Robert Sherefkin
and David Barkholz
Automotive News | October 7, 2008 - 11:53 am EST
DETROIT — General Motors has ceased equipping its vehicles with a hot-spray windshield washer system that prompted a recall of 944,000 cars and trucks in late August.
Deborah Silverman, spokesman for GM, said today GM has stopped using the system manufactured [...]
Gettelfinger: Detroit 3 quiet on helping retiree funds
queryvar=”gettelfinger:,detroit,3,quiet,on,helping,retiree,funds”;
David Barkholz
Automotive News | October 7, 2008 - 4:48 pm EST
UAW President Ron Gettelfinger
DETROIT — UAW President Ron Gettelfinger said today that he hasn’t been approached by the Detroit 3 to allow additional delays in [...]
GM cuts production in Europe
queryvar=”gm,cuts,production,in,europe”;
John Revill
Automotive News | October 7, 2008 - 9:23 am EST
MUNICH — General Motors will halt production in all its European plants except Rüsselsheim later this month in response to slowing new-car sales.
GM will cut production by 40,000 units by closing its factories from October 20 to October 31, GM [...]
Tuesday, October 7, 2008
Daniel Howes: Commentary
Will Detroit’s Big 3 survive chaos?
It’s comforting to know Dick Fuld, CEO of bankrupt Lehman Brothers Holdings Inc., wants Congress to know he and his cohorts were mistaken about the weakness of the mortgage markets and how quickly things could go bad.
It’s also rich to hear this alleged Master of [...]
Tuesday, October 7, 2008
GM seeks deal for RenCen
Carmaker may sell building if it can’t borrow $500M; Pitch to be made to Detroit pension funds
Robert Snell and Christine MacDonald / The Detroit News
General Motors Corp. wants to borrow about $500 million from one or both of Detroit’s pension funds to refinance the Renaissance Center, the automaker’s [...]
Market tanks, taking down auto stocks with it
Ford hits lowest point since 1980s
queryvar=”market,tanks,taking,down,auto,stocks,with,it”;
Chrissie Thompson
Automotive News | October 6, 2008 - 1:39 pm EST
U.S. stock markets plummeted today before posting a modest recovery, sending Ford Motor Co. stock to its lowest price since the 1980s on an adjusted basis.
By midafternoon, the Dow Jones industrial average [...]
Study: $25 billion in auto loans past due
queryvar=”study:,$25,billion,in,auto,loans,past,due”;
Donna Harris
Automotive News | October 6, 2008 - 1:23 pm EST
Nearly $25 billion worth of consumer auto loans are delinquent, a new study reports.
In the second quarter of 2008, Experian Automotive says, 2.48 percent of all auto loans were 30 days past due, compared with 2.28 percent [...]
Lenders move fast to liquidate Heard’s stores
queryvar=”lenders,move,fast,to,liquidate,heards,stores”;
April Wortham
Automotive News | October 6, 2008 - 12:01 am EST
ENLARGE
A Bill Heard dealership in Kennesaw, Ga., is one of 14 stores that closed after Heard filed for Chapter 11 protection.
[...]
Sunday, October 5, 2008
Mitsubishi workers in Illinois ratify contract
Associated Press
NORMAL, Ill. — United Auto Workers members at a central Illinois plant ratified a four-year contract with Mitsubishi Motors North America on Saturday that calls for them to take pay cuts in exchange for job security.
Mitsubishi agreed to no involuntary layoffs for the more than 1,200 [...]
THE GREAT COLLAPSE
Richard Truett
Automotive News | October 6, 2008 - 12:01 am EST
DETROIT — For the auto industry, September could be the start of a really bad stretch.
Last month, U.S. light-vehicle sales declined 26.6 percent, and industry executives glumly predict that a turnaround won’t occur until 2010.
Some analysts expect that U.S. sales this year [...]
GMAC is out of leasing — at least for now
queryvar=”gmac,is,out,of,leasing,—,at,least,for,now”;
Alysha Webb
and Jesse Snyder
Automotive News | October 6, 2008 - 12:01 am EST
GMAC Financial Services, the nation’s largest auto lessor as recently as midyear, virtually has stopped writing leases in the United States.
In September, leases accounted for less than 2 percent of General Motors’ [...]
Toyota battles Detroit 3 with cheap loans
queryvar=”toyota,battles,detroit,3,with,cheap,loans”;
Hans Greimel
Automotive News | October 6, 2008 - 12:01 am EST
TOKYO — As consumers struggled with tight credit, Toyota Motor Sales U.S.A. last week started offering no-interest loans on 11 models.
The incentives are a direct challenge to the financially struggling Detroit 3, which can ill afford an incentive [...]
Saturday, October 4, 2008
Big 3 scores in lobbying for bailout
OK’d plan includes $1B tax credit over 10 years for plug-ins and fully electric vehicles.
David Shepardson / Detroit News Washington Bureau
WASHINGTON — Detroit’s Big Three CEOs personally spoke with undecided members of Congress to help win passage of the $700 billion Wall Street bailout package — [...]
