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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.
Markets tumble after dour jobs report, GM warns of liquidation if sale not approved, J&J buys stake in biotech firm Elan, acquires Alzheimer's research
General Motors Corp would be forced into liquidation if its proposed asset sale were not approved despite urging from dissident bondholders that another course be pursued, the company's lead bankruptcy lawyer said on Thursday.
Magna's board of directors is scheduled to approve on Tuesday a business plan for the acquisition of German carmaker Opel, two sources familiar with the matter said on Thursday.
Magna expects to resolve the last few issues holding up its takeover of German carmaker Opel from former parent General Motors by Tuesday, two sources familiar with the matter said on Thursday.
Beijing Automotive Industry Holding Co plans to present a detailed bid for General Motors Corp's Opel unit in Europe within the next few days, The Wall Street Journal reported, citing a person familiar with the matter.
Layoffs for the month of June exceeded the expectations, China on Tuesday delayed implementation of a controversial rule that requires all manufacturers to install Internet filtering software, California state resorts to issuing IOU's after the governor and lawmakers failed to reach a budget agreement.
General Motors Corp has no choice but to sell its assets to a group led by the U.S. government if it is to survive, a lawyer for the bankrupt carmaker argued in bankruptcy court in Manhattan on Wednesday
Total U.S. new light vehicle sales in June were down 27.7 percent to 859,847, according to Autodata Corp, which compiled results released today by automakers. Ford Motor Corp fell the least with a 10.7 pct decline.
Auto seating supplier Lear Corp said on Wednesday it would file for Chapter 11 in a reorganization supported by key secured lenders and bondholders and had obtained $500 million in bankruptcy financing.
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.
Auto seating supplier Lear Corp said on Wednesday it would file for Chapter 11 bankruptcy protection in a reorganization supported by key secured lenders and bondholders and that it had obtained $500 million in bankruptcy financing.
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.
General Motors Corp (GM) sold a total of 814,442 units from January to June in China, a record for any half-year, the company said in a statement 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.
General Motors said on Wednesday its China vehicles sales rose 38 percent in the first half of 2009 from a year earlier as China's stimulus policies boosted automobile demand.
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.
Holding company RHJ International posted a sharply wider full-year loss and a 43 percent fall in the value of its portfolio, sparking fresh doubts about its bid for General Motors' Opel unit.
