Wall RSS FeedAutoNews June 3
Detroit 3, Toyota all post lower monthly sales
GM cuts truck production, considers selling Hummer brand
Auto union at Canada plant slams GM ‘betrayal’
Surging steel prices shock auto industry
Shareholders blast pay of GM chief executive
Detroit 3, Toyota all post lower monthly sales
Total May sales down 10.7%
U.S. consumers’ reluctance to buy new vehicles — especially low-mpg vehicles such as light trucks, SUVs and larger cars — accelerated in May.
Truck sales plunged and major automakers posted sharp sales declines for the month. But small cars achieved record volumes at several brands and the sales winners in May were either fuel-efficiency specialists — Suzuki, Volkswagen and Smart — or were car-heavy brands such as Honda, Nissan and Hyundai.
Total sales declined 10.7 percent to 1.40 million vehicles. For the year to date, sales declined 8.4 percent to 6.22 million vehicles.
GM cuts truck production, considers selling Hummer brand
General Motors said today that it is ending truck production at four plants that build full-sized pickups and SUVs and is considering “all options” with its Hummer brand — including a possible sale. The moves are the result of high gas prices, which GM now views as permanent, CEO Rick Wagoner said. GM stock rose slighly on the news, closing at $17.58, up 0.8 percent. [REG] 9:24 am U.S. ET | June 3 | UPDATED: 6/3/08 4:54 p.m. EDT
Auto union at Canada plant slams GM ‘betrayal’
The decision by General Motors to close down its Oshawa truck assembly plant is an act of betrayal as GM had promised to make a new line of vehicles there, a senior union official said today. GM CEO Rick Wagoner announced that the plant would shut down in 2009 as part of cost-cutting measures. Around 2,600 jobs will be lost. The Canadian Auto Workers union reached a three-year contract deal with GM in mid-May, agreeing to a wage freeze. [REG] 9:15 am U.S. ET | June 3
Surging steel prices shock auto industry
Sharp increases in steel prices — up as much as $500 per vehicle since January — have left automakers and suppliers reeling. Tensions are rising as steel makers tear up contracts and demand immediate price increases. Steel and automotive executives say that ArcelorMittal — the world’s largest steel maker — and other steel mills notified the Detroit 3 last month that they will impose surcharges as high as $250 a ton
Shareholders blast pay of GM chief executive
Tuesday June 3, 2:34 pm ET
