Monday, October 27, 2008
White House says Big Three financing arms could get bailout
David Shepardson / Detroit News Washington Bureau
WASHINGTON — The White House said Monday automakers’ financial arms could get a government bailout.
White House spokeswoman Dana Perino said that GMAC, Ford Motor Credit and Chrysler Financial could be part of the Trouble Asset Relief Program [...]
Monday, October 27, 2008
GM downgraded by Moody’s
Robert Snell / The Detroit News
Moody’s Investors Service lowered General Motors Corp. two ratings on Monday, citing the slumping U.S. auto industry and the automaker’s eroding liquidity.
The Detroit automaker, already rated sub-investment grade, is battling one of the worst auto markets in decades. Moody’s said it had lowered the [...]
Monday, October 27, 2008
GM temporarily idles two plants
Associated Press
DETROIT — General Motors Corp. will temporarily close two factories for one week each in the coming months to keep inventory in line with lower demand, the company said Monday.
Spokesman Tony Sapienza said the Detroit-Hamtramck Assembly Plant will be idled for one week starting Nov. 24. The [...]
GMAC wants to be part of federal rescue program
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Harry Stoffer
Automotive News | October 27, 2008 – 3:41 pm EST
WASHINGTON — GMAC Financial Services wants to be part of the federal government’s $700 billion rescue of the nation’s financial system, the company said today.
"GMAC has been in discussions with the government on a multidimensional level," [...]
GM to temporarily idle 2 more plants
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Jamie LaReau
Automotive News | October 27, 2008 – 4:08 pm EST
DETROIT — General Motors has told employees at its Detroit-Hamtramck and Bowling Green, Ky., plants that they will have an extra down week this year.
GM spokesman Tony Sapienza said, "The market is telling us we don’t need that [...]
Monday, October 27, 2008
GM says no timetable for Chrysler deal
Robert Snell / The Detroit News
DETROIT — General Motors Corp. Vice Chairman Bob Lutz said this morning there is no timetable to strike a deal to acquire rival Chrysler LLC and he declined to address most other questions about a potential deal between the two Detroit [...]
Va. dealers turn to local credit unions
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Lindsay Chappell
Automotive News | October 27, 2008 – 12:01 am EST
Wright: Teaming with rivals
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Big pickups, SUVs gain share
Companies stick to small-car plans
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Jamie LaReau
and Lindsay Chappell
Automotive News | October 27, 2008 – 12:01 am EST
ENLARGE
DETROIT — After hitting bottom in May and June, U.S. market shares for full-sized pickups and SUVs have rebounded. But automakers [...]
Anxiety over Chrysler: Deal or no deal?
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Jesse Snyder
Automotive News | October 27, 2008 – 12:01 am EST
Chrysler LLC’s stakeholders are afraid.
Cerberus Capital Management acknowledges that it is negotiating with General Motors about a merger, and media reports have speculated that Chrysler is negotiating with Nissan.
Chrysler co-President Jim Press calls the reports speculation. But Chrysler’s [...]
GM and Chrysler mull job-sparing deal for U.S. aid
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Automotive News | October 27, 2008 – 12:01 am EST
DETROIT (Reuters) — General Motors and Chrysler LLC’s owners are discussing a merger that would keep some of Chrysler’s operations intact and save jobs with the aim of securing U.S. government financial aid the high-stakes deal would require, [...]
Chrysler dealers under GM? States would rule
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Donna Harris
Automotive News | October 27, 2008 – 12:01 am EST
If General Motors acquires Chrysler LLC, state franchise laws would impose tight limits on GM’s ability to kill brands or dump large numbers of dealers.
Under those laws, GM would have to honor Chrysler’s dealer agreements and support its [...]
Monday, October 27, 2008
Chrysler deal may rely on fed aid
As GM executives pursue acquisition, experts say government assistance may be crucial.
Christine Tierney and David Shepardson / The Detroit News
Talks between Chrysler LLC owner Cerberus Capital Management LP and suitors for the automaker are progressing at a rapid clip, say people familiar with the discussions. But [...]
