Detroit
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The negotiations between General Motors and Chrysler are reportedly going well, with some major hurdles being overcome this week. However, discussions on how GM plans to finance Chrysler's estimated $10 billion of debt are proving to be a major snag in the process, with cash-strapped GM struggling to raise enough funds to complete the merger. These factors are what made a rumor that GM had approached Toyota for help somewhat believable, but Toyota today issued a denial that any such request had been made by GM. Yesterday, the Kyodo News reported that GM CEO Rick Wagoner was considering a trip...
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Report: GM postponing development spending through until 2010
General Motors will reportedly postpone spending on product development in all of 2009 and 2010 in an effort to cut costs. The spending cuts will affect engineering, research and design, and is expected to lead to delays in the introduction of crucial models such as the Chevrolet Cruze compact...
James Martinez -
Daimler values 19.9% stake in Chrysler down to zero
Both General Motors and Renault-Nissan are reportedly eying an acquisition of Chrysler, or at least some of its shares, but one carmaker that already owns a stake in the Auburn Hills-based firm has downgraded the value of its holding to zero. Daimler AG, which retained a 19.9% share in Chrysler...
Jeremy Weber -
Honda supports U.S. loan package
Honda has endorsed the American government's decision to provide the Detroit 3 with a $25 billion loan, describing the aid package as “totally proper” and important for the development of more fuel-efficient models. According to the carmaker’s CEO Takeo Fukui, General Motors, Ford...
Ralph Hanson -
Report: GM could eliminate Chrysler after acquisition
Late on Friday it was reported that General Motors was in preliminary talks with Chrysler’s parent company Cerberus Capital Management over a possible deal to acquire the Auburn Hills carmaker. Since then Chrysler CEO Bob Nardelli has confirmed that the talks had taken place but stated that...
Ralph Hanson -
NAIAS could leave Detroit
The North American International Auto Show (NAIAS), or Detroit Auto Show, could be leaving Detroit for good. The Cobo Center, which plays host to the show each year, is being rapidly outgrown and more carmakers and models vie for attention at the show, and the organizers of the event are now eying...
Nelson Ireson -
Capping off a week that saw General Motors’ share price take a 31% hit in a single day comes a new report claiming the carmaker is in talks with Chrysler over a possible merger deal. According to an inside source familiar with the talks, GM approached Chrysler more than a month ago to discuss an acquisition and other “mutual interests”. However, The Detroit News also reports that GM had approached Ford about a possible tie-up before contacting Chrysler. People close to the matter said GM CEO Rick Wagoner asked Ford CEO Alan Mulally directly about starting up negotiations but...
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Jaguar XF-R and XKR coming to Detroit
The XF-R has been revealed. Click here for all the details. Talk of new models at Jaguar has been rampant since the Tata buyout from Ford earlier this year, and to some degree even before. Now the new-model talk is getting serious, however, with two new high-performance halo models due to hit the...
Nelson Ireson