Monday, November 10, 2008 GM will lay off another 1,900 workers in early 2009 Robert Snell / The Detroit News DETROIT –General Motors Corp. said in a regulatory filing today it will indefinitely lay off 1,900 workers at its stamping and powertrain facilities starting in the first quarter of 2009. Those layoffs come on top [...]
Monday, November 10, 2008 Analysts: Bailout would send GM stock even lower David Shepardson / Detroit News Washington Bureau General Motors Corp.’s shares plunged more than 31 percent to their lowest level in more than 55 years after two analysts downgraded the Detroit automaker’s stock and said it could be worth little or nothing if [...]
David Barkholz Automotive News | November 10, 2008 – 4:35 pm EST Don Runkle Photo credit: WILLIAM JORDAN DETROIT — The Detroit 3 may not survive their cash crises unless the federal government supplements any emergency loans with consumer cash incentives to spur auto sales, say two longtime industry leaders. [...]
GM makes salaried workers take more vacation queryvar=”gm,makes,salaried,workers,take,more,vacation”; Jamie LaReau Automotive News | November 10, 2008 – 11:43 am EST DETROIT — In an effort to conserve cash, General Motors will require thousands of salaried workers to take two additional vacation days in December. Those days will be taken on top of [...]
GM stock plunges 23% after analysts’ reports Shares reach 62-year low queryvar=”gm,stock,plunges,23%,after,analysts,reports”; Automotive News | November 10, 2008 – 10:00 am EST DETROIT (Reuters) — General Motors will likely fall below its minimum cash needs of $11 billion to $14 billion in the first quarter of 2009 if the troubled automaker does not [...]
Wagoner: GM needs federal help before Obama takes office queryvar=”wagoner:,gm,needs,federal,help,before,obama,takes,office”; Jamie LaReau Automotive News | November 10, 2008 – 4:40 pm EST GM CEO Rick Wagoner DETROIT — General Motors CEO Rick Wagoner says GM’s financial distress is so dire that it must line up financial assistance from Washington before President-elect Barack Obama [...]
November 10, 2008 Why auto executives are ruling out going bankrupt Slashing of jobs, shredding of benefits still would offer no guarantee of survival BY JUSTIN HYDE FREE PRESS WASHINGTON STAFF Over more than a century, Detroit’s autoworkers have survived two world wars, recessions and oil spikes, but a bankruptcy by a U.S. automaker would [...]
Monday, November 10, 2008 Big banks back off consumer car loans Credit for buyers tight as many banks take wait-and-see approach to vehicle business. Bryce G. Hoffman / The Detroit News Despite a $700 billion bailout, the nation’s big banks are not in any rush to get back into the automotive lending business — more [...]
Monday, November 10, 2008 Support grows to aid auto industry Gordon Trowbridge / Detroit News Washington Bureau Heading into what could be a critical week for the domestic auto industry, top aides to President-elect Barack Obama and key lawmakers voiced support Sunday for immediate aid to the cash-starved companies. But it remains an open question [...]
Monday, November 10, 2008 Daniel Howes Big 3′s hopes rest with Washington U.S. automakers issue ultimatum to Congress: Bailout or bankruptcy.But GM, Ford must persuade taxpayers America’s political leaders have a choice to make, and very soon: Do they want the country to keep its own independent automakers, a hallmark of major economic power around [...]
GMAC: We’re nobody’s captive queryvar=”gmac:,were,nobodys,captive”; Donna Harris Automotive News | November 10, 2008 – 12:01 am EST GMAC Financial Services is edging away from the basic business strategy it has pursued since it began in 1919: helping General Motors sell vehicles by providing GM dealers and customers with credit. Last week, company [...]
Life at 11 million: Slash, rethink Suppliers, dealers, retail groups must adjust — or crash queryvar=”life,at,11,million:,slash,rethink”; Amy Wilson and Pat Scott Automotive News | November 10, 2008 – 12:01 am EST DETROIT — Auto dealers and suppliers are moving heaven and earth to adjust to an annual auto sales rate not seen [...]
The options: Bailout now or disaster Auto bankruptcy would spread pain deep into economy queryvar=”the,options:,bailout,now,or,disaster”; David Sedgwick Automotive News | November 10, 2008 – 12:01 am EST ENLARGE Talking heads: From left, Ford’s Alan Mulally, GM’s Rick Wagoner, Chrysler’s Bob Nardelli and the UAW’s Ron Gettelfinger pleaded their case to Congress last week for an [...]
