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The two largest U.S. automakers on Thursday announced measures to shore up their finances as the coronavirus pandemic takes a deep economic bite, with Ford Motor Co aiming to resume production next month of its most profitable vehicles while cutting costs further. General Motors Co , the No. 1 U.S. automaker, said it planned to keep its plants closed indefinitely and was reducing the pay of salaried employees and executives and suspending some future product programs to conserve cas
The Indianapolis 500 was postponed Thursday until August because of the coronavirus pandemic and won't run on Memorial Day weekend for the first time since 1946. “The month of May at the Indianapolis Motor Speedway is my favorite time of year, and like our fans, I am disappointed that we have had to reschedule the Indianapolis 500,” said motorsports giant Roger Penske, who finalized his purchase of IndyCar and Indianapolis Motor Speedway earlier this year. The Indianapolis 500 began in 1911 bu
Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor , which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops.