auto industry

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GM Will Drive Obama Off Cliff: Brooks
GM Will Drive Obama Off Cliff: Brooks
OPINION
Mar 31, 2009 8:36 AM CDT

GM Will Drive Obama Off Cliff: Brooks

Company can't be saved; political costs of bankruptcy are huge

(Newser) - For decades, General Motors hasn’t been so much in the automaking business, David Brooks writes in the New York Times, as “in the restructuring business.” And for just as long, presidents have sought to push bankruptcy into the future. By getting serious, though, “the Obama administration...

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been...

Auto Intervention Puts Obama on Risky Road

Prez may end up taking the flak from restructuring's tough choices

(Newser) - President Obama's intervention in the auto industry puts him on a risky road through uncharted territory, David E. Sanger writes in the New York Times. Making decisions for an industrial giant like GM is a totally different enterprise than stepping in with the likes of AIG, Sanger writes—especially when...

Wagoner: Optimist, Survivor, Martyr?
 Wagoner: Optimist, 
 Survivor, Martyr? 
Analysis
Mar 30, 2009 1:42 PM CDT

Wagoner: Optimist, Survivor, Martyr?

The long, unhappy reign of Rick Wagoner

(Newser) - During Rick Wagoner’s 9-year stint at the wheel, GM lost its place as the world’s top automaker, cut tens of thousands of jobs, and saw shares fall from $70 to less than $3. But through it all Wagoner fended off all challengers—including the likes of Kirk Kerkorian—...

Obama: No Auto Bailout Without More Concessions

(Newser) - GM and Chrysler got tough love from Barack Obama today, with the president declaring that they haven't made substantial enough changes to justify another federal bailout, and decrying the “failure of leadership” to come up with viable restructuring plans. Obama said the companies would have to regroup radically to...

Dow Drops Nearly 300 on Auto Bailout News
 Dow Drops Nearly 300 
 on Auto Bailout News 
MARKET update
Mar 30, 2009 8:46 AM CDT

Dow Drops Nearly 300 on Auto Bailout News

(Newser) - Stocks hit the brakes hard this morning, after the Obama administration’s auto task force panned GM and Chrysler’s proposed reconstruction plans. The Dow was down 298 points by late morning, while the S&P and Nasdaq had tumbled 59 and 31 points respectively. GM plummeted 25%, falling below...

Auto Team: Chrysler Needs Bankruptcy, Fiat Deal

Administration offers 30 days more working capital before aid dries up

(Newser) - Chrysler cannot become viable on its own, says the White House's auto task force, recommending “quick and surgical” bankruptcy restructuring and the proposed Fiat partnership as the automaker's best shot at survival. The administration will provide Chrysler 30 days’ more working capital to finalize a deal, but the federal...

Auto Task Force: GM Plan Not Viable

(Newser) - GM’s current restructuring plan isn’t going to cut the mustard, President Obama’s auto task force declared in its stinging assessment for the White House. The memo accuses GM of relying on rosy, unrealistic projections for sales, burning through too much cash, expecting too much from the rollout...

German Demand for New Cars Outstrips Supply

(Newser) - German auto dealers are mulling a problem that their counterparts around the world would love to have: A crushing demand for new cars. New auto sales shot up 21% in February, and could go higher this month, the Christian Science Monitor reports, thanks to the government’s “scrapping bonus,...

Obama Raises Fuel-Economy Standards

(Newser) - US fuel-economy standards are going up, an Obama administration official tells Bloomberg today. By 2011, new cars and light trucks will have to hit an average of 27.3 miles per gallon—30.2mpg for cars and 24.1 for light trucks and SUVs. Automakers have raised no objections—the...

India Rolls Out World's Cheapest Car

Tata Motors plans to take $2,000 car to Europe, US

(Newser) - India's Tata Motors rolled out its $2000 Nano car yesterday, six months late but with grander plans than ever, reports the Los Angeles Times. The company aims to sell the vehicle—10 feet long and less than 5 feet wide—not only to India's emerging middle class, but to the...

Sweden to Saab: Tough Luck
 Sweden to Saab: Tough Luck 
Mar 23, 2009 8:34 AM CDT

Sweden to Saab: Tough Luck

The G.M.-owned Swedish automaker seeks a buyer to save itself

(Newser) - As governments around the world have propped up their automobile companies, typically paternalistic Sweden has answered Saab’s plea for help with an unexpected reply: “No.” No bailout, no takeover. The town of Trollhattan in southwest Sweden now faces economic catastrophe akin to Detroit’s decline as its...

Chrysler, GM May Need 'Considerably' More US Aid

(Newser) - Chrysler and GM could end up needing a “considerably higher” amount than the $21.6 billion so far requested, Bloomberg reports. Steven Rattner, who heads President Obama’s auto task force, said it's possible the request could go as high as $40 billion. He also said that Chrysler’s...

US Cars Catch Foreign Makers in Dependability

(Newser) - Buick and Jaguar are the most dependable all-around car brands this year, the Detroit News reports. A study by JD Power and Associates looked at the average number of problems that crop up in 2006 models to make its estimation, which could be more influential as the recession has drivers...

Recession Lifts Auto Repair Shops

People aim to keep cars running rather than buy new ones

(Newser) - For car mechanics, the recession has its perks: Americans are flocking to repair shops to ensure their vehicles run longer in tough times, CNNMoney reports. Automotive Service Association members have seen a 16% boost in sales compared to last year. “In relative terms, that $1,000 repair to keep...

Ford-UAW Deal Shows Detroit the Way Forward
Ford-UAW Deal Shows Detroit the Way Forward
OPINION
Mar 10, 2009 1:39 AM CDT

Ford-UAW Deal Shows Detroit the Way Forward

Compromise reveals Detroit's 'dinosaurs' can adapt to survive

(Newser) - The deal hammered out between Ford and the UAW offers Detroit a rare glimpse of hope for the future, Jim Jelter writes in MarketWatch. The deal, ratified by workers yesterday, lets Ford pay half its health-care costs for workers in shares instead of cash, binding workers fortunes' closer to the...

Obama Auto Team in Detroit Considering $22B More in Aid

GM and Chrysler, both facing collapse, woo more taxpayer dollars

(Newser) - With the specter of bankruptcy looming over General Motors and Chrysler, President Obama’s auto team is in Detroit today as it considers whether to give the companies $22 billion more in bailout cash, the Wall Street Journal reports. The field trip will include visits to production and engineering facilities...

GM, Auditors Doubt Survival Unless Sales Pick Up Fast

Bankruptcy threatens if auto sales don't pick up

(Newser) - General Motors and its auditors expressed doubts about the automaker’s survival in an SEC filing today. Bankruptcy looms, the firm notes, if the viability plan it gave Congress fails, MarketWatch reports. That plan depends on vehicle sales recovering next year, as well as the company's ability to get financing...

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.

Toyota Asks Japan for a Bailout

(Newser) - Toyota is reportedly seeking $2 billion in loans from Japan’s government, after forecasting its first loss in 59 years, Bloomberg reports. A Toyota Financial Services spokesman confirmed that the automaker is in talks with a state-owned bank, but wouldn’t specify a figure. The carmaker expects to report a...

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