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May 2009 Archives
4:30 PM Fri, May 29, 2009 | Permalink |
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By Peter C. T. Elsworth  Email
NEW YORK -- Chrysler could be hours away from a ruling on its plan to sell most of the company to a group led by......
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4:30 PM Fri, May 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- The reformation of General Motors is in high gear, according to The Associated Press. The automaker said Friday that it plans to reopen......
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12:04 PM Fri, May 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Shares of General Motors fell below $1 on Friday for the first time in 76 years as the struggling automaker approached a......
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11:32 AM Fri, May 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
FRANKFURT -- Negotiators from General Motors, Magna International and the German government reached a tentative agreement on Friday that would see Magna take a major......
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9:57 AM Fri, May 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK - Lee Iacocca, the car executive credited with saving Chrysler from bankruptcy in the 1980s, is to lose a big chunk of......
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9:47 AM Fri, May 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
PARIS -- Upping the rhetorical as well as the financial ante in what has become a high-stakes poker game that will decide the fate of......
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9:47 AM Fri, May 29, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- The speed at which General Motors Corp. exits bankruptcy protection would depend a lot on the shape the company is in when it......
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12:48 PM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
The bankruptcy of what was once the greatest company in the world will certainly stand as one of the defining aspects of the so-called Great......
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12:48 PM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
General Motors said Thursday that bondholders could receive up to 25 percent in the carmaker if they do not oppose its bankruptcy reorganization, an even......
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12:48 PM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
As the American auto industry goes through a seismic shift in its fortunes, it is hard not to lay the blame squarely on the corporate......
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12:48 PM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- A bankruptcy filing by General Motors would not only send one of America's most storied automakers into further upheaval, it would also......
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12:48 PM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
I don't know about you but I was astonished that a young man who killed a mother of two when he crashed his car into......
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12:48 PM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Oil prices jumped to a new six-month high Thursday as government reports showed that consumers are spending money and fewer people are......
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12:48 PM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
I had some fun the other day. Keith Bailey invited me down to North Kingstown to report on his recently restored 1910 Oakland Runabout for......
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9:26 AM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
When President Obama announced the government's reorganization plan for Chrysler in late April, he promised the bankruptcy would be "quick," "efficient," and "controlled." And Chrysler......
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9:26 AM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Stocks rise on reports of GM bondholder agreement By MADLEN READ AP Business Writer Advertisement Latest Market News Stocks rise on reports of GM bondholder......
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9:26 AM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT - General Motors paid about 90,000 U.S. employees three days early this week in an effort to reassure them that their wage payments would......
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9:26 AM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Fiat has presented an ambitious plan to fold Opel and other GM Europe brands Vauxhall and Saab into a transatlantic car empire that would also......
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9:26 AM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
BERLIN/DETROIT - A rift between Berlin and Washington threatened to torpedo Germany's goal of shielding Opel from the imminent bankruptcy of its parent General Motors,......
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9:26 AM Thu, May 28, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- A person briefed on General Motors' plans says the company on Monday will identify the 14 factories it will close as it heads......
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10:18 AM Wed, May 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
PROVIDENCE - As motorists gear up for road-trip season, the wobbly economy is not the only factor that could put the brakes on vacation plans,......
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10:18 AM Wed, May 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Oil hits '09 high above $63 on recovery hopes Wed May 27, 2009 10:00am EDT Email | Print | Share| Reprints | Single Page[-] Text......
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10:18 AM Wed, May 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- The future of Chrysler hangs in the balance as it heads to court Wednesday to ask a bankruptcy judge for permission to......
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10:18 AM Wed, May 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
BERLIN -- General Motors moved Wednesday to package together the assets of its European Opel and Vauxhall car brands for possible new ownership ahead of......
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10:18 AM Wed, May 27, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- A General Motors bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap......
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1:53 PM Tue, May 26, 2009 | Permalink |
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By Peter C. T. Elsworth Email
ST CHARLES, Ill. - Rocco Massarelli is down but not out. "I'm too stubborn to quit and I'm too stupid to go away," said the......
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1:53 PM Tue, May 26, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT/NEW YORK - General Motors has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever U.S. industrial bankruptcy......
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1:30 PM Tue, May 26, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors will give the United Auto Workers union 17.5 percent of its common stock, $6.5 billion of preferred shares and a $2.5......
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1:30 PM Tue, May 26, 2009 | Permalink |
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By Peter C. T. Elsworth Email
BERLIN -- Fiat CEO Sergio Marchionne pushed his bid for General Motors Corp.'s Opel unit in talks Tuesday with German leaders, saying he had lowered......
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9:30 AM Tue, May 26, 2009 | Permalink |
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By Peter C. T. Elsworth Email
MILWAUKEE -- The clock is ticking on a June 1 deadline for General Motors Corp. to restructure, and this make-or-break week is expected to bring......
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3:21 PM Fri, May 22, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Retail gasoline prices continued to climb Friday ahead of the Memorial Day weekend and the unofficial start of America's summer driving season,......
