GM Daewoo pauses production at 4 plants queryvar=”gm,daewoo,pauses,production,at,4,plants”; Gary Anglebrandt Automotive News | November 14, 2008 – 11:24 am EST SEOUL — GM Daewoo Auto & Technology Co. will idle its four South Korean plants for eight working days from Dec. 22 to Jan. 4 amid slowing demand. This is the first [...]
Senate Majority Leader Reid vows to press for auto aid queryvar=”senate,majority,leader,reid,vows,to,press,for,auto,aid”; Harry Stoffer Automotive News | November 14, 2008 – 1:36 pm EST U.S. Sen. Harry Reid, D-Nev. WASHINGTON — Senate Majority Leader Harry Reid said today he’s pressing ahead with legislation to help automakers despite an uncertain outcome. Reid, D-Nev., in a letter [...]
The cost of GM’s death queryvar=”the,cost,of,gm’s,death”; Automotive News | November 14, 2008 – 12:28 pm EST ENLARGE If Congress thinks a bailout of General Motors is expensive, it should consider the cost of a GM failure. Let’s be clear. The alternative to government cash for GM is not a dreamy Chapter 11 filing, a [...]
Friday, November 14, 2008 Carmaker crisis hits suppliers S&P: Negative scenario for a dozen companies Alisa Priddle / The Detroit News The fallout from the financial crisis in the auto industry is reverberating down the parts supply chain of Detroit’s Big Three, with more cost cutting, job losses, bankruptcies and liquidations expected. Massive restructuring by [...]
Friday, November 14, 2008 Auto aid proposal hits GOP roadblock Big 3 CEOs, union chief plan full-court press next week on Capitol Hill for $25B emergency loan. David Shepardson / Detroit News Washington Bureau WASHINGTON — A plan to provide $25 billion in emergency loans to Detroit’s Big Three automakers ran into stiffening resistance from [...]
Friday, November 14, 2008 Daniel Howes: Commentary Big 3 must prove they are worth it Gentlemen: You’re the bosses (for now) of the Big Three automakers, not Big Tobacco, but the prospect of being grilled next week by New England’s dynamic duo — Rep. Barney Frank, D-Mass, and Sen. Christopher Dodd, D-Conn. — likely could [...]
Friday, November 14, 2008 U.S. security debate lurks in Big 3 woes Gordon Trowbridge / Detroit News Washington Bureau When defense analyst Loren Thompson recently visited the factory in Marietta, Ga., where defense giant Lockheed-Martin builds the Air Force’s F-22 fighter plane, he was introduced to the just-hired executive overseeing the plant’s manufacturing processes. The [...]
Mercedes cuts 1 shift in Alabama queryvar=”mercedes,cuts,1,shift,in,alabama”; Lindsay Chappell Automotive News | November 14, 2008 – 12:01 am EST Mercedes-Benz U.S. International will eliminate a shift on one of the two lines at its SUV and crossover plant in Vance, Ala. Beginning in January, the change will reduce output of the M-class [...]
Report: Insurers pull cover from GM, Ford suppliers queryvar=”report:,insurers,pull,cover,from,gm,ford,suppliers”; Automotive News November 14, 2008 – 5:00 am ET LONDON (Reuters) — Three big European credit insurers have removed cover from suppliers of troubled U.S. carmakers General Motors and Ford Motor, the Financial Times reported on Friday. The withdrawal of credit insurance, which covers suppliers [...]
Opposition mounts to industry bailout plans Few GOP senators known to support effort queryvar=”opposition,mounts,to,industry,bailout,plans”; David Barkholz Automotive News | November 14, 2008 – 12:01 am EST ENLARGE Senate Banking Committee Chairman Chris Dodd, D-Conn., speaks to reporters in the Capitol Oct. 1, 2008. Photo credit: Reuters A financial rescue package for the Detroit 3 [...]
