auto industry – News Stories About auto industry - Page 25

OPINION

Dec 10, 2008 12:30 PM CST

Why Are We Bailing Out Car 1.0?

Detroit is getting left behind

(Newser) - In the modern global economy, Thomas Friedman has a simple rule: “Whatever can be done, will be done,” and if you’re not the one doing it, someone else is. Detroit’s automakers aren’t exploring new business models, so other companies are. When one of them clicks,...

Obama: I Never Discussed My Seat With Blago

Dec 10, 2008 10:05 AM CST

Obama: I Never Discussed My Seat With Blago

Prez-elect talks policy priorities, scandal in wide-ranging interview

(Newser) - The president-elect opined on a variety of issues with the Los Angeles Times yesterday, including how his name will be announced at inauguration (Barack Hussein Obama, as per tradition):

Priorities: He'll start with "a serious investment" in infrastructure for "a green-energy economy."
Centrist Cabinet: He's not

...

Dow Down 242 on Auto Doubts

MARKETS

Dec 9, 2008 3:27 PM CST

Dow Down 242 on Auto Doubts

Uncertainty over bailout details gives rally a flat tire

(Newser) - Yesterday’s gains in the market, buoyed by the probable Detroit bailout, slipped away today as details remained uncertain, the Wall Street Journal reports. Though investors are still optimistic about the president-elect’s infrastructure initiative’s impact on raw goods and energy, that sector couldn’t carry the market. The...

Detroit Collapse Would
Fuel Mexican Crisis

Dec 9, 2008 10:20 AM CST

Detroit Collapse Would Fuel Mexican Crisis

Mexican auto industry, economy tied to America's

(Newser) - A Big Three collapse could spell disaster for Mexico, where the auto industry—and the economy—is tightly bound to America’s, the Christian Science Monitor reports. Mexico sends 80% of its auto-related exports to the US, and its auto industry employs more than 500,000 workers, many of whom...

Stocks Saunter Downward

MARKET Open

Dec 9, 2008 8:59 AM CST

Stocks Saunter Downward

Mild drop as investors hold breath

(Newser) - Stocks dipped at the open today, as investors digested downbeat corporate news while awaiting an auto bailout. The Dow fell as much as 145; the Nasdaq and S&P were off 1.3% and 1.4%, respectively. Auto shares retreated after yesterday’s gains, the Wall Street Journal reports, with...

US May Take
Big Stake in Big 3

Dec 9, 2008 6:40 AM CST

US May Take Big Stake in Big 3

Draft bill creates 'auto czar' for firms' reorganization

(Newser) - As a $15 billion auto industry rescue takes shape, the terms of the plan would give government a major stake in the Big Three and allow it to guide a bankruptcy-like restructuring process, the Wall Street Journal reports. Under the terms of draft legislation, the US could take shares worth...

Big 3 Bailout Plan
Goes to White House

UPDATED

Dec 8, 2008 3:38 PM CST

Big 3 Bailout Plan Goes to White House

Measure has provision for watchdog, but other questions remain

(Newser) - A draft of the multibillion-dollar bailout agreement for the Big Three automakers went from Capitol Hill to the White House this afternoon and found a chilly reception, the AP reports. The draft legislation calls for a government watchdog appointed by the Bush administration to oversee the companies' operation, but its...

Electric-Car Makers
Want Fed Jolt, Too

Dec 8, 2008 10:51 AM CST

Electric-Car Makers Want Fed Jolt, Too

Troubled firms call for government aid, bigger tax credits for drivers

(Newser) - The electric-car industry is facing the same problems as Detroit’s needy giants—plus a few of its own, the Wall Street Journal reports. Like Big Three leaders, electric-car reps have been to Washington seeking government help; struggling industry leader Tesla Motors wants $400 million from the $25 billion energy...

