The US government should consider a proposed merger between Chrysler and Fiat if it is the only way for the distressed Detroit automaker to survive, a senator has said.
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The Canadian Auto Workers union has said it would find cost cutting measures to remain competitive with General Motors and Chrysler in the US after the companies reached agreements in principal with the UAW.
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US president Barack Obama will convene a meeting of his new task force to oversee auto industry restructuring after Chrysler and General Motors submitted restructuring plans on Tuesday, a White House spokesman has said.
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Chrysler foresees no significant jobs cuts in its operations in Europe, Middle East and Africa but has put a freeze on new hires for the time being, a company official said on Wednesday.
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Even if General Motors and Chrysler obtain billions more in government loans, the threat of bankruptcy remains high for both, analysts have said.
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More details emerged today on the UAW concessions made to the Detroit 3 in advance of yesterday's viability plan filings by General Motors and Chrysler LLC.
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General Motors and Chrysler LLC made reasonable requests for additional federal aid, dealers say, considering the macroeconomic conditions plaguing the auto industry.
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General Motors and Chrysler LLC made reasonable requests for additional federal aid, dealers say, considering the macroeconomic conditions plaguing the auto industry.
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Alfa Romeo's next two cars will be called the Milano and Giulia.
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Late Tuesday, General Motors and Chrysler submitted their recovery plans to the government.
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Two key lawmakers from Michigan said today that the additional $21.6 billion in loans requested by General Motors and Chrysler LLC was prompted by deteriorating car sales and is still far less than the cost of bankruptcies.
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Two key Michigan lawmakers said today that the additional $21.6 billion in loans requested by General Motors and Chrysler LLC was prompted by deteriorating car sales and is still far less than the cost of bankruptcies. John Dingell, D-Mich.
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Here are reactions to the General Motors and Chrysler LLC restructuring plans submitted Tuesday to the U.S. Treasury Department:
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The White House has said "more will be required" to ensure the viability of General Motors and Chrysler after the companies submitted restructuring plans.
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Chrysler has asked for an additional $2bn in US federal loans on top of the $7bn originally requested and said it would be viable on annual US sales 1.8m units down, and as a standalone operation, though would benefit greatly from the proposed Fiat alliance. It plans to axe 3,000 workers, three model lines and 100,000 units of capacity this year.
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Alfa Romeo's next two cars will be called the Milano and Giulia. Surprisingly, the news did not come from Alfa or its parent Fiat Group. Instead, Chrysler, Fiat's new alliance partner, revealed the names in its submission to the U.S.
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Alfa Romeo's next two cars will be called the Milano and Giulia. Surprisingly, the news did not come from Alfa or its parent Fiat Group. Instead, Chrysler, Fiat's new alliance partner, revealed the names in its submission to the U.S.
Full story...
The Canadian Auto Workers union said on Tuesday it would find cost cutting measures to remain competitive with the U.S. arms of General Motors and Chrysler LLC after the companies reached agreements in principal with the UAW.
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General Motors and Chrysler LLC included bankruptcy scenarios in the viability plans they submitted to the federal government on Tuesday -- but both companies continue to reject the option.
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