GM Loses Global Car Sales Lead to Toyota Again
Auto sales have recovered in the US, but GM once again has dropped out of the top spot globally. CNN Money reports GM loses global sales title to Toyota, again.
General Motors fell to No. 2 in the global auto sales race, even as 2012 was its best year for sales since 2007.
Losses on overseas operations and a higher tax burden took a toll on Ford Motor Company in the first quarter, the US auto giant reported on Friday.Ford posted a sharp 46 percent fall in net income from the year-earlier quarter to $1.4 billion despite surging US sales.The company said higher tax expenses were to blame for much of the fall, but also lower sales volumes in Europe and earnings downturns in other regions.Earnings per share were 35 cents, down from 61 cents a year earlier.
It’s a quiet morning.
Stateside, stocks continue to slowly melt higher after Monday morning’s big selloff. The Shanghai Composite is barely in the red today after a week of credit-crunch turmoil. European shares are higher.
So far, it feels like an average day—the first time a meltdown in some corner of the world isn’t affecting our markets. That is, if we completely ignore what’s happening with precious metals right now.
You guessed it: gold’s getting clobbered again. The yellow metal lost a cool $50 overnight, dropping to a low of $1,223.
Even as car sales across Europe have plummeted in recent years, automakers could count on Germans to buy with little discounting. Now, at least one dealer is resorting to Groupon Inc. coupons to boost sales.
AK Autoport Koeln GmbH, a dealer in the western city of Cologne, is offering a 99-euro (US$130) Groupon voucher entitling buyers to a discount of 5,450 euros on a 2013 Ford Fiesta — a price break of about 32%.
Credit Agricole SA bank, one the biggest banks in Europe by capitalisation, reported a 75.0-percent drop in first quarter net profit on Friday, hit by its exposure to the Greek debt crisis.The bank reported a net profit for the first quarter of 252 million euros ($325.0 million).The result was far lower than analyst estimates, who had forecast quarterly earnings of 482 million euros, according to a survey by Bloomberg.