Detroit's Big Three automakers came closer than America realized to becoming the Big Two. General Motors Corp. ended merger talks with Chrysler LLC in November 2008 to focus on getting emergency federal aid, but Chrysler continued to believe a tie-up with GM was its best chance for survival. The GM-Chrysler tale is among new details that emerged in Detroit News interviews with more than a dozen insiders -- automakers as well as government officials -- over the past two months.
A year ago, Ford Motor Co.'s stock was struggling to get back above $1.50 a share, a few days after slamming into the bottom at $1.01 a share. What a difference a year makes. On Monday, shares in the Dearborn automaker closed up 9 cents at $8.73.
General Motors Co. is appealing to European governments to help finance a $5 billion restructuring for Adam Opel GmbH after deciding this month to keep the troubled German carmaker.
Washington -- The Obama administration's Team Auto -- a group of a dozen mostly young Wall Street veterans -- worked grueling hours even by Wall Street standards to do the near impossible: remake and save General Motors Corp. and Chrysler LLC in just five months.
The unraveling began long before Detroit's auto bosses testified to angry congressional committees a year ago this month, the punishing prelude to a revival that remains possible but uncertain.
Duesseldorf, Germany -- General Motors Co. will present to unions on Wednesday its restructuring plan for the Opel unit, expected to include up to 9,500 job cuts, the carmaker's top official in Europe said Tuesday.
Auto sales will continue to recover slowly in 2010, which could hamper cash flow and efforts by General Motors and Chrysler to rebound, according to a forecast released Monday.
General Motors has sued a supplier, saying it has spent more than $30 million fixing problems in the steering systems of the Chevrolet Cobalt and other vehicles.
