General Motors Corp is expected to announce details of its U.S. dealer consolidation plans on Friday, just over two weeks before the automaker's deadline to complete a sweeping restructuring that could include bankruptcy.
General Corp. dealerships are waiting to hear if they are among the 1,100 shops the company plans to shed.
General Motors Corp on Thursday said that if it files for bankruptcy it would most likely pursue a quick sale of its best assets out of court protection similar to the process now reshaping Chrysler LLC.
General Motors Corp said on Thursday night it would most likely pursue the same legal strategy as Chrysler if it spirals into bankruptcy, while Chrysler unveiled details for slashing its dealer network.
The map below demonstrates the chickenpox impact that just the initial round of Chrysler dealer shutdowns will have on the US economy. As is evident from the map (an interactive version of the map can be accessed here), the pain will be focused east of the Rockies, although major West Coast metropolises will not be spared either: every dot represents an automotive dealer that Chrysler disclosed to...
Chrysler LLC notified all U.S. dealers on Thursday about its plans to eliminate 25 percent of its retail showrooms while rival Ford Motor Co assured investors it is on track to at least break even in 2011 without seeking any U.S. government aid.
Chrysler LLC notified all U.S. dealers on Thursday about its plans to eliminate 25 percent of its retail showrooms and is seeking permission from a U.S. bankruptcy court to terminate franchise agreements.
Ford Motor Co's restructuring is on track to bring a profit as soon as 2011, without the need for emergency government bridge loans, executives told stockholders on Thursday at the automaker's annual meeting.
It was relatively easy for the Obamastration to dispense with a band of rogue hedge funds that were worrying the impending Chrysler-Fiat alliance. Once the names of the holdout creditors were made public, their revolt was crushed by public opinion. They used to be so, so cool, but we all hate hedge funds now.
Chrysler LLC plans to shed 789 of its U.S. 3,200 dealerships, many located in the suburbs of major U.S. cities, it said in a bankruptcy court filing Thursday.
Stock index futures pointed to a lower open on Thursday after the number of workers receiving jobless benefits hit another record and consumer bellwether Wal-Mart reported flat quarterly profits.
Ford Motor Co executives face stockholders on Thursday to detail the automaker's plans to complete a turnaround without resorting to U.S. government help and steer clear of the industry collapse now swallowing rivals General Motors Corp and Chrysler.
General Motors Corp and Chrysler aim to drop as many as 3,000 U.S. dealers and are expected to begin sending notifications as early as Thursday, three people briefed on the still developing plans said.
General Motors Corp and Chrysler plan to shed as many as 3,000 U.S. dealers, Reuters reported.
Fiat (FIA.MI) is discussing closing one of its plants in Italy and reducing operations at another, German unions have told their Italian counterparts, an official of Italy's FIM-CISL union told Reuters on Wednesday.
Auto dealers lobbied Congress on Wednesday to try to slow plans by General Motors Corp and Chrysler LLC to cut their ranks.
With General Motors Corp planning to end production of Saturns and Pontiacs at its Delaware plant which employs more than 1,000 people, state leaders are scrambling to win new work at the facility or persuade the company to move other operations to the region.
Chrysler's bankruptcy may take as long as two years, instead of the two months that President Barack Obama suggested as a target, Bloomberg said, citing an administration official.
Ford Motor Co said on Tuesday that it raised $1.4 billion through a 300 million share offer for $4.75 per share, a move that its chief executive said was an important step toward getting profitable again.
Eight hundred of Chrysler’s 2,400 dealers will be dropped and finance agreements will be renegotiated according to dealers who participated in a conference call with a lawyer, the Detroit Free Press reported.
General Motors Corp shares hit there lowest level since the Great Depression on Tuesday and Nissan Motor Co posted a loss and expected more amid the deep global auto downturn.
Chrysler LLC will offer new buyouts to factory workers at seven of its eight U.S. plants slated for closure under its bankruptcy plans, the United Auto Workers union said on Tuesday.
