DETROIT (Reuters) – Detroit plans to put workers on unpaid leave starting January 1 to prevent the city from running out of money if the city council continues to balk at reform measures and the state of Michigan blocks the release of much-needed funds.
The furloughs and other cost-cutting measures outlined by Mayor Dave Bing and top city officials on Wednesday are meant to offset $30 million that Michigan is withholding from the city unless certain conditions are met.
(Reuters) – Superstorm Sandy may consign as many as a quarter of a million new and used cars and trucks to the scrap heap, a loss that could eventually lead to a spike in new auto sales, automakers and dealers said.
So far, automakers have reported that some 16,000 brand new vehicles will have to be scrapped due to the killer storm that flooded coastal areas in New Jersey and New York. Many of them were stored at the port of Newark when Sandy hit.
(Reuters) – Electric car maker Tesla Motors Inc (TSLA.O: Quote, Profile, Research, Stock Buzz) said on Monday it was on track to reach an annual production rate of 20,000 for its Model S sedan in December, sending its shares up nearly 8 percent.
The company also said that by the end of the current quarter it would be halfway to its goal of a 25 percent gross margin. The positive outlook overshadowed Tesla’s report of a wider third-quarter loss.
DETROIT, Nov 1 (Reuters) – A Chrysler executive told Donald
Trump in a Tweet on Thursday that the real estate executive and
television personality was “full of shit” for repeating a notion
that Chrysler is shipping U.S. Jeep production to China, which
the automaker refutes.
Ralph Gilles, the head of product design for Chrysler,
became the second top Chrysler executive in three days to
strongly deny the claim, which was first made by Republican
presidential candidate Mitt Romney last week to a crowd in Ohio.
DETROIT (Reuters) – General Motors Co and Chrysler Group LLC both reported their strongest U.S. sales for the month of October since the financial crisis sent both U.S. automakers into bankruptcy, but the destruction of storm Sandy will cause the sector to miss overall sales expectations.
Ford Motor Co’s sales last month edged up 0.4 percent, while Toyota Motor Corp’s sales rose about 16 percent.
DETROIT (Reuters) – Sergio Marchionne, chief executive of both Fiat SpA (FIA.MI: Quote, Profile, Research, Stock Buzz) and Chrysler Group LLC, said he wants to achieve “unification” of the two automakers by 2015.
“The objective has always been to try and bring unification by 2014 or 2015,” Marchionne said on a conference call on Tuesday. “I’d still like to see that done.”
DETROIT, Oct 30 (Reuters) – Chrysler Group LLC Chief
Executive Sergio Marchionne reaffirmed on Tuesday that the
company is not moving Jeep vehicle production out of the United
States to China after it became an issue in the U.S.
Chrysler in an Oct. 25 blog post had already rejected a
statement made that day to a crowd in Ohio by Republican
presidential candidate Mitt Romney, that Chrysler was thinking
of moving all Jeep production from Ohio to China.
DETROIT, Oct 29 (Reuters) – Chrysler Group LLC posted an 80
percent rise in quarterly net income on Monday on the back of
stronger new vehicle sales, continuing the U.S. automaker’s
comeback from its 2009 bankruptcy.
Chrysler, majority owned by Italy’s Fiat SpA, also
reaffirmed its outlook for the year.
PONTIAC, Michigan (Reuters) – General Motors Co said the redesigned 2014 Chevrolet Corvette that goes on sale next year will get a new 450-horsepower V8 engine.
The engine, designated LT1, displaces 6.2 liters and is the fifth generation of GM’s “small block” V8 engine family.
DETROIT (Reuters) – Engineers and scientists at General Motors Co believe they are making major strides toward lighter vehicles by developing a way to expand the use of magnesium in auto parts.
Making auto parts from magnesium sheets by heating the lightweight metal so it can be formed into precise, rigid shapes will help GM and other automakers meet demanding U.S. fuel economy requirements, said GM metals researcher Jon Carter.