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3:21 PM Fri, May 22, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Retail gasoline prices continued to climb Friday ahead of the Memorial Day weekend and the unofficial start of America's summer driving season,......
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11:57 AM Thu, May 21, 2009 | Permalink |
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By Peter C. T. Elsworth Email
There is a simple reason why the American auto industry is in trouble: it failed to keep up with the times. Yes, I know it......
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10:19 AM Thu, May 21, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- The United Auto Workers union has reached a tentative deal with the government and General Motors Corp. that would cut labor costs and......
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10:19 AM Thu, May 21, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Chrysler has named C. Robert Kidder, former chairman of Borden Chemical and of Duracell International, to succeed Robert Nardelli as chairman of the board once......
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10:07 AM Wed, May 20, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Consumers who filed lemon-law claims against Chrysler recently are facing a troubling reality: Many settlement checks are bouncing, and consumers have no idea......
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10:07 AM Wed, May 20, 2009 | Permalink |
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By Peter C. T. Elsworth Email
FRANKFURT -- General Motors expects at least three bids for its European business by the close of business Wednesday, a spokesman for G.M. Europe said,......
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2:06 PM Tue, May 19, 2009 | Permalink |
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By Peter C. T. Elsworth Email
General Motors' bankruptcy plan includes the sale of healthy assets to a new company, owned by U.S. government, a source said on Tuesday, according to......
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2:06 PM Tue, May 19, 2009 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- President Barack Obama outlined Tuesday the nation's first comprehensive effort to curb vehicle emissions while cutting dependence on imported oil, calling the plan......
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8:55 AM Tue, May 19, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Oil rose to near $60 a barrel Tuesday as investors took heart from global stock market gains and more signs the U.S. recession is easing,......
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8:49 AM Tue, May 19, 2009 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- President Barack Obama wants drivers to go farther on a gallon of gas and cause less damage to the environment - and be......
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2:36 PM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Nine out of the ten General Motors dealerships in Rhode Island report that they will be continuing as GM dealers after it goes through its......
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2:36 PM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Here is today's lead editorial in The New York Times: Less than three weeks after Chrysler filed for bankruptcy protection, it looks as if the......
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2:36 PM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Chrysler has expanded early retirement and buyout offers for workers at six of the eight factories that it plans to close as part......
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2:36 PM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON --The Obama administration will issue new national requirements for the emissions and mileage of cars and light trucks in an effort to end a......
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10:37 AM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Joe Reising, vice president of R.L. Reising Sales, right, on Saturday talks with salesman Bill Dralle, 70, who's worked at the Beecher, Ill., Chevrolet......
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10:29 AM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Gael O'Brien This 1957 Ferrari 250 Testa Rossa was the top seller at an auction of vintage Ferraris on Sunday. MARANELLO, Italy -- A......
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10:29 AM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- The letters General Motors sent to 1,100 of its dealers telling them to close represent another strong sign the automaker will end up......
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9:57 AM Mon, May 18, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors and the United Auto Workers are fighting over plans to close 16 U.S. factories and import vehicles from other countries as......
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12:22 PM Fri, May 15, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- General Motors is telling about 1,100 dealers their franchises will be terminated late next year, according to The Associated Press. GM's action......
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9:57 AM Fri, May 15, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- A day after Chrysler LLC told a quarter of its dealers that it won't renew their contracts, owners of General Motors Corp. dealerships......
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1:24 PM Thu, May 14, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Chrysler included Tarbox Jeep of Tower Hill Road, North Kingstown, on its list of 789 dealers nationwide that it plans to close as part of......
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11:41 AM Thu, May 14, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Chrysler submitted its list of 789 dealerships it plans to cut to the bankruptcy court in Manhattan Thursday and GM was expected to follow suit......
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10:43 AM Thu, May 14, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Chrysler has told a bankruptcy court it plans to eliminate 789 of its dealers - or about 25 percent of them -......
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10:21 AM Thu, May 14, 2009 | Permalink |
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By Peter C. T. Elsworth Email
I hope you did not buy stock in General Motors last summer when it was trading around $20 a share. Hey, maybe you fell for......
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7:54 AM Thu, May 14, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Brian Wilson of the Beach Boys recently performed at the Petersen Automotive Museum in Los Angeles for its 15th annual gala. The theme for the......
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7:54 AM Thu, May 14, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- As thousands of General Motors workers await word on more U.S. plant closures, reports that the company plans to import Chinese-made vehicles to......
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1:06 PM Wed, May 13, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Balise Auto of Warwick is opening its Subaru showroom Friday May 15. The move follows the opening of its new 114,000 square foot Toyota Scion......
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1:06 PM Wed, May 13, 2009 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Auto suppliers appealed to lawmakers Wednesday for federal support, warning that the U.S. supply base could buckle under from the declining fortunes of......
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9:44 AM Wed, May 13, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Chrysler bankruptcy might take as long as two years, not the two months President Barack Obama suggested as a target, according to an administration official......
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9:44 AM Wed, May 13, 2009 | Permalink |
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By Peter C. T. Elsworth Email
TOKYO -- Toyota Motor said Wednesday it will cut vehicle production 28 percent this year to its lowest level in seven years, according to The......
