by Joseph Szczesny | Apr 6, 2020
The Trump administration is threatening to impose tariffs on imported oil, which could effectively put a floor under the plummeting price of gasoline. AAA reported national gas price average is $1.92. That is 9 cents cheaper than last Monday, 48 cents less than a...
by Joseph Szczesny | Apr 6, 2020
Daimler AG lined up a new multibillion-dollar line of credit and tapped the bond market for 1.5 billion euros to help weather the coronavirus pandemic that has brought the global economy to a halt. The German automaker announced it increased its financial flexibility...
by Joseph Szczesny | Apr 3, 2020
Ulysses, the story goes, took 10 years to complete his journey home back to his wife and kingdom. For Cadillac, the journey to reclaim its place as the world’s preeminent luxury automobile brands is taking a bit longer. Cadillac and General Motors, like the plucky...
by Joseph Szczesny | Apr 2, 2020
The second round of sales reports confirmed March was an awful month for automakers in the U.S. and things don’t look to be any better in April. Ford Motor Co. reported sales dropped 12.5% and sales of the F-150 pick-up truck were down even more, falling 13.5%....
by Joseph Szczesny | Apr 2, 2020
Nissan will keep its manufacturing and assembly plants in Tennessee and Mississippi shuttered until the end of April, although the company but did not specify a specific date. Volkswagen of America also announced it was pushing back the date it plans to resume...
by Joseph Szczesny | Apr 1, 2020
A good start to vehicle sales in January and February ended abruptly in mid-March as carmakers reported sales dropped precipitously as state and local officials shut businesses and put social distancing measures in place in response to the coronavirus pandemic....
by Joseph Szczesny | Mar 31, 2020
The turmoil at the top of the United Auto Workers continues as the union suspended Richard Rankin, one of the union’s regional directors, following an independent investigation by an outside law firm into charges that had described as “workplace harassment.” The move...
by Joseph Szczesny | Mar 31, 2020
Fiat Chrysler Automobiles N.V has followed the lead of General Motors Co. and Ford Motor Co. slashing senior executive salaries and trimming the pay of salaried employees worldwide. FCA said salaried employees around will take temporary 20% pay cuts as the automaker...
by Joseph Szczesny | Mar 30, 2020
The extension of the rules for social distancing and the shutdown on non-essential businesses through April is certain to intensify the strain on automakers, reducing their cash flow sharply as sales of new vehicles continue to fall precipitously. President Donald...
by Joseph Szczesny | Mar 27, 2020
General Motors Co. is following Ford Motor Co.’s lead, temporarily cutting the pay of high-ranking executives and salaried employees as part of the company effort to conserve cash during the sharp economic downturn created by the spread of deadly COVID-19 virus. Auto...
by Joseph Szczesny | Mar 26, 2020
Caught in the economic storm unleashed by coronavirus pandemic, Ford Motor Co. is taking steps to save cash during the crisis even as it attempts to restart production. Jim Hackett, Ford’s CEO, said in a letter to employees Thursday that the company would freeze...
by Joseph Szczesny | Mar 26, 2020
Standard & Poor’s cut Ford Motor Co.’s credit and unsecured debt ratings to junk territory, trimming the company’s rating to BB+ from BBB-, while Moody’s, another major credit-rating service, placed the credit rating of General Motors Co. and Fiat Chrysler...
