House approves $25 billion in industry loans
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Harry Stoffer
Automotive News | September 24, 2008 – 3:30 pm EST
 
 
WASHINGTON — Automakers and suppliers soon should be able to seek $25 billion in low-interest federal loans to retool plants to build fuel-efficient vehicles and components.
The House of Representatives today voted 370 to 58 to approve a broad [...]

Daimler may sell rest of Chrysler to Cerberus

 
Bradford Wernle
Automotive News | September 24, 2008 – 11:45 am EST
Cerberus Capital Management LP has approached Daimler AG about buying the German company’s remaining 19.9 percent stake in Chrysler Holding LLC.
Daimler and Cerberus officials both confirmed the talks this afternoon. A Cerberus spokesman said all industrial [...]

 
GM looking to sell plant in France, other assets
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Automotive News | September 24, 2008 – 12:00 pm EST
 
 
DETROIT (Reuters) – General Motors is looking to sell its manufacturing facilities in Strasbourg, France, and will begin seeking buyers next month when it begins a formal sale process for its Hummer SUV brand.
GM Treasurer Walter Borst detailed [...]

 
Bill Heard Enterprises closes its doors
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Chrissie Thompson
Automotive News | September 24, 2008 – 3:05 pm EST
 
 
Bill Heard Enterprises, the country’s top Chevrolet dealer group, is closing the doors at all of its 13 dealerships at the end of business today, according to a person with knowledge of the situation.
The company notified the stores’ general [...]

Report: Chrysler loses $400M through August 2008
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Automotive News
September 24, 2008 – 3:00 am ET

 
DETROIT (Reuters) — U.S. automaker Chrysler on Tuesday told dealers it had lost $400 million so far this year, the Wall Street Journal said.
CEO Robert Nardelli told dealers that despite cutting costs, Chrysler was still losing money, according to two people [...]

Automotive News | September 24, 2008 – 7:00 am EST
 
 
 
HANOVER, Germany (Reuters) — Japanese truckmaker Isuzu Motors Ltd. will struggle to hit its full-year net profit target and has ruled out buying General Motors’ mid-sized trucks business, President Susumu Hosoi told Reuters.
"It will be difficult to achieve the net profit target but we will [...]

Wednesday, September 24, 2008
Manny Lopez
UAW rap on McCain cars is not productive

At some level, what sits in your driveway defines who you are, whether you want to admit it or not.
For some, it’s intentional; for others it’s a matter of circumstance. For the United Auto Workers president, it’s absolute. And that’s unfortunate.
Republican Presidential Candidate John [...]

Wednesday, September 24, 2008
Delphi gets OK to freeze pensions
Supplier will resume talks with creditors critical of deal with GM to exit bankruptcy.
David Shepardson / Detroit News Washington Bureau
NEW YORK — Delphi Corp. won permission from a bankruptcy court Tuesday to freeze its hourly and salaried pension plans, but will have to resume talks with its [...]

 
Senate OKs Volt-friendly plug-in tax credit
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Harry Stoffer
Automotive News | September 23, 2008 – 6:35 pm EST
 
 
WASHINGTON — General Motors’ hopes for a $7,500 federal tax credit to help it sell plug-in hybrid Chevrolet Volts may soon be realized.
The Senate this evening passed a complex and wide-ranging tax bill, covering everything from extension of credits [...]

 
GM wins tax breaks for Mich. projects
Announcement planned for Flint project on Thursday
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Ryan Beene
Automotive News | September 23, 2008 – 12:01 am EST

 
DETROIT — The Michigan Economic Growth Authority board today granted General Motors more than $130 million in tax credits in a move to persuade the automaker to invest in the state for [...]

 
Will Uncle Sam take on bad car loans?
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Donna Harris
and Harry Stoffer
Automotive News | September 23, 2008 – 2:45 pm EST
 
 
WASHINGTON — Should taxpayer dollars be used to buy up bad car loans?
A financial trade association says yes.
The idea arose today amid reports of behind-the-scenes maneuvering to broaden a $700 billion federal cleanup of [...]