Tagged: auto

Today executives at General Motors announced they plan to add 1,000 jobs in Michigan.

Now, Chrysler executives have announced they also plan to add 1,000 jobs.

The Wall Street Journal reports:

General Motors (GM) will be in the news a lot this week, so if you sat out the GM story up until this point, here's a quick summary to get you caught up.

Today's General Motors is not your father's General Motors. The old GM went bankrupt. The company couldn't pay its bills (they had some big ones).

But instead of letting the whole company collapse, a court stepped in to reorganize the auto giant (under chapter 11 bankruptcy).

The court split the old GM in two.

Michigan Radio's Lindsey Smith covered the auction at the former GM Wyoming Stamping plant. The plant closed in June 2009 as part of GM's bankruptcy.

The auction was held on Wednesday and Thursday of this week. The auctioneers said they'll sell off anything leftover today.

Smith said it was easy to get lost as she took photos of the more than 2 million square foot building. Here's an audio slideshow she put together:

Chrysler says it narrowed its losses in the 3rd quarter of this year. The automaker reported a net loss of $84 million from July through September. That’s less than half of its $172 million loss in the second quarter. The automaker says this was the third quarter in a row of better-than-expected financial results.

Senator Carl Levin wants to scrap the government's Corporate Average Fuel Economy (CAFE) standard. Auto manufacturers must meet these fuel economy standards for their fleets, or face penalties from the government.

The Obama Administration recently updated the standards.  By 2020, automakers will have to reach an average 35.5 mpg for their combined car and truck fleet.

The Chevy Volt got one step closer to the showrooms this week. The electric vehicle was unveiled to the media.