Tuesday, October 7, 2008
Auto stocks hit new lows
Fears of global credit crisis push Dow to 4-year low; Ford, GM hit hard
David Shepardson / Detroit News Washington Bureau
Wall Street got it bad Monday – but auto stocks got it worse – as investors around the world realized that the global financial crisis they feared has arrived and will [...]
Robert Sherefkin
and David Barkholz
Automotive News | October 7, 2008 - 11:53 am EST
DETROIT — General Motors has ceased equipping its vehicles with a hot-spray windshield washer system that prompted a recall of 944,000 cars and trucks in late August.
Deborah Silverman, spokesman for GM, said today GM has stopped using the system manufactured [...]
Gettelfinger: Detroit 3 quiet on helping retiree funds
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David Barkholz
Automotive News | October 7, 2008 - 4:48 pm EST
UAW President Ron Gettelfinger
DETROIT — UAW President Ron Gettelfinger said today that he hasn’t been approached by the Detroit 3 to allow additional delays in [...]
GM cuts production in Europe
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John Revill
Automotive News | October 7, 2008 - 9:23 am EST
MUNICH — General Motors will halt production in all its European plants except Rüsselsheim later this month in response to slowing new-car sales.
GM will cut production by 40,000 units by closing its factories from October 20 to October 31, GM [...]
Tuesday, October 7, 2008
Daniel Howes: Commentary
Will Detroit’s Big 3 survive chaos?
It’s comforting to know Dick Fuld, CEO of bankrupt Lehman Brothers Holdings Inc., wants Congress to know he and his cohorts were mistaken about the weakness of the mortgage markets and how quickly things could go bad.
It’s also rich to hear this alleged Master of [...]
Tuesday, October 7, 2008
GM seeks deal for RenCen
Carmaker may sell building if it can’t borrow $500M; Pitch to be made to Detroit pension funds
Robert Snell and Christine MacDonald / The Detroit News
General Motors Corp. wants to borrow about $500 million from one or both of Detroit’s pension funds to refinance the Renaissance Center, the automaker’s [...]
Market tanks, taking down auto stocks with it
Ford hits lowest point since 1980s
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Chrissie Thompson
Automotive News | October 6, 2008 - 1:39 pm EST
U.S. stock markets plummeted today before posting a modest recovery, sending Ford Motor Co. stock to its lowest price since the 1980s on an adjusted basis.
By midafternoon, the Dow Jones industrial average [...]
Study: $25 billion in auto loans past due
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Donna Harris
Automotive News | October 6, 2008 - 1:23 pm EST
Nearly $25 billion worth of consumer auto loans are delinquent, a new study reports.
In the second quarter of 2008, Experian Automotive says, 2.48 percent of all auto loans were 30 days past due, compared with 2.28 percent [...]
