Cars
Not so fast! Those anticipating and relying on that long-overdue recovery in the U.S. auto industry may have to wait a bit longer.
London's black cabs might be as iconic as Big Ben, but in a city that has almost abolished other much loved symbols such as red telephone boxes and Routemaster buses, being iconic is no guarantee of a future. London's famous licensed taxis are now facing stronger competition from new rivals.
Taxpayers are likely to lose out on the initial public offering of General Motors Co. stock, according to a report published Saturday.
Cars Headlines
Dan Neil reviews the new Maserati GranTurismo Convertible and explains why he thinks it has an image problem.
General Motors and Ford post an expected decline in deals closed, while Chrysler manages to come in with a 7% rise.
4:35 p.m. Sept. 1, 2010TEL AVIV (MarketWatch) -- Motors Liquidation Co., what was left of General Motors Corp. after GM's car operations were split off in a bankruptcy reorganization, filed a revamping plan in U.S. Bankruptcy Court in Manhattan. If the court confirms the plan, Motors Liquidation said in a late Tuesday statement, the company's assets and liabilities will be placed in four trusts. One trust will address the costs of environmental cleanup at old GM industrial sites, while another will parcel out the GM stock held by Motors Liquidation to unsecured creditors with accepted claims, the company said. MLC owns 10% of GM plus warrants on another 15% fully diluted. And the company could receive as much as 2% more of GM if the unsecured creditors' claims reach certain levels, it said. The third trust will handle asbestos claims against MLC and the fourth with legal claims of MLC. Motors Liquidation said that it hopes the court will confirm the plan in first-quarter 2011 and that it can resolve the majority of the unsecured claims within two years thereafter. GM filed to reorganize under Chapter 11 of the bankruptcy laws on June 1, 2009. Five weeks later, GM's operating assets were transferred to a new company.
4:46 a.m. Sept. 1, 2010Automakers will reveal just how difficult it has been to close a late-summer sale without the lure of the “cash for clunkers” promotion that sparked a groundswell of demand a year ago.
12:50 p.m. Aug. 31, 2010
Dan Neil spends a couple of days driving Nissan's billion-dollar electric car gamble and comes away impressed. Let the Second Age of EV's begin.
Toyota adds another 1.1 million cars to its recall woes, this time telling drivers to bring in their Corolla and Matrix sedans to fix a problem with the engines.
4:15 p.m. Aug. 26, 2010The National Highway Traffic Safety Administration is focusing on more than 1.1 million Corolla and Corolla Matrix models from 2005 to 2007, which have been reported to suffer from engine problems.
4:04 p.m. Aug. 24, 2010Indian automobile major Mahindra & Mahindra signs an initial agreement to buy a majority stake in South Korea’s Ssangyong to enhance its technological know-how and expand its product range in the sports-utility-vehicle segment.
1:32 a.m. Aug. 23, 2010Video
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