlos Ghosn. Nissan Motor Co. racked up… Continue reading Nissan expects second straight year of red ink amid outbreak
Drivers hold onto cars in pandemic; average age hits record
Associated Press Published 8:50 a.m. ET July 28, 2020 | Updated 9:24 a.m. ET July 28, 2020 Drivers are holding on to cars and trucks longer during the coronavirus pandemic. The average age of a vehicle on U.S. roads rose by a month this year to a record 11.9 years. The IHS Markit consulting firm… Continue reading Drivers hold onto cars in pandemic; average age hits record
Ford to tell ‘untold story’ of the Bronco’s return in new podcast
The first 30 years of the Ford Bronco’s history intersected with major events in American history, from the Vietnam War to the civil rights movement to one of the most famous police chases of all time. Now, as the Blue Oval prepares to bring back one of its most iconic vehicles after nearly 25 years, a… Continue reading Ford to tell ‘untold story’ of the Bronco’s return in new podcast
Gasoline’s demand rebound fades at height of US driving season
Jeffrey Bair, Jack Wittels and Saket Sundria, Bloomberg Published 10:15 a.m. ET July 28, 2020 | Updated 10:22 a.m. ET July 28, 2020 A sharp rebound in gasoline consumption that helped to drive oil prices higher appears to be running out of steam, a development that should be a cause for concern across the petroleum… Continue reading Gasoline’s demand rebound fades at height of US driving season
2 nabbed in ex-Nissan boss’ escape say they won’t flee US
Alanna Durkin Richer, Associated Press Published 2:21 p.m. ET July 28, 2020 | Updated 2:23 p.m. ET July 28, 2020 A U.S. magistrate judge improperly denied release to a father and son wanted by Japan on charges that they helped sneak former Nissan Motor Co. Chairman Carlos Ghosn out of that country, their attorneys said… Continue reading 2 nabbed in ex-Nissan boss’ escape say they won’t flee US
Tesla shares sag as analyst flags ‘mind-boggling’ valuation
Esha Dey, Bloomberg Published 11:56 a.m. ET July 28, 2020 | Updated 12:00 p.m. ET July 28, 2020 Tesla Inc. has grown bigger than Toyota and Volkswagen combined thanks to a rally more befitting a technology stock than a car maker, and buying it now is probably a mistake for anyone but day traders, an… Continue reading Tesla shares sag as analyst flags ‘mind-boggling’ valuation
Meet Fluffy: Ford trains robotic dog to map its plants
CLOSE Ford is tapping four-legged robots at its Van Dyke Transmission Plant to laser scan the plant. The Detroit News Ford Motor Co. digital engineer Paula Wiebelhaus takes Fluffy outside for walks in the yard. Her cats hide from him. He has his own spot in a corner of the bedroom where after a run, he… Continue reading Meet Fluffy: Ford trains robotic dog to map its plants
Former Fiat Chrysler sales chief says stimulus cash saving auto industry
Stimulus spending by governments around the world is keeping the outlook for the auto industry strong in the coming months amid the COVID-19 pandemic, said Reid Bigland, Fiat Chrysler Automobiles’ former head of U.S. sales. “Normally when you get an 80-year high in unemployment — 14.7% — you’re going to get devastation across the board,” Bigland said Tuesday during… Continue reading Former Fiat Chrysler sales chief says stimulus cash saving auto industry
GM’s Barra expects virus to ebb, economic recovery by early 2021
Tom Krisher, Associated Press Published 9:33 p.m. ET July 19, 2020 Detroit — The auto business used to be pretty simple. Crank out vehicles that people want to buy and collect profits. It’s gotten a whole lot more complicated since Mary Barra took over as CEO of General Motors in 2014. She has cut costs… Continue reading GM’s Barra expects virus to ebb, economic recovery by early 2021