Automobile industry
Automakers General Motors and Chrysler were working on Wednesday to resolve two outstanding issues in their requests for government aid. The companies submitted plans to the government on Tuesday for how they plan to become profitable with a total of $39 billion in financing. The United Auto Workers (UAW) union
Automobile industry
The US automobile industry is facing one of its toughest times, with sales plummeting to 27-year lows in January. The "big-three" manufacturers, General Motors, Chrysler, and Ford, have reported substantial declines in sales, with Chrysler suffering a 55% drop, General Motors experiencing a 49% decline, and Ford facing
Automobile industry
Nicolas Sarkozy, France's president, has taken bold action to protect the country's iconic car industry, announcing a state aid package worth almost $10.4 billion. The package includes loans of $7.8 billion to Renault and Peugeot Citroen, two of France's leading car manufacturers,
Automobile industry
Ford Motor Company has announced plans to offer plug-in hybrid electric vehicles (PHEVs) in showrooms in 2012, with a range of 30 miles on battery power before the gasoline engine kicks in. The company has signed a contract with Johnson Controls-Saft to purchase lithium-ion battery cells, enough for 5,000
Automobile industry
The US car market has reached a dismal state, with the "big-three" manufacturers - Chrysler, General Motors, and Ford - reporting a staggering decline in January sales. The slump, which is the worst in 27 years, saw Chrysler sales plummet by 55%, General Motors by 49%, and Ford
Automobile industry
The National Automobile Dealers Association (NADA) has strongly endorsed legislation proposed by U.S. Sen. Barbara Mikulski to stimulate the economy by increasing retail automobile sales. Sen. Mikulski's proposal, The Auto Ownership Tax Assistance Act, would grant a tax deduction for consumers who purchase a new car or
Automobile industry
The Canadian Auto Workers (CAW) union claims that its members in assembly plants have a strong labour cost advantage over their counterparts in the United States, thanks to higher productivity rates. According to a study by CAW economist Jim Stanford, Canadian workers earn an average of $67 an hour in
Automobile industry
As the world watches the inauguration of Barack Obama, Fiat and Chrysler announced a historic deal that could give the Italian automaker a 35% stake in the ailing Detroit auto maker. This move comes at a critical time, with Chrysler's co-president Tom LaSorda and Fiat's CEO
Automobile industry
Automakers General Motors and Chrysler, kept afloat by $17.4 billion in emergency loans, are turning to electric vehicles as a way to ensure their long-term viability. Despite Toyota's skepticism about the U.S. market, the world's leading hybrid maker has plans to introduce a new
Automobile industry
LG Chem, a leading chemical producer in South Korea, has signed a deal with General Motors to supply lithium-ion polymer batteries for GM's plug-in electric car, the Chevrolet Volt. Under the agreement, LG Chem will supply batteries for the Volt from November 1, 2010, until the end of
Automobile industry
Automakers from around the world have gathered in Detroit for the annual North American International Auto Show, with a focus on demonstrating their staying power and innovation in the face of a global economic crisis. The event comes after the Big Three U.S. automakers - General Motors Corp., Ford
Automobile industry
The North American auto industry suffered its worst sales year since 1992, with sales plummeting 13.2 million cars and trucks, a decline of 23% from 2007. This decline was attributed to higher unemployment, lower consumer confidence, and a tight credit situation. Despite the sales slump, Subaru of America Inc.
