Auto News
April 23, 2009 – 2:26 pmReport: Sporty Mini Speedster In The Works
Mini has been a giant success story for BMW, with the iconic little cars becoming almost ubiquitous throughout cities these days
Treasury Said To Raise Offer
The Treasury Department has increased its offer to repay Chrysler’s senior lenders as part of continuing talks on how to reduce the company’s debt, a person who had been briefed on the talks said on Wednesday.
CAW/Chrysler Near Deal
The Canadian Auto Workers and Chrysler Canada Inc. were close to a deal on cutting labour costs late Thursday morning, sources close to the talks said.
Nardelli’s Bumpy Road
When Cerberus Capital Management hired Robert L. Nardelli to fix Chrysler in 2007, the private equity shop and majority owner figured an outsider like Nardelli would show those Detroit guys how to run a car company.
Fiat: Chrysler Remains Top Priority
Fiat Chief Executive Sergio Marchionne downplayed reports that the Italian automaker was looking at General Motors Corp.’s Adam Opel unit as an alternative to an alliance with Chrysler LLC.
Fiat Considers Buying Stake In Opel
Fiat, the Italian automaker, may buy a stake in General Motors’ Opel division in Europe, and has discussed a potential deal with government negotiators in Washington, executives at G.M. and representatives of the German government, several officials involved in the talks said Thursday.
Ford Seeks Dealer Concessions
Ford Motor Co. is asking its dealers to make a series of concessions that could save the company $600 million a year.
Ford May Avoid Bailout
Ford Motor Co., the only major U.S. automaker surviving without federal aid, has more than doubled in the past seven weeks even as it prepares to announce its largest first-quarter loss in 17 years.
Ford Expects Same Concessions
A Ford Motor Co. executive says the automaker expects to get the same deal as General Motors Corp. and Chrysler LLC if unions give more concessions to its rivals.
GM Becoming Royal Debacle
It’s good to be the king — until you start tripping over your own robe. So King Barack the Mild is finding as he tries to dictate the terms of what amounts to an out-of-court bankruptcy for Chrysler and GM.
GM Core Competency
As GM’s journey to bankruptcy nears its conclusion, the punditocracy is busy contemplating the company’s afterlife. The current line of thinking: the feds will cleave General Motors in two.
Magna May Buy Stake In GM Europe
Two years after failing in its bid for Chrysler LLC, Magna International Inc. is considering nabbing a stake in General Motors Corp.’s European car units.
GM’s Been On The Brink Before - Many Times
The executives at General Motors knew they were in trouble: Their negative cash flow had become intolerable, and their lending institutions had locked up. Bankers refused to lend the corporation any more money, fearing that they’d never see GM’s current loans repaid, much less any new funds they might advance.
GM’s Doomed Future
Don’t wonder about General Motors; its future is set. With or without a bankruptcy proceeding, the company will struggle on. But there will be no quick return to greatness or even a return to mediocrity.
Ontario Tries To Reassure GM Pensioners
Ontario says the pensioners rallying at the provincial legislature today have little to fear unless General Motors is forced to sell off all of its assets under bankruptcy.
GM Extends Summer Breaks
General Motors plans to extend its usual summer shutdown from two weeks to as much as two months for many of its North American assembly plants as it attempts to reduce its record-high inventories of unsold vehicles.
GM Shutdown Could Begin Next Month
General Motors Corp.’s massive summer shutdown is expected to begin at some plants in mid-May, the Free Press was told Wednesday. Most of its factories will be closed for up to nine weeks, a person familiar with the planning said.
Honda Insights Celebrate Earth Day
American Honda Motors celebrated Earth Day at the Honda Center in Anaheim with a multi-sponsored festival, a Honda Insight (the old one) “homecoming” and a public ride-and-drive of the 2010 Honda Insight that recently went on sale.
Hyundai Reports Decreased Profits
Hyundai – along with its Kia affiliate – has been one of the few automakers able to post sales gains in the U.S. market in recent months, but the South Korean automaker on Thursday reported a rather hefty profit decrease for the first quarter of 2009.
Porsche, Piech Families Said To Sell Car Assets To VW
The Porsche and Piech families plan to sell their main car assets to Volkswagen AG under a plan that would tighten Porsche SE’s grip on Europe’s biggest automaker, according to two people familiar with the matter.
VW Hits Back
Volkswagen is considering an audacious reverse-takeover bid for its majority shareholder, Porsche, in a twist in the drawn-out struggle for control between the two German carmakers.
Relieved Carmakers See Few Signs Of Global Recession In China
There were few signs of the global economic crisis or tumbling car sales in western markets during the opening days of the Shanghai auto show this week.
Chinese Automakers Strut Their Stuff
The Shanghai Auto Show, once a venue for the West to show off its cars to a country still relying on bicycles, is now a showcase for China’s own industry.
GM, Chrysler Dealers Brace For Blow
Hundreds of Canadian auto dealers selling General Motors Corp. and Chrysler LLC cars are bracing for the possibility they may be forced out of business as the auto-makers skid quickly toward bankruptcy, threatening thousands of retail jobs nationwide.
Canada Prepares To Give $6 Billion
Ottawa and Ontario are in advanced negotiations to provide unprecedented bankruptcy financing for the Canadian operations of General Motors Corp. and Chrysler LLC.
Cutting Wages Won’t Solve Problems
As North America’s troubled auto industry lurches toward its latest do-or-die restructuring deadlines, huge public pressure has been focused on the CAW’s negotiations with Chrysler and General Motors. A steady stream of corporate executives has lined up to make a familiar threat: workers must deeply cut their wages and benefits, or plants will close and the jobs will be lost.
Groups Work To Keep Carmakers Out Of Bankruptcy
President Obama’s auto task force will meet in the next two days with two groups that are pushing to keep General Motors and Chrysler out of bankruptcy court.
Not So Fast On Idea Of Speedy Bankruptcy
Whoever thinks a bankruptcy of General Motors Corp. or Chrysler LLC would be “speedy” — starting with members of President Obama’s auto task force and GM CEO Fritz Henderson — might want to spend some time talking with Larry Denton.
Bankruptcy Threats Shake Detroit Allies
Political allies of the U.S. auto industry expressed serious concern on Wednesday to senior White House officials about possible carmaker bankruptcies, with Chrysler LLC facing an April 30 deadline to cement an alliance to avert probable insolvency.
Feds Invest $36.4 Billion
The government’s support for the automakers now totals $36.4 billion, a report from the Government Accountability Office released today said.
$300 Million Will Go For Clean Cars
Vice President Joe Biden marked Earth Day by announcing that $300 million in federal stimulus money will go to cities and towns to purchase more fuel-efficient vehicles.
Scrap Parts Business Picks Up
It took Eduardo Rodriguez about an hour of sweaty work to wrestle a transmission part out of a Dodge Ram pickup, but he didn’t seem to mind. The auto mechanic cradled the grimy prize in his oily hands as if it were a bowling trophy.
