DETROIT (AP) — A big cut in research and development spending while General Motors was in bankruptcy protection set the company's new product plans back by about a year, its top executive told reporters Tuesday. Chairman and CEO Daniel Akerson said GM is working to accelerate vehicle plans that were postponed when R&D spending was cut to $5 billion per year as the company was trying to save money during its 2009 stay in bankruptcy protection.
A Volvo electric C30 is shown after being crashed at the North American International Auto Show in Detroit, Tuesday, Jan. 11, 2011. (AP Photo/Paul Sancya) The Audi exhibit is shown at the North American International Auto Show in Detroit, Tuesday, Jan. 11, 2011. (AP Photo/Paul Sancya) The floor of the North American International Auto Show is shown in Detroit, Tuesday, Jan.
NEW ORLEANS (AP) — Nissan Motor Co. said Tuesday that production of its 2012 NV commercial van will begin Jan. 19 at its expanded plant in Canton, Mississippi, marking its first venture into the U.S. commercial vehicle market. The NV offering will be aimed at commercial van customers through a network of about 240 Nissan commercial dealers, with sales set to begin in the spring.
WASHINGTON (AP) — China's currency is substantially undervalued and Beijing is moving too slowly to fulfill its promise to let it rise, Treasury Secretary Timothy Geithner said Wednesday. Geithner said it's in China's own interests to accelerate the pace of currency reform. He said the undervalued yuan is increasing the risk of inflation that will harm Chinese growth.
MAUMEE, Ohio (AP) — Dana Holding Corp. said Wednesday it will pay $25 million as part of a settlement with a subsidiary of the automaker Toyota Motor Corp. for warranty claims related to frames produced by Dana's former structural products business. Dana plans to take a fourth-quarter charge as a result.
BOSTON (AP) — A solar panel manufacturer that benefited from $58 million in state aid to open a factory at a former Massachusetts military base is closing the plant and laying off 800 workers. Evergreen Solar Inc. announced Tuesday it is shutting down the Devens plant by the end of the 2011 first quarter.
DETROIT (AP) — The sunny yellow Ford C-Max minivan that greets visitors at this year's Detroit auto show says it all. After taking a pounding during the recession, the U.S. auto industry is full of optimism, and a strong mix of new products will greet buyers as they return to dealerships. "Looking around at what's at the show, we've never been happier," said Mike Jackson, the CEO of AutoNation Inc.
Peter Borden, AMTDA President November U.S. manufacturing technology consumption totaled $318.18 million, according to AMTDA, the American Machine Tool Distributors’ Association, and AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was down 17.
SAN FRANCISCO (AP) — Intel Corp.'s decision to pay Nvidia Corp. $1.5 billion for the right to its patents highlights the seismic shifts the semiconductor industry is undergoing. The licensing deal announced Monday comes as both companies are adapting to the new rules of the consumer electronics world, as mobile devices are changing the way chips are made.
DETROIT (AP) — Ford Motor Co. says it will add more than 7,000 workers in the U.S. over the next two years, including 750 engineers with expertise in batteries and other advanced technology, as it begins producing several new vehicles. The company plans to hire 4,000 manufacturing workers this year.
Toyota's biggest problem: Aging lineup DETROIT (AP) — It would be easy to think Toyota's biggest problem is its damaged reputation caused by sudden acceleration recalls, millions in government fines and massive lawsuits and settlements. But what's hurting the company most is an aging lineup of boring cars.
SAN FRANCISCO (AP) — Advanced Micro Devices Inc. forced out its CEO Dirk Meyer in a surprise twist of fate for a technologist who inherited the chip maker when it was in tatters and won fans on Wall Street for steering it through a wrenching turnaround. AMD is a heavyweight in the computer industry as the world's No.
DETROIT (AP) — Chrysler will try to refinance its government loans this year as it prepares for an initial public stock offering, and the reduced expense could let the company post a net profit for the first time since it left bankruptcy protection in 2009, CEO Sergio Marchionne said Monday. Marchionne told reporters Monday at the Detroit auto show that the automaker, which lost $453 million in the first three quarters of last year, will need to post two quarterly net profits before it returns to the stock market as a publicly traded company.
DETROIT (AP) — Touring the Detroit auto show Monday, House Democrats praised the U.S. auto industry for rebounding from the depths of bankruptcy and despair and credited an unpopular bailout of General Motors and Chrysler. Getting behind the wheels of shiny new cars, lawmakers who helped GM and Chrysler secure billions of dollars in federal aid said the companies were on the comeback after government-led bankruptcies in late 2008 and 2009.
BEIJING (AP) — The U.S. Consumer Product Safety Commission will set up its first office outside the United States in China in a bid to reduce the amount of dangerous products reaching the American market. Commission head Inez Tenenbaum told reporters Monday the "history-making" office also aims to make it easier for the U.
WICHITA, Kan. (AP) — Aircraft parts maker Spirit AeroSystems is planning to hire workers for several locations this year. The Wichita Eagle reported that the hiring is expected to occur in the first quarter because production on new and existing programs is increasing. Spokesman Ken Evans said Friday that the near-term plans call for hiring about 200 workers for Wichita and Tulsa, Okla.
BEIJING (AP) — An environmental official in eastern China was suspended after a battery factory sickened more than 200 children with lead poisoning, authorities said Sunday. China is the world's largest producer and consumer of lead, a key component in lead-acid batteries needed for the growing number of vehicles in the country.
Volkswagen to keep Passat name on new midsize DETROIT (AP) — Volkswagen is keeping the Passat name for a new midsize vehicle that will be built at the company's new U.S. plant in Tennessee. Volkswagen of America Inc. announced plans Sunday to maintain the Passat nameplate at an event before media previews of the North American International Auto Show.
DETROIT (AP) — The 2011 Chevrolet Volt got another marketing jolt Monday, when it received the North American Car of the Year. The car that runs on electricity for 40 miles before a backup gas engine kicks in beat out the Nissan Leaf, another electric, and Hyundai Sonata in the annual ceremony on the first day of media previews for the Detroit auto show.
DEARBORN, Michigan (AP) — In every boom cycle of its 107-year life, Ford Motor Co. became complacent, unprepared for the inevitable bust in the auto business. From the 1920s, when Ford lost its dominant position in the U.S. because it was slow to update the Model T, to the 2000s, when it squandered billions in SUV profits and narrowly avoided bankruptcy, the company stuck with some strategies too long and didn't pay enough attention to others.