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May 31, 2009 - June 6, 2009 Archives
Appeals court to hear argument vs. Chrysler sale
NEW YORK -- The decision on whether Chrysler can sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection heads to a federal appeals court Friday, according...
June 5, 2009 11:50 am
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Reports question Chinese Hummer acquisition
SHANGHAI -- General Motors' planned sale of its Hummer brand to a little-known Chinese truck maker could be blocked by regulators who have not approved the deal and are questioning its wisdom, according to The Associated Press. Sichuan Tengzhong Heavy...
June 5, 2009 11:50 am
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Fiat still interested in Opel
MILAN -- Fiat CEO Sergio Marchionne said Friday that the Italian automaker hasn't given up on Germany's Opel, even though a tentative Opel takeover deal by rival bidders Magna International Inc. and Russia's Sberbank was moving ahead, according to The...
June 5, 2009 11:50 am
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GM to sell Saturn brand to Penske dealership chain
NEW YORK -- General Motors has a tentative deal to sell its Saturn brand to former race car driver and dealership group owner Roger Penske, both companies said Friday, according to The Associated Press. Penske has signed a memorandum of...
June 5, 2009 11:40 am
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Chrysler dealers question franchise terminations
NEW YORK -- A parade of Chrysler dealers slated to lose their franchises, including Jim Tarbox of Tarbox Jeep in North Kingstown and Tarbox Chrysler Dodge in Attleboro, took the stand Thursday in the automaker's bankruptcy protection case, one choking...
June 4, 2009 9:51 am
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Toyota: hybrids best 'green' car for some time
TOYOTA -- A Toyota executive overseeing research said Thursday a battery breakthrough is needed for electric vehicles to become mainstream, and hybrids will remain the best "green" car choice for some time, according to The Associated Press. His comments came...
June 4, 2009 9:51 am
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GM, Chrysler say slashing dealerships necessary
WASHINGTON -- The chiefs of General and Chrysler told Congress on Wednesday they have too many dealers to support their slimmed down operations and sacrifices must be shared as they fight to overcome bankruptcy and survive, according to The Associated...
June 3, 2009 3:58 pm
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Backseat Driver: What was Chrysler thinking?
While a bankruptcy judge is expected to hear arguments Thursday on Chrysler's plan to terminate 789 dealerships, senators in Washington are questioning Chrysler and General Motors about their respective plans to shutter dealerships nationwide. It is no secret that the...
June 3, 2009 11:20 am
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Motion to terminate Chrysler dealer franchises postponed
NEW YORK -- A hearing on Chrysler's request to terminate the franchises of 789 of its dealers has been pushed back by a day, according to The Associated Press. U.S. Judge Arthur Gonzalez will hear arguments Thursday on the Auburn...
June 3, 2009 11:12 am
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Backseat Driver: What's playing at the Dunk?
Talking about downtown, I wonder why the architects who did such a great job refurbishing the Dunkin' Donuts Center did not include a big electronic billboard on the sign outside. I often pass by, and on days when vendors are...
June 3, 2009 11:12 am
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Backseat Driver: Time for a bridge over troubled traffic?
Now that CVS has moved into that dead zone at the south end of Providence Place (how many businesses have come and gone over the years?), isn't it about time the city seriously consider building a bridge across Memorial Boulevard...
June 3, 2009 10:20 am
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Senate reviews closing of GM, Chrysler dealerships
WASHINGTON -- Top executives from General Motors and Chrysler face tough questions from lawmakers about sweeping plans to close hundreds of car dealerships as the auto companies undergo government-led bankruptcies, according to The Associated Press. The executives will appear before...
June 3, 2009 9:25 am
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Hummer's Chinese buyer a newcomer to auto industry
BEIJING -- Hummer owners are an unusual breed, but a little-known Chinese company's surprise purchase of the American maker of gas-guzzling, military-style SUVs is audacious even by their standards, according to The Associated Press. Sichuan Tengzhong Heavy Industrial Machinery Co.,...
