US car sales show positive trend

In the first positive sign that an economic turn around may be on the horizon for the global automotive market, US sales have shown their smallest decline in nine months.

American vehicle sales fell 27.7 per cent in June, marking the smallest drop for the industry in nine months, but dashing hopes that demand would rise [...]

Ford, Nissan, Tesla score US government green loans

The administration of President Obama in the United States has today announced that Ford, Nissan and Tesla have secured ‘green’ government technology loans to promote the development of more fuel-efficient vehicles.

The trio were made eligible for part of the US$25 billion Advanced Technology Vehicles Manufacturing program by legislation passed in December 2007 which approved monies [...]

Fiat closes Chrysler deal

Fiat SpA has closed its acquisition of Chrysler’s strongest assets, a key step in the Italian carmaker’s ambitious plan to create a global player to ride out the worldwide automotive sales downturn.

The deal, announced jointly by Fiat and Chrysler, revives the 84-year old US carmaker that had been down to its last dollars before government [...]

New CEO for General Motors

With Rick Wagoner out of the picture, the new General Motors, soon to emerge from the bankrupt ‘old’ General Motors will now be led by Edward Whitacre Jr, former chairman and CEO of telecommunications giant AT&T.

Current GM chairman, Kent Kresa, will lead GM until the launch of the new company.
Both Mr Whitacre, 67, and Mr [...]

Chrysler sale to Fiat approved by courts

The US Supreme Court has today given the green light for a government-backed sale of bankrupt manufacturer Chrysler LLC to a group led by Italy’s Fiat. The losers in the ruling were Indiana pension funds and other opponents who fought to delay the deal while they challenge Chrysler’s sale.

Many in the industry believe the Chrysler [...]

GM officially bankrupt – US$30b bailout

In one of the most significant moves in the automotive industry General Motors Corporation has finally filed for bankruptcy.

The move forces the 100-year-old carmaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.
The bankruptcy filing is the third largest in US history and the [...]

GM on brink of ‘biggest’ US bankruptcy

General Motors has moved to the brink of the largest bankruptcy ever seen in the United States following the failure of its bond offer to creditors, which would have seen about US$27 billion reduced to just a 10 per cent holding in the company.

General Motors officially said that a crucial bond- exchange proposal failed to [...]

US dumps support for fuel cell cars

The plan by former United States President George W. Bush to spend US$1.2 billion to develop cars powered by hydrogen fuel cells has been dumped by President Barack Obama, saving taxpayers $100 million a year.

US Energy Secretary Steven Chu said the government preferred to target more immediate energy-saving solutions.

GM posts US$6b loss; burns US$10b cash

General Motors Corporation in the United States has said it burned through US$10.2 billion in cash and posted a net loss of US$6 billion in the first quarter of 2009.

The massive loss came as the company relied on a government bailout to ride out a sharp decline in global sales that overwhelmed its cost-cutting efforts.
Revenue [...]

Bankrupt Chrysler merges with Fiat; no effect on Aust operations

The United States third largest carmaker, Chrysler LLC, has filed for Chapter 11 bankruptcy protection and announced that it will enter into an immediate alliance with Italian carmaker Fiat SpA.

At the same time a spokesman for Chrysler Group Australia has indicated that the bankruptcy filing will have no effect on the company’s operations in Australia.
Under [...]

Chrysler into bankruptcy; US official

Scoring the dubious honour becoming the first every member of the Detroit Three to do so, Chrysler LLC will proceed with Chapter 11 bankruptcy protection now that talks with debt holders have broken down, an official in President Obama’s administration told Reuters newsagency.

The news comes as Chrysler also appears close to wrapping up its partnership [...]

Next Page »