Following reports of Fiat’s CEO Sergio Marchionne and his initiatives to create a new company consisting of the Italian automaker’s stake in Chrysler and a potential majority stake in GM Europe, Saab said today that it is not talking to Fiat about a takeover. Saab chief executive Jan-Ake Jonsson told a Swedish newspaper that the GM brand [...]
According to a report by the Wall Street Journal, Roger Penske, owner of Penske Automotive Group, is considering making a bid for Saturn. Sources familiar with Penske’s plans said that he is studying the issue very closely but no proposal has been made as of yet. The Penske Automotive Group is the second group to show [...]
Seems like dealers will do whatever it takes to move vehicles out of their showrooms. North Texas Chevrolet dealers are inviting Metroplex drivers to drop by a Chevy dealer and test drive the new 2009 Traverse in exchange for a free one-hour massage session at any Massage envy clinic. “Right now through June 14, when you test [...]
UAW President Ron Gettlefinger said that the United Auto Workers have been “hearing a little bit of noise from across town” (Dearborn, Michigan to be exact) since its members have ratified changes to its agreement with Chrysler last week. FoMoCo just reached a modified contract with the UAW in early March, but the Dearborn automaker [...]
General Motors announced today that sales in China jumped 50 percent with a monthly record of 151,084 units sold. GM said that the record monthly sales resulted through its domestic joint ventures, growing demand for Buick and Wuling portfolio. Sales of its SAIC-GM-Wuling mini-commercial vehicle venture rose 60.6 percent. GM said it also sold a [...]
Even though Fiat SpA isn’t making any cash investment into its Chrysler alliance, the Italian automaker will get $35 million from the bankrupt automaker if the deal falls apart. Chrysler’s attorneys have asked the U.S. Bankruptcy Judge Arthur Gonzalez to approve the fee as a part of the sale process. The bankrupt automaker said that [...]
It was known as the Ford of Europe’s answer to the all-American Ford Mustang and was marketed as “the car you always promised yourself.” Yes – we’re talking about none-other than for Ford Capri which is celebrating its 40th anniversary today. Launched in 1969, Ford sold nearly two million units in just 18 years of [...]
A senior advisor to Chrysler said today that it is “highly likely” that the U.S. Treasury Department and the Canadian governments are likely to recover none of the $4.5 billion they will be loaning to Chrysler during its up-to-60-day bankruptcy stay. Ron Manzo said that Chrysler isn’t required to pay interest on the $4.5 billion in [...]
The Transportation Department said today that the federal upgrade to the 35-year-old regulation on vehicle roof strength will add up to $1.4 billion to the annual cost of new vehicles. It said that the new federal requirement will save 135 lives and prevent more than 1,000 injuries. The National Highway Traffic Safety Administration boosted the new roof-strength [...]
FoMoCo’s CEO Alan Mulally has been added to the World’s Most Influential People of 2009 list by Time. Steve Ballmer, CEO of Microsoft, wrote an article paying tribute to the CEO of the automaker that has yet to ask the U.S. Government for any federal aid. You can check out the article here. – By: [...]
