General Motors Corp prepared to announce its exit from bankruptcy on Friday after a 40-day reorganization under U.S. government backing that wiped away most of the debt and recurring costs that drove the 100-year-old automaker to crisis.
U.S. auto parts maker Lear Corp (LEAR.PK) filed for Chapter 11 bankruptcy protection on Tuesday, a day after setting out plans to restructure its $3.6 billion debt burden under a proposed deal with creditors.
The global car market will take until 2013 to return to last year's sales levels, a senior executive at Nissan Motor Co said on Tuesday.
U.S. auto parts maker Lear Corp , which has been weighed down by heavy debts and a sharp decline in automobile demand, filed for Chapter 11 bankruptcy protection on Tuesday.
Chinese President Hu Jintao's visit to Italy generated over $2 billion worth of deals between the two countries on Monday, including a Fiat SpA (FIA.MI) joint venture to produce cars and engines in China.
Italian auto maker Fiat (FIA.MI) has agreed a 50-50 joint venture deal with China's Guangzhou Automobile Industry Group to produce car engines in China.
A U.S. judge on Sunday approved General Motors Corp's bankruptcy sale, in a move that will allow the company's most profitable assets to exit bankruptcy protection under government ownership.
Budding signs of stability in the ailing U.S. automotive sector will kick-start a quicker demand recovery for aluminum, even as the industrial metal's supply base in U.S. warehouses will continue to swell from the industry's severe downturn.
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Ford Motor Co of Canada was the number one selling automaker in the country for the first time in 50 years as it posted a 25 percent jump in sales in June over a year earlier, the company said on Thursday.
U.S. auto sales tumbled 28 percent in June, the narrowest decline in nine months, as Ford Motor Co stole market share from its rivals.
U.S. auto sales tumbled in June as the economy remained a deep concern for consumers, but Ford Motor Co posted far better results than other large automakers and shot ahead of Detroit rivals passing through federally sponsored bankruptcies.
Major automakers posted better U.S. auto sales for June than in recent months on Wednesday, led by Ford Motor Co as results pointed to signs of some stabilizing in the hard-hit industry.
If General Motors wins court approval for its asset sale this week, a New GM could be ready to make an initial public offering in 2010, a U.S. Treasury official testified in U.S. bankruptcy court on Wednesday.
Major automakers posted better U.S. auto sales for June than in recent months on Wednesday, led by Ford Motor Co as results pointed to signs of some stabilizing in the hard-hit industry.
The only viable option to save General Motors Corp is a sale of its main assets to a New GM backed by the federal government, a U.S. Treasury official told a bankruptcy court on Wednesday as the automaker sought approval for the deal.
Ford Motor Co said on Wednesday that U.S. sales fell 10.9 percent in June for all of its brands, at the top of its expectations for the only U.S. automaker not supported by emergency government loans.
The only viable option to save General Motors Corp is a sale of its main assets to a New GM, a U.S. Treasury official told a bankruptcy court on Wednesday as the automaker sought approval for the deal.
U.S. automaker Chrysler Group LLC has stemmed the pace at which it uses cash after emerging from bankruptcy last month as a slimmer company, Chief Executive Sergio Marchionne said in an interview with Bloomberg published on Wednesday.
Major automakers are expected to report the highest sales rate of 2009 when they post results for June, as deep discounts limit industry-wide results to a 30-percent decline.
General Motors Corp's chief executive told a U.S. bankruptcy court on Tuesday that the sale of GM's main assets to government-backed New GM must win court approval in order for the automaker to survive.
Major automakers are expected to report the highest sales rate of 2009 when they post results for June, as deep discounts limit industry-wide results to a 30-percent decline.
