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Top News & Analysis Detroit

  • SEOUL, Feb 22- South Korea said on Thursday that it plans to quickly conduct due diligence on the South Korean unit of General Motors Co and discuss a turnaround plan for the financially strapped subsidiary. The Detroit automaker announced last week it would shut a plant in the city of Gunsan, southwest of Seoul, by May and decide the future of its remaining three...

  • SEOUL, Feb 22- South Korea plans to quickly conduct due diligence on the financially strapped South Korean unit of General Motors Co, Finance Minister Kim Dong- yeon said on Thursday. The Detroit automaker announced last week it would shut a plant in the city of Gunsan, southwest of Seoul, by May and decide the future of its remaining three plants in the country...

  • DETROIT— Ford Motor Co. has ousted one of its top executives over allegations of inappropriate behavior. North America President Raj Nair is leaving the company effective immediately, Ford said in a statement. Nair said he had nothing to add to that statement when reached by phone Wednesday by The Associated Press.

  • DETROIT, Feb 21- When Avis Budget Group Inc reports its results on Wednesday, executives under pressure from restive shareholders will likely point to the potential for profits from managing fleets of vehicles for ride services and robo-taxi companies. Fleet managers use real-time data to track vehicles for customers like Uber Technologies Inc, Lyft and...

  • An UBER application is shown as cars drive by in Washington, DC.

    Riders in the same area will need to walk a couple of blocks to be picked up at a common location.

  • DETROIT, Feb 21- When Avis Budget Group Inc reports its results on Wednesday, executives under pressure from restive shareholders will likely point to the potential for profits from managing fleets of vehicles for ride services and robo-taxi companies. Fleet managers use real-time data to track vehicles for customers like Uber Technologies Inc, Lyft and...

  • In eight U.S. cities, the ride-hailing company is rolling out a service called " Express Pool," which links riders in the same area who want to travel to similar destinations. Depending on time of day and metro area, Express Pool could cost up to 75 percent less than a regular Uber ride and up to half the cost of Uber's current shared-ride service called Pool, said Ethan...

  • BERLIN, Feb 21- Germany's Robert Bosch said it has acquired a carpooling start-up in the United States and created a new digital unit to further its expansion into data-based mobility services. Privately-held Bosch has purchased Detroit- based Splitting Fares Inc, which offers carpooling services to about 140,000 users in the United States, Mexico and...

  • Feb 21- Germany's Robert Bosch on Wednesday created a new division to expand its reach in the markets for ride services and connected vehicles and acquired a small U.S. ride services company as part of the strategic shift. Splitting Fares, founded in 2015, was helped by early investments from Verizon, Wells Fargo and Detroit- based Fontinalis Partners, which is...

  • SEOUL, Feb 21- General Motors has proposed investing $2.8 billion into its struggling South Korean operations over the next 10 years and has asked Seoul to provide funds for the investment, a South Korean government official said on Wednesday. Last week, the U.S. automaker announced it would shut down a factory in Gunsan, southwest of Seoul, and said it was mulling...

  • General Motors vehicles go through assembly after GM celebrated the official launch of the Chevrolet Volt hybrid electric vehicle at GM's Detroit-Hamtramck Assembly November 30, 2010 in Detroit, Michigan.

    General Motors is proposing $2.8 billion in fresh investments to restructure its South Korean unit.

  • The official with direct knowledge of the matter said GM had also asked South Korea to inject funds into GM Korea in which the country's state bank also holds a stake. Last week, the U.S. automaker announced it would shut down a factory in Gunsan, southwest of Seoul, and said it was mulling the fate of its three remaining plants in South Korea. In return, GM requested...

  • SEOUL, Feb 21- South Korea's trade minister said on Wednesday the government has asked for an audit into General Motors "opaque" management in the country in the wake of the carmaker's decision to shut down a factory in a city southwest of Seoul. "By opaque we mean the high rate of profits to raw material costs, interest payments regarding loans and unfair financial...

  • SEOUL, Feb 20- General Motors has offered to convert debt of around $2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said. The debt for equity swap would allow GM's business in South Korea to continue operating. Since 2015, GM has...

  • SEOUL, Feb 20- The South Korean government has designated the city of Gunsan as a' crisis zone' for industry and employment, said presidential spokesman Kim Eui-kyeom on Tuesday, after General Motors announced last week it would be shuttering a factory there. Designated crisis zones become eligible for special government subsidies like cheap loans and...

  • Workers walk past parked General Motors Co. (GM) Chevrolet automobiles bound for export at the Port of Incheon in Incheon, South Korea.

    GM has offered to convert a debt of $2.2 billion into equity in return for financial support and tax benefits from Seoul, sources said.

  • Places such as Pittsburgh, Philadelphia and Detroit are touting their populations of people of color to chief executives and other corporate officials as part of being open for business. "For Pittsburgh and southwestern Pennsylvania, ethnic and racial diversity has been an integral part of our history and a rich part of our narrative," said Stefani Pashman, CEO...

  • DETROIT _ American Axle& Manufacturing Holdings Inc. on Friday reported fourth-quarter profit of $106.3 million. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share. American Axle expects full-year revenue of $7 billion.

  • DETROIT— Fiat Chrysler is recalling about 229,000 Ram trucks, mostly in North America, because they can be shifted out of park without a key in the ignition or a foot on the brake. The recall covers certain 1500, 2500 and 3500 pickups. Dealers will update software and replace a switch if needed in a recall that starts March 30.

  • SEOUL, Feb 16- Only weeks into a new job heading General Motors Co's international operations, Barry Engle flew into a frigid South Korea in January and held a series of meetings with government officials to discuss the future of GM's loss-making local unit. Last week, Engle made another visit, meeting with the head of state-run Korea Development Bank, which owns...