Chrysler Financial has announced it will restructure its business operations "to align operating expenses with current revenue expectations" due to declining vehicle sales, tight capital markets and the decision to shift Chrysler Group subvented retail business to GMAC. Its workforce will be cut by about 9%.
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New Chrysler CEO Sergio Marchionne is deciding how the Chrysler-Fiat alliance will manage the Dodge and Alfa Romeo brands, which he regards as American and European counterparts.
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Chrysler Group reduced cash burn after emerging from bankruptcy on 10 June while new partner Fiat doesn't need cash, and met operating profit and cash generation targets in the second quarter, the US automaker's new CEO Sergio Marchionne has said.
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Kia's lifestyle SUV gets an upgrade
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While CEO Fritz Henderson was in bankruptcy court on Tuesday pleading for approval of an asset sale to a 'new GM' company to save the bankrupt automaker, his marketing staff were rolling out new limited-time offers to lure US new car buyers.
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General Motors' chief executive Fritz Henderson has told a US bankruptcy court the sale of GM's main assets to a government-backed 'new GM' must win its approval for the automaker to survive.
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Japanese media reports have said Toyota may pull out of hosting the 2010 Japanese Grand Prixbut the giant carmaker has refused to comment.
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EU regulators are nearing the end of their investigation into state bridging financing for Opel but require more information from the German authorities.
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Jaguar is bringing a special XKR to Goodwood
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Gumpert's crazy Apollo gets some upgrades...
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Despite China's fiscal stimulus boosting light truck and car sales this year, heavy truck sales and production remain sluggish.
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Efforts by European governments to boost the car market have begun to take effect statistics out today suggest. Sales of cars in Spain in June fell, but there was a sharp reduction in the rate of decline, whilst figures from France showed a 7.1% rise in car sales in the month.
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AvtoVAZ and the Cherepovets Smelter, a unit of Russian steelmaker Severstal, have concluded a cooperation agreement on issues concerning 'price formation, settlements, and quality of production', AvtoVAZ has said in a statement.
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The plane is waiting in Cologne, Germany, and we're late. The autobahn clears, and the Audi TTRS gets whipped back to third gear.
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Mazda Motor Europe expects to appoint more than 100 new dealers to its European network this year, the highest annual number since Mazda took over its European sales network, the company has said.
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General Motors and Ford suspended production at their respective plants in Russia on Wednesday.
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