Restructuring and RecapitalisationsPSA faces EU antitrust probe of restructuring plansMay 2, 2013 12:19 CET  EU antitrust regulators are investigating whether a 7 billion-euro ($9.24 billion) guarantee to PSA complies with state aid rules and also ensures the automaker's long-term viability.... Read More »
PSA restructuring plan cleared by Paris courtApril 26, 2013 15:49 CET  PSA/Peugeot-Citroen can move forward with the elimination of 11,200 jobs and a factory closing after a French court threw out a legal challenge from two unions to the plan.... Read More »
Opel to push growth in Russia, Akerson tells paperApril 15, 2013 10:07 CET  General Motors' Opel brand will push growth in Russia and Turkey to offset slumping European slumping business but steer clear of China, GM CEO Dan Akerson said.... Read More »
Fisker's job cuts fuel political debate on green energy projects 10:36 am U.S. ET | April 8, 2013  Fisker Automotive's dismissal last week of 75 percent of its employees, after it once received federal loans to build luxury plug-in cars, is adding to the political debate over the federal government's funding of clean-energy programs.... Read More »
Fisker faces suit alleging failure to give advance notice of dismissals 12:01 am U.S. ET | April 6, 2013  Fisker Automotive, hours after dismissing about 75 percent of its employees, was hit with a federal lawsuit accusing the company of breaking the law that requires employers to give workers advance notice of mass layoffs.... Read More »
Fisker lays off 75% of its employees amid financial woes 12:20 pm U.S. ET | April 5, 2013  Fisker Automotive, the plug-in hybrid sports car maker grappling with financial woes, today laid off 75 percent of its more than 200 employees. About 53 senior managers and executives have been retained to pursue buyers for the company's assets.... Read More »
GM board will meet in Germany to review Opel's progressApril 4, 2013 13:19 CET  General Motors' board will hold its quarterly meeting in Germany next week as the U.S. carmaker examines the efforts of its Opel/Vauxhall unit to become profitable. GM's European operations have lost $18 billion since 1999, but the U.S. carmaker is expecting the division to break even by 2015.... Read More »
RESTRUCTURING GM's Girsky slashes at Opel's cultureMarch 26, 2013 08:34 CET  General Motors Vice Chairman Steve Girsky took inspiration from a historical figure to try and stem chronic losses at Opel. GM is the leader in China and the United States but turning around its Europe operations remains spectacularly challenging.... Read More »
Chrysler bankruptcy lawyer is Detroit financial manager pick, reports say 1:23 pm U.S. ET | March 12, 2013  Kevyn Orr, a lawyer who earned $1 million in fees for helping manage the Chrysler bankruptcy in 2009, is Michigan Gov. Rick Snyder's top pick to be Detroit's financial emergency manager, a source with direct knowledge of the choice told Reuters today.... Read More »
Fisker hires consultant to help conserve cash during strategic review 3:50 pm U.S. ET | Jan. 29, 2013  Fisker Automotive, the plug-in hybrid sports car maker that’s seeking a partner or a buyer, hired Huron Consulting Group to help manage day-to-day operations during negotiations.... Read More »
GM steps up cost-cutting pressure at OpelJan. 22, 2013 12:38 CET General Motors said it may close a German factory at its Opel subsidiary earlier than proposed adding restructuring talks with unions must be wrapped up by February, as the U.S. carmaker seeks deep cuts to save its ailing brand.... Read More »
Marchionne: Chrysler will never again be a victim of circumstances 12:08 pm U.S. ET | Jan. 18, 2013  Chrysler-Fiat CEO Sergio Marchionne said the secret to the automaker's current success is a commitment to never again be a victim of the circumstances that led to the company's collapse in 2009. Speaking to about 1,000 people today at the 11th annual InForum auto show breakfast, Marchionne recalled touring Chrysler's headquarters building as the company was coming out of bankruptcy and looking at the scared faces of those still there.... Read More »
