General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said.
General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said.
Fiat SpA Chief Executive Sergio Marchionne turned up the heat on talks with struggling U.S. automaker Chrysler on Wednesday as General Motors Corp confirmed a possible buyer for its Saturn network.
President Barack Obama offered a
Fiat SpA's chief executive said there were other options to a partnership with troubled U.S. car maker Chrysler LLC although he still wanted seal the deal by the April 30 deadline set by Washington.
Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless they agreed to cut labor costs.
Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless they agreed to cut labor costs.
Fiat's chief executive said he was ready to abandon plans to form a partnership with Chrysler LLC if the U.S. car maker's unions refused to accept substantial cost cuts, according to a newspaper.
Chrysler LLC's first-lien lenders are preparing a counter-offer for the U.S. Treasury that might include equity in a Chrysler-Fiat alliance and some cash in exchange for abandoning their claim to some $7 billion in debt, sources with knowledge of the matter said.
Chrysler LLC's first-lien lenders are preparing a counter-offer for the U.S. Treasury that might include equity in a Chrysler-Fiat alliance and some cash in exchange for abandoning their claim to some $7 billion in debt, sources with knowledge of the matter said.
General Motors stock fell sharply in Frankfurt on Tuesday on renewed bankruptcy fears, weighing on autos stocks across the region, as peer Chrysler pinned its hopes on a tie-up with Fiat .
Ford Motors shares were raise Monday after it planned to restructure its debt by 38 percent or $9.9 billion to bolster up its finance despite economic downturn and low demand.
Chrysler's creditors plan to make a counteroffer to the U.S. Treasury this week, in which they might ask for equity in a firm combining Chrysler with potential partner Fiat SpA in exchange for concessions, the Wall Street Journal reported, citing people familiar with the matter.
General Motors Corp shares plunged 16 percent on Monday as traders shed positions out of fear the U.S. government will push the automaker into a bankruptcy that could wipe out existing equity.
Chrysler and potential partner Fiat SpA are discussing a new management and board for the U.S. automaker under a proposed alliance that could see Fiat take a stake in Chrysler, Automotive News reported on Monday.
There was a time when a Chrysler‘s performance, quality and technology was unquestioned. Chrysler Corporation was one of the most successful carmakers in the world until the early 1990s.
President Barack Obama, saying he was committed to a strong U.S. auto industry, announced on Thursday the government would buy 17,600 new fuel-efficient vehicles from ailing American automakers by June 1.
A year ago, General Motors Corp rolled out rapper 50 Cent to launch a new sport truck at the New York Auto Show. This year it sent executives in suits with a PowerPoint presentation.
President Barack Obama, saying he was committed to a strong U.S. auto industry, announced on Thursday the government would buy 17,600 new fuel-efficient vehicles from ailing American automakers by June 1.
Volkswagen AG could launch the Up! mini-car in the United States, the German automaker's U.S. Chief Executive Stefan Jacoby said on Wednesday.
Fiat Chief Executive Sergio Marchionne is again in the United States for talks with potential partner Chrysler , a source close to the company said on Thursday.
General Motors Corp and Chrysler launched government-backed assistance programs for parts suppliers on Wednesday, and the task force overseeing the carmakers' restructuring was expected to meet with GM this week to speed up the process.
