automaker

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Put the Brakes on Car Chiefs' Pay: UAW Boss

Loans necessary to escape temporary bind, he adds

(Newser) - The nation's Big Three automakers should pledge to limit executive pay—including bonuses and severance packages—in exchange for federal money, insists the president of the United Auto Workers. Ron Gettelfinger warned that everyone is going to have to tighten his belt, including the rank-and-file, in order to save jobs....

South Short on Sympathy for Detroit's Woes

Dixie welcomes foreign automakers and disses Big 3 bailout

(Newser) - West Point, Georgia, looks a lot like Main Street USA but its people aren't overflowing with pity for the struggling American auto industry, the Los Angeles Times reports. Kia Motors is building a plant in the town and residents are looking forward to new jobs and learning to love Korean...

'Demand Accountability' from Citi: Podesta

Transition boss discusses bailout, Cabinet

(Newser) - The government should “demand accountability” from Citigroup in return for bailout funding, Barack Obama’s transition team leader says. “If we’re going to have one rule, we ought to apply it to all of the financial institutions that we’re taking a look at,” John Podesta...

Chinese Automakers Seek US-Style Bailout

Country's carmakers look to Beijing as slowdown puts the brakes on sales

(Newser) - China's automakers are looking to emulate a new Detroit invention—a bailout, the New York Times reports. After years of rapid expansion, the industry has been hit by a sudden slowdown as confidence crashes both home and abroad. Executives are now quietly pressing Beijing for a US-style rescue package to...

GM Sales Off 45% as US Auto Sales Hit 25-Year Low

Asian brands add market share amid sales freefall

(Newser) - US auto sales dived in October to levels not seen since 1983, Bloomberg reports.  GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market...

Car Dealers Write Off Domestic Franchises

Groups writeoff value of franchises as economy shifts into low gear

(Newser) - Two of the largest chains of car dealers report that their domestic auto franchises have become virtually worthless, the Wall Street Journal writes. The companies took a  a combined $51 million in writedowns for the third quarter, reflecting disappearing "franchise value"—the measure of potential profit—for dealerships...

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...

GM Rolls Out Volt Tomorrow; Hopes for Game-Changer

Automaker sees battery-powered car as turning point for company, Detroit

(Newser) - General Motors will unveil its new Chevy Volt tomorrow, hoping that the battery-operated car will reverse its long reputation as a gas-guzzling industry dinosaur and attract devotees of competitors' hybrids, reports the Wall Street Journal. GM hopes the Volt, a lithium-ion-powered car due to hit the market in 2010, can...

GM Recalls 800K Over Electric Issues

Short circuit in wiper-fluid system may cause fires in popular SUVs, other models

(Newser) - An electrical glitch has General Motors recalling 857,735 vehicles today, Reuters reports. GM will recall all cars with a heated windshield wiper fluid system for faults that may lead the system to short circuit, increasing the likelihood of fire or other electrical malfunctions. See below for a full list...

Volt Could Spark GM Bailout
 Volt Could Spark GM Bailout 
OPINION
Jul 2, 2008 8:32 AM CDT

Volt Could Spark GM Bailout

Electric car may be speedy route to green image—and help

(Newser) - GM is about as likely to turn a profit with the Chevy Volt as the Edsel is to make a comeback, Holman W. Jenkins Jr. writes in the Wall Street Journal. But the ailing automaker may be aiming to improve its image rather than sell cars. With the automaker's image...

McCain Offers $300M Prize in Assault on Car Batteries

Republican calls energy security 'the great national challenge of our time'

(Newser) - John McCain today offered a $300 million reward to the American who builds “a battery package that has the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars.” He said government had wasted energy money on special interests and failed to punish...

Plunging Truck Sales Drive Ford Deeper Into the Red

Shift away from large vehicles means a rocky road ahead for Detroit's Big 3

(Newser) - Ford's recovery plans have been sent careening off the road by the continuing drop in truck and SUV sales, the Wall Street Journal reports. The company, which now expects this year's losses to top 2007's $2.7 billion, has given up hope of being back in the black by 2009....

