CapitalistPundit

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Location: New York, New York, United States

Tuesday, July 25, 2006

For the 1st time, U.S. drivers buy more import brands


New statistics compiled by R.L. Polk and Co., which counts new car registrations and excludes sales to rental car agencies and other fleet customers, show foreign brands commanded 52.9 percent of the retail auto market in the first five months of 2006, while domestic automakers fell to 47.1 percent.

Bad news for Detroit. Really bad news.

In January, Ford unveiled an overall company restructuring that it named "Way Forward", a six-year plan to idle 14 plants and eliminate 34,000 jobs, among other cost-cutting moves. Obviously, it's not working. At least, not yet.
Last week, Ford reported a $123 million second quarter loss.

GM, Ford and Chrysler executives need to consider some drastic changes if they hope to continue to stay in business and honor the pension obligations to their millions of retired employees.


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