Turkish Daily News (Enlarge photo)

  General Motors, battered by the slowest U.S. sales market in 15 years, faces the possibility of bankruptcy and may need to raise as much as $15 billion, a Merrill Lynch dramatic drop-off” in sales probably will continue through 2009, forcing GM to find additional funding, analyst John Murphy, who lowered the Detroit-based company's shares to “underperform” from “buy,” said in a report. “Bankruptcy is not impossible if the market continues to deteriorate.”

  GM dropped to under $10 in New York Stock Exchange composite trading Wednesday. The shares are headed for their lowest close since 1954.

  Murphy's assessment follows GM's report Tuesday that its June U.S. auto sales fell 18 percent, as rising gasoline prices damped demand for pickups and sport-utility... // Turkish Daily News

The Southern Ledger (Enlarge photo)

Ford Motor Co.'s June sales drop 27.9 percent as high gas prices, sluggish economy take toll.

With General Motors shares trading near their lowest levels in more than half a century and gasoline prices rising to record levels, the auto industry braced to deliver another bleak monthly report on auto sales.

Industry analysts said June sales could drop to their lowest monthly rate in 16 years, with several predicting another double-digit dip.

Toyota Motor Corp. could even grab the U.S. sales lead from General Motors Corp. for the first time.

Ahead of the sales announcements, GM shares fell 43 cents, or 3.7 percent, to $11.07 in morning trading Tuesday. They had briefly fallen as low as $10.57 during Monday's session, the lowest level since Sept. 22, 1954, before recovering, according... // The Southern Ledger

The Southern Ledger (Enlarge photo)

High gasoline prices and a weak economy took a toll on U.S. sales of Toyota Motor Co. and Ford Motor Co. vehicles in June, with Toyota reporting a 21.4 percent decline and Ford dropping 27.9 percent.

Industry analysts had predicted June auto sales could drop by double-digits to their lowest monthly rate in 16 years.

Toyota, however, had been expected to fare better because it has a lineup more tilted toward small fuel-efficient cars and crossover vehicles.

But it didn't. Toyota said Tuesday its car sales dropped 9.4 percent for the month, while its truck sales slipped 38.9 percent. For the first half of the year, Toyota sales were down 6.8 percent.

Ford shares sank to a new 52-week low, while rival General Motors Corp. shares were trading near their lowest level in more than a half... // The Southern Ledger

The Southern Ledger (Enlarge photo)

High gasoline prices and a weak economy took a toll on U.S. sales of Toyota Motor Co. and Ford Motor Co. vehicles in June, with Toyota reporting a 21.4 percent decline and Ford dropping 27.9 percent.

Industry analysts had predicted June auto sales could drop by double-digits to their lowest monthly rate in 16 years.

Toyota, however, had been expected to fare better because it has a lineup more tilted toward small fuel-efficient cars and crossover vehicles.

But it didn't. Toyota said Tuesday its car sales dropped 9.4 percent for the month, while its truck sales slipped 38.9 percent. For the first half of the year, Toyota sales were down 6.8 percent.

Ford shares sank to a new 52-week low, while rival General Motors Corp. shares were trading near their lowest level in more than a half... // The Southern Ledger

The Southern Ledger (Enlarge photo)

General Motors Corp. outsells Toyota Motor Corp. in June to retain its traditional U.S. sales lead, even though GM says its sales dropped 18 percent for the month.

Toyota sales had fallen 21.4 percent for the month. Both companies were hurt by a sluggish economy and poor sales of trucks and sport utility vehicles.

GM on Tuesday reported selling 265,937 vehicles for the month, compared with Toyota's 193,234.

For the first half of the year, GM sales were down 16.3 percent compared with the year-ago period. Toyota sales were down 6.8 percent for the first six months of the year.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

DETROIT (AP) _ High gasoline prices and a weak economy took a toll on U.S. sales of Toyota Motor Co. and... // The Southern Ledger

The Southern Ledger (Enlarge photo)

General Motors Corp. soundly beat Toyota Motor Corp. in June to retain its traditional U.S. sales lead, but GM sales still dropped 18.2 percent during a dismal month for most large automakers.

Toyota's U.S. sales fell 21.4 percent, while Ford Motor Co. said it sales tumbled nearly 28 percent.

GM's shares bounced nearly 6 percent higher in afternoon trading Tuesday after sinking to their lowest level in more than a half century during Monday's session.

The nation's biggest automaker on Tuesday reported selling 262,329 vehicles for the month, compared with Toyota's 193,234. Some industry analysts had expected Toyota to beat GM in the U.S. for the first time, but both companies were hurt by a sluggish economy and poor sales of trucks and sport utility vehicles.

Toyota car sales fell... // The Southern Ledger

(financialwire.net via COMTEX) -- TM | Quote | Chart | News | PowerRating -- July 3, 2008 (FinancialWire) Shares of General Motors Corp. (NYSE: GM | Quote | Chart | News | PowerRating ) plunged to close below $10 for the first time since 1954, on worries about the company's cash needs and speculation about a possible bankruptcy protection filing down the road.

Even though the company posted better-than-expected June sales that sent GM shares surging as much as 12 percent the previous day, the automaker posted an 18.2 percent drop in U.S. vehicle sales from a year ago but retained its traditional U.S. sales lead over Toyota Motor Corp. (NYSE: TM), which posted a 21.4 percent decline.

GM shares fell $1.77, or 15.1 percent, to close at $9.98. According to the Center for Research in... // Trading Markets

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• The performance continues: The current model's 4.6-liter V8 produces 300 horsepower and 320 foot-pounds of torque at 4,500 rpm. The 4.0-liter, single-overhead cam V6 produces 210 horsepower and 240 foot-pounds of torque at 3,500 rpm. For the truly wild, a 5.4-liter Supercharged V8 is available with 500 hp and 480 foot-pounds of torque.

