Ford is definitely one of the big Three...
10-30-08, 01:56 PM
#31
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Ultimately I doubt size has anything to do with it. The question will be what gives the best chance at survival. The Feds will take warrants on the GM -ChryCo merger to be first in line should bankruptcy result. Puts Ford at somewhat of a disadvantge if you ask me.
The Feds should get them all together, jettison their union contracts and retirement plans, and see what is left. Rumor already is the GM ChryCo merge is a done deal and if GM wants to keep as much of the $11B that ChryCo has, the cuts have to be immediate, as in yet this year. And they will probably be in the range of 25 to 30,000 with white collar going first. Merry effing Christmas.
The Feds should get them all together, jettison their union contracts and retirement plans, and see what is left. Rumor already is the GM ChryCo merge is a done deal and if GM wants to keep as much of the $11B that ChryCo has, the cuts have to be immediate, as in yet this year. And they will probably be in the range of 25 to 30,000 with white collar going first. Merry effing Christmas.
11-03-08, 08:39 AM
#32
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Another Setback for Ford Would Put Focus on Its Cash
By MATTHEW DOLAN
Ford Motor Co. is likely to add to the gloom in Detroit on Friday when it reports results for the third quarter.
Facing a deep downturn in U.S. vehicle sales, the company is expected to show a loss of 93 cents a share, according to consensus estimates compiled by Thomson Reuters. In the second quarter, Ford lost $8.67 billion, or $3.88 a share.
Another big setback is sure to raise questions anew about whether Ford has enough cash to survive until auto sales recover, and whether the company will have to find a way to secure new financing.
Like crosstown rivals General Motors Corp. and Chrysler LLC, Ford is facing a cash crunch. GM and Chrysler, which are considering a merger, could run short of cash within 12 months, analysts say.
Ford's situation isn't quite as acute. In 2006, the company secured a huge loan by mortgaging virtually all of its assets, including its blue-oval logo. At the end of the second quarter, the company had $26.6 billion in gross cash reserves.
But even with that stockpile, Ford may need to shore up its liquidity position -- a difficult proposition in the current environment in which credit has all but dried up. To free up more cash, Ford is exploring a sale of its controlling stake in its Japanese affiliate, Mazda Motor Corp.
One option to bolster Ford's cash position is no longer available: billionaire investor Kirk Kerkorian. The casino and hotel mogul bought more than 6% of Ford shares earlier in the year and might have been a source for a further cash infusion. But last month Mr. Kerkorian said he is selling his stake in the auto maker to concentrate his investments in gambling, lodging, gas and oil. People familiar with the matter said he was also concerned about the recent unexpected departure of Chief Financial Officer Don Leclair, considered the architect of the 2006 loan, and two board members.
The news of Mr. Kerkorian's move was greeted pessimistically by analysts. Mr. Kerkorian's move "could undermine investor confidence," analyst Efraim Levy of Standard & Poor's Equity Research wrote last month.
The concern is reflected in Ford's stock price. Since the end of the second quarter, it has dropped 54% to $2.19 in New York Stock Exchange composite trading.
Write to Matthew Dolan at matthew.dolan@wsj.com
By MATTHEW DOLAN
Ford Motor Co. is likely to add to the gloom in Detroit on Friday when it reports results for the third quarter.
Facing a deep downturn in U.S. vehicle sales, the company is expected to show a loss of 93 cents a share, according to consensus estimates compiled by Thomson Reuters. In the second quarter, Ford lost $8.67 billion, or $3.88 a share.
Another big setback is sure to raise questions anew about whether Ford has enough cash to survive until auto sales recover, and whether the company will have to find a way to secure new financing.
Like crosstown rivals General Motors Corp. and Chrysler LLC, Ford is facing a cash crunch. GM and Chrysler, which are considering a merger, could run short of cash within 12 months, analysts say.
Ford's situation isn't quite as acute. In 2006, the company secured a huge loan by mortgaging virtually all of its assets, including its blue-oval logo. At the end of the second quarter, the company had $26.6 billion in gross cash reserves.
But even with that stockpile, Ford may need to shore up its liquidity position -- a difficult proposition in the current environment in which credit has all but dried up. To free up more cash, Ford is exploring a sale of its controlling stake in its Japanese affiliate, Mazda Motor Corp.
