Big Three | featured news

General Motors Corp. could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.

General Motors Corp is cutting about 1,600 salaried jobs in the United States this week as it rushes to meet a June 1 deadline to restructure under U.S.

General Motors Corp is prepared to part with a controlling stake in Opel/Vauxhall for nothing but a pledge to invest directly in a new company formed from its European operations, the Financial Times said on Sunday, citing two people familiar with its plans.

Facing Obama administration demands that it move quickly to restructure, General Motors is apparently speeding plans to drastically trim its dealership network. Reuters reports, "General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said." General Motors currently supports more than 6,200 ...

The Treasury Department is directing General Motors to lay prepare for a bankruptcy filing by June 1, despite GM's assertion that it could still reorganize without such a filing, The New York Times reported unnamed sources as saying on Monday.

Ford Motor Co. said Wednesday its March sales in the U.S. fell 41 percent from a year earlier as low consumer confidence and job uncertainty continued to worry car buyers.

The Obama administration is seeking to ease General Motors Corp into a "controlled" bankruptcy by persuading some creditors to agree to a plan that would divide the company into two pieces, the New York Times reported on Wednesday.

Executives at General Motors and Chrysler are speeding to put in place workable plans to restore their dwindling operations. It’s a race they might not win.

Ford Motor Co. said Tuesday it is offering a payment protection plan to help reassure consumers who may be putting off buying a new car because of worries about losing their job.

The moves come less than an hour after Obama tells the two carmakers to take another stab at redesigning their companies, a requisite for receiving more federal funds.

Less than an hour after President Obama said a major overhaul was needed to save the auto industry, Chrysler announced that it had formed the framework of an alliance with Fiat, while at General Motors Corp., new leaders took charge after the chairman was forced to step down