U.S. auto suppliers will be in dire need of up to $8 billion in emergency government aid over the next few months, particularly if General Motors enters bankruptcy, Michigan Governor Jennifer Granholm said today.
German ball bearing maker Schaeffler has struck a deal with labor to avoid forced layoffs for one year and let workers take a stake in the company in exchange for pay cuts, a top IG Metall union leader said.
Russian tycoon Oleg Deripaska is close to agreements to restructure his companies’ multi-billion-dollar debts, The Wall Street Journal reported on Monday, citing an interview with a senior official within Deripaska’s Basic Element holding…
Volkswagen AG will consider forming a partnership with China’s BYD Co. in the area of hybrids and electric vehicles powered by lithium-ion batteries, Europe’s largest carmaker said on Monday.
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