Tuesday, October 28, 2008 Kerkorian sells 26.4 million Ford shares Associated Press DETROIT – Investor Kirk Kerkorian has sold more shares of Ford Motor Co., reducing his stake in the automaker to less than 5 percent. The Las Vegas billionaire said Monday in a filing with the Securities and Exchange Commission that he sold another [...]
Ghosn: Financial crisis will curb automaker alliances queryvar=”ghosn:,financial,crisis,will,curb,automaker,alliances”; Hans Greimel Automotive News | October 28, 2008 – 8:44 am EST CEO of Nissan Motor Co. and Renault SA Carlos Ghosn TOKYO — Carlos Ghosn, CEO of Nissan Motor Co. and Renault SA, said the global financial crisis may deter automakers from forming partnerships. [...]
Honda’s North American operating profit tumbles 80.6 percent queryvar=”hondas,north,american,operating,profit,tumbles,806,percent”; Hans Greimel Automotive News | October 28, 2008 – 9:02 am EST TOKYO — Honda Motor Co.’s operating profit in North America tumbled 80.6 percent in the July-September quarter, spurring the automaker to cut its full-year earnings outlook. Regional operating profit dropped to [...]
GM, Chrysler request $10 billion in aid, sources say queryvar=”gm,chrysler,request,$10,billion,in,aid,sources,say”; Automotive News | October 28, 2008 – 7:05 am EST DETROIT (Reuters) — General Motors and Cerberus Capital Management LP have asked the U.S. government for roughly $10 billion in an unprecedented rescue package to support a merger between GM and Chrysler LLC, two [...]
Turbulence Adds to Appeal of Buyouts — Detroit Free Press By Tom Walsh Oct. 26, 2008 As the Wall Street hysteria and Detroit merger buzz intensify, thousands of UAW workers at Ford Motor Co. and salaried staff at General Motors Corp. face huge personal decisions. Keep working? Or take buyout offers that suddenly look more [...]
Tuesday, October 28, 2008 Honda reports 41 percent drop in quarterly profit Yuri Kageyama / Associated Press TOKYO — Honda reported a 41 percent drop in quarterly profit Tuesday on declining sales and a stronger yen, forcing Japan’s second-biggest automaker to lower its forecasts for the full year. Honda Motor Co., with its fuel efficient [...]
Tuesday, October 28, 2008 Daniel Howes Fed help for GM merits tough terms However Detroit’s creative destruction ends — in a combined GM-Chrysler, in one automaker or none at all — Michigan will never be the same. It will be poorer, in perception if not reality. The state’s principal industry, Detroit’s surviving automaker(s), may end [...]
Tuesday, October 28, 2008 GM seeks fed aid for Chrysler merger Lobbying intensifies for quick release of funding David Shepardson / Detroit News Washington Bureau WASHINGTON — General Motors Corp. is in talks with government officials about obtaining about $5 billion to help fund a possible merger with Chrysler LLC. GM Chairman and CEO Rick [...]
