CORRECTED - TIMELINE-Global auto industry troubles
(Corrects to remove incorrect Reuters Instrument Code from line 82 and make clear that Opel refers to the General Motors unit)
March 23 (Reuters) - Abu Dhabi government-linked Aabar Investment became the largest stakeholder in Daimler on Sunday after agreeing to take a 9.1 percent stake in the German carmaker.
The deal, which will give Daimler over $2.5 billion, is the latest move by a major carmaker to shore up its balance sheet in an industry that has been hit hard by the economic downturn.
Here is a timeline of the ups and downs in the auto industry during the financial crisis:
Oct. 23/24 - General Motors GM.N and Chrysler [CBS.UL], which at the time are discussing a merger, pledge to cut jobs and close plants as the downturn in auto sales deepens. [ID:nL0464508]
-- In France, Renault (RENA.PA) and PSA Peugeot Citroen (PEUP.PA) slash their 2008 profitability outlooks and pledge to make major production cuts to combat the crisis. [ID:nLN3604]
Oct. 28 - Honda (7267.T) warns that full-year profits will miss targets because of falling sales and a strong yen. [ID:nT151521]
Dec. 4 - The heads of GM, Ford (F.N) and Chrysler travel from Detroit to Washington in hybrid vehicles packed with action plans a month after being mocked for coming to earlier congressional hearings on private jets without detailed plans to revitalise their companies.
-- They agree to work for $1 a year if lawmakers approve their bids for emergency government aid totalling $34 billion.
Dec. 6 - Fiat (FIA.MI) head Sergio Marchionne predicts only six volume carmakers will remain post-crisis. [ID:nL8643140]
Dec. 19 - The U.S. announces a $17.4 billion lifeline to Detroit carmakers from the $700 billion Troubled Asset Relief (TARP) programme. GM is to receive $13.4 billion and Chrysler $4 billion. Ford says it does not need a loan.
Dec. 20, 2008 - Canada pledges C$4 billion ($3.28 billion) in emergency loans to the Canadian arms of GM and Chrysler. [ID:nB108203]
Jan. 13, 2009 - Germany unveils a 1.5 billion euro aid package, including 2,500 euro incentives for new car purchases. [ID:nSP378771]
Jan. 14 - China halves sales tax on cars with small engines and offers one-off payments for owners trading in high-emission vehicles for cleaner ones. [ID:nPEK171150]
Jan. 20 - Fiat (FIA.MI) and Chrysler strike a deal in which the Italian manufacturer gets a 35 percent stake in exchange for access to technology and overseas markets. [ID:nLK379561]
Jan. 27 - Britain says it will guarantee up to 2.3 billion pounds ($3.29 billion) of loans for research into environmentally friendly technologies. [ID:nLAL002143]
Feb. 6 - Toyota Motor Co (7203.T), the world's largest carmaker, says it is on track to post an operating loss of some 450 billion yen ($4.95 billion) for the year to end-March, the first group operating loss in its 70-year history. [ID:nT125619]
Feb. 6 - Italy unveils a $1.7 billion package of measures to help its car sector, including a scrapping incentive. [ID:nL674294]
Feb. 9 - France pledges over 7 billion euros ($8.91 billion) of support for its car industry but President Nicolas Sarkozy insists that carmakers must protect French jobs.[ID:nL9664042]
Feb. 13 - Spain approves a 4 billion euro package that includes 1.2 billion euros in state credit for car purchases during 2009 and 2010 and aid to help car part makers upgrade plants. [ID:nMDT006082]
Feb. 17 - GM and Chrysler request nearly $22 billion in additional U.S. government loans as they submit plans with the new Obama administration on how they could restructure. ID:nN17384847]
Feb. 20 - The Canadian units of GM and Chrysler say they are seeking as much as C$10 billion ($8 billion) in aid from the Canadian and Ontario governments. [ID:nN20303381] [ID:nWAT011041]
March 16 - Steve Rattner, adviser to President Obama's autos task force, says the panel is committed to meeting a March 31 deadline for deciding whether GM and Chrysler can be restructured successfully. [ID:nN20495692]
March 19 - The U.S. Treasury pledges $5 billion to aid auto suppliers crucial to the survival of the industry. [nWAT011182] March 22 - Abu Dhabi's Aabar Investments PJSC AABAR.AD takes a 9.1 percent stake in ailing German car giant Daimler worth 1.95 billion euros ($2.67 billion). [ID:LN133911]
March 22 - Chancellor Angela Merkel says Germany is not aiming to take a stake in Opel, but may give the GM unit aid to help it survive. [ID:nLM58847]
March 23 - Tata Motors (TAMO.BO) launches the Nano, slated to be the world's cheapest car at less than $2,000. Only about 50,000 cars will be available in the first year. [ID:nBOM499250]
(Writing by David Cutler, London Editorial Reference Unit; editing by Simon Jessop)
