The European auto market has shown more signs of recovery from a six-year slump amid a collapsing Eurozone economy. However, analysts have given a cautious outlook for the European car market given the ongoing political uncertainties in the region stemming from the Ukraine-Russia conflict and depleted consumer confidence resulting from the economic slowdown.
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.
It seems yet another (luxury) car maker did not get the "but it's the weather" memo. Following Mercedes record sales in January, Porsche has announced today that expects to hit a target of selling more than 200,000 sports cars next year, three years earlier than originally scheduled.
The S&P 500 index and the Dow edged lower on Thursday as investors fretted about weak economic data and disappointing earnings from Ford. The carmaker reported weak China sales and declared that the US auto industry's long recovery was at an end, triggering a 9.6 per cent fall in its shares. The stock was the biggest drag on the S&P 500 index. Ford's dismal forecast rattled the automobile market, with shares of General Motors falling 4 per cent and Fiat Chrysler 6 per cent.
LONDON: Jaguar Land Rover, Britain's biggest carmaker, estimates its annual profit could be cut by 1 billion pounds ($1.47 billion) by the end of the decade if Britain leaves the European Union, according to two sources familiar with the company's thinking. The worst-case-scenario estimate is in internal documents seen by both sources that were prepared by the firm's chief economist, David Rea, to outline the possible consequences if Britons vote to leave the world's biggest trading bloc in Thursday's referendum.
Shares of Ford Motor Company (F) have been tumbling since reports hit media that the automaker has made cuts to its full-year profit outlook following troubles in Russia and North and South America, according to Mark Fields, president and chief executive at Ford, to Wall Street investors.