Monday, June 30, 2008 Delphi retirement plan gets $2.2 million Associated Press TROY — The federal government has obtained court approval to restore $2.2 million in retirement plan assets owed to hourly employees of auto supplier Delphi Corp. The U.S. Department of Labor said in a statement Monday the settlement approved by U.S. Bankruptcy Court [...]
Monday, June 30, 2008 When pickup sales dived, automakers changed plans TOM KRISHER / AP Auto Writer DEARBORN — Every morning, just after getting coffee, Mark Fields fires up his laptop to pore over a computer model showing real-time U.S. auto sales figures. On this morning in the middle of May, the man who heads [...]
The Detroit 3 cash crunch: How bad is it? queryvar=”the,detroit,3,cash,crunch:,how,bad,is,it?”; David Barkholz and Jamie LaReau and Bradford Wernle Automotive News | June 30, 2008 – 12:01 am EST Can the Detroit 3 hang on? The startling collapse in sales since April means the three automakers are burning through cash reserves at a terrifying [...]
Monday, June 30, 2008 Drivers paid to retire old cars David Shepardson / Detroit News Washington Bureau WASHINGTON — Some U.S. states and Canada are boosting efforts to get older, dirtier cars off the roads. The moves come as people are holding onto vehicles longer than ever, amid a weakening economy. And it’s expected that [...]
Chevy to launch Traverse ads during Olympics queryvar=”chevy,to,launch,traverse,ads,during,olympics”; Jamie LaReau Automotive News | June 30, 2008 – 12:01 am EST ENLARGE To generate buzz, Chevrolet will advertise the new Traverse two weeks before production starts. DETROIT — Chevrolet plans to launch its new Traverse crossover in a TV commercial during the summer Olympic [...]
Friday, June 27, 2008 Chrysler welcomes a hero Iacocca, 83, returns to rally employees and dealers Eric Morath / The Detroit News AUBURN HILLS — As Lee Iacocca stepped into the atrium of the Chrysler Technical Center for an employee rally Thursday, applause and whistles showered down from the more than 3,000 workers standing in [...]
Friday, June 27, 2008 GM workers face more layoffs Cuts in production have domino effect Sharon Terlep / The Detroit News Casualties of deep production cuts under way at General Motors Corp. will mount this summer, as reductions spread from major assembly plants to stamping and Powertrain factories throughout North America. A GM stamping plant [...]
Automotive News | June 26, 2008 – 9:30 am EST DETROIT (Reuters) — Goldman Sachs downgraded General Motors to "sell" from "neutral," and added the stock to its "Americas Sell List," saying the main risks for the automaker included likely equity dilution, dividend cut and cash burn. GM shares, which have [...]
Fitch cuts GM, Chrysler deeper into junk; reviews Ford queryvar=”fitch,cuts,gm,chrysler,deeper,into,junk;,reviews,ford”; Automotive News | June 25, 2008 – 2:15 pm EST NEW YORK (Reuters) — Fitch Ratings today cut General Motors’ and Chrysler LLC’s ratings deeper into junk, citing weaker sales, high fuel prices and a sluggish economy. Fitch also said it will [...]
Wednesday, June 25, 2008 Chevrolet Traverse offers more power, fuel mileage Scott Burgess / The Detroit News MILFORD — The 2009 Chevrolet Traverse will offer more power and better fuel efficiency than its 2008 brothers, the Saturn Outlook, Buick Enclave and GMC Acadia, Chevy officials said Tuesday. The all-new Traverse features a new 3.6-liter direct [...]
Report: Ford talks with Chinese to sell Volvo Volvo says it will cut 2,000 jobs queryvar=”report:,ford,talks,with,chinese,to,sell,volvo”; John Revill Automotive News | June 25, 2008 – 8:36 am EST Ford Motor is in negotiations with a Chinese company to sell its Volvo cars division, the Swedish business publication Dagens Industri reported today on [...]
GM to adjust output at nearly half of its N.A. plants queryvar=”gm,to,adjust,output,at,nearly,half,of,its,na,plants”; Craig Trudell Automotive News | June 24, 2008 – 4:19 pm EST DETROIT — General Motors, grappling with the dramatic shift in sales from pickups and SUVs to smaller vehicles, said it will adjust production at almost half of its [...]
Wednesday, June 25, 2008 Chrysler borrows $2B, despite having money Analysts say funds may be needed to reshape car lineup, compete globally. Eric Morath / The Detroit News Chrysler LLC tapped a $2 billion loan Tuesday — partially funded by its former parent Daimler AG — giving the Auburn Hills automaker an infusion of cash [...]
Wednesday, June 25, 2008 Daniel Howes Detroit’s Big Three need cash — fast High gas costs, low consumer confidence threaten automakers’ ability to get funds to fuel restructuring. The General takes another whack at its imploding North American business — cutting shifts, boosting car production, raising prices and even resorting to the Motor City’s preferred [...]
Tuesday, June 24, 2008 Toyota may miss U.S. sales target Tomoko A. Hosaka / Associated Press TOKYO — Toyota may scale back its ambitious target of selling more vehicles in the United States this year than it did in 2007, as damage from an economic slowdown and soaring oil prices becomes more fully known. Surpassing [...]
