GM: General Motors (GMGMQ) announced the sale of its Hummer truck brand one day after it filed for bankruptcy protection, bringing an end to an era for the automaker.The bankruptcy is seen as necessary by lawmakers who say the industry requires a broad overhaul. GM's bankruptcy will result in 20,000 job losses and the closure of 12 plants.
GM is now trading under the symbol GMGMQ, as of Tuesday. It will be removed from the S&P 500 at the close of trading Tuesday and is also being kicked out of the Dow. Cisco Systems (CSCO, Fortune 500) takes its place starting Monday.
In other auto sector news, Ford Motor (F, Fortune 500) said Tuesday that May auto sales fell 24%, versus forecasts for a drop of 28.5%. The results nonetheless marked the best monthly performance for the company since last July.
Other automakers are also releasing monthly sales results throughout the day.
In other auto sector news, Ford Motor (F, Fortune 500) said Tuesday that May auto sales fell 24%, versus forecasts for a drop of 28.5%. The results nonetheless marked the best monthly performance for the company since last July.
Other automakers are also releasing monthly sales results throughout the day.
Meanwhile Ford Motor Co.'s U.S. auto sales fell less than expected in May marking its best performance since July 2008, the automaker reported on Tuesday.
Ford (F, Fortune 500) said total domestic vehicle sales fell 24.3% compared to a year earlier. That was a narrower decline than the Edmunds.com analysts' forecast of a 28.5% drop and better than the 32% retreat in April.
Though Ford's car models fell by 25.5%, sales of its mid-sized Fusion model were actually up 9.4% last month, the only model that rose from last year.
Crossover SUV sales dropped 9%, and traditional SUV sales tanked 37.4%. Overall, Ford truck sales fell 23.4%.
Ford (F, Fortune 500) said total domestic vehicle sales fell 24.3% compared to a year earlier. That was a narrower decline than the Edmunds.com analysts' forecast of a 28.5% drop and better than the 32% retreat in April.
Though Ford's car models fell by 25.5%, sales of its mid-sized Fusion model were actually up 9.4% last month, the only model that rose from last year.
Crossover SUV sales dropped 9%, and traditional SUV sales tanked 37.4%. Overall, Ford truck sales fell 23.4%.
- CNN
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