FCA Cuts Pay of Senior Executives, Salaried Employees

FCA Cuts Pay of Senior Executives, Salaried Employees

Fiat Chrysler Automobiles N.V has followed the lead of General Motors Co. and Ford Motor Co. slashing senior executive salaries and trimming the pay of salaried employees worldwide. FCA said salaried employees around will take temporary 20% pay cuts as the automaker...
Pressure on Automakers Rises as Shutdown Gets Extended

Pressure on Automakers Rises as Shutdown Gets Extended

The extension of the rules for social distancing and the shutdown on non-essential businesses through April is certain to intensify the strain on automakers, reducing their cash flow sharply as sales of new vehicles continue to fall precipitously. President Donald...
GM Cutting Executive Pay, Deferring Salaried Compensation

GM Cutting Executive Pay, Deferring Salaried Compensation

General Motors Co. is following Ford Motor Co.’s lead, temporarily cutting the pay of high-ranking executives and salaried employees as part of the company effort to conserve cash during the sharp economic downturn created by the spread of deadly COVID-19 virus. Auto...
GM Taps Credit Lines to Guard Against Virus Impact

GM Taps Credit Lines to Guard Against Virus Impact

In a sign of the financial stress facing automakers, General Motors Co. disclosed it plans to draw $16 billion from its revolving credit lines, taking what it described as austerity measures. GM Chairman and CEO Mary Barra described the $16-billion drawdown as a...
Analysts Warn Auto Sales Forecasts Looking Dire

Analysts Warn Auto Sales Forecasts Looking Dire

With Congress debating a trillion-dollar stimulus package to help the U.S. economy weather the COVID-19 outbreak, analysts are warning the ongoing economic slowdown is now certain to sink the auto industry. ALG, a subsidiary of the car-buying service TrueCar, updated...
AV Testing Miles in California Jumped 40% in 2019

AV Testing Miles in California Jumped 40% in 2019

Companies with permits to test autonomous vehicles in California with a safety driver reported they drove nearly 2.9 million miles during the most recent reporting period, according to disengagement reports recently submitted to the state’s Department of Motor...