tom krisher

DEARBORN, Mich. | Ford posts quarterly loss amid struggles in Europe, China

DEARBORN, Mich.—Jan 23, 2019—  Ford Motor Co. has reported its first quarterly loss in two years due to a pension accounting charge and poor performances in Europe and China. The Dearborn, Michigan, company on Wednesday said it lost $116 million, or 3 cents a share, in the fourth quarter, compared with a $2.52 billion profit … Continue reading DEARBORN, Mich. | Ford posts quarterly loss amid struggles in Europe, China

DETROIT | GM says it has 2,700 jobs for workers slated to be laid off

DETROIT — The General Motors’ massive 14,000-person layoff announced last month might not be as bad as originally projected. The company said Friday that 2,700 out of the 3,300 factory jobs slated for elimination will now be saved by adding jobs at other U.S. factories. Blue-collar workers in many cities will still lose jobs when … Continue reading DETROIT | GM says it has 2,700 jobs for workers slated to be laid off

DETROIT | Toyota US chief says car sales are close to bottoming out

DETROIT  — Toyota’s top U.S. executive says car sales nationwide have bottomed out and his company will keep making them despite a dramatic shift to trucks and SUVs. U.S. CEO Jim Lentz told the Detroit Economic Club Wednesday that car sales fell below 30 percent of sales last month, and he thinks that’s close to … Continue reading DETROIT | Toyota US chief says car sales are close to bottoming out

DETROIT | Salaried workers beware: GM cuts are a warning for all

DETROIT — For generations, the career path for smart kids around Detroit was to get an engineering or business degree and get hired by an automaker or parts supplier. If you worked hard and didn’t screw up, you had a job for life with enough money to raise a family, take vacations and buy a … Continue reading DETROIT | Salaried workers beware: GM cuts are a warning for all

DETROIT | AP FACT CHECK: Trump claims an auto boom that isn’t

DETROIT — President Donald Trump is calling attention to an auto industry boom that doesn’t exist. In a tweet Thursday slamming General Motors for plans to lay off workers, Trump wrote that auto companies “are pouring into the U.S.” and GM is “very counter” to the rest of the industry. He also wrote that BMW … Continue reading DETROIT | AP FACT CHECK: Trump claims an auto boom that isn’t

DETROIT | GM to close Canadian plant, but that’s just the beginning

DETROIT — General Motors is closing a Canadian plant at the cost of about 2,500 jobs, but that is apparently just a piece of a much broader, company-wide restructuring that will be announced as early as Monday. A person briefed on the matter told The Associated Press that the plant being shuttered in Canada is … Continue reading DETROIT | GM to close Canadian plant, but that’s just the beginning

DETROIT | New Tesla chairwoman’s biggest challenge is controlling Musk

DETROIT  — Australian telecommunications executive Robyn Denholm brings much-needed financial and auto industry expertise to her new role as Tesla’s board chairwoman, but her biggest challenge is whether she can rein in a CEO with a proclivity for misbehavior. Denholm, who has been a Tesla board member for nearly five years, was named to the … Continue reading DETROIT | New Tesla chairwoman’s biggest challenge is controlling Musk

SAN FRANCISCO | Tesla delivers on Elon Musk’s 3Q profit pledge

SAN FRANCISCO — Tesla Motors delivered on CEO Elon Musk’s promise to make money during its latest quarter after fulfilling his pledge to boost production of its first electric car designed for the mass market. The company earned $311.5 million during the three months ending in September, swinging from a loss of $619 million at … Continue reading SAN FRANCISCO | Tesla delivers on Elon Musk’s 3Q profit pledge

DEARBORN, Mich. | Ford’s 3Q net profit falls 37 percent on slowing sales

DEARBORN, Mich.— Ford Motor Co.’s net profit fell 37 percent in the third quarter as sales slowed in the U.S. and China. The company says it made $991 million from July through September, or 25 cents per share. Revenue was up 3 percent to $37.67 billion Excluding one-time items, Ford says it made 29 cents … Continue reading DEARBORN, Mich. | Ford’s 3Q net profit falls 37 percent on slowing sales

DEARBORN, Mich. | Investors seek restructuring details in Ford 3Q results

DEARBORN, Mich. — When Ford Motor Co. reports third-quarter earnings Wednesday afternoon, investors will be looking for details on how the company plans to remake itself. Ford CEO Jim Hackett has promised $11 billion in cuts over five years as the company resizes to better compete globally, and it has confirmed that some employees will … Continue reading DEARBORN, Mich. | Investors seek restructuring details in Ford 3Q results

DETROIT | Tesla without Musk at the wheel? It’s what the SEC now wants

DETROIT— Tesla without Elon Musk at the wheel? To many of the electric car maker’s customers and investors that would be unthinkable. But that’s what government securities regulators now want to see. The Securities and Exchange Commission has asked a federal court to oust Musk as Tesla’s chairman and CEO, alleging he committed securities fraud … Continue reading DETROIT | Tesla without Musk at the wheel? It’s what the SEC now wants

DETROIT | SEC seeks to oust Tesla CEO Elon Musk over go-private tweet

DETOITR— U.S. securities regulators are asking a federal court to oust Tesla Inc. CEO Elon Musk, alleging in a complaint that he committed securities fraud with false statements about plans to take the company private. The Securities and Exchange Commission says in the complaint filed Thursday that Musk falsely claimed in an Aug. 7 statement … Continue reading DETROIT | SEC seeks to oust Tesla CEO Elon Musk over go-private tweet

DETROIT | More US corporate giants warn tariffs will mean price hikes

DETROIT— From Ford to Walmart to Procter & Gamble, a growing number of iconic American companies are warning that President Donald Trump‘s tariffs on U.S. imports are raising their costs and prices. Jim Hackett, CEO of Ford, the second-largest U.S.-based automaker, said Wednesday that Trump’s taxes on imported steel and aluminum are costing Ford $1 … Continue reading DETROIT | More US corporate giants warn tariffs will mean price hikes

Another day at Tesla: Execs depart, Musk invites controversy

Another executive departure, another controversy over the CEO’s behavior, another stock drop. Another typical day at Tesla. Although the details change, the pattern stays the same. This time, the executive departure is David Morton, chief accounting officer at Tesla Inc., who called it quits after just a month on the job. The controversy is over … Continue reading Another day at Tesla: Execs depart, Musk invites controversy

SAN FRANCISCO | Uber heads in new direction with Toyota on self-driving cars

SAN FRANCISCO— Uber is teaming up with Toyota to build self-driving cars for its ride-hailing service after its efforts to do it alone were derailed by a fatal collision and allegations of high-tech theft. Toyota, based in Japan, is also investing $500 million in Uber as part of the alliance announced Monday. The deal aims … Continue reading SAN FRANCISCO | Uber heads in new direction with Toyota on self-driving cars

DETROIT | ‘Private’ mess: Musk’s credibility goes from bad to worse

DETROIT — First it was the shocking tweet that funding was secured and Tesla may go private, then a statement that the money wasn’t locked down after all. Two weeks later it’s never mind, the whole deal is off. Welcome to the disarray of Elon Musk, the impulsive genius and architect of cutting-edge car, rocket … Continue reading DETROIT | ‘Private’ mess: Musk’s credibility goes from bad to worse