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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On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I "step aside" as CEO of GM, and so I have. Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts.
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General Motors CEO Rick Wagoner is about to resign after eight years as the Obama administration prepares to decide on the automaker's request for additional government rescue loans, two people familiar with the matter said.
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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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General Motors CEO Rick Wagoner is about to resign after eight years as the Obama administration prepares to decide on the automaker's request for additional government rescue loans, according to two people familiar with matter.
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Germany's economy minister said on Sunday that there were a host of investors interested in General Motors' Opel unit, but warned they could not expect Berlin to assume all the financial risks linked to the company.
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General Motors chairman and CEO Rick Wagoner has agreed to "step aside" after pressure from the Obama administration last week, ending his eight-year tenure at the helm as the company seeks additional federal aid.
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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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Here's a machine that pulled off the same sort of stunt as the VW Beetle- dropping from sight decades earlier to re-emerge as a top-selling automotive fashion statement that combined the cartoony charm of the original with the reliability that today's customers expect.
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The Obama administration is likely to pay for the pending automaker bailout from dwindling reserves in its $700 billion rescue fund rather than go to Congress to request new money, experts said.
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The Obama administration is likely to pay for the pending automaker bailout from dwindling reserves in its $700 billion rescue fund rather than go to Congress to request new money, experts said.
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French minister of finance Christine Lagarde has criticised Continental for its plans to shut down its production sites in Clairoix and Hanover.
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Russia will begin car assembly this year in its far east in a bid to wean the local market off foreign imports, deputy prime minister Igor Shuvalov announced on Thursday.
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Every time a new minivan is introduced, or an existing one gets a redesign, the inevitable question is always asked: "How long will it last?" Over the years, what was once a trendy family vehicle in the '80s is now one not many people care for. I don't recall any new rock bands coming out claiming their music and appearance are inspired by Warrant or Poison.
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Several hundred employees of German car parts maker Continental have protested in Paris against the closure of a French factory, as company executives met France's economy minister Christine Lagarde.
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The Slovak economy ministry has proposed doubling the subsidy given to car owners who scrap old vehicles and buy new ones, potentially adding EUR33.2m to the scheme.
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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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The Slovak Economy Ministry said today it was proposing doubling the subsidy given to car owners who scrap old vehicles and buy new ones, potentially adding 33.2 million euros to the scheme.
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