GM posts 5th straight quarterly loss, may run out of cash by mid-2009 S&P lowers GM debt rating, citing ‘unabated’ cash burn queryvar=”gm,posts,5th,straight,quarterly,loss,may,run,out,of,cash,by,mid-2009″; Jamie LaReau Automotive News | November 7, 2008 – 11:07 am EST   DETROIT — General Motors, battling “unprecedented economic and credit market turmoil,’’ reported its fifth straight quarterly loss today [...]

November 7, 2008 GM to lay off 3,600 indefinitely, slow down production at 10 plants By KATIE MERX and JEWEL GOPWANI FREE PRESS BUSINESS WRITERS General Motors Corp. today announced temporary shutdowns and plans to indefinitely lay off about 3,600 workers at 10 plants beginning early next year.   GM said nine plants have been [...]

November 7, 2008 GM announced $5 billion more in cost-cutting measures By KATIE MERX FREE PRESS BUSINESS WRITER General Motors Corp. has targeted $5 billion in cost-cutting measures in addition to $15 billion it already planned to conserve and save in a plan announced July 15. Shortly before noon, GM said it will: • reduce [...]

Friday, November 7, 2008 GM, Cerberus end Chrysler tie-up talks David Shepardson and Christine Tierney / The Detroit News General Motors Corp. and Cerberus Capital Management LP have called off talks about a possible deal to transfer Chrysler LLC’s automotive operations to GM. "GM has recently explored the possibility of a strategic acquisition that it [...]

Friday, November 7, 2008 GM reports $2.5B loss, says federal aid essential Detroit News staff and wire reports General Motors Corp. reported today a $2.5 billion third-quarter loss as tight credit, a stock market crisis, stalled consumer spending and a declining housing market have led to fewer vehicle sales and pushed the automaker closer to [...]

  Sources say Chrysler cash drains away as crisis deepens queryvar=”sources,say,chrysler,cash,drains,away,as,crisis,deepens”; Automotive News | November 7, 2008 – 9:15 am EST ENLARGE Chrysler CEO Bob Nardelli   DETROIT (Reuters) – Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can’t clinch a merger with General Motors [...]

Friday, November 7, 2008 Daniel Howes: Commentary Big 3 face an uphill fight in Congress The humbling could be worse: Detroit’s automakers could be asking their Japanese rivals for a bailout. Instead, the Big Three brass worked Washington on Thursday in a bid for speedy, multi-billion-dollar help from House Speaker Nancy Pelosi. This is the [...]

Friday, November 7, 2008 Huge losses, cuts expected at GM Detroit News staff and wire reports General Motors Corp. will report its third-quarter earnings Friday, and cuts are expected at various levels to try and curtail future losses. The company is spending billions more than it’s making amid the worst economic crisis in decades and [...]

  Ford posts $2.7 billion operating loss, cuts production queryvar=”ford,posts,$27,billion,operating,loss,cuts,production”; Amy Wilson Automotive News | November 7, 2008 – 6:58 am EST     DETROIT — Ford Motor Co. posted a $2.7 billion operating loss in the third quarter and took further steps to cut costs in the wake of plummeting consumer confidence and tighter [...]

Auto industry aid requests exceed $50 billion queryvar=”auto,industry,aid,requests,exceed,$50,billion”; Harry Stoffer Automotive News | November 6, 2008 – 2:48 pm EST House Speaker Nancy Pelosi   WASHINGTON — The U.S. automobile industry’s requests for federal assistance now exceed $50 billion. The CEOs of General Motors, Ford Motor Co. and Chrysler LLC met behind closed doors today [...]

  Chrysler offers 2,400 buyouts in Ill. plant queryvar=”chrysler,offers,2,400,buyouts,in,ill,plant”; Bradford Wernle Automotive News | November 6, 2008 – 5:37 pm EST     DETROIT — Chrysler LLC will offer buyouts next week to more than 2,400 workers at an Illinois assembly plant as the money-losing automaker boosts efforts to trim its work force. The plant, [...]

  Toyota’s Watanabe in crisis mode after N.A. loss queryvar=”toyotas,watanabe,in,crisis,mode,after,na,loss”; Hans Greimel Automotive News | November 6, 2008 – 7:21 am EST Toyota President Katsuaki Watanabe   TOKYO — The once mighty Toyota profit machine tumbled to a rare loss in North America, sending President Katsuaki Watanabe into crisis mode as he slashed sales and [...]

  Detroit 3 ally Dingell fights to keep Energy Committee post queryvar=”detroit,3,ally,dingell,fights,to,keep,energy,committee,post”; David Barkholz Automotive News | November 6, 2008 – 6:36 pm EST     Rep. John Dingell, D-Mich., the Detroit 3’s chief ally in Congress, went on the offensive today to keep his job as chairman of the powerful House committee that handles [...]