Thursday, August 7, 2008
Board tightens watch on GM
Directors vow support for CEO and team, but are keeping closer tabs in challenging times.
Christine Tierney / The Detroit News
The lead outside director of General Motors Corp. said Wednesday that Chairman and CEO Rick Wagoner has the board’s unanimous backing but added that directors are keeping closer tabs [...]
Ford met salaried cost cut goal
queryvar=”ford,met,salaried,cost,cut,goal”;
Automotive News | August 6, 2008 - 4:32 pm EST
DETROIT (Reuters) — Ford Motor Co. has reached its goal of cutting salaried costs by 15 percent in North America under its overall restructuring and is prepared to cut more if necessary, a top executive said on Wednesday.
"We had to take [...]
Robert Sherefkin
Automotive News | August 7, 2008 - 12:01 am EST
DETROIT — Chrysler LLC appears headed for a crack up with Dana Holding Corp., one of its largest and oldest driveline parts suppliers.
Dana, in a statement released Wednesday evening, said it has asked a U.S. Bankruptcy Court in New York to allow it [...]
Toyota posts 39% drop in Q1 profit
queryvar=”toyota,posts,39%,drop,in,q1,profit”;
Automotive News | August 7, 2008 - 2:45 am EST
ENLARGE
U.S. sales of the Toyota Prius fell 3.9 percent through July vs. the same period of 2007,
[...]
Ford launching blind-spot mirror on Edge this fall
August 6, 2008 4:52 PM ET
DEARBORN, Mich. (AP) - Ford Motor Co. said Wednesday it will introduce its new blind-spot mirror this fall on the 2009 Ford Edge crossover.
The automaker had planned to bring the mirror to market next year but moved up the date after getting so [...]
Daniel Howes
No easy, cheap fix for GM woes
Losing a numbing $15.5 billion in one quarter, as General Motors Corp. confirmed Friday, is a sure-fire way to restart the wailing.
Kill Buick and Pontiac.
Euthanize Saab.
Sue the directors.
Dump Rick Wagoner, GM chairman through some of the most transformative (and bleak) times in the company’s 100-year history.
Blame the United [...]
Wednesday, August 6, 2008
Wagoner still has GM’s support
Despite huge losses, backing for CEO ‘has not changed,’ says spokesman
Robert Snell and Christine Tierney / The Detroit News
General Motors Corp. said its board continues to support Chairman and CEO Rick Wagoner despite the company’s deteriorating performance in the second quarter, when it lost a staggering $15.5 billion.
The [...]
Toyota cuts 800 contract jobs in Japan
queryvar=”toyota,cuts,800,contract,jobs,in,japan”;
Craig Trudell
Automotive News | August 5, 2008 - 11:43 am EST
Toyota has laid off 800 contract workers at a plant in southwestern Japan in response to slumping sales in North America, according to media reports today.
The layoffs represent about 10 percent of the plant work force at a [...]
Rights to legendary Packard up for sale
queryvar=”rights,to,legendary,packard,up,for,sale”;
Automotive News | August 5, 2008 - 2:01 pm EST
PHOENIX (Reuters) — A Canadian couple is seeking to sell the rights to the defunct luxury auto-maker Packard along with a high-end prototype car, with the hopes of resurrecting the legendary brand.
Former Phoenix residents Roy and Barbara Gullickson are looking [...]
Mitsubishi union keeps strike vote quiet
queryvar=”mitsubishi,union,keeps,strike,vote,quiet”;
Lindsay Chappell
Automotive News | August 4, 2008 - 4:22 pm EST
Unionized workers at Mitsubishi Motors North America have voted on whether to strike the beleaguered Illinois auto assembly plant but are keeping the decision secret until their Aug. 28 contract deadline.
A statement issued jointly by Mitsubishi and the UAW [...]
UAW/GM Spring Hill Military Thank You Video.
