General Motors and Chrysler will save billions of dollars by eliminating a total of 3,400 underperforming dealerships selling discontinued brands over the next two years, GM CEO Fritz Henderson and Chrysler President James Press said today.
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The CEOs of General Motors and Chrysler LLC told Congress today that slashing dealer networks were crucial for saving their companies. "We have no choice.
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General Motors and Chrysler LLC, both operating under Chapter 11 bankruptcy protection, will try today to ease congressional concern, and in some cases anger, over their plans to slash more than 2,400 dealerships.
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A U.S. Court of Appeals agreed on Tuesday to hear a challenge to Chrysler LLC's sale of most of its assets to a group led Fiat, in a move that could potentially delay the deal.
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Chrysler is planning to reopen most of its factories by the end of June.
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Ford Motor Co. said U.S. sales fell 25.8 percent in May, its smallest monthly decline since July, as automakers waited to see how much the industry total may have been boosted by clearance sales at liquidating Chrysler dealerships.
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Ford plans to take an advantage over its two bankrupt US rivals, Chrysler and General Motor, by increasing production.
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Chrysler's sale of most of its assets to Fiat S.p.A. will be effective at noon on Friday, a New York judge said on Monday, clearing the way for a "New Chrysler" to emerge from bankruptcy.
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With both General Motors and Chrysler LLC in bankruptcy, Ford Motor Co. is calling for the U.S. government to maintain a level playing field for all auto manufacturers.
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International giant Magna finally got its hands on an automaker. After the failed negotiations to buy back Chrysler, Magna is getting a European car manufacturer.
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With both General Motors and Chrysler LLC in bankruptcy, Ford Motor Co. is calling for the U.S. government to maintain a level playing field for all auto manufacturers.
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A group of Chrysler minority dealers have filed an objection in U.S. Bankruptcy Court to block Chrysler LLC's plans to cancel their franchise agreements.
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Chrysler LLC, with a boost from President Obama, may emerge from bankruptcy as soon as Thursday. Shawn Morgan, a Chrysler spokesperson, said the automaker is asking U.S.
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Chrysler Group LLC, the new company being formed with Italy's Fiat, "will emerge from bankruptcy in a few days," President Barack Obama said today.
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In today's News Brake: GM steps into bankruptcy as Chrysler is ready to step out, the production version of the Lexus LF-A may get its debut at the Tokyo motor show, and Citroën executives take a close look at building the GT concept . . .
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In today's News Brake: GM steps into bankruptcy as Chrysler is ready to step out, the production version of the Lexus LF-A may get its debut at the Tokyo motor show, and Citroen executives take a close look at building the GT concept . . .
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And so it begins: The General Motors Corp. bankruptcy came today, something the federal government is calling a strategic, surgical bankruptcy.
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Chrysler, Detroits No. 3 automaker and the first felled into bankruptcy by declining sales and the global economic downturn--is poised to emerge after a judge approved the sale of most of its assets to an entity run by Italys Fiat.
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President Barack Obama said today that a court's approval of the sale of Chrysler's assets to a group led by Italy's Fiat S.p.A. will allow the automaker to emerge stronger from bankruptcy.
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