June 3, 2009 9:25 am
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Judge to rule on Chrysler franchise terminations
NEW YORK -- A bankruptcy judge will rule Wednesday on whether Chrysler can terminate the franchise agreements of 789 of its dealers as part of its ongoing restructuring, according to The Associated Press. U.S. Judge Arthur Gonzalez is expected to...
June 3, 2009 9:25 am
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For G.M. and Ford, May Was Best Month for Sales This Year
DETROIT -- With two carmakers operating in bankruptcy protection, the auto industry is hoping to see some evidence Tuesday that new-vehicle sales could start to pull out of their slump, according to The New York Times. General Motors, which entered...
June 2, 2009 12:03 pm
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Chrysler's sales fall 47 percent but people still buy
DETROIT -- Chrysler LLC's U.S. sales fell 47 percent in May, but the company says being under bankruptcy protection did little to deter customers from purchasing its vehicles, according to The Associated Press. Chrysler said Tuesday it sold 79,010 cars...
June 2, 2009 12:03 pm
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GM's May sales down 30 percent but improving
DETROIT -- A day after filing for bankruptcy protection, automaker General Motors Corp. says its U.S. sales in May fell 30 percent from a year ago but were 11 percent better than in April, according to The Associated Press. GM...
June 2, 2009 12:03 pm
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AP source: GM to sell Hummer to Chinese company
DETROIT - General Motors took a key step toward its downsizing on Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands,...
June 2, 2009 12:03 pm
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NYT's David Brooks takes a sober look at GM bankruptcy
Columnist David Brooks has a sober look at the General Motors bankruptcy in today's York Times and I think he brilliantly puts his finger on a couple of key potential problems: corporate inertia and the inevitable mixed signals involved when...
June 2, 2009 12:03 pm
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Obama's Test: Restoring G.M. With a Limited U.S. Role
WASHINGTON -- President Obama boiled down his three goals as the reluctant majority shareholder of General Motors this way on Monday: "To get G.M. back on its feet, take a hands-off approach and get out quickly," according to an analysis...
June 2, 2009 8:37 am
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General Motors in tentative deal to sell Hummer
NEW YORK -- General Motors said Tuesday that it has tentatively agreed to sell its Hummer brand, a day after the U.S. automaker filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new...
June 2, 2009 8:30 am
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General Motors details bankruptcy agreement with government
DETROIT, June 1, 2009 - General Motors today announced that it has reached agreements with the U.S. Treasury and the governments of Canada and Ontario to accelerate its reinvention and create a leaner, stronger "New GM" positioned for a profitable,...
June 1, 2009 9:54 am
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General Motors details plant closings
DETROIT, Mich. -- General Motors today announced details of its accelerated manufacturing plan to improve capacity utilization and flexibility for the New GM. GM also reaffirmed it will build a small car at one of its U.S. assembly plants on...
June 1, 2009 9:54 am
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Owning G.M.
Here is a link to the lead editorial in today's New York Times: The government is about to own a controlling stake in one of the largest car companies in the world, if, as is virtually certain, General Motors files...
June 1, 2009 9:21 am
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After Many Stumbles, Fall of an American Giant
It is a company that helped lift hundreds of thousands of American workers into the middle class. It transformed Detroit into the Silicon Valley of its day, a symbol of America's talent for innovation. It built celebrated cars, like Cadillacs,...
June 1, 2009 9:21 am
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Judge OKs sale of most Chrysler assets to Fiat
NEW YORK -- A federal bankruptcy judge approved the sale of most of Chrysler's assets to Italy's Fiat, moving the American automaker a step closer to its goal of a quick exit from court protection, according to The Associated Press....
June 1, 2009 9:21 am
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General Motors files for bankruptcy protection
NEW YORK -- General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government, according to The...
June 1, 2009 9:21 am
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