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 conference call with reporters [...]
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 to company executives Monday, [...]
GMAC loses $2.5B, cash reserves dwindle
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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 providers, may not survive.
The fifth [...]
Study: 3 million auto industry jobs at risk
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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 on the U.S. economy if General Motors, [...]
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 [...]
Obama’s automotive Job 1: An industry on the brink
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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 [...]
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 that have kept plenty [...]
Analysts: More North American production cuts needed
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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 an additional 150,000 vehicles in the fourth [...]
GM and Ford investors brace for deep quarterly losses
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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 pushed industry sales to 25-year lows.
What [...]
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 are taking more [...]
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 payments to trust funds [...]
