Less than two years after emerging from Chapter 11 bankruptcy, Chrysler is poised to pay off its government debt, Chrysler Group LLC and Fiat SpA CEO Sergio Marchionne said Monday.
People are holding on to cars and trucks for about a year longer than they did before the recession, which has created a tight supply of used vehicles. So few are on the market that prices have risen to their highest in at least 16 years.
Economic pressures of the last few years have
pushed many consumers out of the new-car market -- good news for used-car dealers, if they
can find enough cars to sell.
The General Motors Co. (GM) on
Tuesday announced its plan to build an electric motor plant near
Baltimore, Maryland, the first such plant dedicated to making key
components for vehicle electrification in the United States.
While one study suggest that the U.S. auto market will bounce back by 2013, another report says Americans are scrapping cars faster than buying replacements -- and plan to do so for some time.