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 of GM’s announcement Friday [...]
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 the company gets [...]
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, [...]
GM makes salaried workers take more vacation
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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’s two-week holiday shutdown next month.
The [...]
GM stock plunges 23% after analysts’ reports
Shares reach 62-year low
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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 receive additional funding, said an analyst [...]
Wagoner: GM needs federal help before Obama takes office
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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 takes office in January.
“This is an [...]
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 finally knock their destiny [...]
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 bad news for an [...]
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 as to just what [...]
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 the world? Or are they [...]
GMAC: We’re nobody’s captive
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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 CFO Robert Hull said GMAC no longer [...]
Life at 11 million: Slash, rethink
Suppliers, dealers, retail groups must adjust — or crash
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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 in a quarter century: fewer than 11 [...]
The options: Bailout now or disaster
Auto bankruptcy would spread pain deep into economy
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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 [...]
