By JOHN D. STOLL General Motors Corp., under the direction of the US Treasury, is near a deal that would cut its hourly labor costs by more than $1 billion a year and reduce its $20 billion pledge to the United Auto Workers to cover health-care …
By MICHAEL J. de la MERCED A group of Chrysler creditors opposing the carmaker’s reorganization will disband after two more investment firms withdrew, removing a vocal bloc of opposition to the sale of some company assets to Fiat.
Germany’s economy minister has said the government couldn’t afford to spend all the money required to save every threatened job at carmaker Opel.
By Anthony DiPaola May 9 (Bloomberg) — Fiat SpA’s bid for General Motors Corp.’s Opel unit is “more advanced” than a rival’s as Italy’s largest carmaker pledges to keep more jobs in Europe, a German government official involved in the talks said.
BY TIM HIGGINS • FREE PRESS BUSINESS WRITER • May 8, 2009 General Motors Corp.’s dismal performance in the first three months of the year — revenues fell by half and the automaker burned through $10.2 billion in operating cash — shows why a …
By HIROKO TABUCHI TOKYO – The Toyota Motor Company booked its first annual net loss in six decades Friday and warned that it would plunge even deeper into the red this year, a stunning reversal for an automaker whose breakneck expansion and record …
* Lawyers say group lacks ‘critical mass” (Recasts, adds comments from US Rep. Peters, Chrysler and background) By Poornima Gupta DETROIT, May 8 (Reuters) – A group of Chrysler LLC’s dissident lenders disbanded, representatives said on Friday, …
Shares of automaker Porsche SE slid nearly 16 percent Thursday in the wake of the company’s announcement it plans to form an integrated car company with Volkswagen AG, the latest instance of consolidation in the recession-hit industry.
By Anselm Waldermann – It was a fight between David and Goliath. But this time David lost: Porsche has slammed the brakes on its planned take-over of Volkswagen (VOWG.DE). The controlling share holders of Porsche Automobil Holding (PSHG_P.DE), the Porsche and Piech families, agreed on Wednesday that the takeover was off the table and that [...]
By Kevin Krolicki and David Bailey DETROIT (Reuters) – General Motors Corp said it burned through $10.2 billion in the first quarter as it failed to cut costs fast enough to offset a sharp decline in global sales and was kept afloat by a federal …