Tag Archive
GM and Chrysler ready to agree on a part merger
General Motors and Chrysler were open to a merger if the U.S. government mandated it as a condition for providing the emergency financing. They state that this would help them survive into 2009. GM Chief Executive Rick Wagoner and Chrysler Chief Executive Bob Nardelli were testifying at a U.S. Senate Banking Committee hearing held to... »
US automakers ask for a $34 bn aid
The crumbling economy has forced Detroit’s once-mighty automakers to be humbled and fight for survival. The have appealed to the Congress with a retooled case for a bailout as large as $34 billion. With a promise to slash workers, car lines and executive pay in return for a federal lifeline, both GM and Chrysler... »
Auto sales drop to 26-year low
The auto sales in the US has plunged to 37 per cent last November; their worst in over 26 years. This has dashed all expectations for the demand in vehicles. Every major automaker has reported a year-over-year sales decline amounting to approximately 30 percent in the beginning of the week. The Detroit carmakers were... »
General Motors and Chrysler Pushing for an Urgent Deal
America’s biggest and the World’s Second largest automaker GM is feeling the heat from the Global financial crisis. The firm is seeking a merger deal with competitor Chrysler just days before the Presidential election. The US auto market has been hit hard and sales continue to decline. General Motors lost its position as the... »