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12:52 PM Tue, May 12, 2009 | Permalink |
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By Peter C. T. Elsworth Email
VAUBAN, Germany -- Residents of this upscale community are suburban pioneers, going where few soccer moms or commuting executives have ever gone before: they have......
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12:52 PM Tue, May 12, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT - General Motors stock plunged more than 22 percent to a 76-year low on Tuesday, a day after a group of GM executives disclosed......
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9:50 AM Mon, May 11, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Bankruptcy protection for the nation's biggest automaker is becoming more probable with a deadline just over two weeks away, the company's top executive......
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9:50 AM Mon, May 11, 2009 | Permalink |
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By Peter C. T. Elsworth Email
The average price of gasoline in the U.S. jumped 2.8 cents overnight to $2.169 for regular Friday, an enormous leap by recent standards, according to......
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9:43 AM Mon, May 11, 2009 | Permalink |
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By Peter C. T. Elsworth Email
TOKYO -- Honda's Insight, billed as the cheapest gas-electric hybrid on the market, ranked as the top-selling vehicle in Japan for April - the first......
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11:52 AM Fri, May 08, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Oil prices rose to $58 a barrel Friday as better than expected U.S. unemployment figures boosted the mood among investors betting that a year-end recovery......
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11:50 AM Fri, May 08, 2009 | Permalink |
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By Peter C. T. Elsworth Email
SHANGHAI -- China's vehicle sales jumped 25 percent in April from the year before to a record monthly high of 1.15 million units, according to......
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9:40 AM Fri, May 08, 2009 | Permalink |
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By Peter C. T. Elsworth Email
TOKYO -- Toyota lost $7.7 billion in the January-March quarter - a bigger loss than General Motors reported - resulting in its worst fiscal year......
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10:46 AM Thu, May 07, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Bean counters rule, ok? When I was cutting my teeth in this profession, I worked for seven years in New York for Reuters, the British......
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9:47 AM Thu, May 07, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors Corp. lost $6 billion in the first quarter and its revenue was cut nearly in half as car buyers feared the......
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2:35 PM Wed, May 06, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Lets talk good news for a change. Auto sales may be down drastically, possibly coming in at around 10 million vehicles nationwide this year. That's......
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1:19 PM Wed, May 06, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK - A U.S. bankruptcy judge approved bidding procedures for the rapid sale of most of Chrysler's assets, over objections from a group of......
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1:19 PM Wed, May 06, 2009 | Permalink |
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By Peter C. T. Elsworth Email
WAYNE, Mich. -- Ford will invest $550 million to convert its old Michigan Truck Plant into a facility that will build small compact modern cars,......
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1:19 PM Wed, May 06, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Chrysler said Wednesday it is offering up to $6,000 worth of incentives on its 2009 vehicles as it races to emerge from......
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9:17 AM Tue, May 05, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK - Chrysler's car dealership network is on the verge of collapse, a U.S. bankruptcy court heard on Monday, as hundreds of dealerships have......
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9:04 AM Tue, May 05, 2009 | Permalink |
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By Peter C. T. Elsworth Email
BERLIN -- A Fiat tie-up with General Motors Corp.'s Opel unit would allow "immense" cost savings, the Italian auto maker's boss was quoted Tuesday as......
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9:02 AM Tue, May 05, 2009 | Permalink |
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By Peter C. T. Elsworth Email
SHANGHAI -- General Motors said Tuesday that sales in China soared 50 percent in April to a monthly record of 151,084 vehicles, thanks to strong......
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4:36 PM Mon, May 04, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- With just a month left to check off an almost insurmountable list of restructuring moves, General Motors Corp.'s new CEO says it's still......
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10:51 AM Mon, May 04, 2009 | Permalink |
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By Peter C. T. Elsworth Email
BERLIN -- Germany's economy minister says Fiat Group wants to take over General Motors' Opel unit without running up debt and would preserve the three......
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10:47 AM Mon, May 04, 2009 | Permalink |
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By Peter C. T. Elsworth Email
GM retains adviser for Saturn sale Advertisement Document Governors' letter seeking federal help for auto industry (PDF) Multimedia Look at Detroit automakers The Cars That......
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4:13 PM Fri, May 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
CHICAGO - U.S. auto sales in April were on the road to plunging to their lowest levels in nearly 30 years according to sales reports......
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1:50 PM Fri, May 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Attorneys for Chrysler will ask a federal bankruptcy judge Monday to let the ailing automaker start using a new infusion of $4.5......
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1:45 PM Fri, May 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Record sales of its fuel-efficient Fusion helped Ford grab a bigger slice of the U.S. car market in April, even as its overall......
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9:42 AM Fri, May 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
Here is The New York Times's excellent lead editorial on Chrysler: When President Obama outlined his plan to restructure Chrysler under bankruptcy-court protection, we shared......
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9:30 AM Fri, May 01, 2009 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Chrysler's first hearing in a New York courtroom Friday morning may offer the first clue as to whether a quick, "surgical" bankruptcy is......
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