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Renault gets approval from third labor union for job cuts


Renault gained the backing of a third labor union to implement its restructuring plan which involves eliminating 7,500 jobs and freezing wages. “We agreed to sign the deal,” Fred Dijoux, the leader of the CFDT union at Renault, told Bloomberg. Two other unions, the FO and CFE- CGC, have already said they would support the deal. The three unions represent about 64 ...
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Tesla will repay U.S. Energy Department loans five years early
Tesla Motors has announced it will repay the loans to the U.S. Energy Department five years ahead of schedule in a plan approved by the government. Tesla Motors received $465 million ...
Honda investing $1 billion in new Acura models
Honda is investing $1 billion in its luxury brand Acura to launch a series of new products, including the flagship RLX sedan, an MDX sport wagon and the return of ...
GM denies reports about CEO Dan Akerson’s pay rise
General Motors today strongly denied media reports that said the company had requested an increase in CEO Dan Akerson's compensation for 2013. The Detroit News and Bloomberg said on Monday GM was ...
Hurricane Sandy damage toll reaches 250,000 vehicles
The total number of cars damaged in superstorm Sandy rose to 250,000, an insurance-industry group said. The state of New York had the highest number of damaged vehicles – 150,000. New ...
Report: Alan Mulally to get bonus payment after employment ends
Ford CEO Alan Mulally will receive a bonus after his employment ends as reward for leading the automaker through its turnaround. According to a Ford regulatory filing cited by Bloomberg, the ...
BMW turns to wind power for its plants
BMW will harness winds to secure power and defend profits as costs rise due to Germany's 550 billion euro plan to quit nuclear energy. Four wind turbine towers will soon supply ...
GM South Korea redeemed 700 billion won of preferred shares
General Motors South Korea announced it redeemed about 700 billion won ($649 million) of preferred shares to avoid paying higher dividends. GM Korea bought back the securities from creditors including Korea ...
Piech suggests VW will add at least one brand
Volkswagen AG chairman Ferdinand Piech suggested the company has plans to add at least one brand to the lineup in a bid to become the world's largest carmaker by 2018. In ...
Ford sued by former UK workers for pensions’ transfer to Visteon
Ford was sued by more than 1,400 former UK employees for making misleading statements about the transfer of their pensions to Visteon Corporation during the spinoff of the auto parts ...

latest automotive news
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