auto

Carl Icahn’s rental car company Hertz Global Holdings has roughly three weeks to prove it can stave off bankruptcy, the company said on Tuesday. In a regulatory filing, the car rental behemoth said lenders have given it until May 22 to develop a viable financial structure that “better reflects the economic impact of the coronavirus.” …

Luxury sports-car maker Ferrari still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company, known for its red Formula One racing cars and its prancing horse logo, cut its 2020 core earnings forecast on Monday, …

General Motors CEO Mary Barra received a compensation package worth $21.6 million in 2019, 1.1 percent less than the previous year, according to the US automaker’s proxy statement released on Monday. Barra’s pay package included a salary of $2.1 million, stock awards worth $12.14 million, options worth more than $3.5 million and a performance award …

Fiat Chrysler resumed van production on Monday at its Atessa plant in central Italy, a week before the country plans to start lifting a national lockdown put in place to limit the spread of the coronavirus. Italy has said it would allow factories and building sites to reopen from May 4 as it prepares a …

General Motors said on Monday the automaker has suspended its quarterly cash dividend on its common stock and its share buybacks to save cash in the face of the coronavirus crisis that has severely hurt global automobile sales. Shares of GM were trading 1.3 percent lower in late-morning trading, at at $21.67. “We continue to …

Shares of Tesla surged 13 percent on Tuesday after Credit Suisse upgraded its rating on the electric-car maker and as Wall Street rallied on optimism the coronavirus outbreak was reaching a plateau. The stock has jumped nearly 30 percent in the past two days as investors look beyond disruptions caused by the pandemic, which has …

Ford said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus outbreak pummeled its sales and shuttered vehicle assembly plants, resulting in a 21 percent drop in vehicle sales to dealers versus the same quarter in 2019. The news sent Ford’s shares down more …

Nissan and Honda on Tuesday said they had furloughed thousands of workers at their US operations as the coronavirus pandemic slashes demand for cars in the country. A spokesman for Honda, which employs about 18,400 workers at plants in Alabama, Indiana and Ohio, said the Japanese automaker would guarantee salaries through Sunday, having suspended operations …

Formula One has put almost half its staff on furlough until the end of May due to the novel coronavirus with chairman Chase Carey and senior management also taking a pay cut, an F1 spokesman said on Tuesday. Sources said those on furlough were mainly employees whose work was race-weekend focused and who could not …

US new vehicle sales likely drove off a cliff in March as the coronavirus pandemic pounded consumer confidence and shuttered dealerships across much of the country, and sales are likely to take a further beating in April as social distancing guidelines remain in place. “When you look at March, we basically lost half the month,” …