GM posts 5th straight quarterly loss, may run out of cash by mid-2009
S&P lowers GM debt rating, citing ‘unabated’ cash burn
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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 and warned that it may not [...]

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 scheduled for an additional down [...]

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 2009 capital spending by $2.5 [...]

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 believed would generate significant [...]

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 running out of [...]

 
Sources say Chrysler cash drains away as crisis deepens
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Automotive News | November 7, 2008 – 9:15 am EST

ENLARGE

Chrysler CEO Bob Nardelli

 
DETROIT (Reuters) – Chrysler LLC is rapidly burning through cash and [...]

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 San Francisco Democrat whose [...]

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 struggling to obtain financing [...]

 
Ford posts $2.7 billion operating loss, cuts production
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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 credit availability.
The net loss of $129 [...]

Auto industry aid requests exceed $50 billion
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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 [...]

 
Chrysler offers 2,400 buyouts in Ill. plant
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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, in Belvidere, will become the 20th Chrysler [...]

 
Toyota’s Watanabe in crisis mode after N.A. loss
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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 [...]

 
Detroit 3 ally Dingell fights to keep Energy Committee post
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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 much industry-related legislation.
Dingell is being challenged [...]