auto

Hertz Global Holdings is in talks for a bankruptcy loan of up to $1 billion to fund its business reorganization after suspending its plan to sell new shares, The Wall Street Journal reported on Thursday, citing people familiar with the matter. The car rental firm halted its plan to sell up to $500 million in …

The head of the United Auto Workers will meet this month with the US attorney in Detroit to discuss potential changes for the union following a wide-ranging corruption probe. Matthew Schneider, the US Attorney for the Eastern District of Michigan, has floated the idea of the government taking control of the union and has pushed …

Shares of online used car seller Vroom Inc. soared nearly 83 percent in their market debut on Tuesday, as the US IPO market roars back to life after the coronavirus crisis slammed the brakes on new listings. Shares opened at $40.25, giving the company a market value of $4.54 billion. The IPO was priced at …

At the height of the coronavirus pandemic in mid-April, used-car dealer Alex Tovstanovsky had vehicles jammed six rows deep on his lot in the western Chicago suburb of Naperville. But the seeming oversupply was not a mistake. Despite plummeting sales at his store, Prestige Motor Works, Tovstanovsky was betting on a recovery, buying dozens of …

The United Auto Workers faces the threat of a government takeover after former president Gary Jones pleaded guilty on Wednesday to racketeering charges. Jones admitted that he helped steal over $1 million from rank-and-file union members, in a case that helped reveal widespread corruption at the highest levels of the union. Former vice president of …

In the week since US auto factories reopened after coronavirus lockdowns, workers at all three Detroit automakers have tested positive for COVID-19 but only Ford has temporarily closed plants. The US auto industry reopened many plants last week after a two-month shutdown due to the global pandemic. To ensure safety during the outbreak, companies imposed …

Organizers said Friday they were canceling the 2020 New York auto show that had previously been pushed back until August, citing the ongoing coronavirus pandemic and the venue’s use as a field hospital. The show, which was initially set for early April and is typically used to unveil new vehicles, was set to take place …

Worldwide car registrations are set to fall this year as the coronavirus pummels the automotive sector, but gas guzzlers will find themselves taking a bigger hit than electric cars, according to a report. Registrations of combustion-engine cars will drop 23 percent in 2020, while electric car registrations will dip by 18 percent, according to analysts …

Federal lawmakers are making a bipartisan push to bail out the auto industry as the coronavirus crisis causes car sales to plummet, a new report says. Midwestern representatives are circulating a letter to convince their colleagues to throw auto manufacturers and suppliers a financial lifeline in a future relief package, The Washington Post reported Wednesday. …

Major US automakers are planning to reopen North American factories within two weeks, potentially putting thousands of workers back on the assembly line as part of a gradual return to normality. Fiat Chrysler CEO Mike Manley said on an earnings conference call Tuesday his company plans to start reopening factories May 18, though that depends …