One option to bolster Ford's cash position is no longer available: billionaire investor Kirk Kerkorian. The casino and hotel mogul bought more than 6% of Ford shares earlier in the year and might have been a source for a further cash infusion. But last month Mr. Kerkorian said he is selling his stake in the auto maker to concentrate his investments in gambling, lodging, gas and oil. People familiar with the matter said he was also concerned about the recent unexpected departure of Chief Financial Officer Don Leclair, considered the architect of the 2006 loan, and two board members.
The news of Mr. Kerkorian's move was greeted pessimistically by analysts. Mr. Kerkorian's move "could undermine investor confidence," analyst Efraim Levy of Standard & Poor's Equity Research wrote last month.
The concern is reflected in Ford's stock price. Since the end of the second quarter, it has dropped 54% to $2.19 in New York Stock Exchange composite trading.
Write to Matthew Dolan at matthew.dolan@wsj.com
11-04-08, 08:44 AM
#33
Moderator
Tuesday, November 4, 2008 - 6:00 AM EST
Ford sales continue down wrong road
Business Courier of Cincinnati
Ford Motor Co. sales in October were down more than 30 percent over October 2007.
The auto maker, which operates a transmission plant in Sharonville, sold 132,838 new vehicles in North America in October, down 30.2 percent from 190,195 a year ago.
In a news release, Ford officials attributed the sales decline to “an economic gauntlet, the likes of which haven’t been seen in more than two decades.”
Even small vehicles, which had showed sales gains in previous months when truck and sport utility vehicle sales were down, lost sales in October.
Sales of the Focus compact car, which had been strong for much of the year, were down 18.2 percent year-over-year, to 10,576 units from 12,934.
Sales of the Edge crossover also fell off sharply, to 5,951 units from 14,133 a year ago. Sales of the Escape small SUV declined to 9,886 units from 12,174 a year ago.
Sales of the Explorer SUV, made at Ford's Louisville Assembly Plant, continued to fall off in October. Ford sold 3,991 Explorers, down 59.2 percent from the year-earlier period, when the Dearborn, Mich.-based automaker sold 9,786 units. Ford sold 430 units of the Explorer’s cousin, the Mercury Mountaineer, down from 1,655 a year ago.
F-Series pickups, including the Super Duty trucks made at the Kentucky Truck Plant in Louisville also declined in October. Ford sold 43,324 F-Series units in October, down 16.3 percent from October 2007, when it sold 51,741 units.
The Ford Expedition and Lincoln Navigator vehicles, which are slated to be made at the Kentucky Truck Plant late next spring, also continued to lose year-over-year sales.
Ford sold 3,647 Expedition units in October, down 38.5 percent from a year ago, when it sold 5,931. It sold 1,034 Navigator units, down 56.1 percent from a year ago, when it sold 2,358.
Ford (NYSE: F) is expected to announce another large loss Friday when it releases its third-quarter earnings.
Thomson Financial analysts predict a loss of 93 cents per share on revenue of $28 billion.
Ford sales continue down wrong road
Business Courier of Cincinnati
Ford Motor Co. sales in October were down more than 30 percent over October 2007.
The auto maker, which operates a transmission plant in Sharonville, sold 132,838 new vehicles in North America in October, down 30.2 percent from 190,195 a year ago.
In a news release, Ford officials attributed the sales decline to “an economic gauntlet, the likes of which haven’t been seen in more than two decades.”
Even small vehicles, which had showed sales gains in previous months when truck and sport utility vehicle sales were down, lost sales in October.
Sales of the Focus compact car, which had been strong for much of the year, were down 18.2 percent year-over-year, to 10,576 units from 12,934.
Sales of the Edge crossover also fell off sharply, to 5,951 units from 14,133 a year ago. Sales of the Escape small SUV declined to 9,886 units from 12,174 a year ago.
Sales of the Explorer SUV, made at Ford's Louisville Assembly Plant, continued to fall off in October. Ford sold 3,991 Explorers, down 59.2 percent from the year-earlier period, when the Dearborn, Mich.-based automaker sold 9,786 units. Ford sold 430 units of the Explorer’s cousin, the Mercury Mountaineer, down from 1,655 a year ago.
