Big Three, Auto Industry | featured news

The Supreme Court on Tuesday cleared the way for the U.S. government-backed sale of Chrysler LLC to a group led by Italian carmaker Fiat SpA, a victory for the bankrupt automaker and the Obama administration.

Italian carmaker says it won't walk away despite opposition to its deal from a small number of creditors.

General Motors Corp said on Tuesday that former chairman and chief executive of AT&T Inc Edward Whitacre will become chairman of the restructured automaker later this summer.

Chrysler’s sale to Fiat is on hold until Monday while Indiana’s pension funds appeal to the Supreme Court.

General Motors Corp has reached a preliminary agreement to sell its Saturn brand to Penske Automotive Group in a deal that could preserve more than 350 dealerships and 13,000 jobs, the companies said on Friday.

Jack Fitzgerald, who faces the closure of 7 of his 11 auto dealerships, pleads his case to lawmakers.

The clock is ticking for Ray O'Bryhim: he has less than a week to sell his last 40 cars.

AP - Top executives from General Motors and Chrysler face tough questions from lawmakers about sweeping plans to close hundreds of car dealerships as the auto companies undergo government-led bankruptcies.

General Motors Corp said it had reached a preliminary deal to sell its Hummer brand, part of its effort to shed half of its eight U.S. lines and leave bankruptcy court protection as a leaner company.

CEO Fritz Henderson calls the move 'a defining moment' in the company's reinvention. In trading, shares of GM dropped 28%. Meanwhile, Chrysler takes another step toward emerging from bankruptcy.