Industry

Fiat has confirmed that it wants to acquire General Motors' European operations and to do so the Italian auto giant may form a new company to combine its Fiat car brands (Fiat, Lancia, Alfa Romeo) along with Chrysler and any acquired GM entities. The information was revealed in a statement issued...

This past week’s bankruptcy announcement for Chrysler means the decisions will be coming hard and fast. The carmaker has already confirmed that overlapping models and some slow-sellers will be dropped but there will also be a lot more cutbacks as revealed by new bankruptcy documents filed...

News of Chrysler CEO Bob Nardelli's departure has been making the rounds recently, but now the resigning chief has shed some light on the matter. Unlike his former counterpart at General Motors, Nardelli insists that he was not asked by the Obama administration to step down from the helm at...

In-car technology is becoming almost as important to modern-day car shoppers as to what actually lies beneath the hood, and for that reason Honda is looking to invest a significant amount of money into electronics giant Pioneer. The information was first revealed by a Honda spokesman who explained...

The White House has announced Chrysler's entry into bankruptcy protection today, with talks between the Treasury Department and the carmaker failing to reach an agreement on the last day before the auto industry task force’s restructuring deadline. No further talks are planned but President...

It’s official. Chrysler and the UAW have come to an agreement, with members of the nationwide union group ratifying an earlier proposed agreement by a strong majority. According to UAW president Ron Gettelfinger, the union realizes that the contract concessions that have just been ratified...

Despite the troubles in Detroit and Washington for U.S. carmakers, almost three-quarters of the buying public say they'd buy American - and over half of U.S. consumers are in the market for a new car within two years, according to a recent survey. The news is a glimpse of silver lining in the cloud...

In a hugely positive step for Chrysler, the carmaker announced on Monday that it had reached a deal with the Canadian Auto Workers (CAW) union, while also agreeing to revised labor terms with the United Auto Workers (UAW) union. With just a few days left before the April 30 deadline for...

Honda has made some very tough decisions over the past 12 months to reduce costs, including canceling development of its V10-powered NSX successor and pulling out altogether from the 2009 F1 season, but the moves deserve commendation as they have helped the carmaker remain profitable at a time when...

Last October Daimler was forced to write-down the value of its remaining 19.9% stake in Chrysler to zero, yet up until now the German auto giant was still trying to sell the shares. Daimler has announced today that is has reached an agreement to unload its remaining stake in Chrysler, while also...

As the April 30 deadline for Chrysler to restructure its business looms closer, the Treasury department has begun to prepare a bankruptcy filing for the struggling carmaker. The news highlights the severity of Chrysler's situation should it fail to enact a deal with Italian auto giant Fiat, but the...

Ford has cemented its position as the most viable carmaker out of the Detroit 3, with the company’s first quarter financial results showing some very promising figures. Ford is the only Detroit 3 carmaker operating without federal bailout loans and while it still posted a $1.4 billion loss...

Audi currently has no assembly or production facilities in North America but was reportedly considering starting a local operation to help avoid currency fluctuations from importing popular models from overseas. The company has announced today that it is postponing its decision on a North American...

Chrysler's race to turn its debts into equity took a major turn for the better today, with an offer from a group of banks and hedge funds that hold almost $7 billion in debt. The group is proposing to exchange around $2.5 billion of Chrysler's debt, but only in exchange for close to 40% of the...

Negotiations between Chrysler and Fiat regarding an alliance have now turned to production capabilities, and an anonymous source has revealed that three Chrysler plants are under consideration for possible re-tooling, at which point they will build Fiat vehicles, as well as Chrysler-badged vehicles...

For a long time it seemed that Toyota's position as the world’s biggest carmaker was virtually unassailable, but now industry analysts are predicting that for the first quarter of 2009, the Volkswagen Group may have finally overtaken the Japanese carmaker in volume. While the results are not...

General Motors is currently seeking a buyer for Hummer, is looking to sell a stake in Opel, plans to cut its ties with Saab, and is open to almost anything with Saturn, but despite the drastic moves the auto industry task force established by President Obama is still seeking more. After rejecting...

Having recently parted company from Mercedes Benz, hired a new design director and started work on a new supercar, the team at McLaren is as busy as ever, but still not busy enough, it seems. To add to their plate, McLaren Group has spun its automotive division off to form a separate company...

In spite of a world-wide economic crisis, Lamborghini has just announced a profit rise of almost 30% in 2008. In a year filled with turmoil in the automotive world, Lamborghini actually managed to move forward, selling 24 more units than the previous year to give it sales of 2,430 cars. In total...

GM's decline over the course of this year wasn't enough to convince bondholders and the UAW to grant any concessions, but recent reports that the carmaker was in precautionary preparations for filing a Chapter 11 may have galvanized action on the part of the bondholders. Allowing GM to go to...