FCA could conserve cash by reducing a $6.2 billion special dividend the automaker is due to pay to its shareholders before the merger is closed, an Italian business paper said.
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The brands choosing to pull ads from the social media giant are voluntarily giving up a key piece of a digital ad strategy that's even more important as the industry attempts to recover from a dismal second-quarter.
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Moody's Investors Service projects a 20 percent slump in global light-vehicle sales in 2020 and take several years to return to 2019 levels.
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Michael Taylor and his son, Peter Taylor, were arrested in May at Japan's request after authorities there accused them of helping smuggle the former Nissan chairman out of the country.
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The former Toyota exec led several major product launches, including the Palisade three-row crossover and the redesigned Sonata sedan. Hyundai Motor America said the position will not be filled "at this time."
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The state established the Office of Future Mobility, which will focus on self-driving development and boosting Michigan's share of EV production.
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Backers of the maker of lidar systems, which include Ford, Baidu, Nikon, and Hyundai Mobis, will retain an 80 percent stake in the combined company.
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Dodge, the onetime mainstream brand that helped usher in the minivan era, is going all out muscle and performance. The Durango SRT Hellcat, fortified with a retooled suspension, joins Dodge's shrinking portfolio for 2021. The brand also is prepping a Charger SRT Hellcat Redeye that churns out 797 hp and the Challenger SRT Super Stock, which tops out at 807 hp.
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BEIJING -- Jia Yueting, founder of Leshi Internet and electric vehicle maker Faraday Future, said on Thursday his personal bankruptcy process was complete and that a trust would be established to compensate Leshi shareholders.
In a stock exchange filing, however, Leshi said it had not heard from Jia regarding a compensation plan or a related arrangement. It added it was unable to verify whether shareholders would be compensated.
The entrepreneur is well-known in China for building a video-streaming business into an electronics manufacturer, before starting Faraday Future with ambitions to overtake Tesla Inc.
However, the cash-intensive enterprise forced Jia to file for bankruptcy in October with personal net debt of around $2 billion. To date, Faraday Future has only produced a small number of test models.
In a post on Chinese social media platform Weibo, the former executive said the bankruptcy process ended on June 26, and apologized to investors and creditors for any financial loss.
Jia, currently "Chief Product and User-Eco Officer" of Faraday Future, also said fundraising for the EV maker was "going well". The automaker plans to "quickly complete an initial public offering soon," Jia said without elaborating.
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The automaker's North American manufacturing chief said in a letter that employees found to have instigated unapproved shutdowns will face disciplinary action, and stoppages “will result in zero pay.” Workers at two FCA plants last week stopped production over coronavirus concerns.
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