by Joseph Szczesny | Mar 31, 2020
The turmoil at the top of the United Auto Workers continues as the union suspended Richard Rankin, one of the union’s regional directors, following an independent investigation by an outside law firm into charges that had described as “workplace harassment.” The move...
by Joseph Szczesny | Mar 31, 2020
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...
by Joseph Szczesny | Mar 30, 2020
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...
by Joseph Szczesny | Mar 27, 2020
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...
by Joseph Szczesny | Mar 26, 2020
Caught in the economic storm unleashed by coronavirus pandemic, Ford Motor Co. is taking steps to save cash during the crisis even as it attempts to restart production. Jim Hackett, Ford’s CEO, said in a letter to employees Thursday that the company would freeze...
by Joseph Szczesny | Mar 26, 2020
Standard & Poor’s cut Ford Motor Co.’s credit and unsecured debt ratings to junk territory, trimming the company’s rating to BB+ from BBB-, while Moody’s, another major credit-rating service, placed the credit rating of General Motors Co. and Fiat Chrysler...
by Joseph Szczesny | Mar 25, 2020
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...
by Joseph Szczesny | Mar 24, 2020
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...
by Joseph Szczesny | Mar 23, 2020
General Motors, Ford and Fiat Chrysler, with the approval of the United Auto Workers, have asked for volunteers from among blue-collar employees to keep their parts warehouses all across the country during the unfolding pandemic. All three automakers have shuttered...
by Joseph Szczesny | Mar 20, 2020
Tesla bowed to pressure from local authorities, saying it will close its big car plant in Fremont, California, and a second in New York State. The closures will start March 23, the company said in a release. It did not say when it will reopen the facilities, but most...
by Joseph Szczesny | Mar 20, 2020
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...
by Joseph Szczesny | Mar 19, 2020
The Alameda County Sheriff has ordered Tesla Inc. to stop building cars at its Fremont, California plant. “Tesla is not an essential business as defined in the Alameda County Health Order. Tesla can maintain minimum basic operations per the Alameda County Health...
