Thursday, October 23, 2008
Daimler: Chrysler stake now valued at zero
Christine Tierney / The Detroit News
Daimler AG has marked down the value of its 19.9 percent holding in Chrysler Holding LLC to zero, a confirmation of the U.S. automaker’s deteriorating fortunes.
Daimler had previously written down the value of its Chrysler stake to 171 million euros, or [...]
Thursday, October 23, 2008
GM expands employee discount program
Robert Snell / The Detroit News
General Motors Corp. is letting employees extend their vehicle discount to the public in a move aimed at boosting sales, which have fallen 18.1 percent this year.
The discount program, which lets employees give the discount to two people, started Wednesday and ends Nov. [...]
GM bans unscheduled overtime
Tom Krisher / Associated Press
DETROIT — General Motors Corp. has told local union officials at two factories that make its hotter-selling small and midsize cars that it will not allow any more unscheduled overtime, a move seen as a way to further cut costs.
GM is burning through about $1 billion in cash [...]
Thursday, October 23, 2008
GM to cut salaried jobs, reduce benefits
David Shepardson / The Detroit News
General Motors Corp. will cut more white-collar jobs and suspend some employee benefits to save cash in response to deteriorating market conditions.
GM has exceeded its goal of cutting more than 5,000 salaried jobs through a program of buyouts and early retirements, [...]
Thursday, October 23, 2008
Chrysler cutting 1,825 jobs with moves at 2 plants
Alisa Priddle / The Detroit News
Chrysler LLC is temporarily getting out of the large sport utility vehicle business, as well as hybrids and is cutting back production of some smaller SUVs with the announcement it will cut 1,825 jobs at two truck plants in [...]
GOVERNMENT AID FOR AUTOMAKERS
Harry Stoffer
Automotive News | October 23, 2008 – 11:46 am EST
U.S. Rep. John Dingell, D-Mich.
WASHINGTON — Senior Michigan lawmakers today opened the door to the federal government acquiring rights to ownership stakes in troubled automakers and suppliers.
The remarks came [...]
Nissan factory cuts spread to cars
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Lindsay Chappell
Automotive News | October 22, 2008 – 5:23 pm EST
NASHVILLE — Four months after ratcheting up production of its hot-selling Altima sedan, Nissan North America Inc. is ratcheting it back down.
To trim inventories, the automaker canceled production of the Altima, the just-launched 2009 Maxima, Altima coupe and Altima [...]
Chrysler to close Delaware plant early, cut jobs
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Automotive News | October 23, 2008 – 8:00 am EST
DETROIT, Oct 23 (Reuters) – Chrysler LLC said today it was closing one assembly plant early and eliminating a shift at another, resulting in 1,825 job cuts, following a loss of more than $1 billion for the first half [...]
GM cuts 401(k) match, plans more salaried layoffs
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Chrissie Thompson
Automotive News | October 23, 2008 – 10:23 am EST
General Motors is stopping its matching payments to all employees’ 401(k) savings plans, a spokesman said today. The company is also preparing another round of salaried job cuts.
GM told employees yesterday about the temporary discontinuation, effective Nov. [...]
Options scarce if GM-Chrysler merger talks fail
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Automotive News | October 23, 2008 – 12:01 am EST
DETROIT (Reuters) — As General Motors pushes ahead with talks to acquire Chrysler LLC, uneasy suppliers and workers are bracing for a deal that would combine two struggling automakers and cost tens of thousands of jobs.
But as GM struggles to [...]
Thursday, October 23, 2008
Chrysler’s Press downplays sale talk
Tom Krisher / Associated Press
DETROIT — Reports that Chrysler LLC is being shopped for sale by its owners are just speculation, a top Chrysler executive said Wednesday night.
Vice Chairman and President Jim Press said Chrysler would "be here," saying he had confidence in the company.
"There’s not a lot [...]
Thursday, October 23, 2008
Chrysler retirees fret over benefits
Chrysler salaried workers worry that a merger may cost them health, pension benefits.
Christina Rogers / The Detroit News
TROY — Many Chrysler salaried retirees are fretting that a possible merger between the beleaguered automaker and its larger rival, General Motors Corp., could result in a loss of some health [...]
Thursday, October 23, 2008
GM suspending some employee benefits
Associated Press
DETROIT – General Motors Corp. says it is suspending several employee benefit programs as it navigates the downturn in the auto industry.
GM spokesman Tom Wilkinson said Thursday the company’s buyout program for salaried employees has been "well-received," though he wouldn’t say how many white-collar workers have accepted [...]
