Detroit

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Ford Loses $2.98B, Cuts Jobs
 Ford Loses $2.98B, Cuts Jobs 
Nov 7, 2008 7:41 AM CST

Ford Loses $2.98B, Cuts Jobs

Automaker narrows losses, but results much worse than expected

(Newser) - Ford Motor Company’s sales plunged 22% in the third quarter, the company said today, as the struggling economy eviscerated demand. The company lost $2.98 billion, or $1.31 a share, far worse than the 93 cents-per-share analysts expected, while burning through $7.7 billion in cash, Bloomberg reports....

Few Voting Problems in Key States

Most problems reported in Michigan

(Newser) - The 2008 election is proceeding well in most states. Cleveland polling places were hit with high turnout at the 6:30am open, but voting tapered off as the morning continued, in part thanks to the 250,000 who voted early, the Cleveland Plain Dealer reports. In South Florida, voters faced...

Auto Bailout Is a Lemon for Taxpayers
Auto Bailout
Is a Lemon for Taxpayers
OPINION
Oct 29, 2008 11:35 AM CDT

Auto Bailout Is a Lemon for Taxpayers

Bankruptcy is just what Detroit needs to straighten itself out

(Newser) - Automakers just got a $25 billion loan from Uncle Sam, but now here GM and Chrysler are again, hat in hand, asking for another $10 billion to facilitate their merger. But the “deal is a lemon,” writes Steven Pearlstein in the Washington Post. Yes, the economy would suffer...

Judge Sends Detroit's 'Arrogant' Ex-Mayor to Jail

(Newser) - If Detroit's ousted mayor hoped to catch a break in court today, he was very much disappointed, the Detroit News reports. After upbraiding Kwame Kilpatrick as "arrogant" and "defiant," the judge told the disgraced politician he'd have to serve his full 4-month sentence for obstructing justice with...

Congress' Big Auto Bailout Mired in Red Tape

Money coming later rather than sooner

(Newser) - Detroit's $25 billion loan is sitting in Washington, the Washington Post reports, and may take more than a year to distribute, despite the auto industry's increasing desperation for the cash. The Energy Department, which was tasked with doling out the money, says various legal and administrative requirements will drag the...

Chrysler Flirts With Nissan- Renault as GM Seeks Credit

Alliance would keep Detroit automaker intact, but expose Cerberus to more risk

(Newser) - Chrysler is considering joining Nissan-Renault, adding a North American arm to the Japanese-French auto alliance that could rescue Chrysler’s operations, the Wall Street Journal reports. Cerberus, Chrysler’s majority owner, prefers a merger with General Motors, but overlap with a Detroit competitor would likely eliminate half of Chrysler’s...

Kerkorian Pulls Out of Ford
Kerkorian Pulls Out of Ford
Oct 21, 2008 8:46 AM CDT

Kerkorian Pulls Out of Ford

Biggest non-family stockowner begins dumping stake, looks to energy instead

(Newser) - Billionaire investor Kirk Kerkorian, an old hand at investing in Detroit, began his Ford escape today, selling 7.3 million shares of common stock in the company at $2.43 per share, the Wall Street Journal reports. As recently as February Kerkorian was building his stake in the embattled automaker,...

Toyota Offers Interest-Free Car Loans

Japanese giant capitalizing on US automakers' woes

(Newser) - Toyota is moving aggressively to fight slowing sales with a $250-million advertising campaign that offers zero-percent financing on 11 vehicles. The Japanese auto giant is flush with billions of dollars in cash and plans to use it to boost its market share, just as Ford, GM and Chrysler are at...

GM Calls for Help
 GM Calls for Help 
Oct 14, 2008 12:07 PM CDT

GM Calls for Help

Firm reiterates urge for government assistance

(Newser) - General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees,"...

Ford Put Brakes on GM Merger Talks
Ford Put Brakes on GM Merger Talks
Oct 11, 2008 5:34 PM CDT

Ford Put Brakes on GM Merger Talks

Company vows to survive, may sell Mazda stake for cash

(Newser) - Ford rejected merger overtures from GM earlier this year and decided to ride out its financial issues alone, the Wall Street Journal reports. The GM-Ford talks were “very loose and preliminary, more exploratory in nature than anything else,” a source said. Both companies have denied bankruptcy rumors, but...

In Crisis, Wheels Coming Off for Detroit Automakers

Economic downturn bad news for cars

(Newser) - The situation in Detroit looked bleak before the current economic crisis; now, it looks apocalyptic, the Washington Post reports. As GM’s stock fell 31% yesterday. Adjust for inflation, and the company is worth far less now than it was after the 1929 crash. “It’s devastating,” said...

