In today's News Brake: General Motors confirms there will be a Chevy Camaro convertible; Volkswagen teams up with China for plug-in hybrids; and it will be a busy week for GM and Chrysler ... But Wait, There's More!
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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 by the end of this month.
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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 by the end of this month.
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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 by the end of this month.
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The turmoil in the automotive industry was reflected in the results of this year's Planning Perspectives annual study of the automakers' supplier working relations, with the most significant shift in the suppliers' ratings of the auto manufacturers since the study was launched eight years ago.
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Goodyear Tyre & Rubber Company on Tuesday said it would stop consumer tyre production at a plant in Amiens, France, as part of its strategy to reduce high-cost manufacturing capacity globally.
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Ford has halted production at its Russian plant until 5 June in response to a slump in demand, a spokeswoman has said.
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General Motors is to suspend production at its St Petersburg plant from 8 to 28 June, the company's government relations manager Yulia Boycharova told Prime-Tass on Tuesday.
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Hyundai Mobis has said it has started production at its new headlamp plant.
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The mooted reversal of roles between Continental and Schaeffler in Germany last week takes the two companies a big step closer towards resolving the huge debt overhang (totally ?23bn) of the two suppliers. SupplierBusiness reports.
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German ball bearing maker Schaeffler has struck a deal with labor to avoid forced layoffs for one year and let workers take a stake in the company in exchange for pay cuts, a top IG Metall union leader said.
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German ball bearing maker Schaeffler has struck a deal with labor to avoid forced layoffs for one year and let workers take a stake in the company in exchange for pay cuts, a top IG Metall union leader said.
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GAZ Group's debt to banks currently amounts to 42bn rubles, Valery Shantsev, governor of the Nizhny Novgorod Region, told Prime-Tass on Tuesday.
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Russia's car output fell 60.9% year on year to 183,000 units in January-April, the industry and trade ministry said in a report obtained by Prime-Tass.
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Despite General Motors' current economic woes, production of a convertible version of the Chevrolet Camaro is on track to start in early 2011.
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Entrepreneur Roger Penske wants to use the Saturn dealership network to sell vehicles built by Renault Samsung Motors and imported from South Korea.
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German Economy Minister Karl-Theodor zu Guttenberg said on Tuesday he expected a preliminary decision on bidders for Opel on Wednesday, but talks could continue with more than one investor afterwards.
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The US light vehicle market is hitting rock bottom and will slowly recover volume over the next few years, according to analysts at IHS Global Insight.
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The German government is continuing talks with Fiat S.p.A. and other bidders for carmaker Opel following constructive negotiations with the Italian auto company, a government official said on Tuesday.
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Satisfying the Indiana state treasurer's demands would lead to the liquidation of Chrysler, resulting in the loss of more than 4,000 Chrysler jobs and 9,000 retiree pensions in Indiana alone, the automaker said in a statement.
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