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Three people briefed on the deal say Italian automaker Fiat Group SpA will sign paperwork by Thursday to become a partner with Chrysler.
The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler that could come as soon as next week, people with direct knowledge of the action said Thursday.
Negotiations over the fate of Chrysler continue between the Treasury department and the banks that hold $6.9 billion of Chrysler's debt.
The senior lenders to Chrysler are planning to make a counteroffer to the Treasury Department this week, pushing back on a debt-reduction plan they say is too coercive.
March sales fell sharply for General Motors, Ford Motor and Chrysler, but not as much as industry analysts had feared for any of the companies. Sales of Japanese automobiles also fell, though less steeply than they did for U.S. automakers.
Automakers were set to release their March U.S. vehicles sales on Tuesday amid continued uncertainty about the future of U.S.-based car makers.
Meet the people who now hold Detroit's fate in their hands.
US stock index futures pointed to a further slump at the open Monday as investors braced for another round of dire economic indicators along with the next batch of corporate earnings.
Like a Clint Eastwood spaghetti western, the alliance between Chrysler and Fiat is an intriguing piece of work that leaves you scratching your head.
The British pound fell to its lowest level against the dollar since 2001 on continuing fears that UK banks would need to raise more capital and are facing massive dilution from investments by the UK government.
Shares in European automotive companies traded lower Thursday after Morgan Stanley revised down its ratings and price targets for most of them.
The European car market suffered another month of heavy declines in June and its fourth drop overall this year as rapidly deteriorating economic conditions kept new car buyers from leaving the house.
Thursday will be a big day for European earnings, with heavyweights like Credit Suisse, Fiat and ABB set to hit the tape.
Fiat said Wednesday that net profit more than doubled in the third quarter, leading it to raise its full-year targets on a strong performance by its core auto division and good results in its truck and farm machinery operations.
New car sales in Europe were slightly down in September and virtually flat over the nine months, data showed on Tuesday, as consumers remained cautious despite low interest rates amid a paucity of new car models.
European car sales zoomed ahead in July and August after slow sales most of the year in major car-buying nations, netting strong results for BMW, DaimlerChrysler, Fiat and General Motors.
CNBC Europe's Dan Scott reports from the Frankfurt Motor Show and marvels at Porsche's decision to make a hybrid SUV.
European auto manufacturers will struggle to maintain credit ratings in a very difficult environment despite expected long-term global growth in demand, Moody's Investors Service said in a report. Over-capacity is just one of several challenges the Original Equipment Manufacturers are facing, the agency added.
Shares in Fiat bucked the overall weakness in European stock markets on news the Italian carmaker won a contract worth $3.22 billion to supply DaimlerChrysler with truck engines for the next eight years.
Italian car maker Fiat posted an almost four-fold rise in first-quarter trading profit at its auto unit, beating forecasts, as it squeezed more money from a rise in sales of its smaller city cars, like the Panda.