Tag Archives : car manufacturing
Shape Up or Ship Out: Obama gives ultimatum to giant automakers to restructure or file for bankruptcy
The two former US automaker giants General Motors and Chrysler are facing a choice between submitting a viable plan of action or filing for controlled bankruptcy. A declaration of bankruptcy is the fastest method for restructuring, according to US President Barack Obama, as much as it is a ‘legal tool to end the debate.’ General Motors will have [...]
Filed in: Business, Market Trends
Nissan slashes 20,000 jobs worldwide
Due to the global economic crisis, Japanese manufacturer Nissan very recently announced that it will close down 20,000 jobs worldwide on a staggered basis until March 2010. It will not shut down any factory, though. The company has been incurring losses, too. Between October and December, Nissan had a net loss of 83.2 billion yen ($915 million). For [...]
Filed in: Automobile, Cars
