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 ensures assets are available [...]
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 Ford Motor Co.’s Americas [...]
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 rate.
Suddenly they have far more urgent [...]
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 people will hold on [...]
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 [...]
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 the balconies above.
While introducing [...]
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 in Grand Rapids is warning [...]
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 lost 47 percent of their [...]
Fitch cuts GM, Chrysler deeper into junk; reviews Ford
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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 review Ford Motor Co. and Ford Motor [...]
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 injection V-6 engine that [...]
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 its Web site.
A Russian investor is also [...]
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 North American assembly plants.
The automaker is [...]
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 amid plummeting sales and [...]
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 narcotic, zero-percent financing — [...]
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 the 2.62 million vehicles [...]
Stock market whacks U.S. auto shares again
queryvar=”stock,market,whacks,us,auto,shares,again”;
Andrew Grossman
Automotive News | June 23, 2008 - 4:47 pm EST
The stock market punished the automotive sector today after warnings of credit ratings downgrades for the Detroit 3 and lower analyst estimates for June vehicle sales.
General Motors stock hit its lowest price since 1975 today before rebounding slightly. [...]
GM raises 2009 prices 3.5%, launches 0% sale
More production cuts anounced
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Jamie LaReau
Automotive News | June 23, 2008 - 1:45 pm EST
DETROIT — General Motors said today that it would launch a 0 percent financing program starting Tuesday, June 24, while raising prices on 2009 models by an average of 3.5 percent.
GM executives also said [...]
Monday, June 23, 2008
Sen. McCain offers $300 million prize for new auto battery
GLEN JOHNSON / Associated Press
PHOENIX — John McCain hopes to solve the country’s energy crisis with cold hard cash.
The Republican presidential nominee-in-waiting is proposing a $300 million government prize to whomever can develop an automobile battery that far surpasses existing technology.
The bounty would [...]
Friday, June 20, 2008
UAW’s recruiting chief retires
Bill Koenig / Bloomberg News
The United Auto Workers recruiting chief said he will retire at the end of the month, halfway through his four-year term as the union struggles to stem a membership decline.
Vice President Terry Thurman, 57, wouldn’t comment on why he was retiring and on whether he [...]
GM stock hits new lows, auto stocks suffer
queryvar=”gm,stock,hits,new,lows,auto,stocks,suffer”;
Andrew Grossman
Automotive News | June 18, 2008 - 3:46 pm EST
General Motors’ stock price set another record low this morning, falling 6.7 percent to $14.75. It helped drag down the Dow Jones Industrial Average by more than 130 points today.
GM shares closed at $14.88 a share, down [...]
Thursday, June 19, 2008
GM delays truck overhaul
Decision will free up funds, time for automaker to meet new fuel rules
Sharon Terlep / The Detroit News
General Motors Corp. has indefinitely put off plans to re-engineer a next generation of full-size pickups and SUVs amid plummeting sales of large trucks, the automaker said Wednesday.
Instead of overhauling big trucks [...]
Wednesday, June 18, 2008
Chrysler cuts hybrid cost
Carmaker prices Durango, Aspen well below rivals
Eric Morath / The Detroit News
BOSTON — Chrysler LLC, the last of Detroit’s automakers to offer hybrids, is pricing them thousands less than their main competitor to try gain some foothold in the market.
The Auburn Hills automaker’s first two entries into the growing [...]
Ford to brief UAW on U.S. business challenges
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Automotive News | June 11, 2008 - 7:45 pm EST
DETROIT (Reuters) — Ford Motor Co.’s top manufacturing executives will meet union leaders and plant managers on Friday to discuss the challenges faced by the automaker, including a slump in pickup and SUV sales.
Ford spokeswoman Angie Kozleski said the [...]
Wednesday, June 11, 2008
Daniel Howes
Kerkorian’s Ford bid reveals much
Mass sale reflects shareholders’ fading faith, mogul’s contrarian nature.
This much can be said of Kirk Kerkorian’s tender offer for 20 million more shares of Ford Motor Co., which expired Monday:
The Las Vegas billionaire, who amassed an estimated $18 billion fortune betting against conventional wisdom, has more confidence [...]
GM breaks up with Big Oil in new ads
Automaker unveils corporate campaign addressing high gas prices
queryvar=”gm,breaks,up,with,big,oil,in,new,ads”;
Ira Teinowitz
Automotive News | June 10, 2008 - 1:52 pm EST
ATLANTA — General Motors is sending a “Dear John” letter to big oil.
Katherine Benoit, GM corporate marketing director, told attendees at the American Advertising Federation meeting this week that [...]
GM offers more truck incentives, hybrids included
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Craig Trudell
Automotive News | June 9, 2008 - 3:45 pm EST
ENLARGE
The GMC Yukon now has $6,000 on the hood.
DETROIT — General Motors has doubled [...]
Saturday, June 7, 2008
GM preps for new hires after buyouts
Idled GM, Delphi employees to get first crack at jobs left by veterans.
