WASHINGTON, March 26 (Reuters) – General Motors Chief Executive Mary Barra and Chief Financial Officer Dhivya Suryadevara told employees on Thursday the company needed to take immediate aggressive steps to cut costs. On a webcast, Suryadevara warned “if we don’t take significant austerity measures we will do serious damage to the long-term viability of our… Continue reading GM CFO says automaker must cut costs to avoid ‘serious damage’
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GM salaried workforce must defer pay due to coronavirus impact
CLOSE Filings for unemployment benefits hit a record 3.3 million last week, the Labor Department said showing the coronavirus’s damage to the economy. USA TODAY General Motors CEO Mary Barra will take home one-third less in compensation for at least six months. GM’s 69,000 other salaried workers will defer 20% of their cash compensation for six… Continue reading GM salaried workforce must defer pay due to coronavirus impact
Fiat Chrysler plans April 14 production restart
CLOSE Fiat Chrysler plans a restart of most production on April 14. (Photo: Kimberly P. Mitchell, Detroit Free Press) Fiat Chrysler Automobiles, which has seen at least three workers die in the midst of the coronavirus outbreak, plans to restart production April 14. The company, in a news release Thursday on the restart date, said it is taking “important… Continue reading Fiat Chrysler plans April 14 production restart
Ford warns employees of pay freeze for executives, other possible cuts
CLOSE Filings for unemployment benefits hit a record 3.3 million last week, the Labor Department said showing the coronavirus’s damage to the economy. USA TODAY Ford CEO Jim Hackett notified all employees in writing Thursday morning that the company would freeze executive pay and stall employee merit raises as part of a push to strengthen Ford’s financials and prevent… Continue reading Ford warns employees of pay freeze for executives, other possible cuts
Porsche set to launch 3D printed personalized bucket seats
Porsche, known for its high-performance sports cars, has announced the development of its new 3D printed personalized bucket seats. The “bodyform full bucket seat” will initially be limited to 40 prototypes for use on European race tracks as early as May 2020, with customer feedback being used to develop the final street-legal models for mid… Continue reading Porsche set to launch 3D printed personalized bucket seats
GM extends North American shutdown, does not set restart date
Cars are pictured at the General Motors Co plant, that will give time off to its employees during the coronavirus disease (COVID-19) outbreak, in Sao Jose dos Campos, Brazil March 19, 2020. REUTERS/Roosevelt Cassio WASHINGTON (Reuters) – General Motors Co (GM.N) said Thursday it will extend a shutdown of its North American plants beyond March… Continue reading GM extends North American shutdown, does not set restart date
Mitsubishi Corp could take Renault stake in alliance rejig: sources
FILE PHOTO: A logo is seen during the inauguration of Renault-Nissan-Mitsubishi’s joint innovation lab in Tel Aviv, Israel June 10, 2019. REUTERS/Amir Cohen PARIS (Reuters) – Japan’s Mitsubishi Corp (8058.T) could potentially invest in Renault (RENA.PA) as part of scenarios being discussed to reinforce an alliance between the French carmaker, Nissan and Mitsubishi Motors, two… Continue reading Mitsubishi Corp could take Renault stake in alliance rejig: sources
UPDATE 1-GM extends North American shutdown, does not set restart date
Cars are pictured at the General Motors Co plant, that will give time off to its employees during the coronavirus disease (COVID-19) outbreak, in Sao Jose dos Campos, Brazil March 19, 2020. REUTERS/Roosevelt Cassio WASHINGTON (Reuters) – General Motors Co (GM.N) said Thursday it will extend a shutdown of its North American plants beyond March… Continue reading UPDATE 1-GM extends North American shutdown, does not set restart date
GM cuts paychecks of salaried workforce, executives
Detroit — The spreading coronavirus crisis is pushing General Motors Co. to cut its salaried workforce’s pay by 20% for potentially up to six months, a company spokesman said Thursday, but the automaker would pay back the reductions with interest later this year or early 2021. GM’s cost-cutting action follows Ford Motor Co.’s move to defer portions of salaries for 300 top… Continue reading GM cuts paychecks of salaried workforce, executives
2,000 contract workers let go at Fiat Chrysler as automakers hunker down
Almost 2,000 contract workers across North America at Fiat Chrysler Automobiles will be out of a job as projects are paused, another indication of the pressure the auto industry is under amid the coronavirus pandemic. General Motors Co. and Ford Motor Co., meanwhile, are borrowing billions from existing credit facilities to ensure financial flexibility as… Continue reading 2,000 contract workers let go at Fiat Chrysler as automakers hunker down