As talks with creditors aimed at reducing its huge debt burden have failed, Chrysler will file for bankruptcy protection, officials said on Thursday.

In an SEC filing Monday, General Motors said it will cut 21,000 U.S. factory jobs by next year nad phase out its Pontiac brand (as was leaked over the weekend). This is all part of the restructuring plan GM just have in place by June 1st as part of the administration's requirements for further lifelines.

Due to the falling car sales, which are below 10 million, GM will shut down 15 assembly plants from May to July period for 9 weeks because the company has more cars to sell than it has to produce.

Merging assets with the Italian automaker giant Fiat and credit, which the U.S. government promises to provide in the event of the conclusion of this transaction, does not guarantee that American carmaker Chrysler can avoid bankruptcy.

Today the 117-page GM Viability Plan is presented to U.S. Department of the Treasury as required under Section 7.20 of the Loan and Security Agreement Between General Motors and the U. S. Department of the Treasury, Dated December 31, 2008.

General Motors faces a Tuesday deadline to present a viability plan to the U.S. government as a condition of the loans it has been given; according to the WSJ (sub. required) one option it is weighing is Ch. 11 bankruptcy.

The Japanese car making company Toyota has announced that their predicted profit loss for 2008 has tripled from their previous estimate. The company reports the loss after demand for its vehicles dropped.

Despite record breaking losses U.S. automaker, Ford Motors, is sticking to its guns saying that the company will not resort to requesting federal bailout money.

GM Asia Pacific sales volume grows 3 percent; Chevrolet sales in China grows 16 percent to nearly 200,000 vehicles; 1.09M vehicles sold in China sets record with 6 percent volume growth

Four years after the highly successful re-launch of the brand across Europe, Chevrolet presents a unique interactive website exploring the world of the brand's car design, including Chevrolet design characteristics, concept cars and globe-spanning design teamwork.

The all-new Insight was shown to journalists in Europe for the first time at a press event in Valencia.

The first production example of the exciting new Ford Focus RS rolled off the production line today at Ford of Europe's Saarlouis plant in Germany.