When Fiat CEO Sergio Marchionne took over Chrysler in 2009, it was considered a forgone conclusion that, eventually, he'd take the company public in an initial public offering. But now, Marchionne says the odds of an IPO are merely 50-50.
In this economy, many Americans feel grateful to have jobs in the first place. The nation's high unemployment rate makes recent video of some of Chrysler's unionized workers drinking and smoking pot on the job all the more galling. It's time for unions to stop protecting slacker employees.
When Ford awarded CEO Alan Mulally more than $50 million in compensation for 2010's record profit it raised eyebrows around Detroit. Now, the UAW is using that big payday as a rallying point for members as it starts negotiations to regain some of what autoworkers gave up in concessions during the downturn.
Less than two years after they exited bankruptcy, Chrysler Group and General Motors will soon distribute bonuses to salaried employees in recognition of their efforts to help revive the once-flagging Detroit automakers. The payout is likely to anger the companies' unionized workers.
Union employees at Chrysler Group will receive a $750 bonus next week as an acknowledgment of their contributions in helping to revive the once-bankrupt company, the automaker said Monday. Salaried workers, excluding the company's top 50 executives, will also receive the payment.
Analysts forecast that Ford will announce a profit of 48 cents a share on revenue of about $30.6 billion when it releases earnings on Friday. That translates into an expected pretax profit of $8 billion in 2010, the best Ford has seen since 1999.
Ford will spend $400 million to upgrade its Kansas City, Mo., plant after production of the current Ford Escape compact SUV moves to another facility. It's the fourth North American plant that Ford has overhauled or plans to as it seeks to reinvigorate its vehicle lineup.
The United Auto Workers union has been bleeding members, with fewer than 400,000 at the end of 2009. With a purportedly more collaborative attitude, the group plans to unionize foreign auto manufacturers with factories in the U.S.
In a bid to reduce its numbers of skilled workers, General Motors is reportedly offering skilled-trades workers a $60,000 buyout to leave the automaker's payroll by March.
With just days to go before its anticipated initial public offering of stock, General Motors reported Wednesday that it earned $2 billion in the third quarter, its most profitable this year.
General Motors plans to invest $190 million in its Lansing Grand River assembly plant where it will build a new Cadillac model, resulting in 600 new jobs and the addition of a second shift.
Vehicle sales have been less than stellar in recent months, disappointing some analysts. But the industry is gradually improving in a broad trend that is benefiting nearly all automakers -- including the Big Three, which have returned from the brink.
GM is expected to announce the production of a new compact car for Buick -- the Verano. The upscale sedan will be assembled in a former Pontiac plant in Orion Township, Mich., helping to restore 1,200 jobs at the facility.
If the recession and subsequent high employment proves anything, it's this: The scarcity of jobs hasn't made workers any smarter. Just-fired CNN anchor Rick Sanchez is a good example. Unfortunately, he's hardly the only one.
Elected president of United Auto Workers union on June 16, King must reintroduce the union to the many Americans who view unions unfavorably. Then, there's the matter of rebuilding membership by targeting foreign makers' U.S. plants.