General Motors CEO Rick Wagoner resigned under pressure from the Obama administration as the government rejected the viability proposals of GM and Chrysler LLC. Wagoner, a career GM executive and CEO since 2000, stepped down as the top U.S.
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At a press briefing held at the White House today, President Barack Obama announced that his Auto Task Force had completed its evaluation of the viability of Chrysler and GM in light of their requests for federal assistance. The Obama administration also agreed to give Chrysler 30 more days to come up with an alliance plan with Fiat SpA.
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Auburn Hills, Mich. , Mar 30, 2009 - Today marks an important milestone for Chrysler LLC. We are encouraged by the commitments of the Administration, U.S. Treasury and President's Auto Task Force to the American automobile industry and Chrysler's viability, with a Fiat alliance.
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General Motors CEO Rick Wagoner will resign under pressure from the Obama administration as the government prepares to announce Monday a second bailout for the company and Chrysler LLC.
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U.S. Treasury Secretary Timothy Geithner said today that the government is ready to help Chrysler LLC and General Motors restructure, but he declined to comment in detail on new steps expected to be announced by the White House Monday.
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U.S. Treasury Secretary Timothy Geithner said today that the government is ready to help Chrysler LLC and General Motors restructure, but he declined to comment in detail on new steps expected to be announced by the White House Monday.
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The boards of Chrysler LLC and Fiat SpA have given executives approval to complete an alliance deal that hinges on the terms for additional aid for the Detroit automaker, according to people with knowledge of the discussions.
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The boards of Chrysler LLC and Fiat SpA have given executives approval to complete an alliance deal that hinges on the terms for additional aid for the Detroit automaker, according to people with knowledge of the discussions.
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A U.S. congressman has asked the Obama autos task force to withhold further emergency aid to Chrysler LLC until the automaker resolves a financial dispute with an Indiana county stemming from a failed parts joint venture. U.S.
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The Obama administration will set a strict deadline for General Motors and Chrysler LLC to reach cost-cutting deals with creditors and their major union even as it extends more aid to the automakers, the New York Times reported.
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President Barack Obama will announce the next steps to help General Motors and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.
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President Barack Obama will announce the next steps to help General Motors and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.
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President Barack Obama will announce the next steps to help General Motors and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.
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The Canadian Auto Workers and Chrysler will continue bargaining at least until Tuesday, after failing to reach an agreement on concessions that are required before the Ontario and Canadian governments can approve more than $2 billion in loans and tax incentives.
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Chrysler LLC and the Canadian Auto Workers union are still "far apart" in negotiations to reach a cost-saving deal to help the company qualify for government aid, the head of the union said today.
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The Canadian Auto Workers union said on Friday it had not yet struck a cost-saving deal with automaker Chrysler LLC, but that it would remain in talks until March 31.
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Citigroup is expected to work with General Motors and Chrysler LLC to decide how to distribute the U.S. Treasury's $5 billion aid program to auto parts suppliers, the industry's top lobbyist said.
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Chrysler LLC said today that it had extended the deadline for its U.S. blue-collar workers to accept retirement incentives and buyouts to leave the company.
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Negotiations between Chrysler Canada and the Canadian Auto Workers include reducing an $80m healthcare bill for 'snowbird' retirees.
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The Obama administration's auto task force is likely to recommend more aid for struggling U.S. automakers, U.S. Sen. Carl Levin said today. Levin, a Michigan Democrat, said any assistance would be tied to new conditions on restructuring.
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