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Sep 6, 2013

Ford board open to earlier exit for CEO Mulally: sources

DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) Chief Executive Alan Mulally, credited with driving a culture change that helped save the No. 2 U.S. automaker, may step down sooner than planned, according to people with knowledge of the matter.

Under a succession plan outlined last November, Mulally, 68, was expected to stay on as CEO until at least the end of 2014. [ID:nL1E8M12K9] But Ford’s board of directors is now open to letting him step down earlier as he explores other roles, two people familiar with the board’s thinking said.

Sep 6, 2013

Volkswagen in talks with UAW on Tennessee plant workers

DETROIT (Reuters) – Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) is in talks with the United Auto Workers because worker representation at the plant can only be realized by working with a U.S. trade union, the German carmaker’s auto assembly plant manager in Chattanooga, Tennessee, said.

In a Thursday letter to the 2,500 Volkswagen workers in Chattanooga obtained by Reuters, Frank Fischer, chief executive officer at the plant, informed workers that the company has entered talks with the UAW.

Sep 6, 2013

Exclusive: Ford board open to earlier exit for CEO Mulally – sources

DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) Chief Executive Alan Mulally, credited with driving a culture change that helped save the No. 2 U.S. automaker, may step down sooner than planned, according to people with knowledge of the matter.

Under a succession plan outlined late last year, Mulally, 68, was expected to stay on as CEO until at least the end of 2014. But Ford’s board of directors is now open to letting him step down earlier as he explores other roles, two people familiar with the board’s thinking said.

Sep 5, 2013

No new Scion models soon despite falling U.S. sales: Toyota executive

DETROIT (Reuters) – Scion, Toyota Motor Corp’s (7203.T: Quote, Profile, Research, Stock Buzz) sagging youth-oriented brand, will not be rejuvenated by fresh models on its U.S. showroom floors anytime soon, a top U.S. Toyota executive said on Thursday.

Bob Carter, senior vice president of Toyota Motor Sales USA, said that while the company’s main Toyota brand is rolling out fresh products this year, the 1,000 U.S. Toyota dealers that also handle Scion will have to wait longer.

Sep 5, 2013

No new Scion models soon despite falling U.S. sales -Toyota exec

DETROIT, Sept 5 (Reuters) – Scion, Toyota Motor Corp’s
sagging youth-oriented brand, will not be rejuvenated
by fresh models on its U.S. showroom floors anytime soon, a top
U.S. Toyota executive said on Thursday.

Bob Carter, senior vice president of Toyota Motor Sales USA,
said that while the company’s main Toyota brand is rolling out
fresh products this year, the 1,000 U.S. Toyota dealers that
also handle Scion will have to wait longer.

Sep 4, 2013

U.S. auto sales on pace for best month since November 2007

DETROIT (Reuters) – U.S. auto sales were on a pace to show a gain as high as 17 percent in August as the industry raced toward its strongest month since just before the start of the 2007-2009 recession.

Last month’s sales will top 16 million vehicles on a seasonally adjusted annualized basis, several automakers said, which would be the first time U.S. sales topped that level since November 2007.

Sep 4, 2013

UAW president pushes for ‘works council’ at VW Tennessee plant

By Bernie Woodall and Andreas Cremer

(Reuters) – United Auto Workers President Bob King met with Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) and German labor leaders last Friday in an attempt to move toward German-style worker representation at the VW plant in Chattanooga, Tennessee, German union sources said on Tuesday.

Union officials in Germany who wished to remain anonymous said on Tuesday that the 2,500 Volkswagen workers at the Chattanooga plant may be briefed as soon as this week on efforts to bring the matter to a vote and on the UAW’s willingness to back that vote.

Aug 30, 2013

Michigan governor seeks to dodge deposition in Detroit bankruptcy case

DETROIT (Reuters) – Michigan Governor Rick Snyder and other state officials are seeking to avoid being questioned by Detroit worker and retiree unions in the city’s bankruptcy case, according to a motion filed on Friday.

Attorneys for the state, in a motion to quash depositions of Snyder, Michigan Treasurer Andy Dillon and others, said they would not be able to offer testimony relevant to the issue of whether Detroit is eligible to enter Chapter 9 protection.

Aug 29, 2013

Detroit seeking $350 million financing to terminate swaps deal

DETROIT (Reuters) – Detroit, which made the largest Chapter 9 municipal bankruptcy filing in U.S. history, will on Thursday issue requests for proposals for $350 million in financing, the city emergency manager’s office said.

Detroit would be the first large U.S. city to seek so-called debtor-in-possession financing after asking for bankruptcy court protection.

Aug 28, 2013

Detroit can keep casino tax revenue, judge rules

DETROIT (Reuters) – Cash-strapped Detroit can continue to access an estimated $11 million a month in casino tax revenue, a U.S. bankruptcy judge ruled on Wednesday, while the court takes up a deal with creditors related to the revenue.

U.S. Bankruptcy Judge Steven Rhodes, who is overseeing Detroit’s bankruptcy petition, ruled that bond insurer Syncora Guarantee Inc cannot block the city from using taxes paid by the city’s three casinos.