Friday, October 10, 2008
Ford’s CFO Leclair to retire; Booth to replace him
Bryce G. Hoffman / The Detroit News
Ford Motor Co. Chief Financial Officer Don Leclair will retire Nov. 1 and will be replaced by Ford of Europe head Lewis Booth, the Dearborn automaker said today.
"Don’s expertise and business acumen have been invaluable to Ford," CEO [...]
Friday, October 10, 2008
Feelings mixed on auto industry
Some think economy has doomed automakers, while others think Ford and GM can rebound.
Francis X. Donnelly / The Detroit News
Some thought it was the death knell for the auto industry. Others said Ford and General Motors would be just fine. Still others thought the car companies would bounce [...]
Friday, October 10, 2008
Auto fears grow
GM, Ford stock sell-off contributes to Dow’s drop
David Shepardson / Detroit News Washington Bureau
WASHINGTON — Investors are running for the exits and abandoning Detroit’s auto companies amid continued concerns about the future of the industry.
They’re worried about the credit crisis hurting auto sales; the deteriorating economy; and growing fears that [...]
Friday, October 10, 2008
GM may announce plant closures, production cuts
Robert Snell / The Detroit News
General Motors Corp. could announce more production cuts and plant closures later this month, a company source said this morning.
The disclosure comes a day after the company’s shares lost almost one-third of their value, hitting lows unseen in more than 58 [...]
Friday, October 10, 2008
Daniel Howes: Commentary
Market drop revives talk of bankruptcy
That sickening thud you heard Thursday, when the Dow Jones Industrial Average plunged another 678.9 points, was Detroit getting downgraded — hard.
General Motors Corp. shares lost a third of their value in a single day and closed at $4.76, their lowest point since 1950, thanks [...]
Automotive News | October 9, 2008 - 12:00 pm EST
DETROIT (Reuters) — General Motors shares today fell to their lowest level since 1950 as concerns mounted that an industry decline that started in the United States was spreading and a leading forecaster warned global auto demand could "collapse" in 2009.
GM shares fell 31 percent [...]
Lentz: Toyota battling low consumer confidence
Toyota may extend interest-free loans
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Chrissie Thompson
Automotive News | October 9, 2008 - 1:30 pm EST
Jim Lentz
Toyota’s 0-percent financing offer was an attempt to combat low consumer confidence, Toyota’s U.S. sales president said today at the grand opening [...]
GM, lender write fewer longer-term loans
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Donna Harris
and Jamie LaReau
Automotive News | October 9, 2008 - 3:36 pm EST
Amid a virtual freeze on consumer credit, General Motors is emphasizing cash transactions over long loans, the company’s sales chief said today.
“We’ve been writing fewer 72-month loans,” Mark LaNeve, GM’s vice president of North American sales, [...]
