auto industry

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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...

Nissan Slashing 20,000 Jobs
 Nissan Slashing 
 20,000 Jobs
Feb 9, 2009 3:31 AM CST

Nissan Slashing 20,000 Jobs

First Japanese automaker to move production from Japan and soaring yen

(Newser) - Nissan will cut 20,000 jobs worldwide by next year and move production from Japan and its soaring yen, reports the Wall Street Journal. Reeling from a massive $900 million loss last quarter, Nissan also announced it will slash management, seek public assistance and suspend its 5% annual growth goal...

Toyota's Losses Will Triple
Toyota's Losses Will Triple  
Feb 6, 2009 8:29 AM CST

Toyota's Losses Will Triple

First loss in seven decades multiplies as market deteriorates

(Newser) - Toyota now expects its full-year operating loss to be three times larger than the $1.6 billion it forecast in December, the New York Times reports. The company expects to lose $5 billion for the fiscal year through March 31 as world automobile demand deteriorates. Toyota, which last year overtook...

Chinese Sell More Cars Than US Automakers

In January, for the first time ever, more vehicles were sold in China than the US

(Newser) - China’s domestic auto industry managed to sell more cars last month than US automakers for the first time ever, reports the Wall Street Journal. GM said 790,000 vehicles were sold there in January, eclipsing the 657,000 sold in the US. But, experts say, the economic slump may...

Tax Breaks for Car Buyers Added to Stimulus Package

Senate approves boost for auto industry as sales hit 27-year low

(Newser) - A new boost for automakers and car dealers has been added to the stimulus package before the Senate, reports the Los Angeles Times. The amendment—made on the same day that US car makers reported their worst sales in 27 years—would create an income tax deduction for both sales...

Ford Reports Record $14.6B Loss for 2008

The nation's No. 2 automaker says it has enough cash and credit available for 2009

(Newser) - Ford Motor Co. today reported its worst year in its 105-year history, driving through more than $5.9 billion in cash in the fourth quarter on its way to a $14.6 billion loss for the year, reports Bloomberg. The company said it had enough cash reserves and credit available...

Just What Is an 'American' Car?
 Just What Is an 'American' Car? 
Analysis
Jan 26, 2009 11:02 AM CST

Just What Is an 'American' Car?

As automakers expand globally, just what helps US economy most?

(Newser) - Lawmakers hoping to give a boost to the American economy by investing in the auto industry might get as much bang for their buck by sinking money into Honda or Toyota as they would Ford, Chrysler, or General Motors, the Wall Street Journal notes. The auto industry has become too...

Obama to Back Strict New Fuel Standards Today

Prez plans to grant California rules stalled by Bush

(Newser) - In a dramatic reversal of his predecessor's policies, President Obama will ask federal regulators to approve an application from California and 13 other states to impose fuel efficiency standards stricter than those required by federal law, reports the New York Times. The measure will force the auto industry to adapt...

After 77 Years, GM Cedes Sales Crown to Toyota

Both automakers post drops, but Japanese firm sells more worldwide than US giant

(Newser) - General Motors’ 77-year reign as the world’s top-selling automaker ended in 2008, the Detroit Free Press reports, overtaken at last by Toyota. The troubled US giant announced today its sales dropped 11% for the year, to 8.35 million vehicles; Toyota, despite a 4% dip, sold 8.97 million...

Chrysler Needs $3B From Feds to Lock Deal With Fiat

The automakers have agreed to an alliance, but only if Chrysler gets another loan

(Newser) - Chrysler and Fiat have agreed to a deal that would give the Italian automaker a 35% stake in the US company, but there’s a hitch: it doesn't become final unless Chrysler bags another $3 billion from the federal government, reports the Wall Street Journal. The partnership will give Chrysler...

Chrysler's Loan Arm Gets $1.5B Federal Loan

Attempt to unfreeze auto-loan market is on top of $17B coming to Detroit from TARP

(Newser) - The Treasury Department will lend Chrysler’s financing arm $1.5 billion to encourage the struggling auto-loan market, the Washington Post reports today. The 5-year loan comes at an interest rate of about 1.36%, and carries limits on executive compensation: Chrysler Financial will have to cut its bonus pool...

Drivers Learning to Love Older Cars

Maintenance cheaper than payment for newer models, consumers find

(Newser) - Thanks to the ongoing recession, drivers accustomed to trading in their vehicles often are warming to the idea of a longer covenant with their cars, the Wall Street Journal reports. While the concept might puzzle the less well-heeled, “the 3-year ownership mentality has crumbled,” one insider said. And...

Resilient Detroit Will Come Back Strong
Resilient Detroit
Will Come Back Strong
OPINION
Jan 13, 2009 5:52 PM CST

Resilient Detroit Will Come Back Strong

Detroit and its automakers won't quit at any cost

(Newser) - When Congress bailed on aid for Detroit automakers last month, it felt like lawmakers "had just voted to turn the lights out on the Motor City," Detroiter Sarah Webster writes in the Free Press. But even as the Big Three dance dangerously close to bankruptcy, she refuses to...

Plush New Prius Will Hit 50mpg
 Plush New Prius Will Hit 50mpg 
Jan 13, 2009 12:36 PM CST

Plush New Prius Will Hit 50mpg

As hybrid market goes mainstream, so does iconic car

(Newser) - Toyota's sleeker, more fuel-efficient update to its iconic Prius, already the most fuel-efficient vehicle on the market, offers a city-highway average of 50mpg—up from 46—and a bunch of new amenities. Unveiled at the Detroit Auto Show, the 2010 model comes with a more powerful engine, a moonroof, and...

Cult Appeal Helps Subaru Buck Market

Loyal, expanding fan base moves sales, market share up in down year for industry

(Newser) - While other car companies are stuck in reverse, Subaru keeps chugging along, Time reports. While its fan base tends to buy cars only every 7.3 years, it remains fiercely loyal to the brand, known for safety, green operations, and good value. Subaru increased sales last year, and boosted its...

Flashy Fare at Detroit Auto Show

Ogle the new beauties here

(Newser) - These may be dire times for the auto industry, but that hasn’t stopped it from putting on a show. Plenty of concept cars are taking their bows at the 2009 North American International Auto Show in Detroit, the Wall Street Journal notes; sort through some highlights in the slide...

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