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The future of the hybrid/electric auto industry is on display at the 2009 Frankfurt Auto Show. Besides the loud buzz around Volkswagen AG's L1 concept, the two-cylinder diesel that insiders say can get nearly 200 mpg, there are deals to be talked about.For instance, in exchange for the technology platforms...
Posted on September 15, 2009 2:16 PM
Figuring out valuations for any company is a tricky business, but it seems especially hard for A123Systems Inc., the lithium-ion battery maker that finally set its IPO terms on Sept. 9. On one hand, oil prices are on the mend, the Watertown, Mass., company is riding a wave of...
Posted on September 10, 2009 3:16 PM
Fiat SpA chief executive Sergio Marchionne discussed second-quarter earnings on conference call (access available here) and said he had no doubt that Chrysler Group LLC will be profitable.Italy's Fiat and once-bankrupt Auburn Hills, Mich.-based Chrysler finalized their strategic alliance last month with Marchionne (pictured) taking the top spot at...
Posted on July 22, 2009 3:54 PM
Can auto dealers do anything to fight back against the mass closings ordered by General Motors Corp. and Chrysler Group LLC, and the changes being required of those dealers who are retaining their franchises? Not a whole lot, according to National Automobile Dealer's Association chairman John McEleney, speaking on CNBC...
Posted on July 2, 2009 2:04 PM
Bob Nardelli, former candidate for CEO of General Electric Co. (NYSE:GE), former CEO of Home Depot Inc. (NYSE:HD), and now, former CEO of Chrysler LLC, is going to Cerberus Capital Management LP as an adviser. After Cerberus took over Detroit's Chrysler from Daimler AG for $7.4 billion in 2007,...
Posted on June 11, 2009 8:33 AM
The widely expected news of General Motors Corp. filing for Chapter 11 bankruptcy has news outlets -- and Americans for that matter -- in a frenzy. GM will get $30.1 billion in financing as it cuts jobs and debt, and looks to a greener future.The Deal has reporters in bankruptcy...
Posted on June 1, 2009 9:17 AM
For a while now we've covered news of automakers driving ahead with plans for electric vehicles and lithium-ion battery makers jostling for position to profit from this initiative. The Wall Street Journal shone its own light on this race and highlighted the government's role.The report said the Energy Department has...
Posted on May 26, 2009 1:14 PM
Hedge funds played hardball on Chrysler's debt-for-equity exchange offer. That's exactly how Sandra Mayerson, a bankruptcy attorney at Squire, Sanders & Dempsey LLP, predicted hedge funds would respond in our interview with her on Tuesday.
Posted on April 30, 2009 9:17 AM
Lithium-ion battery maker A123Systems Inc. received yet another round of private financing, this time pooling $69 million. General Electric Co. (NYSE:GE) provided $15 million, making it A123's biggest cash investor with more than a 10% stake. Also, Mark Little, GE's senior vice president and director GE Global Research, joined the...
Posted on April 13, 2009 3:37 PM
In January, A123Systems Inc. lost out to a Seoul competitor in the race to get a General Motors Corp. (NYSE:GM) contract to supply lithium-ion batteries for electric cars at a new Michigan plant. So, the eight-year-old Watertown, Mass., company just turned to another U.S. auto giant -- Chrysler LLC.On Monday,...
Posted on April 6, 2009 1:12 PM
General Motors Corp. (NYSE:GM) may feel confident enough about its turnaround to reject $2 billion in U.S. aid it had earlier requested, but its suppliers are still feeling the pain. In an SEC filing, American Axle & Manufacturing Holdings Inc. warned it may not be able to meet its debt...
Posted on March 13, 2009 1:38 PM
Most people knew struggling automakers General Motors Corp. and Chrysler LLC on Feb. 17 would ask the Treasury for money in addition to the $17.4 billion of government funding they already received. Suggesting up to another $22 billion, however, was surprising. Below is an outline of just what GM wants...