YouTube Military Thank You Videos are at YouTube.com
Currently there are 19 videos from facilities accross the nation!
http://www.youtube.com/uawandgm
Shreveport Assembly - http://www.youtube.com/watch?v=00r-uZ-LEa4
Arlington Assembly - http://www.youtube.com/watch?v=hW6ulQGBeH4
Bowling Green Assembly - http://www.youtube.com/watch?v=8sgIbd5FTA4
Wentzville Assembly - http://www.youtube.com/watch?v=Qdejapwc274
Lansing Grand River Assembly - http://www.youtube.com/watch?v=ZUGcY3qPFAY
Lordstown Assembly - http://www.youtube.com/watch?v=idwZif1V7Lw
Janesville Assembly - http://www.youtube.com/watch?v=hxHwcPnQrkc
Spring Hill [...]
It’s a body, er, a bus by Fisher
queryvar=”its,a,body,er,a,bus,by,fisher”;
Bill Shea
Automotive News | August 4, 2008 - 12:01 am EST
Greg Fisher: The bus is "a different mousetrap."
DETROIT — Greg Fisher is getting back into the coachbuilding business.
Fisher is the grandson of Fisher Body Co. [...]
Pain spreads beyond Detroit: Nissan offers employee buyouts
queryvar=”pain,spreads,beyond,detroit:,nissan,offers,employee,buyouts”;
April Wortham
Automotive News | August 4, 2008 - 12:01 am EST
ENLARGE
Workers in Japanese automakers’ U.S. plants, including Nissan’s factory in Smyrna, Tenn., shown, generally have been spared employee reductions — until now.
[...]
Crisis at Chrysler: Buyers bail
Cars sales plunge, trucks tank despite 11th-hour leases
queryvar=”crisis,at,chrysler:,buyers,bail”;
Jesse Snyder
Automotive News | August 4, 2008 - 12:01 am EST
Consumers are bailing out on Chrysler LLC — the sign of a company in crisis.
Despite a four-day flurry of leasing to beat Chrysler Financial’s exit from the sector, Chrysler still posted the biggest [...]
GM’s really bad news: Its revenue
queryvar=”gms,really,bad,news:,its,revenue”;
Jamie LaReau
Automotive News | August 4, 2008 - 12:01 am EST
PRINTED FROM: http://www.autonews.com/apps/pbcs.dll/article?
DETROIT — A $15.5 billion loss is bad enough, but that may not even be the worst news in General Motors’ abysmal second-quarter earnings report.
Here’s the really bad news: General Motors’ North American quarterly revenue totaled $19.8 [...]
Nissan offers buyouts to Tenn. workers
queryvar=”nissan,offers,buyouts,to,tenn,workers”;
April Wortham
Automotive News | July 30, 2008 - 11:58 am EST
NASHVILLE — Nissan North America Inc. will offer voluntary buyouts to workers at its two Tennessee factories to counter slow sales of full-sized pickups and SUVs.
Technicians and salaried employees at the Smyrna assembly and Decherd powertrain plants will be [...]
Reports: GM to cut 15% of salaried workforce
queryvar=”reports:,gm,to,cut,15%,of,salaried,workforce”;
Andrew Grossman
Automotive News | July 30, 2008 - 2:47 pm EST
DETROIT — General Motors refuses to confirm or deny reports that it will cut 15 percent of its salaried workers in the United States and Canada by Nov. 1.
The Associated Press and The Wall Street Journal reported [...]
Massive one-time charges haunt GM’s Q2
North America loss is $4.4 billion, total net loss is $15.5 billion
queryvar=”massive,one-time,charges,haunt,gms,q2″;
Craig Trudell and
and Philip Nussel
Automotive News | August 1, 2008 - 7:11 am EST
DETROIT — General Motors today reported an adjusted loss of $6.3 billion — before several one-time charges — during the second quarter. The automaker [...]
Wednesday, July 30, 2008
GM to let workers see Volt
Sneak peek planned for automaker’s September centennial as car nears production version.
David Shepardson / Detroit News Washington Bureau
WASHINGTON — General Motors Corp. plans to show employees a near-production version of the Chevrolet Volt during the automaker’s 100th anniversary celebration in September.
