US automakers

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Last-Minute Chrysler Talks Hinge on Smaller Lenders

Bankruptcy remains a possibility

(Newser) - Chrysler is still preparing for bankruptcy in case the Treasury's last-minute negotiations with hesitant creditors crumble, the Wall Street Journal reports. Most big lenders have agreed to write down part of Chrysler’s debt in exchange for stakes in the company, but smaller hedge funds also have to agree for...

China Plans to Lead Way in Electric Cars

(Newser) - As US automakers continue their late push into the market for hybrids and electric cars, they may soon have a major new competitor to worry about: China. Beijing, which barely registers in the auto world today, has begun a major investment push and plans to join the world leaders in...

More Big Auto Sales Drops: GM Off 45%, Ford 41%

(Newser) - Automakers got hammered again last month, with Detroit’s Big Three all reporting big sales drops today. Ford’s light-vehicle numbers were down 41%, the AP reports; General Motors’ fell 44.7% and Chrysler’s 39.3%, the Wall Street Journal adds. Foreign manufacturers weren’t immune, either, with Toyota’...

7,500 Hourly UAW Workers Take GM Buyouts

The total is now 60,500 buyouts since '06

(Newser) - General Motors has convinced 7,500 unionized, hourly workers to accept buyouts and exit the company as early as next week, the Wall Street Journal reports. The automaker offered $20,000 in cash and $25,000 car vouchers—far less than previous offers—in this latest round of cuts to...

Honda Hops on Bailout Bandwagon

Japanese automaker to seek government loans to pay for customer loans

(Newser) - With American credit markets dried up, Honda is seeking money from the Japanese government to help finance auto loans in the US, reports the Wall Street Journal. The Japanese government is planning to offer $5 billion through a semi-governmental organization, and Toyota is planning to seek funds as well.

Bankruptcies Could Boost US Car Sales

Restructuring could convince consumers to take a chance, say marketers

(Newser) - Contrary to what GM and Chrysler contend, bankruptcies could actually end up boosting their sales. Customers who backed away from the brands amid uncertainty may return once the future is known—even if it's one that entails Chapter 11, marketers tell Advertising Age. Case in point: Studebaker lasted 30 years...

GM Wants $16B More, Will Cut 47K Jobs

(Newser) - GM says it will need an additional $16 billion in federal aid to stay afloat, the Detroit News reports. The automaker laid out its restructuring plan for the Obama administration today, requesting $2 billion next month and another $2.6 billion in April to avoid bankruptcy. GM also will shed...

Obama Swaps Car Czar Plan With Panel

Economic advisers, union mediator will aid decisions: official

(Newser) - The Obama administration has ditched the "car czar" idea, and is divvying up the task of reviving Detroit among a panel of top economic advisers instead, an official tells the New York Times. The Treasury secretary and National Economic Council chair will oversee the presidential panel of experts, many...

Fiat to Take 35% Stake in Chrysler, Enter US Market

No-cash deal offers platform sharing and markets to Fiat, a lifeline to Chrysler

(Newser) - Fiat arranged a no-cash deal with Chrysler today that could put the Italian automaker behind the wheel of Chrysler’s operations, the Wall Street Journal reports. Fiat will take a 35% stake in Chrysler with an option for 20% more. Fiat will receive a foothold in the US market, retooling...

Resilient Detroit Will Come Back Strong
Resilient Detroit
Will Come Back Strong
OPINION
Jan 13, 2009 5:52 PM CST

Resilient Detroit Will Come Back Strong

Detroit and its automakers won't quit at any cost

(Newser) - When Congress bailed on aid for Detroit automakers last month, it felt like lawmakers "had just voted to turn the lights out on the Motor City," Detroiter Sarah Webster writes in the Free Press. But even as the Big Three dance dangerously close to bankruptcy, she refuses to...

