In Venezuela, consumers are paying more for used cars than new ones, as new car buyers have to wait years for delivery. Socialist policies and the currency exchange may be two reasons automotive imports and production have come to a screeching halt.
According to recent figures from the South Carolina Department of Commerce, the state’s GDP growth rate of 2.7 percent puts it just above the 2.5 percent national average, and is significantly out-pacing the 2.1 percent average of the southeastern region of the country. Much of this growth is attributed to manufacturing.
The number of Americans seeking unemployment benefits dropped 15,000 last week to a seasonally adjusted 320,000, the fewest since October 2007 — a sign of dwindling layoffs and steady if modest job growth. The Labor Department said Thursday that the less volatile four-week average fell 4,000 to 332,000, the fewest since November 2007 and the fifth straight decline.
Lenovo Group says it is evolving quickly into a supplier of wireless computing, driven by booming sales of smartphones and tablets as consumers shift away from desktop computers. Sales of wireless devices rose 105 percent in the three months ended June 30, driving a 23 percent rise in profit to $174 million, Lenovo announced Thursday. Total revenue rose 10 percent to $8.8 billion.
Warren Buffett's Berkshire Hathaway Inc. has sharply boosted its stake in General Motors, while again cutting its stakes in packaged food companies Kraft and Mondelez. As of June 30, Berkshire had 40 million shares of the auto maker, according to a filing on Thursday with the Securities and Exchange Commission. That's up 60 percent from the stake reported as of March 31.
Output at U.S. factories declined slightly in July, reflecting a drop in auto production. The decline was expected to be temporary given the banner sales year automakers are having. Manufacturing output edged down 0.1 percent in July compared with June, the Federal Reserve reported Thursday. It was the first drop since declines in March and April.
International Airlines Group has ordered 62 Airbus aircraft in the A320 family, with a list price of $5.4 billion, to replace aging planes and expand the fleet of its Vueling discount carrier. IAG, the parent of British Airways and Iberia, says it negotiated a "substantial discount" on the list price without providing further details.
Apple Inc.'s shares surged passed the $500 threshold — their highest level since January. The gains came a day after activist investor Carl Icahn said he thinks the iPhone maker should do more to revive its stock price. The outspoken billionaire said in Twitter posts Tuesday that he had acquired an unspecified stake in Apple and had spoken to its CEO about boosting share repurchase plans.
Cisco's earnings and revenue grew in the latest quarter as demand for its computer networking equipment increased. But CEO John Chambers called the global economy "challenging and inconsistent" and the company said it is cutting about 4,000 jobs, or about 5 percent of its work force.
7.45 million pre-orders and 100,000 sold out in 90 seconds – China's new and popular low-cost smartphone went on sale this week. China's Xiaomi has sparked a frenzy with a low-cost smartphone that may help the tech firm widen its lead over Apple in the local market, but CEO Lei Jun says it has very different ambitions.
June U.S. cutting tool consumption totaled $155 million, according to the U.S. Cutting Tool Institute and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 6.6 percent from May and down 12.8 percent from the June 2012 level of $195 million.
A top executive says Toyota intends to keep the Camry as the top-selling car in America this year. Senior Vice President Bob Carter tells industry analysts that it's important to Toyota to have the nation's favorite car.
Despite 15 months of quarter-to-quarter growth in U.S. real gross domestic product (GDP), the unemployment rate remains stubbornly high and well above other economic recoveries of the same maturity. While the official U3 employment measure has begun to show slight improvements, the broader U6 and U7 measures show much less improvement and remain essentially flat.
June U.S. manufacturing technology orders totaled $426.83 million according to AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTO program, was down 5.8 percent from May and down 5.7 percent when compared with the total of $452.75 million reported for June 2012. With a year-to-date total of $2,538.55 million, 2013 is down 5.7 percent compared with 2012.
Ecotality Inc., which makes charging systems for electric vehicles, said Monday that it could be forced into a sale or bankruptcy filing "in the very near future" after disappointing sales and suspension of payments from the federal government. The company said that it hired a restructuring adviser to evaluate options including new financing or a possible sale.
How to sell a Lincoln in 2013: Make the dealership smell like luxury. And lay out some wine and cheese. After decades of selling hulking Town Cars to retirees, Ford Motor Co. wants the Lincoln brand to appeal to younger, more discerning buyers. Lincoln unveiled the sleek MKZ sedan this spring, and six more models will follow. It purged underperforming dealerships and is prodding the rest to make expensive updates.
Struggling smartphone maker BlackBerry will consider selling itself. The company said Monday that its board has formed a special committee to explore "strategic alternatives" in hopes of boosting the adoption of its BlackBerry 10 smartphone. The company said its options could also include joint ventures, partnerships, or other moves.
China's factory output and auto sales accelerated in July, adding to signs a slump in the world's second-largest economy might be stabilizing. A decline in wholesale prices slowed, suggesting weak demand might be strengthening, according to figures released Friday. That added to earlier data showing July imports rebounded from the previous month's contraction.
U.S. wholesalers cut their stockpiles in June for a third straight month even as their sales rose again. Businesses may need to speed up restocking if demand continues to increase, a trend that could boost economic growth in the second half of the year.
Toyota's CEO and grandson of the company Akio Toyoda won't brake for anything, and he has been able to pull the company back from a series of misfortunes to help it retake its position as the world's number one carmaker. Toyota has innovated its way back to the top of the class, with bold designs and a weak yen boosting profit. But its export-dependence and weakness in Southeast Asia could see it quickly dethroned.
Even though U.S. auto sales are close to returning to pre-recession levels, don't expect to see a new Ford factory anytime soon. Jim Tetreault, Ford's North American manufacturing chief, says his mandate is to squeeze more production out of existing plants to avoid the high cost of new bricks and mortar. Some plants are operating near capacity.
General Motors will keep the Chevrolet Colorado and GMC Canyon names when it rolls out redesigned midsize pickup trucks next year. The new trucks will be markedly different from the current models, with the Colorado targeted toward people who spend time outdoors and the Canyon aimed at professional buyers, Chief Financial Officer Dan Ammann said Thursday at an auto industry conference.
Electric car maker Tesla reported a narrower loss for the second quarter on Wednesday, sparking an after-hours rally in its stock. The Palo Alto, Calif., company reported after the close of trading on Wall Street that it lost $30.5 million, or 26 cents per share, in the April-June period. That compares with a loss of $105.6 million, or $1 per share, a year earlier.
The auto industry says people under 34 are gradually starting to buy cars again as their economic circumstances improve. After the Great Recession, sales of cars to young people dropped significantly. Fewer of them even bothered to get drivers licenses. Some experts surmised that the group lost interest in cars because of the prevalence of social media.
The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3 ½ years. Exports rose to all-time high and imports declined, signs that economic growth could be stronger than previously thought. The Commerce Department said Tuesday that the June deficit fell 22.4 percent to $34.2 billion.