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New car sales in Cuba soured by 400-percent markups

While most analysts expected Cuba's lift of a decades-long ban on the sale of new cars to come with an asterisk or five, few could have predicted that the internationally hailed move would immediately turn out to be a mirage. Private car sales in Cuba have been heavily regulated by the government since 1959, and imports had been banned almost entirely. On Jan.

Toyota outlines quality reforms; chief bows out of U.S. hearings

Conceding that breakneck expansion led to Toyota Motor Corp.'s current recall crisis, president Akio Toyoda outlined reforms meant to get quality back on track, including more active use of the car's so-called black box crash data recorder. Toyoda, grandson of the carmaker's founder, also indicated he won't sit before Congressional hearings into the quality lapses that have triggered recalls of more than 8.5 million vehicles since last fall. Yoshimi Inaba, the head of Toyota's U.S.

Chrysler to axe a quarter of its staff

Chrysler is to cut a quarter of its staff - up to 5000 jobs By Tim Pollard Motor Industry 24 October 2008 17:05 The credit crisis gripping the world's economy struck Chrysler again today – the car maker announced it would cut a quarter of its staff by the end of the year. Although exact figures haven't been issued yet, it looks like as many as 5000 jobs could be axed. Analysts in Detroit are seeing today's announcement as a sign that the possible GM-Chrysler merger being discussed could come to fruition.