Canadian automotive parts supplier Magna International is the only remaining interested bidder for struggling U.S. carmaker Chrysler, Germany's Automobilwoche reported on Saturday.
There's plenty of talk today about the possibility of $4 gas this summer. If that happens, this could be one long hot summer for the Big Three. Thursday, when I talked with him, General Motors CEO Rick Wagoner indicated the country's largest automakers are already noticing a repeat of last year, when buyers moved from big rigs (trucks and SUVs) and more towards smaller cars.
General Motors said its first-quarter earnings slumped and revenue fell from the same quarter last year. The $305 million overall loss at finance arm GMAC "pretty much accounts for any difference in (earnings expectations)," GM Chairman and CEO Rick Wagoner told CNBC's Phil LeBeau.
Chrysler's famous Hemi V-8 engine, known more for power than fuel economy, will become more fuel efficient when the company rolls out a hybrid version early next year. Chrysler Group announced Monday that it will offer a hybrid Hemi in its Dodge Durango and Chrysler Aspen sport utility vehicles that will improve their fuel economy by nearly 40% in the city and about 25% on the highway.
General Motors, Ford Motor and DaimlerChrysler's Chrysler Group all reported April sales that beat expectations, defying predictions that the poor housing market and high gas prices would drag automobile sales sharply lower.
Chrysler Group announced Monday that it will offer a hybrid Hemi in its Dodge Durango and Chrysler Aspen sport utility vehicles that will improve their fuel economy by nearly 40% in the city and about 25% on the highway.
U.S. auto industry sales have dropped far below expectations for April, a Ford Motor executive said on Friday, as rival General Motors rolled out an incentive program intended to boost crucial month-end sales.
Steven Landry, who was named on Friday to take over Chrysler's sales efforts in North America, said the automaker plans to reduce fleet sales to 21% of its total sales volume by end 2009.
Railroad company Norfolk Southern reported a lower quarterly profit citing softness in the U.S. economy, in particular the housing and automotive sectors, but beat analysts' forecasts.
Representatives of billionaire investor Kirk Kerkorian, met with United Auto Workers members Sunday, the Wall Street Journal reports.
Chrysler CEO Tom LaSorda is finally ready to talk. I'd say free to talk, but he's limited with what he can say about negotiations to sell Chrysler, so it's not total freedom. Still LaSorda is done staying completely out of the public eye. His message: Chrysler is not standing still.
Chrysler CEO Tom LaSorda spoke with CNBC’s Phil Lebeau in an exclusive "Power Lunch" interview. LaSorda said that his priority is to focus on the recovery and transformation plan that is currently in place. Chrysler has eight new launches this year and 20 over the next three years. “When you’re running a company like this, you have to look to the future and the future’s about product,” said LaSorda...
Chrysler Group Chief Executive Tom LaSorda on Wednesday said talks regarding a sale of the automaker were continuing and that "all options" remained open regarding the division's future with German parent Daimler.
An investor group's plans to buy bankrupt auto parts maker Delphi has hit a snag, with the union not agreeing to cut future wages and benefits for new hires, the Wall Street Journal reported on its Web site on Tuesday.
Tracinda's offer to buy the Chrysler unit of DaimlerChrysler could collapse unless the investment vehicle controlled by billionaire Kirk Kerkorian can find a way to enter into negotiations with the German parent of the U.S. automaker, the Financial Times reports.
A top DaimlerChrysler executive is scheduled to meet in New York this week with bidders for the German auto maker's Chrysler unit but it appears that billionaire Kirk Kerkorian's Tracinda isn't among those on the invitation list, The Wall Street Journal reported.
Today in New York, the man leading the Chrysler auction is beginning meetings with those firms pursuing the American automaker. Two private equity companies, Blackstone Group and Cerberus Capital, as well as Canadian auto parts maker Magna corp. will all meet with Daimler executives to discuss round two of the Chrysler auction.
Stocks look set to move higher at the opening, with the Dow catching some strength from Citigroup's restructuring moves and Alcoa's better-than-expected earnings report. European stocks are riding higher for a sixth day, and Tokyo was flat but other Asian markets were higher overnight.
The head of the Canadian Auto Workers says he will try to thwart billionaire investor Kirk Kerkorian's bid for Chrysler, fearing Kerkorian will cost thousands of workers their jobs.
"The devil you know": Familiarity may breed more trust than contempt in Detroit, as the United Auto Workers union decides which Chrysler suitor to cozy up with -- or whether to spurn them all in favor of sticking with current ownership. Two industry analysts told "Morning Call" viewers that for all the griping, the UAW may prefer to keep things as they are.