auto industry

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Ford-UAW Deal Shows Detroit the Way Forward
Ford-UAW Deal Shows Detroit the Way Forward
OPINION
Mar 10, 2009 1:39 AM CDT

Ford-UAW Deal Shows Detroit the Way Forward

Compromise reveals Detroit's 'dinosaurs' can adapt to survive

(Newser) - The deal hammered out between Ford and the UAW offers Detroit a rare glimpse of hope for the future, Jim Jelter writes in MarketWatch. The deal, ratified by workers yesterday, lets Ford pay half its health-care costs for workers in shares instead of cash, binding workers fortunes' closer to the...

Obama Auto Team in Detroit Considering $22B More in Aid

GM and Chrysler, both facing collapse, woo more taxpayer dollars

(Newser) - With the specter of bankruptcy looming over General Motors and Chrysler, President Obama’s auto team is in Detroit today as it considers whether to give the companies $22 billion more in bailout cash, the Wall Street Journal reports. The field trip will include visits to production and engineering facilities...

GM, Auditors Doubt Survival Unless Sales Pick Up Fast

Bankruptcy threatens if auto sales don't pick up

(Newser) - General Motors and its auditors expressed doubts about the automaker’s survival in an SEC filing today. Bankruptcy looms, the firm notes, if the viability plan it gave Congress fails, MarketWatch reports. That plan depends on vehicle sales recovering next year, as well as the company's ability to get financing...

Honda Hops on Bailout Bandwagon

Japanese automaker to seek government loans to pay for customer loans

(Newser) - With American credit markets dried up, Honda is seeking money from the Japanese government to help finance auto loans in the US, reports the Wall Street Journal. The Japanese government is planning to offer $5 billion through a semi-governmental organization, and Toyota is planning to seek funds as well.

Toyota Asks Japan for a Bailout

(Newser) - Toyota is reportedly seeking $2 billion in loans from Japan’s government, after forecasting its first loss in 59 years, Bloomberg reports. A Toyota Financial Services spokesman confirmed that the automaker is in talks with a state-owned bank, but wouldn’t specify a figure. The carmaker expects to report a...

Germany's Scheme to Scrap Cars Sparks Sales Explosion

Sales mostly go to small cars

(Newser) - Automakers are running out of gas all over the world—except in Germany. Volkswagen expects to have its best February ever, selling 120,000 cars, while GM subsidiary Opel has sold 40,000, its best month in 5 years, Der Spiegel reports. It’s all thanks to the scrapping bonus,...

GM Loses $9.6B in Q4, Guzzles $6.2B in Cash

Misses estimates, stock tanks

(Newser) - General Motors burned through $6.2 billion in cash on its way to losing $9.6 billion in the fourth quarter, the company announced today, dragging its liquidity down to $14 billion. Analysts were expecting a loss, but not one this ghastly—the company’s stock is down nearly 24%...

Auto Suppliers Seek Their Own Bailout

Trade groups warn industry could collapse from bottom up as Big 3 troubles filter down

(Newser) - The auto industry is warning that it could collapse from the bottom up if the government doesn't immediately assist America's car parts suppliers, the Washington Post reports. Suppliers are struggling to use their unpaid billings to troubled automakers—usually 45 to 60 days behind deliveries—as collateral for operating loans,...

Is Obama Trying to Fix Too Much at Once?
Is Obama Trying to Fix Too Much at Once?
OPINION
Feb 24, 2009 8:35 AM CST

Is Obama Trying to Fix Too Much at Once?

Despite new prez's gifts, Brooks worries he's moving too fast

(Newser) - David Brooks is not a liberal, but the New York Times columnist doesn't hesitate to call himself "a great admirer of Barack Obama and those around him." Yet as the new administration has thrown itself at a dozen staggering problems, from fixing health care and the auto industry...

Would-Be 'Car Czar' to Head Auto Task Force

Obama taps financier Rattner as lead in GM, Chrysler restructuring

(Newser) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm...

