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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 in a telephone news conference held by [...]
Nissan factory cuts spread to cars queryvar=”nissan,factory,cuts,spread,to,cars”; 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 [...]
Chrysler to close Delaware plant early, cut jobs queryvar=”chrysler,to,close,delaware,plant,early,cut,jobs”; 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 [...]
GM cuts 401(k) match, plans more salaried layoffs queryvar=”gm,cuts,401(k),match,plans,more,salaried,layoffs”; 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 [...]
Options scarce if GM-Chrysler merger talks fail queryvar=”options,scarce,if,gm-chrysler,merger,talks,fail”; 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 [...]
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 [...]
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 [...]
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 [...]