Posted on February 18, 2009 11:45 AM
Most people knew struggling automakers General Motors Corp. and Chrysler LLC on Tuesday would ask the Treasury for money in addition to the $17.4 billion of government funding they already received. Suggesting up to another $22 billion, however, was surprising. Below is an outline of just what Chrysler wants and...
Posted on February 18, 2009 11:44 AM
General Motors Corp. CEO Rick Wagoner, once resolutely opposed to a GM bankruptcy, is now considering that very option, according to a Wall Street Journal report. On Tuesday in Washington, GM and Chrysler will present the Treasury with an update on their progress thus far and restructuring options as they...
Posted on February 16, 2009 1:35 PM
Japan's No. 3 automaker, Nissan Motor Co., will delay plans on producing a small car for Chrysler LLC in 2011. As part of that OEM, or original equipment manufacture, deal announced in April, Chrysler would have in turn made a full-sized pickup truck under Nissan's name. Cash-strapped Nissan projected it...
Posted on February 13, 2009 9:51 AM
A sign of hope for the auto industry: Even if conditions are not improving, at least one company is optimistic that, after months of spiraling downward, sales in the U.S. might finally be stabilizing.Ford Motor Co. marketing and sales chief Jim Farley said Tuesday that February sales are tracking January...
Posted on February 11, 2009 2:29 PM
President Barack Obama has delayed in selecting a "car czar" to oversee the restructuring of bailed out automakers General Motors Corp. and Chrysler LLC. And now five U.S. Senate Democrats are asking Obama to appoint a group of advisers instead of a single person to oversee the restructuring. Of course,...
Posted on February 6, 2009 12:06 PM
If there are any mass-production carmakers looking for a partner, Fiat SpA may be able to help. The reinvigorated Italian manufacturer is preparing a €2 billion ($2.6 billion) capital increase to purchase a stake in French rival Peugeot SA and form an alliance, according to a La Repubblica report...
Posted on January 22, 2009 9:27 AM
General Motors Corp. won't be taking over Chrysler LLC after all. But it may still end up having helped to salvage the most vulnerable U.S. automaker.At least that's one angle worth noting in Tuesday's announcement of plans for an alliance between Chrysler and Fiat SpA. In exchange for assets, distribution...
Posted on January 20, 2009 9:58 AM
President Bush is handing over a lot of work to President-elect Barack Obama, but he at least wants to take the issue of Detroit's automakers off Obama's plate for a little while. The White House did not respond in knee-jerk fashion to bail out cash-strapped automakers General Motors Corp. and...
Posted on December 19, 2008 9:12 AM
A Chapter 11 filing is the best option for General Motors Corp. and Chrysler LLC because it's the only way to force all stakeholders to the negotiating table. So says Jeff Marwil, a partner at Winston & Strawn LLP. In this edition of Inside The Deal, Marwil, who heads the...
Posted on December 16, 2008 4:38 PM
The fate of about 3 million jobs hangs in the balance as union workers and Republicans clash on terms for a $14 billion auto bailout for General Motors Corp. and Chrysler LLC. This may prompt President George W. Bush to step in with TARP aid after he originally planned to...
Posted on December 12, 2008 10:09 AM
Cash-strapped U.S. auto giant Chrysler LLC and Chinese automaker Chery Automobile Co. called off talks of a collaboration where Chrysler would sell small Dodge-branded cars in the U.S. and Europe that were manufactured by China's biggest domestic car producer.The economic environment has changed significantly since Chrysler and Chery, which is...
Posted on December 9, 2008 9:23 AM
The Deal's Lou Whiteman is diligently covering events as they unfold at the House's auto bailout hearing, and it's still not clear if help will be forthcoming. But there's no denying Friday's job numbers have bolstered the Big Three's call for assistance. Nonfarm payroll employment fell by 533,000 in November...
Posted on December 5, 2008 12:28 PM
In a lunch meeting at the Detroit Economic Club on Tuesday, Bank of America Corp. CEO Ken Lewis (pictured) said he would only favor a bailout for cash-leaking Big Three automakers General Motors Corp., Chrysler LLC and Ford Motor Co. if it were to yield major consolidation in the industry....
Posted on November 19, 2008 9:27 AM
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