An FCA factory in Asia will be converted to make masks and it will quickly produce a million masks a month, writes Mike Manley, the boss of Fiat-Chrysler in a message quoted by Gianluca Ficco, of the UILM union. Fiat Chrysler and Ferrari said last week that they were talking to the first manufacturer of… Continue reading Fiat Chrysler to produce masks at one of its Asian factories
Tag: FCA
UPDATE 1-Fiat Chrysler CEO says group to produce face masks in Asia- union representative
FILE PHOTO: CEO of Fiat Chrysler Automobiles (FCA) Mike Manley attends the North American International Auto Show in Detroit, Michigan, U.S., January 14, 2019. REUTERS/Rebecca Cook/File Photo MILAN (Reuters) – Fiat Chrysler Chief Executive Mike Manley told employees that the carmaker would help with the production of masks during the coronavirus emergency, a union representative… Continue reading UPDATE 1-Fiat Chrysler CEO says group to produce face masks in Asia- union representative
FCA India suspends production at award-winning Ranjangaon plant
Fiat India Automobiles, FCA’s joint venture manufacturing facility in Ranjangaon, near Pune, has announced today that it will temporarily close operations and suspend production to protect the health and safety of employees. The temporary suspension will be in effect till March 31, is in response to the increasing prevalence of Covid-19 cases in Maharashtra, and… Continue reading FCA India suspends production at award-winning Ranjangaon plant
Brazilian Car Rental Industry Sees Growth in Daily Rental Rates
The association attributes this growth in daily rates to the increase in demand from people renting vehicles for longer periods (instead of buying them) and the growing number of rentals for drivers of transportation companies. Photo via GoodFreePhotos. ABLA, the Brazilian car rental association, has conducted a census on Brazil’s car rental industry and found… Continue reading Brazilian Car Rental Industry Sees Growth in Daily Rental Rates
Cummins Provides Business Update and Withdraws Full Year Guidance
COLUMBUS, Ind.–(BUSINESS WIRE)–Cummins Inc. (NYSE: CMI) provided a business update in light of recent changes in customer demand and a weaker outlook for the global economy. Today, the Company suspended production at its Midrange Engine Plant in Walesboro, IN, for two weeks in response to the decision by its customer Fiat Chrysler Automobiles to shutdown… Continue reading Cummins Provides Business Update and Withdraws Full Year Guidance
Rivian shuts down all facilities over COVID-19 pandemic concerns
Rivian, the buzzy electric vehicle startup that is backed by Amazon and Ford, is shutting down all of its facilities due to the spread of COVID-19, the disease caused by coronavirus. Rivian employs more than 2,000 workers across several locations, including its headquarters in Plymouth, Mich., a factory in Normal, Ill. as well as operations… Continue reading Rivian shuts down all facilities over COVID-19 pandemic concerns
Press Releases – Coronavirus: EU auto industry faces unprecedented crisis
Brussels, 20 March 2020 – The effect of the coronavirus on society and the global economy is unprecedented, with grave consequences for the automobile industry. Indeed, most of the members of the European Automobile Manufacturers’ Association (ACEA) have already announced temporary closures of plants due to collapsing demand, supply shortages, and government measures, and are… Continue reading Press Releases – Coronavirus: EU auto industry faces unprecedented crisis
Tesla shuts down California and New York factories, keeps Nevada open during coronavirus crisis
Tesla will suspend most operations at its Fremont, Calif., and Buffalo, N.Y, factories at the end of the workday on Monday to bring itself in line with local measures to prevent the spread of the coronavirus, the company has confirmed in a press release.The automaker will continue vehicle deliveries and service as possible, and both its charging network and battery factory in Sparks, Nev., will remain open, as the local sheriff has deemed the facility an “essential” business.Ford, General Motors, Chrysler, Honda and Nissan have temporarily suspended operations at all of their U.S. factories.
Ford suspends dividend, draws down $15.4 billion from two credit lines to bolster reserves – Washington Post
Comparing the current situation to the 2008-2009 financial crisis, Chief Executive Jim Hackett said Ford was putting in place safeguards to protect its business. Ford has come under fire from some analysts on Wall Street for moving too slowly to cut costs and restructure its business. At the end of last year, it had booked… Continue reading Ford suspends dividend, draws down $15.4 billion from two credit lines to bolster reserves – Washington Post
Ford is re-running its financial crisis playbook as it borrows $15.4 billion to avert the coronavirus crisis
On Thursday, Ford announced that it would tap $US15.4 billion in credit lines.The level of borrowing is reminiscent of the carmaker’s actions prior to the financial crisis, when it effectively mortgaged all its assets to borrow $US24 billion, averting the bankruptcies that General Motors an Chrysler endured.The program expands on measures previously announced by Ford Credit.