Richard Truett Automotive News | October 16, 2008 – 4:26 pm EST DETROIT — A barrel of oil is down about 50 percent from its July 3 high closing price of $145.29. Gasoline prices are below $3 per gallon in most parts of the country. So, automakers can crank up those [...]
Thursday, October 16, 2008 Kerkorian beefs up Ford credit line Bryce G. Hoffman / The Detroit News Billionaire investor Kirk Kerkorian has pledged another 50 million shares in MGM Mirage to back a $600 million credit line used to purchase shares in Ford Motor Co., according to documents filed with the Securities and Exchange Commission [...]
GM to lay off 1,500 hourly workers as demand slows queryvar=”gm,to,lay,off,1,500,hourly,workers,as,demand,slows”; Automotive News | October 16, 2008 – 2:00 pm EST DETROIT (Reuters) — General Motors will lay off 1,500 hourly workers at plants in Michigan and Delaware where it builds pickup trucks, large cars and a two-seat roadster due to slowing [...]
GM to lay off 1,600 workers at 3 factories Oct 16 02:55 PM US/Eastern By TOM KRISHER AP Auto Writer DETROIT (AP) – Another 1,600 workers at three General Motors Corp. factories will be laid off indefinitely over the next few months as the company tries to control its inventory amid a worsening U.S. sales [...]
Nissan to recall 204,361 vehicles queryvar=”nissan,to,recall,204,361,vehicles”; Automotive News | October 15, 2008 – 1:45 pm EST DETROIT (Reuters) — Nissan Motor Co. Ltd. plans to recall 204,361 vehicles from its 2007 and 2008 model years in the United States due to the possibility that a passenger side airbag could fail to deploy [...]
Toyota: U.S. likely to get 54-mpg premium subcompact queryvar=”toyota:,us,likely,to,get,54-mpg,premium,subcompact”; Hans Greimel Automotive News | October 15, 2008 – 12:26 pm EST ENLARGE Toyota President Katsuaki Watanabe at the launch of the iQ today in Tokyo. TOKYO — The four-seat iQ, a tiny car that Toyota tentatively expects to sell in the United States, [...]
GM launches campaign to ease credit worries, build traffic queryvar=”gm,launches,campaign,to,ease,credit,worries,build,traffic”; Donna Harris and Amy Wilson Automotive News | October 16, 2008 – 12:01 am EST General Motors will begin an unprecedented marketing campaign Friday designed to reassure U.S. customers that they can still obtain auto loans through GM dealerships even though credit through [...]
Thursday, October 16, 2008 Auto troubles scare buyers Already anemic vehicle sales further depressed by stigma from companies’ struggles for survival. Bryce G. Hoffman / The Detroit News Falling stock prices and increasing talk of bankruptcy are beginning to frighten car buyers away from Detroit’s troubled automakers. As if high gasoline prices and tight credit [...]
Thursday, October 16, 2008 One plan: GM may absorb Chrysler Possible scenario would eliminate rival, reduce excess capacity; pact similar to AMC purchase. David Shepardson, Christine Tierney and Alisa Priddle / The Detroit News General Motors Corp. could swallow Chrysler LLC and end the Auburn Hills automaker’s 83-year existence under one scenario being discussed by [...]
Thursday, October 16, 2008 Daniel Howes: Commentary Merger may be too big to ignore Leave it to Klaus Franz, an unapologetic European unionist, to cut to the heart of General Motors Corp.’s potential acquisition of Chrysler LLC: It would be, the German labor leader was quoted as saying, an "absolute catastrophe." He’s right. Seen from [...]
Thursday, October 16, 2008 GM, lender hype loan availability Robert Snell and Bryce G. Hoffman / The Detroit News DETROIT — General Motors Corp. will launch a new advertising and finance campaign Friday to combat fears that car buyers can’t get new-car financing amid the credit crisis and tougher loan restrictions at GMAC Financial Services, [...]
