Dec 11- A federal judge said General Motors Co is not required to pay $450 million to cover medical benefits for retirees, in a defeat for the United Auto Workers union.» Read More
Chrysler hopes to restart merger talks with General Motors if the government comes up with a bailout package for automakers, the Financial Times reported Thursday.
Senate negotiators sought to craft a compromise plan to bail out US auto makers, though prospects for a deal before Congress adjourns for the year still appeared remote.
If the US auto industry is to survive, it will have to undergo a major transformation—slashing operations, focusing on fewer models, shedding dealerships and making better cars, analysts say.
United Auto Workers President Ron Gettelfinger said it is critical the Big 3 receive a financial aid package from Congress to avoid one or more of Detroit's auto makers from sliding into a Chapter 7 bankruptcy.
Democratic congressional leaders plan to begin work next week on a financial bailout for the troubled U.S. auto industry.
The push for an auto industry bailout gained momentum as House Speaker Nancy Pelosi said she would bring the House back next week to approve "emergency and limited financial assistance" for the battered industry.
The automotive industry is pushing for an emergency government loan of at least $25 billion to fend off a cash crunch. This so-called bridge loan would be in addition to a $25 billion loan Congress approved in September for the industry. CNBC asked the insiders to weigh in.
General Motors' extremely distressed debt is an attractive investment as the automaker has several options to improve its liquidity and survive the economic downturn, according to credit analysts at JPMorgan.
The U.S. auto industry's best chance for $25 billion in immediate government help may come next week when Congress returns.
General Motors will likely fall below its minimum cash needs of $11 billion to $14 billion in the first quarter of 2009 if the troubled automaker does not receive additional funding, said an analyst at Barclays Capital.
General Motors is not considering bankruptcy despite a sharp downturn in sales and cash position, but the industry needs fast action by the government to prevent a "devastating" impact on the economy, GM Rick Wagoner said on CNBC.
Ford Motor's need for government assistance will depend on how rapidly the economy decelerates, but the company is not in immediate need of immediate help, CEO Alan Mulally told CNBC.
The obvious and easy first move for President-Elect Barack Obama is to put some money into the automobile industry to save a large number of jobs, financier Wilbur Ross said Wednesday.
The governors of six states have sent a letter to federal officials asking that they take "immediate action" to help the troubled domestic automakers.
Billionaire investor Kirk Kerkorian says his investment firm has sold 7.3 million of its shares in Ford Motor, reducing his stake in the automaker to just over 6 percent.
Airline customers are cashing in more frequent-flier awards this year, looking to avoid higher fares and believing that miles just aren't worth the same anymore.
Merger talks between General Motors and privately held Chrysler are moving at a faster pace as potential lenders have thrown their support behind a deal between the two U.S.-based automakers, CNBC has learned.
General Motors' shares hit their lowest level in almost 60 years as the U.S. automaker said its year-to-date sales in Europe slid almost 2 percent.
General Motors Chief Executive Rick Wagoner on Thursday said September U.S. auto sales were running about flat from August as tight credit markets crimp demand.
A proposal to fund $25 billion in low interest loans to the auto industry was included on Monday in draft legislation that could be considered by the U.S. Congress later this week.
Mary Barra's success rests on whether she can make GM more competitive, profitable and live up to its potential.
GM is dropping Chevy as its primary brand for mass-market vehicles in Europe and making Opel its mainstream line.
And Ford is targeting the global market: The newest Mustang was unveiled in six cities around the world on Thursday.