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Posts Tagged ‘U.S. automakers’

With a Few Exceptions, Automakers Deliver Another Strong Month

Transaction prices set all-time record.

by on Apr.01, 2016

Nissan set a new record for March sales with this year's tally. Overall, sales were up across the board for automakers last month.

While there were a few signs of weakness, the U.S. auto industry managed to keep its sales momentum going in March, the industry delivering a number of new records, notably including the price American buyers paid for their new vehicles last month.

Though industry giants Toyota and General Motors ran into some strong headwinds, delivering only modest, year-over-year increases, other automakers, including Ford, Fiat Chrysler and Honda, posted strong gains for March, Nissan sales reaching an all-time record. Audi, among European makers, reported its 63rd consecutive monthly increase even as the sibling Volkswagen brand continued to feel the impact of its diesel emissions scandal.

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The strong industry performance continued to reflect a surge towards SUVs, crossovers and other light-truck models that now collectively account for about three of every five vehicles sold in the U.S., with little indication recent rises in fuel prices will slow that momentum. (more…)

U.S. Automakers Protest Yen

Low rate gives Japanese makers pricing advantage.

by on May.10, 2013

Toyota gains a pricing advantage over U.S. competitors due to the weak yen.

American carmakers are complaining that the Japanese government’s deliberate manipulation of the yen is giving Japan’s carmakers an unfair advantage.

Matt Blunt, president of the American Automotive Policy Council, which represents the interests of General Motors, Ford and Chrysler in Washington, D.C., said Japan is taking unfair advantage of the global trading system after the value of the yen dropped to a new low relative to the U.S. dollar.

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“The depth of Japanese currency manipulation has reached a new low,” Blunt said in a statement.


Obama: Without Auto Company Bailout, Depression

President refutes the slur "Government Motors" and says domestic automakers are a strategic U.S. industry.

by on May.24, 2009

President Obama

"Our auto industry is the foundation for economies all across the Midwest, and ultimately, for the country as a whole."

President Obama defended Federal help for the auto industry in an interview with C-SPAN aired on Saturday morning.

The aid has been under attack in various forms since it was establish by President Bush late last year when the U.S. financial system collapsed from its wild speculative practices, bringing the economy down with it.

As a result, current vehicle sales haven’t been at such low levels for more than four decades, and show no signs of improving this year.

In response to a question from C-SPAN political editor Steve Scully about “Government Motors” the President said, “Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis — or at least a crisis we haven’t seen since the 1930′s. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more than enough to do without that…”

General Motors Corporation confirmed late Friday borrowed an additional $4 billion from taxpayers to maintain adequate liquidity as the company undergoes what it calls an “aggressive restructuring.” Total U.S. Treasury funding received by GM to date is now $19.4 billion. The amount is paltry compared to the ongoing bailouts of financial institutions, but all told the bailout is now shaping up to cost taxpayers about $45 billion, and rising.

The President went on to say that both banking and autos are strategic industries that require strategic decisions and intervention from the government because of  the ongoing economic crisis.

“Our auto industry is the foundation for economies all across the Midwest, and ultimately, for the country as a whole and had we allowed GM or Chrysler simply to liquidate that would have been a huge anti-stimulus on the economy as a whole, and could have dragged us even deeper into recession or even depression,” President Obama said.

“Ultimately, I think that GM is going to be a strong company and we are going to be pulling out as soon as the economy recovers and they’ve completed their restructuring,” Obama said.

As TDB reported Friday, nearly 40 Senators, including both Republicans and Democrats, lent their names to an amendment to an appropriations bill, sponsored by Kay Bailey Hutchison, a Republican from Texas, that would have blocked federal aid for the two makers if steps weren’t taken to ease the pain facing close to 2,000 dealers GM and Chrysler intend to fire as part of their restructuring plans. The Republican Party claims to help smaller businesses, and dealers are big political contributors.    (more…)