Wednesday, November 5, 2008 Auto retooling loan rules released David Shepardson / Detroit News Washington Bureau WASHINGTON — The U.S. Department of Energy unveiled rules to oversee its $25 billion auto loan retooling program late Wednesday, which could allow automakers and suppliers to win loans before year’s end. However, senior government officials said during a [...]
Wednesday, November 5, 2008 GM will announce ‘important changes’ on Friday Robert Snell / The Detroit News DETROIT — General Motors Corp. is expected to announce "important changes" to its automotive operations Friday when the automaker releases third-quarter financial results, according to an internal e-mail obtained by The Detroit News. According to the e-mail sent [...]
GMAC loses $2.5B, cash reserves dwindle queryvar=”gmac,loses,$25b,cash,reserves,dwindle”; Automotive News | November 5, 2008 – 8:53 am EST NEW YORK (Reuters) — Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the nation’s largest home loan [...]
Study: 3 million auto industry jobs at risk queryvar=”study:,3,million,auto,industry,jobs,at,risk”; Chrissie Thompson Automotive News | November 5, 2008 – 11:56 am EST Nearly 3 million Americans would lose their jobs in one year if the Detroit 3 eliminated their U.S. operations, a Center for Automotive Research study says. The report projected the toll [...]
Jamie LaReau Automotive News | November 5, 2008 – 8:15 pm EST Troy Clarke DETROIT — General Motors’ North American president is urging the rest of the auto industry to let Washington know the extent of the industry’s financial crisis. In a speech tonight to suppliers in Detroit, Troy Clarke [...]
Obama’s automotive Job 1: An industry on the brink queryvar=”obamas,automotive,job,1:,an,industry,on,the,brink”; Harry Stoffer Automotive News | November 5, 2008 – 10:46 am EST President-elect Barack Obama Photo credit: REBECCA COOK/REUTERS WASHINGTON — Even before President-elect Barack Obama is inaugurated in January, this week’s election could help automakers that seek federal aid survive the recession. [...]
Wednesday, November 5, 2008 Manny Lopez Chrysler party poopers send wrong message Chrysler LLC’s top executives skipped the minivan’s birthday bash on Monday, an odd absence given the family hauler’s legacy at the troubled car company. For 25 years, the minivan helped keep the company afloat, maintaining a 40 percent market share and delivering innovations [...]
Analysts: More North American production cuts needed queryvar=”analysts:,more,north,american,production,cuts,needed”; David Barkholz Automotive News | November 4, 2008 – 4:14 pm EST North American vehicle sales are falling so precipitously that automakers must accelerate fourth-quarter production cuts or risk an inventory glut by year end, analysts said today. General Motors may have to cut [...]
GM and Ford investors brace for deep quarterly losses queryvar=”gm,and,ford,investors,brace,for,deep,quarterly,losses”; Automotive News | November 4, 2008 – 9:00 pm EST DETROIT (Reuters) — General Motors and Ford Motor Co. posted more than $27 billion of net losses in the first half of 2008 — and that was before a deepening economic slowdown [...]
Wednesday, November 5, 2008 Auto briefs Moody’s sees ‘darker’ time for auto finance GMAC LLC , Chrysler Financial Corp. and other automotive-financing companies face a "darker" outlook after making riskier loans as the economy weakens and the credit crisis deepens, Moody’s Investors Service said Tuesday. Car-payment delinquencies are rising, new-vehicle sales are shrinking and lenders [...]
Wednesday, November 5, 2008 Big 3, UAW ask for health trust help Cash-crunched automakers state need for payment help in their bid for federal financing. David Shepardson / Detroit News Washington Bureau WASHINGTON — Detroit’s Big Three and the United Auto Workers are pressing the case for low-cost government loans to help automakers make required [...]