F-Series pickups, including the Super Duty trucks made at the Kentucky Truck Plant in Louisville also declined in October. Ford sold 43,324 F-Series units in October, down 16.3 percent from October 2007, when it sold 51,741 units.
The Ford Expedition and Lincoln Navigator vehicles, which are slated to be made at the Kentucky Truck Plant late next spring, also continued to lose year-over-year sales.
Ford sold 3,647 Expedition units in October, down 38.5 percent from a year ago, when it sold 5,931. It sold 1,034 Navigator units, down 56.1 percent from a year ago, when it sold 2,358.
Ford (NYSE: F) is expected to announce another large loss Friday when it releases its third-quarter earnings.
Thomson Financial analysts predict a loss of 93 cents per share on revenue of $28 billion.
11-04-08, 09:53 AM
#34
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I know this thread is more about Ford but it really just points out how Ford really is in the same boat as GM and ChryCo. I think they may have a slightly better product mix and are doing better in sales but the short to intermediate prognosis (not going to make a long term projection on the US auto industry without a lucky 8 ball) is not that much different between them.
Something is not adding up with the cash reserves and the burn rates. Most everyone is saying that GM and ChryCo will be out of cash late next year at current numbers. Problem is, I can't find those numbers anywhere for what their burn rates must really be and how available the cash positions are.
And while I give kudos to Ford for the apparent success of the new F150, oil reaches its low around December and then slowly heads back up. We may not see $147/bbl again, or we might, but oil and gas will head back up after the first of the year. And I suspect the F150 sales will head back down. Even with a new model.
Wonder how much of the $25B "retooling" loan Ford will get?
Something is not adding up with the cash reserves and the burn rates. Most everyone is saying that GM and ChryCo will be out of cash late next year at current numbers. Problem is, I can't find those numbers anywhere for what their burn rates must really be and how available the cash positions are.
And while I give kudos to Ford for the apparent success of the new F150, oil reaches its low around December and then slowly heads back up. We may not see $147/bbl again, or we might, but oil and gas will head back up after the first of the year. And I suspect the F150 sales will head back down. Even with a new model.
Wonder how much of the $25B "retooling" loan Ford will get?
11-05-08, 01:34 PM
#35
Moderator
11/05/2008 01:07:22 PM EST -- Detroit Free Press
Ford buyouts under 3,000: Workers hesitant to leave jobs in faltering economy
Nov. 5--Despite an aggressive campaign by Ford Motor Co. to get more autoworkers to leave the company through a voluntary job buyout program, fewer than 3,000 of Ford's 60,100 autoworkers in North America have decided to go, according to people familiar with the results.
The people did not want to be identified because neither the automaker nor the union is supposed to release the official number until Ford discloses its third-quarter financial results on Friday.
Ford already has lost $8.6 billion through the first half of the year, and it needs to shed workers as quickly as possible to reduce its costs, as global demand for its cars and trucks continues to shrink in the suffering economy.
Ford spokeswoman Marcey Evans had no comment on the number of workers who took a buyout or what the company's target might have been.
In September, Ford officials told UAW leaders during a private meeting that the company had about 4,200 employees on its payroll that it didn't need. However, the automaker stopped short of calling that number a target.
Aaron Bragman, a research analyst with Global Insight in Troy, said that he understood why autoworkers would choose to stay at Ford in this difficult environment.
"They can stay and risk their job being eliminated," he said. "Or, they can try to find a new job in one of the worst job markets in years."
Still, he said Ford has to reduce costs as demand for its products shrinks.
"They have to downsize," he said. "That's just a simple fact."
Since 2005, Ford has offered multiple buyout packages to workers, which has allowed the company to shed 39% of its workforce, or nearly 40,000 workers.
During the first half of the year, Ford had aimed to reduce 8,000 more autoworkers in North America through buyouts, but came up short.
Just 4,100 workers voluntarily left the company dui ng the first half of the year.
Under the latest buyout program, Ford offered 10 buyout packages to workers at select factories in Michigan, Ohio and Kentucky.
To encourage more workers to go, Ford launched an aggressive multipronged campaign to encourage workers to consider leaving the company.
Ford's efforts included a Web site, www.yourjobconnection.org, which features highly produced videos on former Ford autoworkers who have transitioned to new careers, as well as other career advice.
