DETROIT (AP) — Chrysler will try to refinance its government loans this year as it prepares for an initial public stock offering, and the reduced expense could let the company post a net profit for the first time since it left bankruptcy protection in 2009, CEO Sergio Marchionne said Monday. Marchionne told reporters Monday at the Detroit auto show that the automaker, which lost $453 million in the first three quarters of last year, will need to post two quarterly net profits before it returns to the stock market as a publicly traded company.
DETROIT (AP) — Touring the Detroit auto show Monday, House Democrats praised the U.S. auto industry for rebounding from the depths of bankruptcy and despair and credited an unpopular bailout of General Motors and Chrysler. Getting behind the wheels of shiny new cars, lawmakers who helped GM and Chrysler secure billions of dollars in federal aid said the companies were on the comeback after government-led bankruptcies in late 2008 and 2009.
BEIJING (AP) — The U.S. Consumer Product Safety Commission will set up its first office outside the United States in China in a bid to reduce the amount of dangerous products reaching the American market. Commission head Inez Tenenbaum told reporters Monday the "history-making" office also aims to make it easier for the U.
WICHITA, Kan. (AP) — Aircraft parts maker Spirit AeroSystems is planning to hire workers for several locations this year. The Wichita Eagle reported that the hiring is expected to occur in the first quarter because production on new and existing programs is increasing. Spokesman Ken Evans said Friday that the near-term plans call for hiring about 200 workers for Wichita and Tulsa, Okla.
BEIJING (AP) — An environmental official in eastern China was suspended after a battery factory sickened more than 200 children with lead poisoning, authorities said Sunday. China is the world's largest producer and consumer of lead, a key component in lead-acid batteries needed for the growing number of vehicles in the country.
Volkswagen to keep Passat name on new midsize DETROIT (AP) — Volkswagen is keeping the Passat name for a new midsize vehicle that will be built at the company's new U.S. plant in Tennessee. Volkswagen of America Inc. announced plans Sunday to maintain the Passat nameplate at an event before media previews of the North American International Auto Show.
DETROIT (AP) — The 2011 Chevrolet Volt got another marketing jolt Monday, when it received the North American Car of the Year. The car that runs on electricity for 40 miles before a backup gas engine kicks in beat out the Nissan Leaf, another electric, and Hyundai Sonata in the annual ceremony on the first day of media previews for the Detroit auto show.
DEARBORN, Michigan (AP) — In every boom cycle of its 107-year life, Ford Motor Co. became complacent, unprepared for the inevitable bust in the auto business. From the 1920s, when Ford lost its dominant position in the U.S. because it was slow to update the Model T, to the 2000s, when it squandered billions in SUV profits and narrowly avoided bankruptcy, the company stuck with some strategies too long and didn't pay enough attention to others.
NEW YORK (AP) — Apple Inc. CEO Steve Jobs' compensation package remained the usual $1 in fiscal 2010, but the value of the shares he owns has skyrocketed amid the company's ongoing success with introducing shiny new gadgets many people come to find indispensible. Apple said in a filing with the Securities and Exchange Commission on Friday it paid a salary of $1 to Jobs, who rejoined the company in 1997 and has overseen the company's explosive growth following the launch of the iPod, the iPhone and now the iPad.
SEATTLE (AP) — Instead of unveiling an elegant response to the iPad, Microsoft came to the tech industry's premier gadget show with a collection of exposed computer guts. Microsoft's biggest news was that the next version of Windows would run on the style of mobile phone chips that power the iPad and other tablets today.
BEIJING (AP) — A chemical leak has sickened 62 workers at a pharmaceutical factory in eastern China. The official Xinhua News Agency reported that 37 of them were still in a hospital Friday after inhaling fumes at work Thursday. The cause of the leak was under investigation. Xinhua said the leaked chemical was phosgene, commonly used to produce pesticides, painkillers and antibiotics.
LITTLE ROCK, Ark. (AP) — Former Tyson Foods Inc. chief executive Donald J. Tyson, who led his family's poultry company from being a regional producer to dominance in the industry while instilling a corporate culture that mixed hard work and enjoyment, died Thursday. He was 80. Company spokesman Gary Mickelson said Tyson died from complications from cancer, and passed away at home with his family.
RICHMOND, Va. (AP) — Truckloads of Four Loko and other alcohol-laced energy drinks are being recycled into ethanol and other products after federal authorities told manufacturers the beverages were dangerous and caused users to become "wide-awake drunk." Wholesalers from Virginia, North Carolina, Maryland and other East Coast states started sending cases of the high-alcohol, caffeinated malt beverages to MXI Environmental Services in Virginia after the U.
WASHINGTON (AP) — The nation's unemployment rate dropped to 9.4 percent last month, its lowest level in 19 months. That was because more people found jobs, but also because some people gave up on their job searches. The Labor Department says employers added 103,000 jobs in December, an improvement from November but far below most analysts' expectations.
General Motors said Thursday that it has licensed technology from a government laboratory that promises to improve battery performance in its Volt electric car by 50 percent to 100 percent. GM and LG Chem have agreed to license the technology, which consists of a mix of materials, from the Argonne National Laboratory.
LAS VEGAS (AP) — Taiwan's AsusTek Computer Inc. plans to start selling an array of tablet computers — including hybrids that sit somewhere between a laptop and a tablet — with the hope that variety is the best weapon against Apple Inc.'s iPad and other similar gadgets. Asus chairman Jonney Shih unveiled the new devices Tuesday ahead of the International Consumer Electronics Show in Las Vegas.
SUMTER, S.C. (AP) — A Chinese candy maker is building a new $6 million factory in Sumter. Officials for Au'Some says they hope to hire 120 workers over the next five years. The Hong Kong company makes candy for retailers like Walmart, Target, Walgreens and CVS. The Sumter factory is Au'Some's first facility in North America, and the company wants to have it open by the end of the summer.
Ford Motor Co. saw the biggest percentage point gain in U.S. market share in 2010, while Toyota Motor Co. saw the biggest loss. These are the 10 largest car companies by U.S. sales and their share gains or losses in 2010. A percentage point of share equaled about 115,800 cars and trucks in 2010. Company Total 2010 sales 2010 U.
SAN FRANCISCO (AP) — Semiconductor companies are whipping up a new generation of chips to bring richer video and better battery life to personal computers and help them hold off threats from tablets and increasingly powerful smart phones. Intel Corp. and Advanced Micro Devices Inc., whose processors are the "brains" of PCs, are unveiling significant changes to their chips' designs at this week's International Consumer Electronics Show in Las Vegas.
WASHINGTON (AP) — The government says car companies paid $9.1 million in fines last year for failing to comply with federal fuel efficiency requirements. Six companies had to pay fines to the National Highway Traffic Safety Administration. Jaguar-Land Rover paid the largest fine of $3.2 million.