Obama's Auto Team Drives Foreign Cars

Just 2 of task force's 8 members own domestic models

(Newser) - Detroit’s Big Three might be in worse trouble than they thought: Of the eight people on the Presidential Task Force on the Auto Industry, and the 10 policy aides assisting them, just two own cars built by American-owned manufacturers, the Detroit News reports. The co-chairs—Timothy Geithner and Lawrence...

Treasury Seeks Bankruptcy Financing for GM, Chrysler

Obama administration will not rule out Chapter 11 for ailing autos

(Newser) - Treasury advisers are working to line up $40 billion in financing for General Motors and Chrysler—5 times the size of any previous bankruptcy loan—just in case the two automakers need it, the Wall Street Journal reports. While efforts continue to restructure the companies by other means, the administration...

Saab Seeks Protection From Creditors, Break From GM

(Newser) - Saab applied for protection from creditors today, after parent company General Motors said this week it planned to cut the company loose, Bloomberg reports. In a process much like Chapter 11 bankruptcy, the Swedish automaker will restructure and look for funding with the goal of spinning off from GM or...

Autoworkers, Bankers Have a Lot in Common
Autoworkers, Bankers Have a Lot in Common
OPINION
Feb 18, 2009 9:11 AM CST

Autoworkers, Bankers Have a Lot in Common

Exorbitant pay of both brought down their respective industries

(Newser) - They may not seem all that similar, but Detroit’s autoworkers and Wall Street’s bankers have the same story, writes Steven Pearlstein in the Washington Post. From the 1950s up until, say, yesterday, "autoworkers were the aristocrats of the blue-collar world, (and) Wall Street traders and investment bankers...

GM, Chrysler: Bailout Is Bad, but Bankruptcy Is Worse

(Newser) - The restructuring plans unveiled by GM and Chrysler make one thing clear: the cost of bailing out the companies has jumped $14 billion to a total of $39 billion. But as the White House begins to pick through the plans, the companies say it would be far more expensive if...

GM Wants $16B More, Will Cut 47K Jobs

(Newser) - GM says it will need an additional $16 billion in federal aid to stay afloat, the Detroit News reports. The automaker laid out its restructuring plan for the Obama administration today, requesting $2 billion next month and another $2.6 billion in April to avoid bankruptcy. GM also will shed...

Chrysler Seeks $5B More in Federal Loans

(Newser) - Chrysler says it will need a total of $9 billion in federal loans to avoid going bust, up $5 billion from the amount it received in December and $2 billion from its original request, CNN reports. The company also plans to cut 3,000 jobs this year, or 6% of...

GM: Give Us More Money or We'll Go Bankrupt

GM, Chrysler working to prepare turnaround plans before Tuesday deadline

(Newser) - General Motors will put Congress between a rock and a hard place when it presents its turnaround plan next week, reports the Wall Street Journal. Insiders say the automaker will ask for at least another $5 billion in loans on top of the $13.4 billion already received to keep...

Dingell Becomes Longest-Serving House Member

82-year-old Michigan Dem has been eased out of leadership roles

(Newser) - Michigan Democrat John Dingell today becomes the longest-serving member of Congress, passing the 53-years-and-2-months mark set by Mississippi Democrat Jamie Whitten. But the milestone is bittersweet for Dingell, who for the first time in a quarter century is no longer the ranking Democrat on the Energy and Commerce Committee, reports...

GM Hacks 14% of Salaried Jobs
 GM Hacks 14% of Salaried Jobs 
Feb 10, 2009 8:27 AM CST

GM Hacks 14% of Salaried Jobs

(Newser) - GM will cut 10,000 jobs this year, including 3,400 in the US, the Wall Street Journal reports. The cuts represent 14% of GM’s salaried workforce overall, and 12% in the US. Most of those lucky enough to survive the axe will get a 3%-7% pay cut, while...

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