SAN FRANCISCO, Oct 6- Volkswagen apologized for its emissions scandal in a letter to U.S. customers obtained by Reuters on Tuesday, but the German carmaker said a remedy would take time. "I am writing you today to offer a personal and profound apology. Volkswagen has violated your trust, "read the letter written by the head of the German company's U.S. arm, Michael Horn,...» Read More
With one week left before Chrysler faces the very real prospect of filing for Chapter 11 reorganization, and potentially a Chapter 7 liquidation, GM is acting like a company already in bankruptcy. In other words, the end game is almost here. As we're seeing now, it's messy and everyone involved will be feeling the pain.
The government is increasingly likely to convert a $13.4 billion loan to GM into equity, giving taxpayers a big stake in the struggling auto maker, sources told CNBC.
Instead of waiting for houses to become abandoned and then pulling them down, local leaders are talking about demolishing entire neighborhoods, the NYT reports.
As the world grapples with headlines about bailouts, bankruptcies and pirates, a lone dove has emerged on YouTube to save the global economy.
In recessions investors tend to return to safe havens like government bonds, the US dollar, gold and consumer staple and drug stocks and cash flows out of what are considered more discretionary sectors.
For Chrysler President Jim Press, trying to convince people his company is not going bankrupt is an uphill battle.
When I was first asked to moderate a question and answer session with California Governor Arnold Schwarzenegger, I immediately thought, "What a delicious opportunity to talk to a man who has told Detroit to 'get off its butt' and start building the next generation of cars and trucks people want."
Stocks closed higher despite some selling in the final half hour of trading, giving the market its sixth straight weekly gain and its longest weekly winning streak since 2007.
My post about car shopping touched a nerve — my inbox was flooded. Of course, this was one couple's experience, so we asked readers to share their experiences and thoughts on the post. Here's what they had to say.
Stocks got a quick pop Friday from a rebound in consumer sentiment to its highest level since September. But the bounce quickly slowed t o a dribble as earnings worries nagged at the market.
Today on the company conference call updating its restructuring, I asked GM CEO Fritz Henderson is the company will go beyond the number of plants it laid out for closure when updating the Federal Government on February 17th.
Any hope of a high-speed bankruptcy by General Motors faces a serious obstacle: a judge — not the Obama administration, not G.M. management and not the company’s creditors — would reign in court.
Chrysler Chief Executive Robert Nardelli says the U.S. government and Fiat will appoint a new board of directors if Chrysler joins forces with the Italian automaker.
Stock futures pared losses but continued to indicate a flat open Friday despite slightly better-than-expected first-quarter earnings results from Dow components Citigroup and General Electric.
When General Motors, Ford and Chrysler trooped to Washington with hats in hand, looking to be bailed out, the writing was on the wall for major restructuring and cost cutting to take place.
Stocks ended a rocky session higher Thursday as investors were encouraged by JPMorgan's results and techs rallied amid anticipation of better results from Google after the bell.
An early pop fizzled Thursday as investors digested a mixed bag of economic and earnings news. Banks were mixed as techs gained.
The United Auto Workers union has placed concession talks with General Motors on the back burner as it tries to reach a deal with Chrysler before an April 30 government deadline, two people briefed on the negotiations said Thursday.
Nissan Motors CEO Carlos Ghosn said the company has the technology and the ability to produce cars that are going to be zero emissions by 2010 but also cost-friendly.
For as long as I've been covering GM, I've heard the same thing over and over, "We are cutting dealerships and will get down to a core group that will be more profitable." Rick Wagoner said it when he took as CEO in 2000. Fritz Henderson is saying it as CEO in 2009.