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Ford and G.M. Plan to Trim 2008 Output

DETROIT — General Motors and Ford, struggling to keep turnaround plans on track, both said Monday that they would cut production in the first quarter because of slowing sales, according to the New York Times.

G.M. said it expected to produce 950,000 vehicles from January through March, down 11 percent from the same period in 2007. Ford said it planned to build 685,000 vehicles in the first quarter, a 7 percent decline.

Posted by Peter C. T. Elsworth  at 12:53 PM to Ford , GM | Permalink | Comments 1

Malibu, Cadillac CTS among Car and Driver's 10 best

The 2008 Chevrolet Malibu and Cadillac CTS have been named by Car and Driver magazine as among the 10 best cars sold in the U.S., each for the first time, according to the Detroit Free Press.

The Honda Accord made the list for a 22nd time.

The BMW 3-Series and the Chevrolet Corvette were included for the 17th and 14th year in a row respectively.

Car and Driver editors rated vehicles on performance, driving satisfaction and value.

Rounding out the top 10 were the Honda Fit, Mazda MX-5, Mazdaspeed 3, Porsche Boxster/Cayman and Volkswagen GTI.

General Motors was the only domestic auto manufacturer to have a car named. No SUVs or trucks made the list.

Posted by Peter C. T. Elsworth  at 12:50 PM to GM | Permalink | Comments 0

Gasoline prices could fall as crude oil wavers

The price of oil — within winking distance of $100 a barrel last week — has fallen and can't get up. Futures prices for light, sweet crude hovered around $88 a barrel Tuesday.

If prices continue at less than $90, gasoline retailers could afford to pass along the past week's 20-cent drop in their wholesale prices, according to USA Today. The price of oil accounts for roughly two-thirds the price of gasoline, the latest government data say.

Posted by Peter C. T. Elsworth  at 12:47 PM to Gas prices | Permalink | Comments 0

High gas prices help sales of thriftier cars

High gas prices took their toll on the auto industry last month, decimating sales of larger vehicles but pushing smaller, cheaper and more fuel-thrifty models and gas-electric hybrids out the door, sales figures released Monday show, according to USA Today.

Posted by Peter C. T. Elsworth  at 12:45 PM to Sales | Permalink | Comments 0

Oil Rises Amid OPEC Uncertainty

Oil prices fell Tuesday on speculation that OPEC oil ministers would increase production during a meeting later this week, according to the Associated Press. A new U.S. intelligence report concluding that Iran halted its nuclear weapons development program in 2003 also helped push prices lower.

Light, sweet crude for January delivery was down 92 cents to $88.39 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier Tuesday, it rose as high $89.98.

Posted by Peter C. T. Elsworth  at 9:49 AM to Crude oil market | Permalink | Comments 0