That includes workers like Kenneth Kidd, a former line operator at Michigan Truck, who is attending a local college and pursuing a new career in health care.
A video on the site also featured Joe Hinrichs, Ford's group vice president for manufacturing and labor affairs, as well as Bob King, UAW vice president and director of the union's Ford department, encouraging workers to seriously weigh their options.
During the video, Hinrichs cautioned that Ford has "more people than jobs" and noted, "we're expecting things to stay difficult for the next few years."
King added, "I urge you to carefully consider these programs."
Lenny Dzielsky, 52, of Imlay City works at Ford's axle plant in Sterling Heights and said he decided against taking a buyout in the current environment, despite strong encouragement from Ford and the UAW.
He said he decided to take his chances with Ford, whose future he still believes in, rather than try to find a new job in the increasingly difficult economy.
"I've got three young children, 15, 12 and 9," he explained.
If he does end up losing his job, he said, "I guess I'll have to try and pursue other things."
Contact SARAH A. WEBSTER at 313-222-5394 or swebster@freepress.com.
To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com Copyright (c) 2008, Detroit Free Press Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
Ford buyouts under 3,000: Workers hesitant to leave jobs in faltering economy
Nov. 5--Despite an aggressive campaign by Ford Motor Co. to get more autoworkers to leave the company through a voluntary job buyout program, fewer than 3,000 of Ford's 60,100 autoworkers in North America have decided to go, according to people familiar with the results.
The people did not want to be identified because neither the automaker nor the union is supposed to release the official number until Ford discloses its third-quarter financial results on Friday.
Ford already has lost $8.6 billion through the first half of the year, and it needs to shed workers as quickly as possible to reduce its costs, as global demand for its cars and trucks continues to shrink in the suffering economy.
Ford spokeswoman Marcey Evans had no comment on the number of workers who took a buyout or what the company's target might have been.
In September, Ford officials told UAW leaders during a private meeting that the company had about 4,200 employees on its payroll that it didn't need. However, the automaker stopped short of calling that number a target.
Aaron Bragman, a research analyst with Global Insight in Troy, said that he understood why autoworkers would choose to stay at Ford in this difficult environment.
"They can stay and risk their job being eliminated," he said. "Or, they can try to find a new job in one of the worst job markets in years."
Still, he said Ford has to reduce costs as demand for its products shrinks.
"They have to downsize," he said. "That's just a simple fact."
Since 2005, Ford has offered multiple buyout packages to workers, which has allowed the company to shed 39% of its workforce, or nearly 40,000 workers.
During the first half of the year, Ford had aimed to reduce 8,000 more autoworkers in North America through buyouts, but came up short.
Just 4,100 workers voluntarily left the company dui ng the first half of the year.
Under the latest buyout program, Ford offered 10 buyout packages to workers at select factories in Michigan, Ohio and Kentucky.
To encourage more workers to go, Ford launched an aggressive multipronged campaign to encourage workers to consider leaving the company.
Ford's efforts included a Web site, www.yourjobconnection.org, which features highly produced videos on former Ford autoworkers who have transitioned to new careers, as well as other career advice.
That includes workers like Kenneth Kidd, a former line operator at Michigan Truck, who is attending a local college and pursuing a new career in health care.
A video on the site also featured Joe Hinrichs, Ford's group vice president for manufacturing and labor affairs, as well as Bob King, UAW vice president and director of the union's Ford department, encouraging workers to seriously weigh their options.
During the video, Hinrichs cautioned that Ford has "more people than jobs" and noted, "we're expecting things to stay difficult for the next few years."
King added, "I urge you to carefully consider these programs."
Lenny Dzielsky, 52, of Imlay City works at Ford's axle plant in Sterling Heights and said he decided against taking a buyout in the current environment, despite strong encouragement from Ford and the UAW.
He said he decided to take his chances with Ford, whose future he still believes in, rather than try to find a new job in the increasingly difficult economy.
"I've got three young children, 15, 12 and 9," he explained.
If he does end up losing his job, he said, "I guess I'll have to try and pursue other things."
Contact SARAH A. WEBSTER at 313-222-5394 or swebster@freepress.com.