GM, which will mark its centennial on [...]
GMAC reduces financing for high-risk customers
queryvar=”gmac,reduces,financing,for,high-risk,customers”;
Jamie LaReau
Automotive News | July 29, 2008 - 4:38 pm EST
DETROIT — General Motors dealers will have to put high-risk customers into less expensive vehicles or get higher down payments than in the past, now that GMAC is tightening its financing policies.
Over the past year, GMAC has tightened its [...]
GMAC, Ford pull back on leases as credit tightens
queryvar=”gmac,ford,pull,back,on,leases,as,credit,tightens”;
Automotive News | July 29, 2008 - 8:00 pm EST
DETROIT (Reuters) — GMAC and Ford Motor Credit disclosed steps on Tuesday to cut back on auto leases in a move that leaves automakers facing the risk of even more pressure on auto sales already at decade lows.
The [...]
Chase to end leasing for Chrysler
queryvar=”chase,to,end,leasing,for,chrysler”;
Andrew Grossman
Automotive News | July 29, 2008 - 4:33 pm EST
Chase Auto Finance said today that it will not finance leases for Chrysler LLC vehicles.
Chase was afraid auto dealers would flock to it in the wake of Chrysler Financial’s decision on Friday, July 25, to stop financing leases, said [...]
GM names new North American CFO
Joseph Peter will report to corporate CFO Ray Young
queryvar=”gm,names,new,north,american,cfo”;
Craig Trudell
Automotive News | July 24, 2008 - 2:36 pm EST
General Motors has named Joseph Peter CFO for North America, effective Aug. 1.
Peter, 45, will report to Ray Young, GM’s CFO, and Troy Clarke, president for North America.
“Joe brings vast experience [...]
Toyota to boost Prius output by 70%
queryvar=”toyota,to,boost,prius,output,by,70%”;
Automotive News | July 25, 2008 - 3:00 am EST
ENLARGE
Toyota Prius hybrid
TOKYO (Reuters) — Toyota aims to produce 70 percent more Prius hybrids after a [...]
Mercedes to cut production in Alabama
First cut in production since plant opened 11 years ago
queryvar=”mercedes,to,cut,production,in,alabama”;
April Wortham
Automotive News | July 24, 2008 - 1:59 pm EST
In a sign that even premium automakers are not immune from the U.S. market crunch, Mercedes-Benz confirmed today that it will trim production at its Alabama factory beginning in August.
“We [...]
Friday, July 25, 2008
Chrysler puts 1Q loss at $515M
Daimler says its stake’s worth is down 81%
Eric Morath and Christine Tierney / The Detroit News
Chrysler Holding LLC, the parent company for automaker Chrysler LLC and its finance arm, lost $515 million in the first quarter of 2008, the company said Thursday, the same day that former [...]
Friday, July 25, 2008
Scott Burgess
Ford hopes ride on Euros
Plan to jolt U.S. sales with six models from abroad is overdue
It’s about time.
Ford Motor Co.’s decision to accelerate its automotive emigration plan — in the wake of a record $8.7 billion second-quarter loss and a shift in consumer demand toward fuel-sipping cars — shouldn’t surprise anyone. [...]
Friday, July 25, 2008
Daniel Howes
Mulally’s Ford looks a lot like Toyota
Before he left a 37-year career at Boeing Co. nearly two years ago to run Ford Motor Co., CEO Alan Mulally was a Toyota aficionado: He drove a Lexus luxury sedan; he studied Toyota’s production system; he adapted it, surprising some, to the assembly of [...]
The strike at Johnson Controls in Columbia TN has ended. The eight day strike came to an end at 5:15 P.M. on Wednesday July 23, 2008.The UAW has been recognized by Johnson Controls as their collective bargaining agent. Employees at Johnson Controls return to work on their regular shifts on Thursday July 24.
There will [...]
UAW Recognized at Johnson Controls in Columbia, TN
The strike at Johnson Controls in Columbia TN has ended. The strike came to an end at 5:15 P.M. on July 23, 2008.
