The News Review:
- Goodyear Posts Loss as Auto Makers Cut utput
- Penske Auto Group 2Q Net ff 63% n Lower Sales
- Senate rejects plan giving auto stock to taxpayers
- World’s automakers cut costs wait for turnaround
- Auto news in brief: American Axle shares surge 50% before debt …
Goodyear Posts Loss as Auto Makers Cut utput
Wall Street Journal
–>Goodyear Posts Loss as Auto Makers Cut utput ArticleCommentsmore in. swung to a second-quarter loss of $221 million as the company reduced shipments amid auto-maker production cuts. Tire sales fell in all of Goodyear’s regions with the biggest declines in auto-maker orders occurring in North America and Europe. Product shipments to North American auto makers dropped by more than half.
Related from Yolog: Japan Auto Makers Ease utput Cuts
Penske Auto Group 2Q Net ff 63% n Lower Sales
Wall Street Journal
‘s (PAG) second-quarter income dropped 63% on continued weak sales but earnings beat expectations. Auto dealerships have experienced smaller sales declines in recent months suggesting the epic slump related to reduced consumer spending may be nearing a bottom. Meanwhile price increases – reflecting auto makers’ efforts to make a profit on.
Senate rejects plan giving auto stock to taxpayers
The Associated Press
and Chrysler Group LLC. The Senate defeated the plan sought by Sen. Lamar Alexander R-Tenn.
World’s automakers cut costs wait for turnaround
The Associated Press
Cash-for-clunkers incentives programs have cushioned the blow helping European carmakers from Renault to Fiat SpA stave off the worst by boosting sales. Meanwhile Japanese automakers reported a recovery in production after excess inventory was sold. “Part of their cost-cutting efforts have paid off” said Shotaro Noguchi auto analyst at Nomura Securities Co. “But it is too early to assume they’re back on the recovery track. It is going to take a while before global demand picks up. “Japan’s automakers have been hard at work lowering costs by forgoing overtime slashing bonuses and decreasing advertising and travel expenses said Tatsuo Yoshida auto analyst at UBS Securities Japan in Tokyo. “The only markets that are growing are China and India” he said.
Auto news in brief: American Axle shares surge 50% before debt …
Detroit Free Press
com | Detroit Free Press. rose the most in 11 weeks one day before a waiver expires on a credit line. American Axle climbed 67 cents or 50% to $2. 01 Wednesday on the New York Stock Exchange the largest one-day rise since May 8. The shares have declined 30% this year.