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UAW leadership is open to meeting with federal investigators after the U.S. attorney overseeing an ongoing corruption probe spent months downplaying the union's recent reform efforts and calling for more cooperation.

UAW President Rory Gamble "would welcome the opportunity to personally meet with U.S. Attorney [Matthew] Schneider and his team to discuss the investigation and the reform efforts and new ethics programs the UAW has undertaken," union spokesman Brian Rothenberg said in a statement on Thursday. Rothenberg said Gamble planned to announce "major progress" on ethics reforms by the end of the month.

The Detroit News reported the two sides' willingness to meet earlier Thursday. 

“I am looking forward to the possibility of meeting personally with UAW President Gamble,” Schneider said in a statement. “I believe we have a mutual interest in making sure the union is free of corruption. I also hope we have a mutual interest in making sure that, m…

MEXICO CITY -- Groups representing Mexico's automakers and car parts suppliers are lobbying for regional content rules in the new North American trade agreement to be implemented in 2021 instead of on June 1 as scheduled, according to an industry letter seen by Reuters.

The letter, signed by Mexican auto industry association AMIA, the association of heavy vehicle makers ANPACT and auto parts industry association INA, said there is still a lack of clarity about the content rules so automakers have been unable to adjust supply chains accordingly.

Automakers in Mexico face "a potential scenario of non-compliance" because they are unable to review how their processes need to be modified, the letter said. It was addressed to Mexican Foreign Minister Marcelo Ebrard and Economy Minister Graciela Marquez on Feb. 24.

"We request your valuable support and urgent intervention ... so that the rules of origins for cars in the new United States-Mexico-Canada Agreement…

DETROIT — General Motors is freezing work on some vehicle programs and will temporarily reduce paychecks for all salaried employees globally by 20 percent to conserve cash as it weathers the coronavirus outbreak. But the automaker is promising to make up for the lost income within a year.

In addition, 6,500 salaried workers in the U.S. — mostly people in engineering and manufacturing functions who cannot work remotely — will be placed on leave and receive 75 percent of regular pay during the downtime.

General Motors CEO Mary Barra and CFO Dhivya Suryadevara told employees on Thursday the company needed to take immediate aggressive steps to cut costs.

On a webcast, Suryadevara warned "if we don’t take significant austerity measures we will do serious damage to the long-term viability of our company," according to a recording reviewed by Reuters.

Suryadevara noted that GM has very little revenue coming in “and we are preparing to operate the company…

DETROIT -- Ford Motor Co. plans to restart production at some of its idled North American plants in early April, the automaker said Thursday.

It expects to reopen its Hermosillo Assembly Plant on one shift April 6 and plans to restart production April 14 at Dearborn Truck, Kentucky Truck, Kansas City Assembly and Ohio Assembly.

In a statement, the UAW said: "We are reviewing with great concern and caution today's announcement. Our priority is the health and safety of our members, their families and the American public."

The automaker said a number of other operations also are scheduled to restart April 14 to support the assembly plants. Those are Dearborn Stamping, Dearborn Diversified Manufacturing, integrated stamping plants inside Kansas City Assembly and Kentucky Truck, Sharonville Transmission and portions of Van Dyke Transmission, Lima Engine and Rawsonville Components.

Ford did not offer restart dates for Chicago Assembly, Flat Rock Assembl…

DETROIT -- General Motors Co. and Ford Motor Co. have widely touted their commitment to emission-free electric vehicles, but their production plans show a growing reliance on ever-larger gas-powered vehicles.

The two biggest U.S. automakers will make more than 5 million SUVs and pickup trucks in 2026, but only about 320,000 electric vehicles, according to detailed production plans for North America seen by Reuters.

That will be about 5 percent of their combined vehicle production in North America, but less than Tesla Inc., the world leader in EVs, produced last year.

The plans show that GM and Ford are betting their short-term future on satisfying America's demand for bigger, petroleum-fueled vehicles which they can sell at a higher profit margin than mostly smaller, expensive-to-develop EVs.

Click here for a more detailed graphic presentation from Reuters.

Large crossover and SUVs consume about a quarter more energy than mid…

Auto supplier Robert Bosch GmbH said its healthcare affiiate developed a test that can diagnose COVID-19 in less than 2.5 hours and might help efforts to fight the coronavirus outbreak.

“Infected patients can be identified and isolated faster,” Bosch CEO Volkmar Denner said Thursday in a statement. Patients typically must wait one or two days for test results.

The ability to test for COVID-19 is seen as a key variable in restricting its spread. Diagnosis has proliferated in some countries like Germany and South Korea, while lagging behind in others including Italy and parts of the U.S.

The new test uses the medical diagnostics platform made by the healthcare division of Bosch, the world's largest auto supplier by sales. The device is already used in hospitals, laboratories and medical practices to diagnose a range of bacterial and viral diseases including influenza and pneumonia.

The new COVID-19 test will be available in Germany in April and be s…

MILAN -- Investment firm Exor said current plant closures at controlled companies Fiat Chrysler Automobiles, Ferrari and CNH Industrial, though temporary, might continue and increase depending on how the coronavirus outbreak developed.

Most of FCA's plants around the world are currently shut in response to the virus emergency and a slump in demand. Ferrari's two plants in Italy are also closed, as well as most of CNH's facilities in Europe.  

The holding company of Italy's Agnelli family, whose investments span from the automotive to the insurance sectors and also include industrial vehicles, media and football, said its net asset value rose to $26.55 billion at the end of 2019 from $19.74 billion one year earlier.

But it said it could not reasonably estimate the impact the coronavirus outbreak would have on its operations and results.

NEW YORK -- General Motors is managing a delicate balancing act as it prepared to draw down $16 billion in credit lines while refinancing debt of similar size, facing a longer than expected shutdown of plants and considerable revenue losses.

The automaker gave notice to lenders that it would borrow an existing credit facility almost in its entirety on Tuesday.

But the decision to draw down on the credit lines comes as the company undertakes customary refinancing discussions for $16.5 billion in debt led by JP Morgan.

GM faces a significant loss in revenue because of the shutdown of North American plants that could extend beyond March 30.

On Wednesday, Moody's Investors Service said it could downgrade GM’s Baa2 bank credit facility rating and a Baa3 senior unsecured debt rating into junk territory.

“A severe disruption in automotive demand due to the coronavirus combined with the possibility of a follow-on economic recession, will place cons…

Ford Motor Co. was cut to junk by S&P Global Ratings as the coronavirus pandemic delivers a shock to the global auto industry, rendering the No. 2 U.S. automaker the largest fallen angel to date.

S&P downgraded Ford’s credit rating one notch to BB+ and may cut it further, according to a statement Wednesday.

The move follows Moody’s Investors Service, which dropped its rating Ford for the second time in sixth months earlier Wednesday.

With Ford’s factories shut around the globe -- including all North American plants -- and no decision as to when they’ll resume production, the automaker is under immense financial pressure, according to S&P.

“The stress of having all of a company’s plants shut down differs from that of a conventional recessionary downturn,” the agency said, noting that the shutdowns mean Ford isn’t generating revenue to cover costs. “The rate of cash burn, even for a few months, could be faster than that which transpires …