auto industry

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Chrysler Execs Dodge Bailout Pay Caps

As automaker cuts 3500, top employees will draw pay from Fiat

(Newser) - Bankruptcy documents filed by Chrysler show that the chief executives of the bailed-out automaker will avoid executive pay restrictions—by declaring themselves employees of Fiat. Despite new Treasury rules that cap pay at $500,000 for execs whose firms received "extraordinary assistance," but Chrysler's top officers will be...

Ford Sells Shares to Raise Cash
 Ford Sells Shares to Raise Cash 
May 12, 2009 7:09 AM CDT

Ford Sells Shares to Raise Cash

(Newser) - Eager to shore up its cash reserves, stave off bankruptcy, and further distance itself from its struggling rivals, Ford Motor Co. will offer 300 million shares in a public offering this week, the Wall Street Journal reports. Ford thinks the offering will raise investor confidence, bringing in buyers who’ve...

Nascar Fans Lament Chrysler's Decline

Bankruptcy filing has diehards fearing for the fate of the once-mighty Dodge

(Newser) - Chrysler's woes are making the Nascar faithful wistful for the days when Dodges ruled the track, the Wall Street Journal reports. The bankrupt automaker has promised to continue supporting the sport, but it has already cut funding by almost a third this year and its cars are now usually found...

Toyota Forecasts First-Ever Annual Loss

$8.6B loss is far worse than anticipated

(Newser) - Toyota forecast a 2009 loss of $8.6 billion, its first annual loss ever and one far deeper than anticipated, Reuters reports. Only last year Toyota posted record profits and climbed past GM to become the world's largest car maker, but the global downturn in the auto industry and a...

Foreign Bidders See Opportunity in Detroit Mess

As GM, Chrysler spin off units in their wake, the global auto landscape shifts

(Newser) - With Chrysler in bankruptcy and General Motors at the precipice, foreign companies are preparing bids for parts of the US auto industry, the Wall Street Journal reports. The result will be a broad global reshuffling as companies like Italy’s Fiat, France’s Renault, and even China’s Geely buy...

GM Loses $6B in Q1, Burns $10.2B

The ailing automaker looks no closer to avoiding bankruptcy, CEO says

(Newser) - General Motors lost nearly $6 billion in the first quarter, hampered by bankruptcy fears and slumping global sales. The company spent $10.2 billion while revenue declined to $22.43 billion—47% down from the previous year. However, the loss of $5.98 billion, or $9.78 a share, was...

Porsche, VW to Merge
 Porsche, VW to Merge 
May 7, 2009 4:53 AM CDT

Porsche, VW to Merge

Luxury maker fails in takeover attempt

(Newser) - Porsche has announced it will merge with Volkswagen after weeks of negotiation between the two German carmakers, reports the BBC. The deal puts an end to Porsche's efforts to take over VW. Porsche already owns a majority stake in the company. While details of the merger remain unclear, VW's individual...

Congress Nears 'Cash for Clunkers' Deal

Compromise would put voucher at $4,500, nix buy-American clause

(Newser) - Congress is nearing agreement on a “cash for clunkers” plan that would pay Americans to give up their gas-guzzling vehicles. A House plan outlined yesterday focuses on cars and light trucks that yield less than 18 miles per gallon. Owners who junk those will receive a $3,500-$4,500...

Renault May Acquire Saturn; Chinese Firm Bids for Saab

GM courts foreign buyers in fire sale

(Newser) - Renault is in talks with General Motors about acquiring its Saturn brand, the Wall Street Journal reports. Demonstrating the considerable foreign interest in GM divisions, China’s Geely Automobile Holdings has submitted a bid for Saab. GM is looking to cut unprofitable units ahead of a June 1 restructuring deadline....

