The U.S. Congress moved to triple the funding for the government's successful Cash for Clunkers auto rebate program, which has brought car buyers back into showrooms and raised the outlook for an industry beset by abysmal sales, bankruptcies and job cuts.
The U.S. Congress moved to triple the funding for the government's successful Cash for Clunkers auto rebate program, which has brought car buyers back into showrooms and raised the outlook for an industry beset by abysmal sales, bankruptcies and job cuts.
The U.S. government's $1 billion cash for clunkers auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.
The U.S. government's $1 billion cash for clunkers auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.
The U.S. government's $1 billion cash for clunkers auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.
The U.S. government will not suspend its $1 billion cash for clunkers auto sales incentive even though confirmed sales and pending transactions neared the limit of 250,000 vehicles much sooner than expected, an Obama administration official said on Thursday night.
President Barack Obama said on Wednesday that General Motors Co [GM.UL] and Chrysler Group were companies worth saving, but he expects both to repay their government loans.
Auto parts maker Federal-Mogul Corp (FDML.O) posted a sharp drop in quarterly profit on Thursday, but reported substantial progress from earlier in 2009 as it cut costs to address the economic downturn and production cuts by its automaker customers.
Automakers in Europe and Japan unveiled weak results for the first half of the year on Thursday and are set to keep tight control over costs but most predict an improvement in conditions for the rest of 2009.
President Barack Obama said on Wednesday that General Motors Co and Chrysler Group were companies worth saving, but he expects both to repay their government loans.
Japanese car manufacturers unexpectedly posted profits on Wednesday and Mercedes-maker Daimler forecast improving performance this year but clear signs of sustained recovery for the world's battered auto sector remained elusive.
Japanese car manufacturers unexpectedly posted profits on Wednesday and Mercedes-maker Daimler forecast improving performance this year but clear sings of sustained recovery for the world's battered auto sector remained elusive.
Phibro LLC, the energy trading arm of beleaguered bank Citigroup , was mum Tuesday after the White House criticized a reported $100 million pay plan for its top trader Andrew Hall as out of whack.
The U.S. Treasury will not step in to influence management decisions at General Motors Co and Chrysler LLC after providing the automakers with some $70 billion in financing to restructure in bankruptcy, a White House adviser said on Monday.
A U.S. Treasury official overseeing compensation at firms that got big federal bailouts may renegotiate pay packages that he thinks are too generous, the Wall Street Journal reported on its website on Sunday.
Italian automaker Fiat won unconditional approval from the European Commission on Friday to acquire bankrupt U.S. automaker Chrysler CBS.UL as the EU executive said the deal would not hurt competition.
Japan has sent a letter of concern to the United States on a bill recently passed in the U.S. House of Representatives, which contains a provision similar to
Ford Motor Co posted a $2.3 billion quarterly net profit, mainly due to gains from a $10 billion debt-reduction plan, and said it was on track to at least break even in 2011, sending its shares up 10 percent.
Ford Motor Co posted a $2.3 billion quarterly net profit, mainly due to gains from a $10 billion debt-reduction plan, and said it was on track to at least break even in 2011, sending its shares up 10 percent.
Chrysler Group could again face the prospect of liquidation if legislation aimed at reversing its decision to terminate contracts with 789 dealers becomes law, a company executive said on Wednesday.
The bankruptcy restructurings of General Motors Corp and Chrysler LLC have improved credit market access for auto suppliers, but the sector is far from healthy and requires close government monitoring, an Obama administration official said on Tuesday.
Rechargeable batteries could become the core technology for the auto industry if pure electric cars enter the mainstream -- a prospect that has carmakers racing to team up with battery makers.
