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GM sells Hummer to China and saves 3,000 jobs
A Chengdu-based machinery company is close to clinching a deal to buy General Motors’ (GM) Hummer brand, making it the first Chinese company to own an American carmaker. Sichuan Tengzhong Heavy Industrial Machinery Company is expected to spend between $150 million (£90 million) and $250 million on Hummer, the gas-guzzling brand of sports utility...
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General Motors Files for Bankruptcy Protection in New York
General Motors filed for Chapter 11 bankruptcy protection Monday as part of a plan under which the government will pump another $30 billion into the company with the aim of re-creating the troubled automaker. GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it...
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India’s Tata Motors unveils the world’s cheapest car
With the flash of cameras and oohs and aahs from the crowd, an Indian company Monday launched what is billed as the world’s least expensive car, six years after it was conceived and six months behind schedule. The Nano will start at $2,200 after taxes and dealer costs, while the more expensive CX and...
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Geneva Motor Show 2009
The International Geneva Motor Show (Salon International de l’Auto) is an annual auto show held in March in the Swiss city of Geneva. The show started in 1905. The show is held at the Geneva Palexpo, a giant convention center located next to the International Airport. The Salon is scheduled by the Organisation Internationale...
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Nissan To Ax 20,000 After Loss Warning
Japan’s No. 3 automaker is set to post a net loss of almost $3 billion in this financial year and needs to trim costs. To survive the current global economic crisis, Nissan Motor needed to shed some excess weight. About 8.5% of its entire work force, 20,000 jobs, will be cut worldwide after the...
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Toyota expects $5 billion loss
Toyota Motor Corp. said Friday it expects to post an even greater net loss for fiscal 2009 — its first full-year loss since 1950. Blaming world-market conditions, Toyota said Friday it expects to lose 450 billion yen or $5 billion in the current fiscal year — ending in March. Revenue for the third quarter...
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Toyota to Shut Factories for 11 Days
TOKYO — Toyota Motor will idle its plants in Japan for 11 days in February and March to reduce output in the face of steeply declining global vehicle sales, the company said Tuesday. The Japanese auto giant said the suspension will affect production at all 12 of its directly operated domestic plants, which include...
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