Judge Greenlights Chrysler Auction
Judge Greenlights Chrysler Auction
May 6, 2009 2:21 AM CDT

Judge Greenlights Chrysler Auction

Bankruptcy ruling starts clock ticking toward merger with Fiat

(Newser) - A bankruptcy judge has given Chrysler approval to auction off most of its assets by May 27, the Detroit Free Press reports. The move—decided over the strenuous objections of some lenders holding Chrysler debt—is the first step toward the auto maker's proposed partnership with Fiat, which has offered...

With 203K Orders, Nano Grabs 17% of Indian Market

(Newser) - Indian automaker Tata has 203,000 domestic orders for the Nano—the world’s cheapest car—which will start delivery in July, Bloomberg reports. The first editions of the $2,500 vehicle will go out to just 100,000 eager buyers, who will be chosen by lottery and must put...

US Auto Market Going Sane
 US Auto Market Going Sane 
Analysis
May 4, 2009 12:50 PM CDT

US Auto Market Going Sane

(Newser) - After years of big cars and even bigger sales numbers, forces are conspiring to turn the US auto market into something much more like its European counterparts, the LA Times reports. Fashion statement SUVs are giving way to more efficient, more reliable cars, analysts say, which people are expected to...

Seeking Sales Bump, GM Targets Middle East

New models will be introduced soon

(Newser) - General Motors hopes to rebound from a 19% first-quarter drop in Middle East sales by introducing new models and helping buyers with down payments, Reuters reports. "There are a lot of people who walk into showrooms who aren't able to buy because they can't get financing," says the...

Chrysler's Honeymoon With Fiat Won't Last Long
Chrysler's Honeymoon With Fiat Won't Last Long
Analysis
May 1, 2009 10:36 AM CDT

Chrysler's Honeymoon With Fiat Won't Last Long

(Newser) - Chrysler is rushing into the arms of Fiat now, but it may be sorry later, writes Dan Neil for the Los Angeles Times. Fiat "pays next to nothing and now has instant access to US markets," which it’s been lusting after. "But in this new Italian...

Fiat Has Long Shed 'Fix It Again Tony' Reputation

(Newser) - The last time Fiat tried to make a go of it in the US market, its unreliable cars earned it the nickname Fix It Again Tony, reports the New York Times. That was 25 years and another world ago. After a renewed focus on quality under CEO Sergio Marchionne, the...

Bankruptcy 'New Lease on Life' for Chrysler: Obama

(Newser) - President Obama said today that Chrysler’s impending bankruptcy is “not a sign of weakness but one more step” towards recovery, the Washington Post reports. The 1-to-2 month “surgical” bankruptcy—a time frame met with skepticism by experts—will give the automaker a “new lease on life,...

Chrysler Talks Break Down; Bankruptcy Expected Today

Bankruptcy still looks likely for automaker

(Newser) - Last-minute talks between the Treasury Department and Chrysler's creditors have broken down, making a bankruptcy filing nearly certain today, the Wall Street Journal reports. In other developments, the Detroit News says Italian automaker Fiat will still sign a deal today to forge an alliance with Chrysler. Under the bankruptcy plan...

Chrysler Creditors Strike Deal to Avoid Bankruptcy

(Newser) - The Treasury Department struck a deal with Chrysler’s creditors last night to avoid what had looked like a probable bankruptcy, the Washington Post reports. The creditors, a disparate group of 45 financial firms, agreed to write down all but $2 billion of the $6.9 billion Chrysler owes them,...

UAW to Own 55% of Chrysler
 UAW to Own 55% of Chrysler 
Apr 28, 2009 8:07 AM CDT

UAW to Own 55% of Chrysler

(Newser) - The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall ...

Honda Ready to Take On the Prius
 Honda Ready to 
 Take On the Prius 
AUTO REVIEW
Apr 28, 2009 7:31 AM CDT

Honda Ready to Take On the Prius

Insight cheaper, simpler than Toyota's hybrid king

(Newser) - Honda is rolling out a fresh—and worthy—competitor to Toyota’s Prius, king of the hybrid market, writes Joseph P. White in the Wall Street Journal. The 2010 Insight will sell for just under $20,000, some $2,000 less than the most popular Prius model, and gets “...

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