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General Motors bondholders on Tuesday braced for a reduced offer of “pennies on the dollar” for about $28 billion in outstanding GM debt and new terms for a swap under a revised survival plan.

Tags: General Motors, USD

Honda Motor Co. said Tuesday it would cut production in North America by 62,000 vehicles by shutting down factories for 13 days starting in May and reduce pay for salaried and factory workers.

Tags: Honda, Honda Motor Co., North America

Sonic Automotive Inc. said Tuesday it posted a fourth-quarter loss and echoed auditors’ concerns about the dealership group’s ability to continue operations. Sonic’s auditors said they had doubts the company could continue as a going concern.

Visteon Corp. said on Tuesday that lenders had granted the auto parts maker temporary waivers on credit facilities after auditors, as expected, raised significant doubt about its ability to continue as a business. Visteon, spun off by Ford Motor Co.

Tags: Auto Parts, auto-parts maker, bank waiver, Doubt, Ford, Ford Motor, Ford Motor Co., Lenders, Visteon, Visteon Corp, Waivers

President Barack Obama’s thinking on the crisis facing General Motors has not changed since Monday, a senior administration official told Reuters on Tuesday.

Tags: Barack Obama, General Motors, Reuters, White House

Honda Motor Co. said Tuesday it would cut production in North America by 62,000 vehicles by shutting down factories for 13 days starting in May and reduce pay for salaried and factory workers.

Tags: Honda, Honda Motor Co., North America

Visteon Corp. said on Tuesday that lenders had granted the auto parts maker temporary waivers on credit facilities after auditors, as expected, raised significant doubt about its ability to continue as a business. Visteon, spun off by Ford Motor Co.

Tags: auto-parts maker, bank waiver, Ford Motor Co., Visteon Corp

Honda Motor Co. said on Tuesday it would cut production in North America by 62,000 vehicles by shutting down factories for 13 days starting in May and said it would cut pay for salaried and factory workers.

Tags: Honda, Honda Motor Co., North America

Sonic Automotive Inc. posted a fourth-quarter loss and said auditors raised doubts about the dealership group’s ability to continue as a going concern.

Tags: Dealership Group, Sonic Automotive Inc

Sonic Automotive Inc. said today that auditors have raised doubts about the dealership group’s ability to continue as a going concern.

Tags: Dealership Group, Doubts, Going Concern, Retail Group, Sonic, Sonic Automotive, Sonic Automotive Inc

Supplier Noble International Ltd., which has been kept on life support by its customers for the last month, is having its contracts with General Motors, Chrysler LLC and Ford Motor Co. transferred to other auto suppliers.

Tags: Auto Suppliers, Chrysler, Chrysler LLC, Contracts, Ford, Ford Motor, Ford Motor Co., General Motors, Noble International Ltd, Supplier Noble International Ltd.

U.S. auto sales totals for March may be weaker than those in the first two months of the year, falling below a 9 million-unit annual rate. The Detroit 3 will report declines tomorrow of more than 40 percent, analysts say.

Tags: Detroit, United States

U.S. auto sales totals for March may be weaker than those in the first two months of the year, falling below a 9 million-unit annual rate. The Detroit 3 will report declines tomorrow of more than 40 percent, analysts say.

Tags: Auto Sales, Declines, Detroit, Months Of The Year, Slump, Tally, U S Auto, United States

General Motors CEO Fritz Henderson said today that he is ready to meet the Obama administration’s mandate to restructure the company — even if it means going into bankruptcy.

Tags: Fritz Henderson, General Motors, Obama administration

General Motors CEO Fritz Henderson said today that he is ready to meet the Obama administration’s mandate to restructure the company — even if it means going into bankruptcy.

Tags: Bankruptcy, Ceo, Fritz, Fritz Henderson, General Motors, Gm, Mandate, Obama, Obama administration

General Motors CEO Fritz Henderson said today that he is ready to meet the Obama administration’s mandate to restructure the company — even if it means going into bankruptcy.

Chrysler LLC’s financial arm said today that it plans to cut 2 percent of its work force or 70 employees.

Tags: Chrysler, Chrysler Financial, Chrysler LLC, Financial Arm, Llc

Chrysler LLC’s financial arm said today that it plans to cut 2 percent of its workforce or 70 employees.

Tags: Chrysler, Chrysler Financial, Chrysler LLC, Financial Arm, Llc, Workforce

Nissan Motor Co. soon will be putting more fuel-efficient cars on U.S. roads, thanks to a Japanese tax break that takes effect tomorrow.

Tags: Nissan, U.S. Nissan Motor Co., United States

Nissan Motor Co. soon will be putting more fuel-efficient cars on U.S. roads, thanks to a Japanese tax break that takes effect tomorrow.

Visteon Corp. has placed auto-parts plants in the United Kingdom in insolvency, and the court-ordered administrators already have cut 565 jobs.

Tags: Auto Parts, Insolvency, Jobs, Plants, United Kingdom, Visteon, Visteon Corp

General Motors and Ford Motor Co., battling sharp declines in U.S. sales, followed Asian rival Hyundai Motor and offered to make car payments for buyers who lose their jobs.

General Motors and Ford Motor Co., battling sharp declines in U.S. sales, today followed Asian rival Hyundai Motor and offered to make car payments for buyers who lose their jobs.

Tags: Car Payments, Ford, Ford Motor Co., General Motors, Hyundai, Hyundai Motor, United States

General Motors and Ford Motor Co., battling sharp declines in U.S. sales, today followed Asian rival Hyundai Motor and offered to make car payments for buyers who lose their jobs.

Tags: Car Payments, Declines, Ford, Ford Motor, Ford Motor Co., General Motors, Gm, Gm Ford, Hyundai, Hyundai Motor, Job Loss, Jobs, Rival, S Sales, United States

Delphi Corp. has agreed to sell the remaining pieces of its global brake and suspension component business to Chinese-owned BeijingWest Industries Co. Ltd. The assets were sold for $100 million in cash, the Detroit Free Press reported.