President-elect Barack Obama said today that he -- like members of Congress -- was surprised that the Detroit 3 CEOs were so ill-prepared for their crucial hearings last week on federal aid to the industry.
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It all started with a surprise announcement. On September 24, 2005, Porsche said it planned to buy a 20 percent stake in Volkswagen, Europe's largest automotive group.
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The workers at Porsche and Volkswagen group have different opinions over who should run the joint holding company for the two carmakers.
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Here's a timeline of the dealings in the Porsche-Volkswagen merger.
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General Motors has notified its dealers that if they want dealer cash on certain models, they must order more inventory on other models. GM's motive is to drive sales, but some dealers say the program could lead to competitive disadvantages.
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Here's a look at the key players in the Porsche-Volkswagen merger:
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U.S. auto sales for November will drop more than 25 percent for the third-straight month, auto information site Edmunds.com said today. A total of 850,000 vehicles will be sold, a 27.6 percent decline from November 2007.
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The auto information site Edmunds.com forecasts November U.S. new-vehicle sales of 850,000 units, down more than a quarter from last November but up from last month's totals. The 850,000 total would forecast an annual U.S. sales total of 11.
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As the Big Three domestic automakers race the clock to create a business plan to qualify for $25 billion in federal loans, it's clear Detroit will have to offer up deep sacrifices.
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Debate is rampant about whether some form of federal aid is headed to the Detroit 3. Late last week, Democrats crafted a set of requirements that General Motors, Ford Motor Co. and Chrysler LLC must submit with their loan applications.
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Debate is rampant about whether some form of federal aid is headed to the Detroit 3. Late last week, Democrats crafted a set of requirements that General Motors, Ford Motor Co. and Chrysler LLC must submit with their loan applications.
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Hyundai Motor America has announced that John Krafcik has been promoted to Acting President and Chief Executive Officer of the company. Krafcik will be responsible for implementation of strategic direction and management of the company's operations.
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Speaker Nancy Pelosi and Senate Majority Leader Harry Reid have sent the following letter to the Big Three U.S. auto executives, calling on them to "submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments" by December 2nd.
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November's US new vehicle sales (including fleet sales) are forecast to reach 850,000 units, according to Edmunds.com. While that's still a whopping 27.6% drop on the same month last year, the Seasonally Adjusted Annual Rate (SAAR) for the month is expected to be 11.5 million units, a slight gain on October's SAAR. What Edmunds terms 'record high incentives' are helping to secure sales.
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Delphi Corp. said today it asked a U.S. bankruptcy court to postpone a hearing on extending the terms on some of its loans while it tries to reach agreement with lenders.
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Dongfeng Nissan will manufacture the next generation Nissan March in China from 2010 according to local media reports.
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General Motors will end a nine-year endorsement partnership with professional golfer Tiger Woods on Dec. 31, a year earlier than scheduled, GM said today. A joint statement by GM and Woods called the separation )x("",mutual and amicable.
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Former Ford Motor Co. truck executive John Krafcik, who joined Hyundai Motor America in April 2004, is now in charge of the Korean automaker's entire U.S. operations.
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Former Ford Motor Co. truck executive John Krafcik, who joined Hyundai Motor America in April 2004, is now in charge of the Korean automaker's entire U.S. operations.
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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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