Fri, June 12, 2009

US auto industry's downfall

Chrysler completes sales of assets to Fiat

Chrysler LLC, the third largest U.S. automaker that filed for bankruptcy protection at the end of April, has completed its sales of assets to a new group headed by Italian auto giant Fiat, allowing for the formation of a new automaker -- Chrysler Group LLC. Full story


Obama unveils auto bailout plan

U.S. President Barack Obama announced a plan to help the nation's struggling auto industry restructure for the future, preventing its "sudden collapse."


Will more US auto giants follow Chrysler's step to file bankruptcy?
Hard to say.


GM Goes Bankruptcy


Detroit auto tycoon to buy GM'S Saturn, dealerships

2009-06-08 03:30:31 GMT Xinhua English CHICAGO, June 5 (Xinhua) -- Detroit auto tycoon Roger Penske, who has reached a tentative deal to acquire the Saturn brand and dealer network, wants to eventually build vehicles in the U.S. after initially importing from a foreign manufacturer, Penske told reporters in Detroit Friday.

The right way to pay the CEO of GM

2009-06-04 03:23:09 GMT Forbes With the American auto industry on life support and the public enraged about executive compensation in general, there clearly needs to be a new way to pay the chief executive officer of General Motors. It should not only help taxpayers regain confidence in GM, but shareholders and the executive should benefit, too.

GM hoping for speedy sale and exit from Chapter 11

2009-06-02 07:57:04 GMT NEW YORK – General Motors hopes to follow the lead of fellow U.S. automaker Chrysler by transforming its most profitable assets into a new company in just 30 days and emerging from bankruptcy protection soon after.

Obama: Nationalization of GM to be short-term

2009-06-02 00:58:14 GMT In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation's economic muscle.

Chrysler Woes


Chrysler completes sales of assets to Fiat

2009-06-11 02:29:35 GMT Xinhua English CHICAGO, June 10 (Xinhua) -- Chrysler LLC, the third largest U.S. automaker that filed for bankruptcy protection at the end of April, has completed its sales of assets to a new group headed by Italian auto giant Fiat, allowing for the formation of a new automaker -- Chrysler Group LLC.

Fiat closes deal to take Chrysler's good assets

2009-06-10 14:31:32 GMT DETROIT – Italy's Fiat is the new owner of the bulk of Chrysler's assets, closing a deal Wednesday that saves the troubled U.S. automaker from liquidation and places a new company in the hands of Fiat's CEO.

U.S. Supreme Court allows Chrysler sale to Fiat

2009-06-10 01:20:11 GMT Xinhua English WASHINGTON, June 9 (Xinhua) -- The U.S. Supreme Court on Tuesday rejected a request to block the sale of ailing U.S. automaker Chrysler to Italian automaker Fiat, clearing the way for the U.S. government-backed sale.

Chrysler's creditors make last-ditch effort to block Chrysler-Fiat deal

2009-06-08 03:27:39 GMT Xinhua English CHICAGO, June 7 (Xinhua) -- The U.S. automaker Chrysler LLC's creditors have decided to file a last-ditch appeal with the U.S. Supreme Court in their bid to block the company from selling its good assets out of bankruptcy court to a group headed by Italy's Fiat SpA.

Government Efforts


GMAC receives $7.5 billion in new Treasury aid

2009-05-22 06:53:36 GMT WASHINGTON – Auto lender GMAC Financial Services will receive $7.5 billion in additional government aid to keep loans flowing to would-be buyers of GM and Chrysler vehicles and shore up its capital postion — marking the second time the government has stepped in to prop up the lender.

Obama brings foes together for auto deal

2009-05-20 10:12:58 GMT China Daily WASHINGTON - The White House-forged auto emissions deal among long-warring states, carmakers and environmentalists is the most dramatic evidence yet of what President Barack Obama is hoping to brand - and eventually sell to voters - as his signature governing style.

Obama backs Chrysler bankruptcy as wise move

2009-05-01 02:20:38 GMT WASHINGTON – President Barack Obama announced Thursday that Chrysler would head into bankruptcy with the aid of up to another $8 billion in taxpayer money, a last-resort attempt to quickly restructure the struggling giant. He blasted hedge-fund creditors whom he said held out for a richer deal.

Obama says he supports Chrysler's filing for bankruptcy protection

2009-04-30 16:32:28 GMT Xinhua English WASHINGTON, April 30 (Xinhua) -- U.S. President Barack Obama said on Thursday that he supports the nation's third largest automaker Chrysler LLC to file for bankruptcy protection, saying he believes Chrysler will emerge quickly from bankruptcy as a stronger, more viable company.

Impact on China


Tengzhong confident on Hummer deal

2009-06-12 02:40:53 GMT China Daily China's Sichuan Tengzhong Heavy Industrial Machinery Co Ltd, which shot to fame in the past week for its controversial takeover bid of iconic off-road sports utility vehicle (SUV) brand Hummer, said it has the financial resources and expertise to clinch the deal.

GM China JVs report record monthly sales

2009-06-04 01:06:10 GMT China Daily The two Chinese joint ventures of bankrupt automobile giant General Motors have reported record monthly sales in May, driven by the brisk demand for minivans and the recovering economy.

China 'critical' to future growth of new GM, CEO says

2009-06-03 02:55:47 GMT China Daily General Motors' CEO Fritz Henderson said the Chinese market would play an important role in the success of the so-called "New GM" that is to emerge from its Chapter 11 bankruptcy restructuring.

GM CEO: China will continue to be GM's key partner of business

2009-06-02 01:36:02 GMT Xinhua English NEW YORK, June 1 (Xinhua) -- General Motors CEO Fritz Henderson said Monday that China will continue to be a key partner of business of GM.