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• Best-in-Class Safety: The 2008 Mustang GT earned... // TheMustangNews.com

DETROIT (AP) An auto analyst with JPMorgan says General Motors Corp. is not in danger of an imminent bankruptcy, but will need to raise about $10 billion in cash to weather the downturn in U.S. auto sales.

Analyst Himanshu Patel said Thursday in a conference call that fears of a bankruptcy have been overblown. GM's shares slid to a 54-year low Wednesday on worries about the company's cash needs and speculation about a bankruptcy filing.

GM... // The Associated Press

Seeking Alpha (Enlarge photo)

uto sales were generally dismal across the board, with Honda the only bright spot as reported in an Auto Makers Report by the Wall Street Journal.

The declines were exacerbated fewer selling days; there were 24 selling days last month, compared with 27 in June 2007.

Ford  ( F ) reported 173,462 light-vehicle sales for June, compared with 240,354 a year earlier.

Toyota ( TM ) sold 193,234 vehicles in June, compared with 245,739 a year earlier.

For the second quarter, GM ( GM ) produced 835,000 vehicles, down 307,000 vehicles or 27% from a year ago.Looking ahead, GM now expects third-quarter production of 900,000 vehicles, down from its prior view of 1.1 million, amid slashing trucks production by about 209,000.

Chrysler's sales slumped to 117,457 from 183,347, with car sales tumbling... // Seeking Alpha

Canadian sales of cars and light trucks, which had been holding up remarkably well for the most part in the first five months of 2008, took a sharp turn for the worse last month as the high price of gasoline cut demand for pickups, SUVs and gas guzzlers.

General Motors of Canada, the country's biggest auto maker, reported a 23.8 per cent skid in overall June sales as the company sold a total of 32,365 cars and light trucks last month, down from 42,466 in June 2007.

GM's truck sales were especially hard-hit, plunging more than 35 per cent compared with a year ago, while its Canadian passenger-car sales dropped 11.5 per cent to 18,122.

"GM Canada's June sales reflected the significant ongoing market impact of rising gas prices and the resulting further consumer shift toward cars and... // Brantford Expositor

Autochannel (Enlarge photo)

DEARBORN, MI - July 3, 2008: The Fourth of July weekend is a time to reflect on American ideals and American icons. One of the most-iconic cars in American history is the Ford Mustang. With a heritage stretching back nearly a half-century, the Mustang has become a part of the American fabric. Mustang has been the best-selling sports car for 22 straight years, and there are plenty of reasons why:

The legendary performance and hot appearance make it easy to understand why Mustang has long been America's best-selling convertible.

• Get it before it's gone: Due to the short model year, the 2009 45th Anniversary Mustang will be one of the rarest model years of Mustang ever.

• Most Customized Vehicle on the Planet: Make it your Mustang. With hundreds of factory and aftermarket... // Autochannel

DETROIT - General Motors Corp. soundly beat Toyota Motor Corp. in June to retain its traditional U.S. sales lead, but GM sales still dropped 18.2 percent during a dismal month for large automakers.

Toyota's U.S. sales fell 21.4 percent, while Ford Motor Co. said it sales tumbled nearly 28 percent. Chrysler LLC took a huge hit for the month with sales down 35.9 percent.

GM's shares bounced more than 2 percent higher in late trading Tuesday after sinking to their lowest level in more than a half century during Monday's session.

The nation's biggest automaker on Tuesday reported selling 262,329 vehicles for the month, compared with Toyota's 193,234. Some industry analysts had expected Toyota to beat GM in the U.S. for the first time, but both companies were hurt by a sluggish... // RedOrbit

Yahoo’s new plan — speed dating: The Internet giant has picked up discussions with Time Warner over a combination involving AOL. News Corp. has also been hovering around Yahoo. The renewed talks come after a lull following Microsoft’s withdrawal in May of its $47.5 billion offer to buy Yahoo. [ WSJ ]

Building a global powerhouse: American Airlines, British Airways and Iberia are close to seeking antitrust clearance to form a joint venture . [ FT.com ]

Lone Star: Rumors are swirling... // Wall Street Journal Blogs

Investment Markets (Enlarge photo)

General Motors (GM), the worlds largest carmaker, has seen its shares sink to their lowest level since September 1954 sparking concerns about its future.

Yesterday, shares in the company closed down 15% at $9.98, which as a result, sent the Dow Jones industrial average into bear territory, with a fall of 166.75 points to 11,215.51.

John Murphy of investment bank, Merrill Lynch, said that GM needs a capital infusion of approximately £7.5 billion ($15 billion) and that it had not acknowledged the stress in the capital markets.

Mr Murphy said bankruptcy is not impossible if the market continues to deteriorate and significant incremental capital is not raised.

Merrill Lynchs warning is the harshest yet, but investors fears over the health of the three largest US carmakers, GM, Ford... // Investment Markets

General Motors will need to raise as much as $15 billion in cash to shore up liquidity and bankruptcy is "not impossible" if the US vehicle market continues to slump, Merrill Lynch said.

Other analysts have suggested GM, whose shares fell to a new 54-year low on Wednesday, needs to raise funds to ride out the downturn in the US auto market through 2009.

But Merrill's estimate of GM's financing needs is the highest yet. It also carried the most stark warning of the bankruptcy risk for the largest US carmaker.

GM declined to comment directly on the Merrill Lynch report but it believes it has sufficient liquidity for 2008 despite lower volumes and could take more steps to cut costs if sales conditions worsen.

"If conditions continue to deteriorate, we would consider other operating... // Wheels24.co.za