Ford, Hyundai Win Top Wheels Honors
Ford, Hyundai Win
Top Wheels Honors
Jan 12, 2009 1:53 AM CST

Ford, Hyundai Win Top Wheels Honors

Ford F-150, Hyundai Genesis named top 2009 vehicles

(Newser) - Here's some good news for ailing Detroit: The redesigned Ford F-150 was named North America's Truck of the Year yesterday by a team of journalists who preferred its design, handling, drive and value to the other finalists, the Dodge Ram and Mercedez ML320. Korean automakers clinched their first victory...

Companies Fly to Unload Private Planes

Putting jets on block may be more about image than money

(Newser) - The business-jet industry couldn’t have asked for worse PR than members of Congress ripping auto executives for traveling by company plane to beg for taxpayer money. By the time the Big Three execs returned—by hybrid car—to Washington, the corporate jet was a symbol of bloated corporate excess,...

Paulson Wants Next $350B, But Bush May Not Ask for It

Request likely to set off more hand-wringing in Congress over bailout tactics

(Newser) - Treasury Secretary Henry Paulson called today for Congress to release the second half of the $700 billion bailout fund, but his plea isn’t being echoed at the White House—which would have to make the formal request, the Wall Street Journal reports. “It’s not necessarily true that...

3 Detroit Finalists Up for Car, Truck of Year

Ford, Chrysler vehicles face off against three foreign competitors

(Newser) - Three Detroit-made vehicles are among six finalists for the 2009 North American Car and Truck of the Year awards, the Detroit News reports. The Ford Flex will compete with the Hyundai Genesis and the Volkswagen Jetta TDI for the year's best car, while the redesigned Ford F-150 and Dodge Ram...

South Ensuring Detroit Won't Rise Again

States woo Northern economy with lower wages, 'inhumane standards'

(Newser) - It's no coincidence that Dixie senators derailed the Big Three bailout, since the South—with anti-union laws, low wages, and modest taxes—has built a counter-Detroit that will ensure that neither the Motor City or the South will rise again, Michael Lind writes in Salon. The same tactics were used...

GM, Chrysler Revive Merger Talks

Chrysler's private equity owner signals willingness to give up a stake

(Newser) - General Motors and Chrysler are back in merger talks, reports the Wall Street Journal. Negotiations fizzled weeks ago as both companies viewed a merger as impractical and a potential distraction from federal bailout talks. Chrysler owner Cerberus Capital Management took the initiative to restart talks, and has signaled a willingness...

Chrysler Idling US Plants for 30 Days

Supply to be slowed so it meets lowered demand, company says

(Newser) - Ominous news on the auto front: Chrysler will idle all its North American plants for at least 30 days beginning Friday, a move meant to realign the company's supply with plummeting demand, the Detroit News reports. Ford, meanwhile, will close 10 assembly plants for an extra week in January, the...

Detroit Failure Could Spark 'Economic Chaos'
Detroit Failure Could Spark
'Economic Chaos' 
ANALYSIS
Dec 13, 2008 9:17 AM CST

Detroit Failure Could Spark 'Economic Chaos'

Analysts warn that letting automakers sink will have impact across the economy

(Newser) - Letting one of the Big Three go under could have disastrous effects on many corners of the American economy, McClatchy Newspapers reports. Beyond the jobs lost at the companies and their suppliers—as well as the jobs lost everywhere those workers spend their wages—the repercussions would hit sectors as...

Auto Suppliers Panic as Detroit Collapse Nears

Owed billions by GM and Chrysler, many near failure

(Newser) - The looming collapse of GM and Chrysler is sending shudders all the way down the supply chain, the New York Times reports. America's auto parts suppliers employ 600,000 people—more than twice as many as the Big Three automakers combined—but many suppliers are already stretched to the limit...

Dark Day for Detroit
 Dark Day for Detroit 
EDITORIAL
Dec 12, 2008 2:36 AM CST

Dark Day for Detroit

Bailout collapse leaves state fretting over future

(Newser) - Detroit's bailout has crashed and burned, casting a pall on Michigan's future, the Detroit Free Press writes. The state knows the pain that comes with tough times in the auto industry all too well, and it's "incredible" that any American lawmaker "could want to watch these hard times...

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