Ford, GM and Chrysler have publicly released their business plans that have been submitted to the U.S. Government in order to seek financial aid. While Ford seems to have enough cash on hand to survive a dark-looking 2009 sales year, GM and Chrysler need extra funding immediately.
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Chrysler LLC chairman and CEO Robert Nardelli will present a business plan before various committees of the US senate this week to appeal for "bridge financing' for the suffering American auto industry. The plan was submitted yesterday to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services.
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Sebastien Loeb may have already wrapped up this year's WRC Drivers' title but the battle between Ford and Citroen for the Manufacturers' trophy is going right to wire.
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In the grip of the global financial crisis, Honda's formula one team has cancelled its usual annual post-season media lunch.
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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.
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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.
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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).
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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.
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Audi is sticking with soft tops as it expands its popular A5 family to include convertibles.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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With the current economy the last thing you need is for your vehicle to break down. Whether your driving a reliable car or a busted up
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