A planned US$1.2 billion development fund for hydrogen fuel cell-powered cars set up by the former Bush administration has been dumped by US President Barack Obama.

The issue of fuel cells has been a contentious one, with many believing the technology is of dubious benefit when battery-electric cars offer a far simpler solution. The USA’s newly-minted [...]

• 
• Comment
• Read More

Chrysler LLC has filed for Chapter 11 bankruptcy overnight and at the same time announced what is being referred to as an ‘industry-changing’ deal with Fiat.

Chrysler has spent weeks negotiating with its lenders in an attempt to avoid bankruptcy, but has failed to gain the support needed.

This is the best result given Chrysler’s huge restructuring [...]

• 
• Comment
• Read More

The deck chairs are still being rearranged on the deck of that ‘other Titanic’, the desperately struggling US carmaker, Chrysler LLC.

Whether Fiat SpA can save it from a cold oblivion remains uncertain. Nevertheless, news has surfaced that Fiat CEO, Canadian Sergio Marchionne, may take the top job at Chrysler as part of the new (revised) [...]

• 
• Comment
• Read More

It is getting near the end of the penny-section for GM and Chrysler. President Barack Obama has given GM two months to prove its viability, and Chrysler one month to complete its merger with Fiat. Failure on either count will see the two giant automakers cut adrift from further Federal loan funding and left to [...]

• 
• Comment
• Read More

During an interview with US television show Political Capital With Al Hunt, US Treasury auto adviser Steve Rattner suggested that the talks between GM and its debt holders may need an official deadline to finally reach a resolution.

It now looks like that day may soon be at hand, reports GM Inside News, with the US [...]

• 
• Comment
• Read More

After having spent an undoubtedly gruelling two weeks with President Obama’s automotive task force - most of it, most certainly, on ‘the rack’ - GM and Chrysler will now play host on home turf in Detroit.

The US Government task force has been sent to Detroit to get a closer, on-the-job look at the inner workings of America’s struggling giant [...]

• 
• Comment
• Read More

So, after three days of talks between Congressional Democrats and the Bush administration (still quacking, but one of the lamest ducks in the history of the species), Reuters is reporting that it has obtained a copy of the draft bill that is going to “save” US automakers.

“Save”, in fact, might be too strong. Such is [...]

• 
• Comment
• Read More