In an exclusive report, the Wall Street Journal is quoting General Motors CEO Rick Wagoner as saying he does not expect a consolidation in the U.S. auto industry anytime soon. Wagoner acknowledges there are major problems facing the industry including intense pricing pressure from foreign automakers, declining market share by the U.S. 'Big 3' and the probability the U.S. automakers will continue making more cars than they can sell for at least 10 years. In addition, the Journal is reporting Wagoner declined to comment on a slew of recent reports that GM is in talks with DaimlerChrysler about possibly buying or trading shares for its suffering North American Chrysler unit.
Sources: Wall Street Journal, Reuters
Commentary: DaimlerChrysler CEO Zetche: 'Chrysler Difficult To Break Up' • GM Vehicle Sales, U.S. Market Share Rise; Japan's 'Big 3' Continue to Roll • GM To Buy Chrysler? At Least It Hasn't Been Ruled Out
Stocks/ETFs to watch: DaimlerChrysler (DCX), General Motors (NYSE:GM). Competitors: Ford (NYSE:F), Toyota (NYSE:TM), Honda (NYSE:HMC), Nissan (OTCPK:NSANY)
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