12/1 Auto News
December 2nd 2006 00:41
Kerkorian sells entire GM stake
Billionaire investor Kirk Kerkorian has unloaded all of his stock in General Motors Corp. -- 42 million shares – ending an often rocky relationship with the struggling automaker.
Kerkorian, once GM's largest shareholder, sold off his stake in the company in two separate transactions on Thursday: 14 million shares in one transaction and 28 million shares in a separate transaction later that day. Kerkorian's shares represented $864 million in GM stock.
The sell-off comes after Kerkorian expressed growing frustrations about GM's ability to compete with foreign automakers. Last summer, he pressured GM to form a global alliance with Nissan and Renault, but the deal fell apart in October. Kerkorian also sold 14 million shares on Nov. 22.
Automakers show off new models in L.A.
Asian and European automakers rolled out a number of vehicles at the Los Angeles Auto Show this week.
Toyota debuted a Lexus LS 600h luxury hybrid, while Mercedes Benz showcased a CL63 AMG Coupe that goes from 0 to 60 mph in 4.6 seconds. Hyundai Motor Co. rolled out a HCD10 Hellion crossover concept and Honda displayed a hydrogen-powered FCX fuel-cell car with a driving range of 354 miles. BMW launched its X5 SUV with an optional third row and a hybrid BMW Hydrogen 7.
Toyota outsells Ford; Redesigned RAV4 sales up 156 percent
Toyota Motor Corp. posted its best-ever November sales figures, outselling Ford Motor Co. in the U.S. for the second time this year.
The Japanese automaker sold 195,695 vehicles in the U.S. in November, a nearly 16 percent increase over last year. Ford sold 182,259 units. It marks the second time that Toyota has outsold Ford in the U.S. ; the last time was in July.
Toyota’s sales jumped mainly on higher passenger cars and light truck sales, including the redesigned RAV4, which was up 156 percent compared to the same time a year ago.
U.S. automakers posted mixed results. Ford's November sales were down 10 percent; General Motors' sales increased 6 percent; and Chrysler's sales increased 2.9 percent compared to the same time last year.
Billionaire investor Kirk Kerkorian has unloaded all of his stock in General Motors Corp. -- 42 million shares – ending an often rocky relationship with the struggling automaker.
Kerkorian, once GM's largest shareholder, sold off his stake in the company in two separate transactions on Thursday: 14 million shares in one transaction and 28 million shares in a separate transaction later that day. Kerkorian's shares represented $864 million in GM stock.
The sell-off comes after Kerkorian expressed growing frustrations about GM's ability to compete with foreign automakers. Last summer, he pressured GM to form a global alliance with Nissan and Renault, but the deal fell apart in October. Kerkorian also sold 14 million shares on Nov. 22.
Automakers show off new models in L.A.
Asian and European automakers rolled out a number of vehicles at the Los Angeles Auto Show this week.
Toyota debuted a Lexus LS 600h luxury hybrid, while Mercedes Benz showcased a CL63 AMG Coupe that goes from 0 to 60 mph in 4.6 seconds. Hyundai Motor Co. rolled out a HCD10 Hellion crossover concept and Honda displayed a hydrogen-powered FCX fuel-cell car with a driving range of 354 miles. BMW launched its X5 SUV with an optional third row and a hybrid BMW Hydrogen 7.
Mercedes-Benz displays CL63 AMG at LA Auto Show
Toyota outsells Ford; Redesigned RAV4 sales up 156 percent
Toyota Motor Corp. posted its best-ever November sales figures, outselling Ford Motor Co. in the U.S. for the second time this year.
The Japanese automaker sold 195,695 vehicles in the U.S. in November, a nearly 16 percent increase over last year. Ford sold 182,259 units. It marks the second time that Toyota has outsold Ford in the U.S. ; the last time was in July.
Toyota’s sales jumped mainly on higher passenger cars and light truck sales, including the redesigned RAV4, which was up 156 percent compared to the same time a year ago.
U.S. automakers posted mixed results. Ford's November sales were down 10 percent; General Motors' sales increased 6 percent; and Chrysler's sales increased 2.9 percent compared to the same time last year.
| 37 |
| Vote |
Subscribe to this blog
Comment by khooper