Word: carrings
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...decision to back out of the sale of its European operations this week was a huge embarrassment for German Chancellor Angela Merkel. She had thrown her weight behind the bid by the Canadian-Austrian car-parts maker Magna and its Russian partner, Sberbank, to buy Opel and Vauxhall from the beginning, seeing it as the best way to save German jobs and offering both sides billions of dollars in loan guarantees to grease the wheels. Before GM made its sudden U-turn on Nov. 3, Merkel had also been riding high. She was coming off an electoral victory in September...
...possible. Government sources said only then would Berlin decide whether GM would be eligible for any of the $6.7 billion in state aid that Germany had offered to Magna. Union leaders want the government to stand firm and not send any German taxpayer money across the Atlantic. But the car giant is prepared to play hardball too, reminding German workers that the insolvency of its entire European operation is still an option. "Failure to reach the restructuring that is needed would result in the operation becoming insolvent - that would be an unnecessary and undesirable outcome for everyone," says Karin Kirchner...
...Administration's Cash for Clunkers incentive program in August. Ford--the only Detroit automaker to avoid bankruptcy and federal bailouts--reported $1 billion in third-quarter profits, helped in large part by an increase in market share as Chrysler's sales continued to lag. GM, the nation's largest car manufacturer, posted its first year-over-year monthly sales gain in 21 months, selling 177,603 vehicles last month, up 5.3% from October...
...history of the electric car...
...struggling automaker was beyond help. "We want Chrysler to become a strong public company," said Marchionne, who was dressed in his trademark professorial sweater, as he opened an elaborate presentation of the struggling automaker's business plans for the next five years, which emphasize blending Fiat's small-car and small engines technology with Chrysler's muscular Jeeps, trucks and big cars...