Auto Industry, Automaker | featured news

Chinese government to force unprofitable automakers into involuntary bankruptcy... The Ministry said in a note published on Tuesday that it is considering the introduction of a withdrawal mechanism to force near-bankrupt automakers out of the bloated automotive industry. China has around 1,300 automobile makers, including 171 car, truck and bus makers and more than 900 specialty vehicle manufacturers, according to the government.

While the North American business performed well, the automaker reported a loss in Europe and now expects to lose more than $1 billion there this year.

That sound you heard from Detroit this morning was the other shoe dropping, loudly, at Opel. General Motors announced that Karl-Friedrich Stracke stepped down from his positions as GM Europe president Opel/Vauxhall CEO.

French automaker PSA Peugeot Citroen announced 8,000 job cuts and the closure of an assembly plant as it struggles with mounting losses, in a move that could hasten a wave of restructuring in western Europe.

General Motors and Chrysler reported double-digit sales of new vehicles, while Ford’s rose 7 percent. Toyota sales were up 60 percent.

It's a make or break moment for electric car maker Tesla Motors. Tesla has lost nearly $1 billion selling high-end electric sports cars to the likes of George Clooney. Now it's going to attempt to sell them to the rest of us - and try to make money doing so.

BMW and Volkswagen's Audi brand said their monthly sales rose to records in May, putting the two best-selling luxury-car makers on course for another bumper year.

General Motors Co said on Tuesday it will stop advertising on Facebook, even as the social networking website prepares to go public, with a source familiar with the matter saying the automaker had decided Facebook's ads had little impact on consumers.

Chinese motor-vehicle dealer China Yongda Automobiles Services Holdings plans to raise up to $433 million in an initial public offering ahead of its listing in Hong Kong on May 30, people familiar with the situation said.

Toyota Motor Co. wrapped up one of the worst fiscal year’s in the company’s history with an unexpectedly strong final quarter in which it saw earnings more than quadruple.