Automotive Industry News
Auto MarketNorth American slump hurts Magna Q2 profits Canadian auto supplier Magna International Inc. said today that it posted lower net income and sales for the second quarter as its North American customers slashed production. Ford2009 Ford Edge to include blind-spot mirror Ford Motor Co. said today the 2009 Ford Edge crossover will go on sale this fall with a blind-spot mirror that will be standard for the upcoming model year -- a year earlier than planned. Auto MarketCarmax delays store openings, cuts inventory Carmax Inc., the largest U.S. retailer of used cars, said on Wednesday it would delay the planned openings of several stores due to a sharp drop in vehicle sales in the past months amid record gas prices. TeslaTesla hires Ford veteran as CFO; hires Mazda designer Upstart electric sports car maker Tesla Motors has hired another executive away from the Detroit 3, naming 15-year Ford veteran Deepak Ahuja as CFO. HybridObama proposes $7K credit for fuel-efficient cars Barack Obama proposed tapping the strategic oil reserve on Monday to help lower gas prices, reversing an earlier stance, and called rival John McCain a tool of big oil companies. NissanNissan Motor unveils new prototype electric car Nissan Motor Co. unveiled a new prototype electric vehicle Wednesday with batteries twice as powerful as conventional technology, aiming to take a lead in zero-emission cars. ProtonMalaysia's Proton develops new hybrid car Malaysia's state-owned carmaker Proton is developing a new, fuel-efficient hybrid car to beat rising costs and address environmental concerns. FordFord US sales slid 15 percent in July Ford Motor Co. said Friday its US sales slid 14.9 percent in July compared with a year ago as sport-utility vehicles (SUVs) and truck sales slumped amid high fuel prices. ToyotaToyota unveils next-generation scooter Japan's Toyota Motor on Friday unveiled the Winglet -- a new two-wheel electric scooter to rival the Segway. General MotorsGM loses $15.5 bln in second quarter General Motors posted a whopping 15.5-billion-dollar net loss in the second quarter as the US auto giant took hefty restructuring charges and US sales skidded.
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