Hertz Global Holdings Inc., the car- and equipment-rental company that’s splitting in two, tumbled the most in seven months after saying it needs to fix three years of accounting and that quarterly results won’t meet consensus estimates on weak car-rental revenue.
The cars at the center of General Motors Co.’s February recall were still on the drawing board when a top engineer gathered more than a dozen managers and delivered a fateful message: Build them for less.
It’s not just Toyota Motor Corp.’s recalls last year or Japan’s earthquake driving General Motors Co. back to being the world’s largest carmaker. Nor is it completely to GM’s credit. What’s really happening is a historic shift in the car business.
General Motors Co., the automaker that has lost $14.5 billion in Europe since 1999, said Volkswagen AG Chief Executive Officer Martin Winterkorn is stoking speculation that GM’s German-based Opel unit is for sale.
Ford Motor Co. directors gathering this week in Dearborn, Michigan, are likely to discuss future plans by Chief Executive Officer Alan Mulally, who is being considered for the top job at Microsoft Corp., according to a person familiar with the board’s thinking.