The ongoing world financial crisis has badly impacted the commercial vehicle industry. High interest rates and liquidity crunch forced them to reduce production and think over cost cutting measures. Many automobile companies have cut production due to decrease in demand and low sale of commercial vehicles.
Washington - The two major US automakers, Ford Motor Co and General Motors Corp, reported massive third-quarters losses Friday as the ailing industry continued to lose cash and shed jobs.
Ford, the second-largest US automaker, reported a third-quarter operating loss of 2.98 billion dollars and said it would cut jobs and spending to preserve its perilous cash reserves.
Buenos Aires - The ongoing global financial crisis has reached the Argentine car industry, with Renault's local branch on Friday suspending 1,000 workers for 10 days.
After sales fell in October, for the first in five years, the press spokesman for the Argentine Mechanics' Union SMATA, Leonardo Almada, noted that the move is set to affect "practically the whole" Renault plant in the central city of Cordoba.
Workers were to obtain 70 per cent of their regular salaries during the suspension.
Washington - General Motors Corp warned Friday that it was running out of the minimum cash it needs to operate till the end of the year, and posted third-quarter operating losses of 4.2 billion dollars.
GM, the largest US automaker, has sought federal aid to avoid a collapse. The company said it needs at least 11 billion dollars in cash each month to pay its bills.
In the third quarter, GM used 6.9 billion dollars in cash and said it could fall below the minimum it needs to operate for the rest of the year.
Moscow - General Motors, the world's largest automaker, on Friday opened a 300-million-dollar factory, its first fully-owned venture in Russia.
GM joins five other foreign carmakers with plants in the outskirts of St Petersburg, an area coming to be known as the new Detroit of the automotive industry, as firms hope to compensate for slumping sales in Europe and North America.
Munich - German sports car manufacturer Porsche announced a huge jump in profits for the 2007/2008 financial year on Friday as Daimler AG and BMW reported a major slump in October sales.
Group profit before taxes in the 12 months up to the end of July soared to 8.57 billion euros (11.2 billion dollars) from 5.85 billion euros the previous year, Porsche said in a statement.
The ongoing world financial crisis has badly impacted the commercial vehicle industry. High interest rates and liquidity crunch forced them to reduce production and think over cost cutting measures. Many automobile companies have cut production due to decrease in demand and low sale of commercial vehicles.
Washington - The two major US automakers, Ford Motor Co and General Motors Corp, reported massive third-quarters losses Friday as the ailing industry continued to lose cash and shed jobs.
Buenos Aires - The ongoing global financial crisis has reached the Argentine car industry, with Renault's local branch on Friday suspending 1,000 workers for 10 days.
Washington - General Motors Corp warned Friday that it was running out of the minimum cash it needs to operate till the end of the year, and posted third-quarter operating losses of 4.2 billion dollars.
Moscow - General Motors, the world's largest automaker, on Friday opened a 300-million-dollar factory, its first fully-owned venture in Russia.
Munich - German sports car manufacturer Porsche announced a huge jump in profits for the 2007/2008 financial year on Friday as Daimler AG and BMW reported a major slump in October sales.
