Fiat SpA Chief Executive Officer Sergio Marchionne got a show of support from Italian Prime Minister Mario Monti yesterday for the carmaker’s latest effort to shore up domestic operations. The political cameo in southern Italy will do little to overcome the plan’s challenges.
General Motors Co. and Ford Motor Co. posted surprising U.S. sales declines, slowing industrywide growth in July, as Japanese automakers continued their recovery and Chrysler Group LLC extended its run of monthly gains.
The recovery in U.S. automobile sales from the lowest in almost three decades may spur a wave of auto- parts acquisitions, drawing interest from hedge funds, private- equity investors and rival manufacturers after a two-year slump in deals.
New-vehicle buyers are having an easier time getting credit, signaling U.S. auto sales may continue to accelerate after last month reaching the fastest pace since the government’s “cash for clunkers” program.