Johnson Controls sets Q4 restructuring, pension charges 7:37 am U.S. ET | Oct. 23, 2012 Interiors and battery supplier Johnson Controls said on Monday it will report a pre-tax charge between $225 million and $275 million in the fourth quarter as it cuts jobs and consolidates factories.The company also will post a separate one-time charge between $425 million and $475 million related to a change in its method for recognizing pension and post-retirement expenses.... Read More »
Opel to cut 1,000 German administrative jobs, report saysSept. 12, 2012 21:05 CET  General Motors' ailing Opel business in Europe plans to thin its administrative ranks by 30 percent, or 1,000 jobs, in its Ruesselsheim headquarters in Germany, newspaper Frankfurter Allgemeine Zeitung reported, citing two unnamed board members.... Read More »
GM's Opel to cut 1,000 German administrative jobs, report says 3:05 pm U.S. ET | Sept. 12, 2012  General Motors' ailing Opel business in Europe plans to thin its administrative ranks by 30 percent, or 1,000 jobs, in its Ruesselsheim headquarters in Germany, newspaper Frankfurter Allgemeine Zeitung reported today, citing two unnamed board members.... Read More »
GM needs to dump Opel, Morgan Stanley saysSept. 6, 2012 18:09 CET  Selling or otherwise divesting its money-losing Opel unit in Europe is General Motors' best option, a Wall Street analyst said.... Read More »
GM needs to dump Opel, Morgan Stanley says 12:09 pm U.S. ET | Sept. 6, 2012  Selling or otherwise divesting its money-losing Opel unit in Europe is General Motors' best option, a Wall Street analyst said today.... Read More »
Ford reviews product lineup in attempt to stem Europe lossesAug. 14, 2012 22:58 CET  Ford, projecting losses of more than $1 billion in Europe this year, is examining the competitiveness of its vehicle lineup and brand in the region as it draws up a turnaround plan.... Read More »
Ford reviews product lineup in attempt to stem Europe losses 4:58 pm U.S. ET | Aug. 14, 2012  Ford Motor, projecting losses of more than $1 billion in Europe this year, is examining the competitiveness of its vehicle lineup and brand in the region as it draws up a turnaround plan.... Read More »
GM is on target with Opel turnaround plan, CEO Akerson saysAug. 3, 2012 06:01 CET  GM CEO Dan Akerson said an agreement between management and German labor unions on restructuring the automaker's Opel unit is expected in the autumn. Akerson said GM has made progress with unions on all the key components of a plan to improve productivity, reduce costs and cut excess capacity.... Read More »
At doomed Peugeot plant, talk of betrayal and war 12:16 pm U.S. ET | July 13, 2012  Auto body painter Kamel Yousfi's extended family emigrated from Algeria to work for Peugeot-Citroen in the 1970s. So news that the factory outside Paris where he has worked for most of his adult life will close came as an unforgivable betrayal. His emotional response: to declare "war" on the company.... Read More »
GM's Opel to stick to business plan despite new CEO 2:21 pm U.S. ET | July 13, 2012  Ailing European carmaker Opel said it would not need to draw up a new mid-term business plan following a decision by parent General Motors to abruptly replace its CEO and appoint GM Vice Chairman Stephen Girsky as interim CEO.... Read More »
NEWS ANALYSIS Opel brand identity crisis a self-inflicted wound 2:45 pm U.S. ET | July 3, 2012  Carmaker Opel, General Motors' ailing European brand, could use a little ancient wisdom if it wants to reverse the $3.5 billion losses of the last three years: know thyself.... Read More »
Opel supervisory board approves turnaround planJune 28, 2012 15:16 CET  Opel said its supervisory board today voted in favor of a midterm business plan aiming at bringing the unit back to sustainable profitability.The plan includes major investments in new products, combined with a new sales and branding strategy, Opel said.... Read More »
GM's Opel turnaround plan to skirt big job cuts 3:55 pm U.S. ET | June 26, 2012  Opel's management will present a comprehensive turnaround plan to its board on Thursday that spans everything from model strategy through brand positioning to new export markets, while avoiding the delicate issue of job cuts in Germany.... Read More »
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