To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com Copyright (c) 2008, Detroit Free Press Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
11-18-08, 08:58 AM
#36
Moderator
Ford to raise $540 million by cutting Mazda stake
CEO to testify on seeking $25 billion industry loan from Washington
By Christopher Hinton, MarketWatch
Last update: 10:27 a.m. EST Nov. 18, 2008Comments: 18NEW YORK (MarketWatch) -- As part of its effort to strengthen the company's balance sheet, Ford Motor Co. said Tuesday that it will cut its stake in Mazda Motor Corp., raising $540 million from the sale.
The troubled auto industry is facing a steep drop in sales as people rein in spending as the U.S. housing and credit-market crisis continues to create shockwaves through the economy.
General Motors Corp. (GM:General Motors Corporation
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11:38am 11/18/2008
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F 1.73, +0.01, +0.6%) and closely held Chrysler are each facing crunches in their respective cash balances.
Shares of Ford were up less than 1% to $1.73 in recent trading. The stock is down more than 70% for the year.
Seeking support
Ford Chief Executive Alan Mulally will appear before Congress later Tuesday to help secure a low-interest, $25 billion industry loan, saying that if just one of Detroit's Big Three automakers is forced into bankruptcy, it will threaten the entire industry.
Critics, however, have accused the U.S. auto industry of fear-mongering to eclipse its poor management, making Mulally's Congressional appearance potentially contentious.
In a CNBC interview, Mulally said the auto industry needs government support in case things deteriorate further.
"This is very important to the industry," Mulally said. If just one automaker were to enter bankruptcy, sales would likely fall further to the point that it would be impossible to recover, he said.
"It will bring everyone down because the industry is so inter-dependent," Mulally said.
Taking issue with that claim was David Rosenberg, an economist with Merrill Lynch.
"We continue to hear how a Chapter 11 filing for GM would be an unmitigated disaster -- far from it, in our view," Rosenberg wrote in a Tuesday note. "It would potentially allow for an orderly restructuring and open up the door for contracts to be renegotiated."
Further, further bailouts threaten to bust the Treasury, which is heading into a potential recession with a budget deficit above 7% of gross domestic product, Rosenberg said.
"Time will tell whether we have the fiscal capacity to start running deficits approaching 13% of GDP, but something tells us that absent the Fed printing money en masse, it is going to be rather difficult to find buyers for a debt explosion of that magnitude," he said.
Nonetheless, Mulally claims the government had to take action because the auto industry makes up about 10% of U.S. GDP.
However, the U.S. Bureau of Economic Analysis pegs the entire industry as representing less than 1%, or just under 1 million motor vehicle manufacturing and supplier-related jobs.
A Ford spokesman couldn't immediately say where Mulally got his numbers.
The Wall Street Journal reported earlier that each of 25 states could lose 3,000 or more jobs if Ford were to disappear. See full story.
Cutting Mazda stake
Regarding Mazda, Ford said it will sell its shares to Mazda (MZDAF:mazda motor corp shs
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11:26am 11/14/2008
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MZDAF 1.63, -0.37, -18.5%) (JP:7261: news, chart, profile) and to a group of Mazda's strategic partners, the companies said. After the deal, Ford and Mazda will continue their joint ventures and to share platforms and powertrains.
By selling down its stake in Mazda, Dearborn, Mich.-based Ford will raise capital "that will help fund our product-led transformation," while allowing both firms to continue their strategic partnership, Mulally said in the company's press release.
Once the sale is complete, Ford's ownership in Mazda will stand at slightly more than 13%, down from 33.4%, the company said. Ford will remain Mazda's largest holder and will keep a seat on Mazda's board.
"The sale of Mazda shares by our partner, Ford, will not result in any change in Mazda's strategic direction and we will continue to accelerate our product-led brand improvement and cost innovation initiatives," said Hisakazu Imaki, Mazda's chairman and chief executive.
On Monday, GM set plans to sell its 3% stake in Suzuki Motor Corp. back to the Japanese automaker for $232 million, according to media reports. Suzuki (JP:7269: news, chart, profile) will pay 1,363 yen ($14.04) a share, the same level at which they closed Monday in Tokyo, to buy back the stake. See full story.
Christopher Hinton is a reporter for MarketWatch based in New York.
