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April 2009 Archives
1:38 PM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth  Email
NEW YORK -- General Motors bondholders want a majority stake in the restructured automaker in exchange for forgiving their claim to $27 billion of GM......
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1:38 PM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth Email
The news that Chrysler CEO Bob Nardelli would be stepping down following the government's decision to force the automaker into bankruptcy should not come as......
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1:20 PM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Chrysler CEO Robert Nardelli says he will step down after the company emerges from bankruptcy protection, according to The Associated Press. President Barack......
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12:53 PM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Chrysler's bankruptcy could well set the stage for a similar filing by General Motors. While GM has another month to sort out its affairs, obdurate......
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12:23 PM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Chrysler, the third-largest American auto company, will seek bankruptcy protection and enter an alliance with the Italian automaker Fiat, the White House announced......
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12:23 PM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Chrysler will file for Chapter 11 bankruptcy protection in New York on Thursday and will be eligible for up to $8 billion in......
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10:11 AM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth Email
With its announcement that it was planning to: eliminate 21,000 jobs with the closure of 13 plants; idle most of its plants for about two......
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10:11 AM Thu, Apr 30, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Last-minute efforts by the Treasury Department to win over recalcitrant Chrysler debtholders failed Wednesday night, setting up a near-certain bankruptcy filing by the......
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5:12 PM Wed, Apr 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
President Barack Obama plans to announce tomorrow that Chrysler will be placed into Chapter 11 bankruptcy, leading to an alliance with Italian automaker Fiat SpA,......
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5:01 PM Wed, Apr 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
It was not exactly a shock General Motors had been making noises about dropping the Pontiac marque (along with Hummer, Saab and Saturn) for some......
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1:42 PM Wed, Apr 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
YORK -- With one day left to go before its deadline, Chrysler LLC's chief executive said Wednesday that the automaker is making progress toward meeting......
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12:14 PM Tue, Apr 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- The Treasury Department has reached a tentative agreement with four of Chrysler's major debt holders in a bid to keep the automaker out......
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10:53 AM Tue, Apr 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
They were stylish cars that drove into history on power and hormones: V8s under the hoods and a grill or hood emblem of an Indian......
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10:13 AM Tue, Apr 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
UAW leaders recommend approval of Chrysler deal By DAVID N. GOODMAN and TOM KRISHER Associated Press Writers AP Photo/Paul Sancya Advertisement Document Governors' letter seeking......
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10:13 AM Tue, Apr 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- For all the uncertainty swirling around General Motors, the troubled automaker said Monday that one thing was clear: it must become drastically smaller......
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8:49 AM Mon, Apr 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
General Motors, speeding up its restructuring in a bid to survive, said it plans to shut half of its U.S. dealerships by 2014 and phase......
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8:31 AM Mon, Apr 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- It looks like Chrysler might yet escape the auctioneer's gavel, according to The Associated Press. The smallest U.S.-based automaker cleared two major hurdles......
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8:29 AM Mon, Apr 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors says it will cut 21,000 U.S. factory jobs by next year and phase out its storied Pontiac brand as part of......
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8:26 AM Mon, Apr 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors will announce a restructuring plan at 9 a.m. EDT today, according to The Associated Press. The storied Pontiac brand is dead......
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3:08 PM Fri, Apr 24, 2009 | Permalink |
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By Peter C. T. Elsworth Email
General Motors is preparing to announce early next week that the Pontiac brand will be eliminated, said a source familiar with the company's plans and......
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12:56 PM Fri, Apr 24, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Decisions that the government will make soon on the future of General Motors and Chrysler could accelerate the decline of traditional pension plans, which have......
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12:56 PM Fri, Apr 24, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors said on Thursday that it would idle 13 of its 21 North American assembly plants for much of the summer, as......
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12:56 PM Fri, Apr 24, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- The Treasury Department is directing Chrysler to prepare a Chapter 11 bankruptcy filing as soon as next week, people with direct knowledge of......
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12:56 PM Fri, Apr 24, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DEARBORN, Mich. -- Ford reported a first-quarter loss of $1.4 billion Friday and said it depleted less of its cash, emphasizing that it doesn't expect......
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11:34 AM Thu, Apr 23, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Here's a good idea and more's the pity that it will only be available in Ford vehicles - initially the 2010 Ford Focus. To start......
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11:34 AM Thu, Apr 23, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Fiat could come out of the current debacle not only with a strong foothold in North America with the acquisition of Chrysler's operations but also......
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10:30 AM Thu, Apr 23, 2009 | Permalink |
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By Peter C. T. Elsworth Email
I spent last week in France where all the cars are small. Why? It's simple. Gas costs the equivalent of $6 a gallon there, diesel......
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9:31 AM Thu, Apr 23, 2009 | Permalink |
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By Peter C. T. Elsworth Email
RICHMOND, Va. -- AutoNation Inc., the country's largest automotive retailer, said Thursday its first-quarter profit dropped 32 percent as consumers continued to avoid car purchases,......
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9:28 AM Thu, Apr 23, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- A person familiar with the matter says the Treasury Department has made a new offer to Chrysler's creditors, according to The Associated......
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10:15 AM Wed, Apr 22, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Volkswagen, the largest European automaker, said Wednesday that its net profit dropped 74 percent in the first three months, even as it gained market share......
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11:46 AM Tue, Apr 21, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race......
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12:35 PM Tue, Apr 07, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK/DETROIT - General Motors Corp is in "intense" and "earnest" preparations for a possible bankruptcy filing, a source familiar with the company's plans told......
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10:02 AM Mon, Apr 06, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Ford says it completed a tender offer announced last month, reducing its debt by $9.9 billion, according to The Associated Press. About $4.3......
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10:00 AM Mon, Apr 06, 2009 | Permalink |
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By Peter C. T. Elsworth Email
STOCKHOLM -- Saab Automobile, the troubled Swedish unit of General Motors Corp., has been contacted by some 20 potential buyers, with a sale planned in......
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9:50 AM Thu, Apr 02, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- New-vehicle sales fell in March for a 17th consecutive month, but carmakers said that proposed federal incentives and reports from dealers of increased......
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9:50 AM Thu, Apr 02, 2009 | Permalink |
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By Peter C. T. Elsworth Email
TIANJIN, China -- Chinese leaders have adopted a plan aimed at turning the country into one of the leading producers of hybrid and all-electric vehicles......
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9:37 AM Thu, Apr 02, 2009 | Permalink |
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By Peter C. T. Elsworth Email
RICHMOND, Va. -- Auto retailer CarMax said Thursday its fourth-quarter profit jumped 72 percent as lower expenses and a profit in its financing arm offset......
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6:13 PM Wed, Apr 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Glimmer of hope in March's steep auto sales drop DETROIT -- March proved to be another dismal month of steep declines for U.S. auto sales......
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2:54 PM Wed, Apr 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- March proved to be another dismal month of steep declines for U.S. auto sales, as low consumer confidence and job uncertainty kept buyers......
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12:07 PM Wed, Apr 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Ford Motor Co. says its March sales in the U.S. fell 41 percent from a year earlier as low consumer confidence and job......
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12:07 PM Wed, Apr 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
PARIS/DETROIT - The U.S. auto industry struggled to restructure and added deals to get buyers back into their showrooms, hoping to mimic the incentive-driven successes......
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12:07 PM Wed, Apr 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- GMAC says it will temporarily eliminate and waive some fees and payments for dealers in an effort to ease the pressures stemming......
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12:05 PM Wed, Apr 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK - A possible bankruptcy plan being discussed for General Motors includes quickly forming a new company of the automaker's most profitable parts, while......
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