Sharon Terlep / The Detroit News
General Motors Corp. on Monday launches one of the biggest and most crucial logistical operations in its history.
That’s when the automaker begins hiring new workers in preparation for a [...]
CAW will consider striking GM next week
Automaker stands by decision to close Oshawa truck plant
queryvar=”caw,will,consider,striking,gm,next,week”;
Craig Trudell
Automotive News | June 6, 2008 - 10:15 am EST
DETROIT — Canadian Auto Workers President Buzz Hargrove said today the union will decide as soon as next week whether it will strike against General Motors after the automaker upheld [...]
Stephen Downer
Automotive News | June 7, 2008 - 9:36 am EST
MEXICO CITY — General Motors plans to expand its six-cylinder engine plant in Ramos Arizpe, Mexico, by more than a third.
The extension of the engine manufacturing operation adds 350,000 V-6s to the plant’s installed capacity, GM said in a statement. That raises capacity [...]
GM stock hits 33-year low as markets plummet
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Andrew Grossman
Automotive News | June 6, 2008 - 2:48 pm EST
Shares of General Motors set a 33-year low today at $16.22, and much of the auto industry’s stock got beaten up as the Dow Jones industrial average closed down 394 points — a 3.1 percent decline.
GM shares [...]
Teamsters poised to strike car hauler on Monday
Trucker PTS ships cars for GM, Ford and Toyota
queryvar=”teamsters,poised,to,strike,car,hauler,on,monday”;
Andrew Grossman
Automotive News | June 7, 2008 - 12:01 am EST
ENLARGE
Performance Transportation Services is North America’s second-largest vehicle hauler.
[...]
Friday, June 6, 2008
Ron Gettelfinger
Repair incentives for clean cars
Let’s reward companies that build advanced technologies in America
Five years ago — back when you could buy gas for $1.50 a gallon — our union began advancing proposals for a more fuel-efficient U.S. auto industry.
Even when gas was less expensive and large-size pickups and SUVs were hot-selling [...]
GM Canada protest enters 2nd day; officials to meet
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Automotive News | June 5, 2008 - 12:00 pm EST
TORONTO (Reuters) — Canadian Auto Workers members blocked the road leading to General Motors of Canada’s headquarters in Oshawa, Ontario, for a second day on Thursday, forcing all corporate employees to work from home until further notice.
Union workers [...]
Automotive News | June 4, 2008 - 9:30 am EST
TORONTO (Reuters) — Angry autoworkers blockaded the entrance to General Motors of Canada headquarters in Oshawa, Ontario, on Wednesday, one day after GM said it would shut its Oshawa truck plant.
"We’re not allowing any GM of Canada employees to enter the headquarters building," said Chris [...]
GM’s U.S. market share dips under 20%
Japanese brands nearly outsell Detroit 3
queryvar=”gms,us,market,share,dips,under,20%”;
Jesse Snyder
Automotive News | June 4, 2008 - 2:00 pm EST
DETROIT — General Motors’ U.S. market share fell below 20 percent for the first time as the impact of $4 gasoline knocked the Detroit 3 into a minority share of the U.S. market [...]
Mexico’s auto unions agree to cut wages
By MARK STEVENSON
Associated Press Writer
The Associated Press
updated 5:08 p.m. CT, Wed., June. 4, 2008
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MEXICO CITY - Mexican auto unions are taking a cue from U.S. labor leaders by [...]
CAW slams ‘illegal’ GM move to scrap 4 pickup and SUV plants, including Oshawa
14 hours ago
TORONTO — In a move its Canadian union calls "illegal" and a betrayal, General Motors Corp. (NYSE:GM) is shutting four North American truck plants, including one in Oshawa, Ont., that employs 2,600 people.
The company said Tuesday the shutdowns were in [...]
Wednesday, June 4, 2008
GM shifts model lineup from trucks to cars
Four truck factories to close; 9,100 jobs affected; Challenge is to woo more small-car buyers
Sharon Terlep / The Detroit News
WILMINGTON, Del. — General Motors Corp., which laid out plans Tuesday for another seismic restructuring, is racing to reinvent itself as a smaller company less reliant [...]
Wednesday, June 4, 2008
Scott Burgess
With gas at $4, GM to overhaul its small cars
Plummeting truck, SUV sales prompt new direction
Small is big news at General Motors Corp.
As the company struggles with plummeting sales of its big trucks and SUVs, it announced Tuesday plans to overhaul its small cars.
First up is a new Chevy compact for [...]
GM Ohio union says will fight plant closure
queryvar=”gm,ohio,union,says,will,fight,plant,closure”;
Automotive News | June 3, 2008 - 2:00 pm EST
CINCINNATI (Reuters) — The union representing autoworkers at the General Motors truck plant in Moraine, Ohio, said on Tuesday it will fight plans to close the assembly plant, one of four on the chopping block.
Gaylen Turner, president of IUE-CWA [...]