By Christopher Hinton, MarketWatch
Last update: 10:27 a.m. EST Nov. 18, 2008Comments: 18NEW YORK (MarketWatch) -- As part of its effort to strengthen the company's balance sheet, Ford Motor Co. said Tuesday that it will cut its stake in Mazda Motor Corp., raising $540 million from the sale.
The troubled auto industry is facing a steep drop in sales as people rein in spending as the U.S. housing and credit-market crisis continues to create shockwaves through the economy.
General Motors Corp. (GM:General Motors Corporation
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11:38am 11/18/2008
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GM 2.93, -0.25, -7.9%) , Ford Motor Co. (F:Ford Motor Company
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F 1.73, +0.01, +0.6%) and closely held Chrysler are each facing crunches in their respective cash balances.
Shares of Ford were up less than 1% to $1.73 in recent trading. The stock is down more than 70% for the year.
Seeking support
Ford Chief Executive Alan Mulally will appear before Congress later Tuesday to help secure a low-interest, $25 billion industry loan, saying that if just one of Detroit's Big Three automakers is forced into bankruptcy, it will threaten the entire industry.
Critics, however, have accused the U.S. auto industry of fear-mongering to eclipse its poor management, making Mulally's Congressional appearance potentially contentious.
In a CNBC interview, Mulally said the auto industry needs government support in case things deteriorate further.
"This is very important to the industry," Mulally said. If just one automaker were to enter bankruptcy, sales would likely fall further to the point that it would be impossible to recover, he said.
"It will bring everyone down because the industry is so inter-dependent," Mulally said.
Taking issue with that claim was David Rosenberg, an economist with Merrill Lynch.
"We continue to hear how a Chapter 11 filing for GM would be an unmitigated disaster -- far from it, in our view," Rosenberg wrote in a Tuesday note. "It would potentially allow for an orderly restructuring and open up the door for contracts to be renegotiated."
Further, further bailouts threaten to bust the Treasury, which is heading into a potential recession with a budget deficit above 7% of gross domestic product, Rosenberg said.
"Time will tell whether we have the fiscal capacity to start running deficits approaching 13% of GDP, but something tells us that absent the Fed printing money en masse, it is going to be rather difficult to find buyers for a debt explosion of that magnitude," he said.
Nonetheless, Mulally claims the government had to take action because the auto industry makes up about 10% of U.S. GDP.
However, the U.S. Bureau of Economic Analysis pegs the entire industry as representing less than 1%, or just under 1 million motor vehicle manufacturing and supplier-related jobs.
A Ford spokesman couldn't immediately say where Mulally got his numbers.
The Wall Street Journal reported earlier that each of 25 states could lose 3,000 or more jobs if Ford were to disappear. See full story.
Cutting Mazda stake
Regarding Mazda, Ford said it will sell its shares to Mazda (MZDAF:mazda motor corp shs
News, chart, profile, more
Last: 1.63-0.37-18.50%
11:26am 11/14/2008
Delayed quote dataAdd to portfolio
Analyst
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Financials
Sponsored by:
MZDAF 1.63, -0.37, -18.5%) (JP:7261: news, chart, profile) and to a group of Mazda's strategic partners, the companies said. After the deal, Ford and Mazda will continue their joint ventures and to share platforms and powertrains.
By selling down its stake in Mazda, Dearborn, Mich.-based Ford will raise capital "that will help fund our product-led transformation," while allowing both firms to continue their strategic partnership, Mulally said in the company's press release.
Once the sale is complete, Ford's ownership in Mazda will stand at slightly more than 13%, down from 33.4%, the company said. Ford will remain Mazda's largest holder and will keep a seat on Mazda's board.
"The sale of Mazda shares by our partner, Ford, will not result in any change in Mazda's strategic direction and we will continue to accelerate our product-led brand improvement and cost innovation initiatives," said Hisakazu Imaki, Mazda's chairman and chief executive.
On Monday, GM set plans to sell its 3% stake in Suzuki Motor Corp. back to the Japanese automaker for $232 million, according to media reports. Suzuki (JP:7269: news, chart, profile) will pay 1,363 yen ($14.04) a share, the same level at which they closed Monday in Tokyo, to buy back the stake. See full story.
Christopher Hinton is a reporter for MarketWatch based in New York.
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