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Thursday, July 24, 2008
Ford: $8.7 billion second-quarter loss
Bryce G. Hoffman / The Detroit News
DEARBORN — Ford Motor Co. posted a staggering $8.7 billion second-quarter loss today, largely due to write-offs associated with a decline in value of its North American assets Ford Credit’s lease portfolio.
But the dramatic shift away from big trucks and sport utility [...]
UAW says 2,200 Axle workers took buyouts
queryvar=”uaw,says,2,200,axle,workers,took,buyouts”;
Automotive News | July 23, 2008 - 2:16 pm EST
DETROIT (Reuters) — About 2,200 union workers at American Axle & Manufacturing Holdings Inc. have accepted buyout and retirement offers, exceeding the company’s target, a union official with knowledge of the matter told Reuters on Wednesday.
The number represents 60 percent [...]
Chrysler to cut 1,000 jobs, liquidity ‘unchanged’
queryvar=”chrysler,to,cut,1,000,jobs,liquidity,unchanged”;
Automotive News | July 23, 2008 - 2:00 pm EST
DETROIT (Reuters) — Chrysler LLC said on Wednesday it plans to cut 1,000 salaried jobs by the end of September to slash costs and survive a deep industry downturn.
The privately held automaker, now controlled by Cerberus Capital Management, also said [...]
GM 2Q sales fall 5% worldwide, trails Toyota
queryvar=”gm,2q,sales,fall,5%,worldwide,trails,toyota”;
Jamie LaReau
Automotive News | July 23, 2008 - 11:04 am EST
DETROIT — Overseas markets bolstered General Motors’ global sales in the second quarter. But in North America, sales fell 20 percent from the year-ago period.
GM reported its second-quarter global sales fell 5 percent. The decline reflects continuing [...]
J.D. Power lowers U.S. sales forecast to 14.2M
queryvar=”jd,power,lowers,us,sales,forecast,to,142m”;
Craig Trudell
Automotive News | July 23, 2008 - 3:57 pm EST
Following the lead of automakers and analysts, J.D. Power and Associates has cut its projection of 2008 U.S. light-vehicle sales to 14.2 million units.
That is down 750,000 units from the 14.95 million that Power projected earlier this [...]
GM shares nearly double from historic low
Ford up; Gates buzz drives AutoNation shares
queryvar=”gm,shares,nearly,double,from,historic,low”;
Craig Trudell
Automotive News | July 23, 2008 - 4:35 pm EST
DETROIT — Shares of General Motors today reached levels that nearly doubled their value from half-century lows set earlier this month.
GM shares closed at $14.58 a share, up 26 cents, or 1.82 [...]
Wednesday, July 23, 2008
Daniel Howes: Ford’s past & future
Ford poised for big changes
You can bet Ford Motor Co. will deliver three things when it reports its second-quarter financials Thursday morning:
First, the numbers will be ugly, analysts predict. The Dearborn automaker, whose sales of trucks and SUVs have withered under the weight of $4-a-gallon gas, will [...]
Chevrolet to spend more to market cars
Camaro ads will play up emotional appeals
queryvar=”chevrolet,to,spend,more,to,market,cars”;
Automotive News | July 22, 2008 - 12:42 pm EST
ENLARGE
Ed Welburn, GM design vice president, and Ed Peper, vice president of Chevrolet, show off the 2010 Camaro on Monday.
[...]
Chevrolet’s Peper talks Camaro, Chevrolet’s future
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Automotive News | July 22, 2008 - 2:22 pm EST
Ed Peper
DETROIT — As Chevrolet gets ready to launch the Traverse crossover and the Camaro sports car, the brand is at a pivotal point in industry history. The strong [...]
H3T pricing released, just in time…
Talk about bad timing: And no, I’m not referring to Hummer bringing out its new pickup, the H3T.
GM sent out this release last week and it slipped through the cracks: The H3T pricing.
The all new pickup, which started as a concept vehicle five years ago, will finally arrive at dealerships [...]
