A series of worse than expected losses among car-makers has highlighted the automotive industry's struggle with a rapid change in market conditions.
The world's largest car-maker, General Motors, says its losses widened to 15.5 billion dollars in the second quarter of this year. At the same time last year it posted a profit of nearly 900 million dollars. GM said the costs of a massive restructuring plan to cope with the downturn in the US auto market were mostly to blame for the company's third largest quarterly loss in history. Meanwhile, German luxury car-maker BMW has announced a sharp 35 percent drop in quarterly profits, also due to deteriorating US conditions. Japan's giant Nissan motor company said on Friday Washington diary ...
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US dealer says buy a car, get a gun for free ... its second quarter profits dropped by nearly 43 percent mainly on the back of the rising yen.
(Deutsche Welle)
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