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General Motors Co. will invest $483 million in its Tennessee plant and call back 483 workers to ramp up production of 4-cylinder Ecotec engines, the company said Friday.
The deal, however, is contingent on GM securing state and local incentives. Get the full story »
The grille of the 2011 Chrysler 200, the replacement for the Sebring.
In his largest dealer meeting since taking the reins at Chrysler, Chief Executive Sergio Marchionne on Tuesday showed off 15 new or revamped cars and trucks, including a replacement for the poor-selling midsize Sebring.
The company unveiled the models, including updates of the Chrysler Town & Country and Jeep Patriot, at a closed-door meeting with 2,400 dealers who gathered in Orlando, Fla.
Marchionne, who is also the head of Fiat, prefers to keep new cars under wraps until close to launch. But Chrysler dealers have struggled as they waited new vehicles under its new management.
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Volkswagen has named a former Ford and GM executive to lead the German automaker’s ambitious growth plans in the U.S. Get the full story »
Dollar Thrifty has accepted a new bid of about $1.43 billion from Hertz, which is battling Avis for the rental car company.
New General Motors Co. Chief Executive Daniel Akerson will get a pay package worth $9 million in salary and stock to run the automaker. Get the full story »
Ford Motor Co. will host a meeting for its Lincoln dealers in early October to discuss its plans for re-energizing a brand that has long trailed luxury market competitors such as Cadillac and Mercedes. Get the full story »
Navistar representatives, along with roughly a dozen Illinois officials, announced plans this morning to move the manufacturing company’s headquarters to Lisle, retaining thousands of jobs in DuPage County.
“I’ve got one thing to say. Illinois is Navistar country,” said Gov Pat Quinn. “We believe in Navistar.”
Navistar President Dan Ustian added that the project would create about 500 engineering jobs right away. Get the full story »
Navistar International Corp. swung to a fiscal third-quarter profit that handily topped analysts’ estimates as sales rebounded and margins widened sharply.
But the revenue growth was less than anticipated and the maker of heavy-duty vehicles lowered its top-line forecast for the year to $12 billion from its upbeat April view of $13.2 billion to $13.7 billion as it said it will defer military revenue to the next fiscal year. But it affirmed its earnings prediction, saying it “has found other measures” to meet the estimate. Get the full story »
The U.S. government is likely to take a loss on General Motors Co. in the first offering of the automaker’s stock, six people familiar with preparations for the landmark IPO said. Get the full story »
Ask Jim O’Donnell, president and chief executive of BMW North America, about the automaker’s plans for alt-fuel vehicles, and he assures that the luxury nameplate will be there — with the 5-Series passenger cars and X3 crossover front and center.
But he also is convinced that hybrids, electrics and any combination will remain niche markets rather than supplant internal combustion for autos for some time.
“The price of gas in Newark (N.J.) was $2.38 a gallon when I left to come here this morning,” said O’Donnell, in town for the BMW Golf Championship this week at Cog Hill in Lemont. “Without a substantial increase in that, the U.S. market is not going to turn to alternative fuel vehicles.” Get the full story »
South Korean automaker Kia Motors, on the heels of a global recall of more than 100,000 vehicles, said Tuesday it has named a new vice chairman to replace Chung Sung-eun, who has resigned. Get the full story »
Kia Motors is recalling about 35,000 Soul and Sorento vehicles to fix wiring in the interior lighting panels that could lead to fires. Get the full story »
Fiat President Luca di Montezemolo introduces the Ferrari 458 Italia in Frankfurt in 2009. (AP file)
Ferrari is recalling its new 458 Italia model after several vehicles were reported to have burst into flames.
A Ferrari spokesperson told CNNMoney.com has that the supercar is being recalled to modify the wheelhouse assembly.
“In rare instances the heat shield could become deformed, bringing it too close to the exhaust system and igniting,” a Ferrari spokesperson said.
