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Crunch watch Apr 09: the auto industry in crisis
Thu, 30 Apr 2009By Tim Pollard and Ben Pulman Motor Industry 30 April 2009 17:21 Welcome to CAR's news aggregator as we round up the seismic change in the auto industry. Top tip: news summaries are added from the top hour-by-hour Thursday 30 April 2009• It's official: president Barack Obama confirms this afternoon Chrysler will file for Chapter 11 bankruptcy protection as it strikes a patnership with Fiat (Automotive News, subscription required)• 'Over the past month, seemingly insurmountable obstacles have been overcome,' says Obama. 'Chrysler and Fiat have formed a partnership that has a strong chance of success' • Chrysler is filing for bankruptcy protection under Section 363(b) of Chapter 11 bankruptcy code – expected to last for 30-60 days (Detroit News)• Treasury to pay Chrysler $4.5 billion 'in exit financing'• Chrysler tipped to get new board of directors.
UPDATED Aston Martin shuts historic factory
Thu, 19 Jul 2007By Tim Pollard Motor Industry 19 July 2007 05:34 The last Vanquish rolled off the line at Aston Martin's historic Newport Pagnell factory today. Much of the historic site will be sold and turned into offices and homes. It brings to an end a long and distinguished history of car and carriage making at Newport Pagnell - stretching all the way back to the 1820s.
Toyota to spend $1.1 billion on unintended acceleration claims
Thu, 27 Dec 2012Toyota Motor Corp. is setting aside $1.1 billion to settle various U.S. lawsuits and other claims stemming from reports of unintended acceleration that plagued the automaker in 2009-2010.