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 26.4 million shares, reducing [...]
Ghosn: Financial crisis will curb automaker alliances
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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 [...]
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 22.5 billion yen ($208.3 million) in the [...]
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 sources with direct knowledge [...]
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 attractive, because of [...]
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 Civic and Accord models, [...]
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 up being wards of [...]
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 Wagoner was in Washington last [...]
