Without a federal bailout, extreme cost cutting will be needed to reduce General Motors' cash burn enough for the automaker to survive the next few months. Company executives say GM needs $11 billion to $14 billion on hand to operate.
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President-elect Barack Obama backs congressional demands that U.S. automakers provide a game plan for long-term survival before lawmakers approve a taxpayer funded bailout, a senior adviser said today.
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Renault has pulled its company-owned dealer network out of Hungary and plans to do the same in the Netherlands by year-end.
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The economic crisis is cutting into Renault's European new-car sales, but Renault Retail Group General Manager Gilles Messier says the company-owned dealer network remains on track heading into 2009.
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Some of Washington's bailout schemes have the same desperate elements that led to the creation of British Leyland in 1968.
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In their almost gleeful calls for the death of the domestic auto industry, some U.S. senators and other critics of the Detroit 3 have suggested rampant incompetence and utterly failed business models.
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GMAC Financial Services could end up in bankruptcy court if it fails to get government bailout money, says Standard and#38; Poor's, the credit rating agency. But a GMAC spokesman said the possibility of bankruptcy is "pure speculation."
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If Congress demands new management in exchange for financial aid to the Detroit 3, lawmakers may have a tough time figuring out which executives must go.
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With federal bailout money on the line, Chrysler CEO Bob Nardelli last week gave the world a peek at his private company's finances. The picture behind the veil wasn't pretty. Chrysler is running on fumes and may run out of cash by year end.
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The dark cloud that hangs menacingly over Detroit seemed light-years away on Monday, Nov. 17, as Honda Motor Co. CEO Takeo Fukui celebrated the opening of an assembly plant in Indiana
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As recently as this summer, Larry Merriam bought about 60 used vehicles at auction each month to stock his three Hyundai and Mitsubishi dealerships in Connecticut. Today he buys no more than 10 a month.
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After the dismal reception Washington lawmakers gave Detroit 3 CEOs and UAW President Ron Gettelfinger last week, I found myself saying, "This isn't the way Lee Iacocca did it in 1979.'
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A bankruptcy filing by a Detroit 3 automaker would kill many of its dealerships quickly even if the company successfully reorganizes, dealers' lawyers predict.
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Could GM, Chrysler or Ford survive a bankruptcy filing? Could the domestic industry? The CEOs of the Detroit 3 answered with an emphatic "no" last week when some Washington lawmakers broached bankruptcy and#x2014; even a quick, prepackaged one...
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As Volvo's new regional president for European sales, Stuart Kerr wants to improve sales and profitability at the Swedish brand. To do that he has to halt the company's sales decline and help the brand move up-market quicker.
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If General Motors files for bankruptcy in the US, the outlook for its European brands varies from good to grim. Opel, GM Europe's biggest European brand, is considered at risk. Meanwhile, most observers say the Saab brand's future appears bleak.
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A collapse of General Motors would leave its European operations -- led by Opel -- in need of a need a partner or new owners to survive. But who would that be?
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Ford of Europe will remain profitable next year despite an )x("",unprecedented economic downturn, its boss said. John Fleming, Ford of Europe CEO, said he expects overall new-car sales to be 15 million in Europe, 2.
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Toyota will lose money in Europe for the first time since its 2001-2002 fiscal year unless unit sales rise sharply in early 2009.
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Europe's troubled car industry hopes to get some help soon from the EU and its 27 member governments.
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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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