Toyota backs off full-sized pickup war
queryvar=”toyota,backs,off,full-sized,pickup,war”;
Mark Rechtin
Automotive News | October 3, 2008 - 1:52 pm EST
ENLARGE
Toyota won’t engage the Tundra in U.S. pickup truck sales wars this year.
PARIS — Despite [...]
GM to close Ohio SUV plant 2 years ahead of plan
queryvar=”gm,to,close,ohio,suv,plant,2,years,ahead,of,plan”;
David Barkholz
Automotive News | October 3, 2008 - 4:30 pm EST
DETROIT — General Motors is ending production of its slow-selling mid-sized SUVs on Dec. 23, two years earlier than announced in June.
GM is pulling ahead the closure of its Moraine, Ohio, assembly plant because [...]
Toyota offers 0% financing on 11 models
Move could heat up incentive battles
queryvar=”toyota,offers,0%,financing,on,11,models”;
Hans Greimel
Automotive News | October 3, 2008 - 12:01 am EST
Bob Carter, Toyota Division general manager
Photo credit: JOE WILSSENS
TOKYO — Toyota is turning to 0 percent financing on 11 models as [...]
Industry leaders ramp up rescue support
queryvar=”industry,leaders,ramp,up,rescue,support”;
Harry Stoffer
Automotive News | October 2, 2008 - 5:02 pm EST
WASHINGTON — Automobile industry leaders today turned up pressure on Congress to pass a financial rescue package that they say is necessary to thaw frozen credit markets.
General Motors CEO Rick Wagoner, in an e-mail to company employees, asked them [...]
Thursday, October 2, 2008
Paris Car Show
Going global: GM debuts Chevrolet Cruze
Model designed to please buyers on both sides of the Atlantic
Christine Tierney / The Detroit News
PARIS — In the splendor of the Pavillon Dauphine bordering the famous Bois de Boulogne, General Motors Corp. celebrated the debut of the stylish Chevrolet Cruze compact Wednesday in a [...]
Camaro convertible will debut in Detroit
October 1, 2008
May be best ‘08 market share
By KATIE MERX
FREE PRESS BUSINESS WRITER
General Motors Corp. reported a 15.6% drop in sales for September compared with the year earlier.
GM reported U.S. light vehicle sales of 282,806 vehicles in September, down from 334,974 in September 2007.
Despite the continued drop in vehicle sales, GM believes it marked [...]
Rick Kranz
Automotive News | October 1, 2008 - 11:26 am EST
ENLARGE
Police car manufacturer Carbon Motors plans to market its new car directly to law enforcement agencies — skipping the need for a dealership network.
Additionally, the company plans to repurchase the car [...]
SEPTEMBER U.S. AUTO SALES
Richard Truett
and James Henry
Automotive News | October 1, 2008 - 2:22 pm EST
With a 32.3 percent decline in sales, Toyota Motor Sales U.S.A. in September turned in one of the worst performances in its 50-year history in the United States. Toyota sold 144,260 vehicles last month, down from 213,042 in [...]
Wednesday, October 1, 2008
GM suspends stock purchases in employee plans
Associated Press
DETROIT — General Motors Corp. said Tuesday it has suspended employee stock purchases through two 401(k) programs because workers have bought all the available shares.
GM said in a regulatory filing that the suspension "is the result of recent unexpectedly high demand among the plans’ participants [...]
GOVERNMENT LOANS FOR AUTOMAKERS
Harry Stoffer
Automotive News | October 1, 2008 - 9:18 am EST
WASHINGTON — Funding now is available to launch a $25 billion program of low-interest federal loans to automakers and suppliers.
Late Tuesday, Sept. 30, President Bush signed a broad spending bill that keeps government operating in the new fiscal year that began [...]
If you participate in the GM-PSP, and you want to trade/buy GM Common Stock, you need to be aware of this information!!!!
Pay attention to the language I have highlighted in "RED" both at the top and bottom of the memo. This was posted on Socrates.
September 30, 2008
THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES [...]
Wednesday, October 1, 2008
GM sells old plants, land to raise money
Automaker unloads assets to help weather sliding sales, tightening credit market.
Robert Snell / The Detroit News
General Motors Corp.’s decision to explore selling a French parts plant is one of many moves aimed at thinning its global real-estate portfolio, cutting costs and raising millions of dollars [...]
Nissan tries new luxury branding at home, in lieu of Infiniti
queryvar=”nissan,tries,new,luxury,branding,at,home,in,lieu,of,infiniti”;
Hans Greimel
Automotive News | September 30, 2008 - 4:24 pm EST
TOKYO — Nissan is still struggling with the idea of bringing its Infiniti luxury brand to Japan. So in the meantime, the company has settled for an alternative: a brand called Nissan Premium Factory.
The [...]
GM preparing cuts in contract workforce
queryvar=”gm,preparing,cuts,in,contract,workforce”;
Amy Wilson
and Robert Sherefkin
Automotive News | September 30, 2008 - 12:01 am EST
DETROIT — General Motors will begin cutting U.S. contract workers as early as next week.