GM May Sell Detroit Home Base
 GM May Sell Detroit Home Base 
Oct 7, 2008 4:46 PM CDT

GM May Sell Detroit Home Base

Firm seeks investment from pension funds in landmark Renaissance Center

(Newser) - General Motors will ask to borrow $500 million from pension funds for Detroit city employees to refinance its headquarters, the Renaissance Center, the News reports. The firm will make a pitch to the police and fire retirement system Thursday; GM will consider selling the landmark and leasing office space inside...

Ford Sales, Off 34%, Key Ugly US Autos Report

Nissan down 37%; Toyota sees 32% drop; GM fares better, but still 16% lower

(Newser) - As expected, early sales reports from automakers paint a dismal picture, MarketWatch reports. Ford reports a 34% drop in US sales in September compared to a year ago; Toyota’s were off 32% and General Motors’ fell 16%, AP adds. Industry-wide, sales are down almost 20% over this time in...

House OKs $25B Detroit Rescue
 House OKs $25B Detroit Rescue 
Sep 25, 2008 3:29 AM CDT

House OKs $25B Detroit Rescue

Package of low-interest loans aims to prop up staggering auto industry

(Newser) - The House has approved a $25 billion lifeline to Detroit's battered auto industry, the Detroit Free Press reports. The package of low-interest loans to help automakers switch to manufacturing more fuel-efficient vehicles is expected to be approved by the Senate today and signed by the president soon after. Michigan lawmakers...

Guess How Many Cars I Own?
 Guess How Many Cars I Own? 
Sep 22, 2008 8:53 AM CDT

Guess How Many Cars I Own?

13 rides pack McCains' garages, including 2 Jeeps, a pickup, Caddie and foreign cars

(Newser) - The McCains own almost twice as many cars as they do houses, and a few members of the fleet are foreign—despite John McCain’s recent assurances to Detroit that "I've bought American literally all my life.” Thirteen cars are registered to John and Cindy McCain, Newsweek discovered...

Motown Great Norman Whitfield Dies
Motown Great Norman Whitfield Dies
obituary
Sep 18, 2008 10:24 AM CDT

Motown Great Norman Whitfield Dies

Grammy-winner who wrote 'Heard it Through the Grapevine' was 67

(Newser) - Norman Whitfield, the visionary producer who helped shape the Motown era, has died at 67 from diabetes complications, the Los Angeles Times reports. Whitfield produced most of the Temptations’ recordings, and co-wrote dozens of Motown standouts, including Marvin Gaye’s “I Heard it Through the Grapevine.” It was...

Detroit Mess May Hurt Obama
 Detroit Mess May Hurt Obama 
ANALYSIS
Sep 5, 2008 3:53 PM CDT

Detroit Mess May Hurt Obama

In battleground Michigan, GOP seizing on Dem's support of ousted Detroit mayor

(Newser) - The fall of Kwame Kilpatrick could hurt Barack Obama’s chances in all-important Michigan, writes Keith Naughton for Newsweek. Long before the scandal broke, Obama embraced Kilpatrick at a Detroit event and told a crowd the “great” mayor would do “astounding things for many years to come”—...

'I'm Set for Comeback,' Boasts Booted Detroit Mayor

Plea-deal felon apologizes, talks of his 'standards for excellence'

(Newser) - Hours after pleading guilty to two felony perjury charges, disgraced Detroit mayor Kwame Kilpatrick gave a televised address that the Detroit Free Press called part apology, part campaign speech. "This city always gets up," said Kilpatrick, pointing out the "standards for excellence" he has established. "I...

Detroit's Mayor Admits He Lied, Will Step Down

Kilpatrick to serve 4 months for perjury; still faces assault charges

(Newser) - Detroit’s embattled mayor plead guilty to perjury charges today, admitting that he lied under oath during a police whistleblower trial, the Detroit Free Press reports. In a deal that requires him to resign, Kwame Kilpatrick will serve 4 months in jail on two felony counts of obstruction of justice...

Detroit Mayor Dickers Over Jail Time in Plea

Prison now appears unavoidable for embattled Kilpatrick

(Newser) - Detroit Mayor Kwame Kilpatrick is weighing whether to enter a plea deal this morning that will cost him jail time, the Detroit Free Press reports. A lawyer for Kilpatrick, who faces felony perjury charges, said Kilpatrick was negotiating jail time, probation and retaining the right to run for future office....

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