The contract was officially signed on Wednesday. Canadian Jacques Villeneuve, the 1997 formula 1 world champion will contest the full 2009 season of the Speedcar series this winter.
Full story...
General Motors CEO Rick Wagoner says the automaker needs $4 billion this year to shore up its cash supply. Any long-term survival depends on cutting some of its brands.
Full story...
Chrysler needs a $7bn secured working capital bridge loan by 31 December or it may run out of cash and be unable to operate beyond the first quarter of next year, the automaker said in its submission to the Senate Committee on Banking ahead of the congressional hearing in Washington starting tomorrow (4 December).
Full story...
General Motors has asked Congress for term loans of up to $12bn to provide adequate liquidity levels through to 31 December 31, 2009 and has requested an "initial draw" of $4bn this month.
Full story...
Audi is sticking with soft tops as it expands its popular A5 family to include convertibles.
Full story...
The Detroit 3 today increased their appeals for federal loans beyond the $25 billion requested in November. General Motors, Ford Motor Co. and Chrysler LLC together are asking Congress to approve loans and credit lines that total $34 billion.
Full story...
Chrysler CEO Bob Nardelli will ask Congress this week for a $7 billion bridge loan by Dec. 31 to help the automaker survive until market conditions improve. Chrysler will have about $2.
Full story...
Is the smell of death keeping customers away from General Motors showrooms? You bet, says Mark LaNeve, GM's vice president of North American sales, service and marketing.
Full story...
The great-grandson of the man who founded the car-maker Chrysler in 1924 on Tuesday added his voice to the campaign to save the company, noting it also built 22,000 tanks in World War Two and rockets that put the first American on the moon.
Full story...
If Congress finds the Detroit 3's viability plans to be inadequate, it could dictate in law that )x("",this is how we want you to restructure, House Speaker Nancy Pelosi said today. Pelosi, D-Calif.
Full story...
In its plan to Congress submitted today, Ford Motor Co. said it expects to cut its U.S. dealership network by 266 stores in 2008. By year end, Ford estimates it will have 3,790 domestic-brand dealerships in the United States. That would be a 6.
Full story...
If U.S. auto sales sink beyond Ford Motor Co.'s forecasted rate, Ford will need a federal loan to survive 2009, CEO Alan Mulally said today. The loans are crucial for the survival of the domestic auto industry, Mulally told Automotive News.
Full story...
Civil rights leader Jesse Jackson wants to mobilize minority auto dealers, suppliers and media to help explain the role the Detroit 3 play in local and minority communities across the nation. Jackson has scheduled a meeting Friday in Detroit.
Full story...
The General Motors of 2012 will have fewer brands and nameplates, thousands fewer dealers and employees, and much less debt on its balance sheet, under a restructuring plan GM gave Congress today.
Full story...
Designers are known to carp about their ideas being blunted when cars go from concept to reality. For Fisker Automotive's first production car, the plug-in hybrid Karma, that wasn't a problem.
Full story...
Three of Toyota Motor Corp.'s largest seat suppliers are dissolving or restructuring their U.S.-Japanese joint ventures to fulfill Toyota's desire for more competition among North American suppliers. Toyota Boshoku America Inc.
Full story...
The latest auto news, reviews, prices, product and vehicle releases. Auto News 5
