Detroit

A senior Democratic Senator has demanded that the CEOs of the Detroit 3 step down if they want their companies to be given federal aid. Senator Christopher Dodd of Connecticut singled out General Motors’ chief Rick Wagoner as someone that "has to move on". President-elect Barack Obama was not...

Democratic leaders of Congress revealed late on Friday that they had reached an agreement on a bailout plan for the Detroit 3 ranging in the vicinity of $15 billion to $17 billion, about half what the carmakers were seeking. The plan still needs to be voted on but this is expected to take place...

General Motors has confirmed that it will cut an additional 2,000 factory jobs at three of its North American plants early next year, while at the same time asking Congress for a federal bailout package of up to $18 billion. GM Spokesman Chris Lee told the Detroit Free Press that the company is...

In the perpetual tug-of-war that is modern opinion polling, a new poll has found that 61% of Americans are opposed to the issuance of federally subsidized loan money to the car industry. The new poll, conducted by CNN/Opinion Research Corp. contradicts an earlier study funded by General Motors...

The great-grandson of the founder of Chrysler has publicly declared his support for the company, attending a rally in Baltimore to help the carmaker campaign for a federal bailout package. Frank Rhodes, great-grandson of Walter Chrysler and furniture maker, stated that he wants to "see them...

The incumbent speaker for the U.S. House of Representatives, Nancy Pelosi, has stated that she expects the Detroit 3 will be given government funding in at least some form soon. Pelosi said that even if the Bush administration is hesitant to step in, Congress will be willing and able to rescue the...

Last week we reported that executives from the Detroit 3 plan to drive down to Washington for Congressional hearings in some of their most fuel efficient models, rather than taking their expensive corporate jets as they had done for the last round of hearings. Ford has now announced that its CEO...

Despite Nissan's widely-publicized withdrawal from the 2009 Detroit Auto Show, a cadre of local dealers will bring cars to exhibit in the hopes of boosting sales. The typical car-show role of flaunting new wares was abandoned this year by the corporate decision makers as a money-saving measure...

Chrysler may be struggling financially but its product development chief Frank Klegon has assured reporters that the Auburn Hills carmaker will be coming out with new models over the next few years. Klegon confirmed that projects were still in the pipeline for 2010, 2011, 2012 and 2013, but...

The CEOs of the Detroit 3 will be returning to Washington this week to present new business plans to Congress, all in the hopes of garnering a $25 billion federal loan package to prevent them from collapsing under financial pressure. General Motors’ board has already met to discuss its plan...

Cerberus Capital Management has accused Daimler AG of misleading them about the true value of Chrysler before selling the American private equity group a majority holding in the Auburn Hills carmaker. At this point in time, Cerberus owns 80.1% of Chrysler and Daimler owns the remaining 19.9%, and...

Despite previous assurances made earlier this month by its CEO Rick Wagoner, General Motors is reportedly considering dropping the Saab, Saturn and Pontiac brands in order to improve its chances of garnering a federal government aid package. GM is currently readying a turnaround plan to present to...

The current financial woes of General Motors are no secret these days, with the Detroit 3 carmaker admitting recently that it will run out of cash early next year without the help of a federal loan. Despite the seriousness of the situation, as well as new polls that show the public is in favor of...

General Motors directors are reportedly considering a Chapter 11 bankruptcy filing and seeking court protection in an attempt to cope with the ailing carmaker’s dwindling cash reserves. According to people familiar with situation, the plans go directly against CEO Rick Wagoner’s claims...

Mazda has announced today that Takashi Yamanouchi will take over as its new president and CEO, replacing Hisakazu Imaki, who will stay on as chairman of the board. In other announcements, the former logistics and IT boss, Masaharu Yamaki, has been appointed as the new executive vice president. The...

Late last week we reported on news that Hyundai was in talks with Chrysler to potentially acquire the Jeep brand, and other assets from the Auburn Hills carmaker. Now, Reuters is reporting that the South Korean manufacturer has denied any interest in Chrysler's assets due to the fact that its own...

The Fisker plug-in hybrid saloon has officially been revealed at the 2009 Detroit Auto Show. Click here for all the details and images. While the rest of the automotive industry retracts, 'right-sizes' and closes facilities, Fisker Automotive is in the process of expanding. Today the company...

It's no secret that the U.S. economy, and not least the automotive industry, are in the midst of some of the most difficult times in recent history, and the U.S. Congress is now considering additional aid to the industry to help preserve it in the face of sales at 25-year lows. Sales dropped to a...

With a number of reports claiming a formal announcement detailing a merger partner for Chrysler is expected within the next two weeks, all eyes are currently focused on the two most likely suitors – General Motors and Renault-Nissan. However, it appears more and more likely that GM will be...

One of the more worrying scenarios resulting from a possible merger between General Motors and Chrysler is that the Auburn Hills carmaker could be absorbed entirely by GM, meaning most of its models, plants, dealers, and employees would be dropped. Chrysler, along with Dodge and Jeep, would then...