S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Cars and Drivers

GM Trouble in Europe Grows

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

General Motors (NYSE: GM) warned that losses in Europe will be greater than expected in the second half, according to the Wall Street Journal. The news was easy to forecast. None of the large car manufacturers that do business in Europe will do well this year. Management at Ford (NYSE: F) recently told the press that the company would suffer larger-than-expected losses in the current quarter.

Too many people are out of work in Europe. And most auto firms cannot cut costs quickly. They face resistance from strong unions and local governments bent on doing whatever they can to save jobs. The negative outcome of the slow sales and inability to cut expenses quickly is that losses among all the companies in the industry will total well into the billions of dollars in Europe this year. There does not appear to be much the manufacturers can do about it.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

What’s Important in the Financial World (7/17/2012)

General Motors (NYSE: GM) warned that losses in Europe will be greater than expected in the second half, according to…
Douglas A. McIntyre |

As Car Business in U.S. Brightens, in Europe It Gets Uglier

February car sales in the U.S. will be at multimonth highs and the annual sales run rate will be 14…
Douglas A. McIntyre |

Toyota: The World’s Most Profitable Car Company

Toyota has become by far the most profitable car company in the world. The Japanese company said its numbers were…
Douglas A. McIntyre |

GM’s CEO Faces Failure in Europe

New General Motors CEO Mary Barra recently and told reporters that she has no radical plans for the No. 1…
Douglas A. McIntyre |

Will Crude Prices Stay Down 10%? (XOM, CVX, COP, OXY)

In mid-afternoon trading today, WTI crude has fallen below $80/barrel and looks set to end the month down about -10%.…
Why Now’s the Time for GM’s $2.2 Billion Investment in Electric Vehicle Plant
Paul Ausick |

Why Now’s the Time for GM’s $2.2 Billion Investment in Electric Vehicle Plant

GM announced Monday that it will remodel its Hamtramck, Michigan, assembly plant to build the company's planned electric pickups and…
Douglas A. McIntyre |

U.S. Auto Stocks Gain Investor Appeal

courtesy of Ford Motor CompanyThe value of shares in Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM)…
Douglas A. McIntyre |

Ford vs. GM — The Past Five Years

Courtesy Ford Motor Co.Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) may change CEOs within months, of…
Douglas A. McIntyre |

As Nissan and Toyota Surge, Opel Falters

Nissan and Toyota (NYSE: TM), two of Japan’s largest car companies, reported better than expected quarterly earnings and posted solid…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618