The reduction in GM’s contract staffing is part of a bigger effort to reduce the automaker’s overall costs, sources familiar with the [...]
Heard lawyer: Dealer is ‘out of money’
Court approves funding for liquidation and other expenses
queryvar=”heard,lawyer:,dealer,is,‘out,of,money’”;
April Wortham
and Chrissie Thompson
Automotive News | September 29, 2008 - 12:01 am EST
ENLARGE
A Bill Heard Enterprises employee locks the gate at the flagship Chevrolet store in Columbus, Ga.
[...]
Tuesday, September 30, 2008
Auto briefs
Bush nominates new highway safety chief
WASHINGTON — The Bush administration has nominated David Kelly to lead the federal agency that regulates the auto industry. President Bush nominated Kelly on Monday to be the administrator of the National Highway Traffic Safety Administration. Kelly has served as acting administrator since mid-August. Kelly was [...]
Tuesday, September 30, 2008
Carmakers wince as bailout fails
Worries spread that if credit markets stay tight, fewer buyers will get car loans and sales will dive.
David Shepardson / Detroit News Washington Bureau
WASHINGTON — Automakers and legislators warned Monday that the auto financing market was in danger of collapsing after a $700 billion Wall Street bailout package [...]
Monday, September 29, 2008
GM stock hits 54-year-low on bailout vote
David Shepardson / The Detroit News
General Motors Corp. stock plunged to a 54-year-low Wednesday on the House vote to reject a $700 billion Wall Street bailout, while other auto sector stocks also were hammered.
GM stock fell 12.8 percent to $8.51, losing $1.25 a share, to fall [...]
Saturday, September 27, 2008
GM wants 100-mpg rating for ‘10 Volt
David Shepardson / Detroit News Washington Bureau
WASHINGTON — Will the Volt break the 100 mpg barrier?
General Motors Corp. said Friday it has reached a preliminary agreement with the California Air Resources Board about how to classify its Chevy Volt in terms of emissions standards that could [...]
Target for Traverse: No. 1 in large crossovers
queryvar=”target,for,traverse:,no,1,in,large,crossovers”;
Amy Wilson
Automotive News | September 29, 2008 - 12:01 am EST
ENLARGE
Early incentives could help the Traverse beat Highlander and Pilot.
DETROIT — Toyota and [...]
Credit freeze plunges Detroit 3 in cash crisis
queryvar=”credit,freeze,plunges,detroit,3,in,cash,crisis”;
Jim Henry
Automotive News | September 29, 2008 - 12:01 am EST
The Detroit 3 face a cash crisis that threatens their solvency before an anticipated recovery in 2010, analysts suggest.
Credit largely has dried up for the Detroit 3 at a time when slumping sales are depriving the companies [...]
3 strategies, with the wolf at the door
GM, Ford and Chrysler place new-product bets
queryvar=”3,strategies,with,the,wolf,at,the,door”;
Bradford Wernle
Automotive News | September 29, 2008 - 12:01 am EST
DETROIT — Call it Chrysler’s Hail Mary strategy.
Caught in a vise between looming federal fuel economy regulations and its own desperate financial circumstances, Chrysler LLC revealed last week that it will [...]
Mitsubishi, UAW reach tentative agreement
queryvar=”mitsubishi,uaw,reach,tentative,agreement”;
Lindsay Chappell
Automotive News | September 26, 2008 - 10:56 am EST
Mitsubishi Motors North America Inc. has reached a tentative labor agreement with its U.S. factory workers after three weeks of operating without a contract.
Workers at the Normal, Ill., plant learned of the agreement today from an announcement over the plant’s [...]
Hendrick, Gregory vying for Heard stores
queryvar=”hendrick,gregory,vying,for,heard,stores”;
Chrissie Thompson
Automotive News | September 26, 2008 - 4:30 pm EST
The 58-store dealership group owned by NASCAR-team owner Rick Hendrick has discussed expanding its company with “the folks at Bill Heard Enterprises,” Hendrick said late Friday in a statement.
Hendrick Automotive Group is vying to buy some of the Bill [...]
GM preparing cuts in contract workforce
queryvar=”gm,preparing,cuts,in,contract,workforce”;
Amy Wilson
and Robert Sherefkin
Automotive News | September 26, 2008 - 8:12 pm EST
DETROIT — General Motors will begin cutting U.S. contract workers as early as next week.
The reduction in GM’s contract staffing is part of a bigger effort to reduce the automaker’s overall costs, sources familiar with the [...]
GM shuts down minivan plant in Georgia
queryvar=”gm,shuts,down,minivan,plant,in,georgia”;
Automotive News | September 26, 2008 - 2:11 pm EST
General Motors today made its last minivan at the 60-year-old Doraville, Ga., assembly plant, the Atlanta Journal-Constitution newspaper reported.
The plant closure took place a day earlier than scheduled and only a handful of the plant’s 1,200 employees remained on hand [...]
