AutoGuide News Blog
The AutoGuide News Blog is your source for breaking stories from the auto industry. Delivering news immediately, the AutoGuide Blog is constantly updated with the latest information, photos and video from manufacturers, auto shows, the aftermarket and professional racing.
California motorists that spend a lot of time on the road could be in for a shock. The state’s legislature is considering a bill that would explore a tax based on vehicle miles traveled or VMT for short.
Every year the Fortune 500 rankings are announced, and it’s usually no surprise to see the big three on the list. This year, however, you’ll find only two of the domestic automakers, though both have moved up the list.
General Motors has announced a second quarter net income of $2.5 billion or $1.54 per fully diluted share. By comparison, GM’s Q2 2010 performance showed a net income of $1.3 billion or 85 cents per diluted share. Revenue has increased from $6.2 billion to 39.4 billion compared to the second quarter of 2010.
Earnings before interest and tax adjusted was $3.0 billion compared to $2.0 billion in the second quarter of 2010. GM also ended the quarter with very strong total automotive liquidity of $39.7 billion. The automakers cash and marketable securities, including Canadian Health Care Trust restricted cash, was $33.8 billion compared with $30.6 billion at the end of the first quarter of 2011.
“GM’s investments in fuel economy, design and quality are paying off around the world as our global market share growth and financial results bear out,” said Dan Akerson, chairman and CEO of GM. “Our progress has been steady and we’re preparing to launch more new products this year, including the Chevrolet Sonic in North America, the Opel/Vauxhall Zafira in Europe and the Baojun 630 in China to keep the momentum going.”