General Motors Corp said on Monday it is telling about 1,600 salaried U.S. employees this week to leave by May 1 as it scrambles to reduce costs under a restructuring mandated by the U.S. government.
Fiat's chief executive has returned to the United States for talks as pressure builds to seal a partnership deal with Chrysler before the end of the month, sources at the Italian car maker said on Monday.
General Motors Corp Chief Executive Fritz Henderson said on Friday the automaker was readying detailed plans for a bankruptcy filing that now appears more likely even as it races to complete a business plan under federal oversight.
The U.S. government and Italian carmaker Fiat SpA will appoint a board of directors for embattled automaker Chrysler following the completion of a proposed alliance between the companies, Chrysler Chief Executive Bob Nardelli said on Thursday.
U.S. automaker Chrysler, already operating under government emergency aid, would cede control of its board and ultimately senior leadership if it completes a planned alliance with Italy's Fiat SpA.
U.S. automaker Chrysler, already operating under government emergency aid, would cede control of its board and ultimately senior leadership if it completes a planned alliance with Italy's Fiat SpA.
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.
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.
