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VW burning through $2.2 billion a week with factories closed by coronavirus

Fri, 03/27/2020 - 12:33

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Volkswagen may have to cut jobs if the coronavirus pandemic is not brought under control as the carmaker is still spending about 2 billion euros ($2.2 billion) a week, Chief Executive Herbert Diess told German TV channel ZDF. Diess told the Markus Lanz talkshow that the German company, which employs 671,000 people worldwide, was not making any sales outside China and was looking for ways to resume production elsewhere that wouldn't endanger its staff. Demand in China is picking up

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VW burning through $2.2 billion a week with factories closed by coronavirus originally appeared on Autoblog on Fri, 27 Mar 2020 08:33:00 EDT. Please see our terms for use of feeds.

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GM cuts white-collar salaries; Ford defers execs' pay, wants to restart some plants

Thu, 03/26/2020 - 23:33

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The two largest U.S. automakers on Thursday announced measures to shore up their finances as the coronavirus pandemic takes a deep economic bite, with Ford Motor Co aiming to resume production next month of its most profitable vehicles while cutting costs further. General Motors Co , the No. 1 U.S. automaker, said it planned to keep its plants closed indefinitely and was reducing the pay of salaried employees and executives and suspending some future product programs to conserve cas

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GM cuts white-collar salaries; Ford defers execs' pay, wants to restart some plants originally appeared on Autoblog on Thu, 26 Mar 2020 19:33:00 EDT. Please see our terms for use of feeds.

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Indy 500 postponed until August because of coronavirus

Thu, 03/26/2020 - 20:44

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The Indianapolis 500 was postponed Thursday until August because of the coronavirus pandemic and won't run on Memorial Day weekend for the first time since 1946. “The month of May at the Indianapolis Motor Speedway is my favorite time of year, and like our fans, I am disappointed that we have had to reschedule the Indianapolis 500,” said motorsports giant Roger Penske, who finalized his purchase of IndyCar and Indianapolis Motor Speedway earlier this year. The Indianapolis 500 began in 1911 bu

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Indy 500 postponed until August because of coronavirus originally appeared on Autoblog on Thu, 26 Mar 2020 16:44:00 EDT. Please see our terms for use of feeds.

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Fiat Chrysler agrees to new $3.8 billion credit facility with banks

Thu, 03/26/2020 - 20:00

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Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor , which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops.

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Fiat Chrysler agrees to new $3.8 billion credit facility with banks originally appeared on Autoblog on Thu, 26 Mar 2020 16:00:00 EDT. Please see our terms for use of feeds.

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Autoblog is Live: Playing Mario Kart 8

Thu, 03/26/2020 - 17:50

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We're playing F1 2019 today.

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Autoblog is Live: Playing Mario Kart 8 originally appeared on Autoblog on Thu, 26 Mar 2020 13:50:00 EDT. Please see our terms for use of feeds.

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Behold my hideous Bentley!

Thu, 03/26/2020 - 17:12

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Behold my hideous Bentley! originally appeared on Autoblog on Thu, 26 Mar 2020 13:12:00 EDT. Please see our terms for use of feeds.

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IndyCar joins other racing series by going virtual

Thu, 03/26/2020 - 16:03

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IndyCar isn't sure when it can get its cars on track to officially start the season. IndyCar's first iRacing event will be Saturday with a 25-car field. IndyCar, like all sports, has been idled during the coronavirus pandemic, which hit the United States just as the series was ready to open its season.

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IndyCar joins other racing series by going virtual originally appeared on Autoblog on Thu, 26 Mar 2020 12:03:00 EDT. Please see our terms for use of feeds.

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