Norwegian Electric Car Will Cruise US Streets

Vehicle can log up to 110 miles on single charge

(Newser) - An electric car that can travel up to 110 miles when fully charged will hit select US cities next year, the Wall Street Journal reports. The Think City, from Norwegian automaker Think Global AS, is already on the road in Norway, Sweden and Denmark, and will set American consumers back...

US Woes Drive Toyota Profits Down 28%
 US Woes Drive
 Toyota Profits
 Down 28% 
Earnings report
May 8, 2008 7:15 AM CDT

US Woes Drive Toyota Profits Down 28%

World's No. 2 automaker sees tough year ahead

(Newser) - Even Toyota—with its array of popular gas-sipping vehicles—is struggling in a slumping global economy, according to the latest figures. The world’s No. 2 automaker today reported that earnings for the last quarter fell 28% to $3.05 billion from $4.2 billion a year ago, reports the...

Roadblocks Zap Electric Carmakers' Momentum

Infighting and broken promises mar ambitious companies

(Newser) - The more than two dozen startups racing to produce viable electric cars face a bumpy road, the Los Angeles Times reports, as they navigate infighting, skyrocketing costs, and lack of mass-production know-how. Meanwhile, a successful car would face serious competition from several major automakers working on innovations of their own....

Toyota, GM In Tie for Top Automaker
Toyota, GM In Tie for
Top Automaker
Jan 23, 2008 9:28 AM CST

Toyota, GM In Tie for Top Automaker

Tie highlights two companies headed in opposite directions

(Newser) - Toyota has finally caught up with GM, after years of growing roughly five times as fast. GM’s sales rose 3% in 2007, to 9,369,524 vehicles, but it was only enough to tie Toyota, which last week announced sales of approximately 9.37 million, ending GM’s 76-year...

Toyota Poised to Overtake GM
Toyota Poised to Overtake GM
Dec 25, 2007 8:00 AM CST

Toyota Poised to Overtake GM

Plans to build 9.95 million vehicles, widen lead as largest automaker

(Newser) - Toyota, the most profitable automaker in the world, says it will increase production by 5% to a record 9.95 million vehicles in 2008, opening up a lead over General Motors, Reuters reports. Toyota, which sold 9.36 million vehicles in 2007, also expects sales to increase 5% in 2008...

30K Americans Ordered... This?
30K Americans Ordered... This?
Dec 4, 2007 6:30 PM CST

30K Americans Ordered... This?

Daimler's new fuel-savvy car in high demand before 2008 release

(Newser) - American orders for a new fuel-smart car are already swamping its German manufacturer, the AFP reports. Some 30,000 Americans have already put down $99 on Daimler's Smart Fortwo in anticipation of its January arrival—but some analysts say the tiny two-seater will end up parked in a country that...

Nov. Sales Languish for Big 3
Nov. Sales Languish for Big 3
Dec 4, 2007 8:35 AM CST

Nov. Sales Languish for Big 3

Ford and GM announce production cuts as US sales slump continues

(Newser) - Ford and GM will join Chrysler in cutting production in early 2008, reports the Wall Street Journal today, following sluggish November sales and anticipated weak demand driven by continued economic fallout. Only Ford saw a modest 0.6% improvement in US sales last month, while GM sales were down 11%...

Cadillac CTS Wins Car of Year
Cadillac CTS Wins Car of Year
Nov 20, 2007 7:57 AM CST

Cadillac CTS Wins Car of Year

(Newser) - Cadillac's CTS won Motor Trend’s 2008 car of the year honors today, reports the AP. Editors said the $32,990 entry-level luxury sedan stood up to BMW and Mercedes, and proves Detroit can build a competitive sedan—despite years of focusing on SUVs and trucks. "The CTS obliterates...

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