Calls Build for GM's Wagoner
to 'Move On'

Dec 8, 2008 6:31 AM CST

Calls Build for GM's Wagoner to 'Move On'

Dodd, Obama hint a change at the top is in order to get bailout

(Newser) - Sen. Chris Dodd wants General Motors CEO Rick Wagoner “to move on” and a new management team in place if a government bailout is going to move forward, reports the Wall Street Journal. While not making it an outright condition for a rescue package, the Connecticut Democrat told CBS’...

Chrysler Hires Bankruptcy Firm

Dec 5, 2008 3:00 PM CST

Chrysler Hires Bankruptcy Firm

Privately owned automaker preparing for Chapter 11 should feds not help out

(Newser) - Chrysler has contracted a law firm to help it prepare for bankruptcy, the Wall Street Journal reports. The hiring of Jones Day suggests the automaker faces immediate failure if Congress decides to deny financial assistance to Detroit automakers. Jones Day has experience in automotive matters and has represented the United...

Honda Cuts F1 Racing Team

Dec 5, 2008 11:32 AM CST

Honda Cuts F1 Racing Team

Attempting to cut costs, Japan's No. 2 carmaker axes racing program

(Newser) - Honda, facing economic drag as the financial crisis sharply curtails demand for automobiles, is withdrawing from Formula 1 racing, at least until global markets turn the corner, the Guardian reports. Honda's CEO once pledged to spend “a trillion yen” to secure an F1 title, but shareholders have pressured the...

Automaker Bankruptcy Would Be 'a Disaster': Frank

Dec 5, 2008 11:02 AM CST

Automaker Bankruptcy Would Be 'a Disaster': Frank

Debate rages on auto bailout

(Newser) - The CEOs of the Big Three are back on Capital Hill this morning testifying before the House Financial Services Committee, and Barney Frank at least seems sympathetic. The chairman said bankruptcy “would be a disaster,” given the current credit markets and today’s dire job report, adding that...

Lame-Duck Senators Could Swing Auto Vote

Dec 5, 2008 10:07 AM CST

Lame-Duck Senators Could Swing Auto Vote

Ten ousted or retiring Republicans have potentially historic role

(Newser) - If the Senate votes next week on a $34 billion auto-industry bailout, 10 of the votes will come from lame-duck Republican senators—a potentially decisive margin. Having been ousted in November or planning to retire, they’ll have their say on a potentially historic bill without having to worry about...

Big 3 Execs Finish With Senate

UPDATED

Dec 4, 2008 4:14 PM CST

Big 3 Execs Finish With Senate

CEOs to make their case to the House tomorrow

(Newser) - The CEOs of the Big Three wrapped up a six-hour session with the Senate Banking Committee during which they asked for a minimum of $34 billion in aid, the Washington Post reports. Chairman Chris Dodd vowed to draft a bill “in the next 24-48 hours" that stood a chance...

Big 3 Would Agree to Oversight if Bailed Out

UPDATED

Dec 4, 2008 1:07 PM CST

Big 3 Would Agree to Oversight if Bailed Out

CEOs admit bad management

(Newser) - Detroit’s Big Three automakers would accept federal oversight in return for financial support, the Wall Street Journal reports. The chiefs of GM, Ford, and Chrysler all said that they would accept a bailout styled after that of Chrysler in the late ‘70s, which put the firm under the...

Dodd Endorses
Big 3 Bailout
as CEOs Hit Hill Again

Dec 4, 2008 10:57 AM CST

Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again

Senate Democrat enlisted to work on compromise package

(Newser) - Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better...

GM, Chrysler Mull 'Packaged' Bankruptcy to Get Bailout

Dec 4, 2008 9:45 AM CST

GM, Chrysler Mull 'Packaged' Bankruptcy to Get Bailout

Execs say that's 'way down the list,' but Detroit desperate for federal bailout

(Newser) - Bankruptcy is officially on the table for General Motors and Chrysler, a source tells Bloomberg. The companies may accept a pre-packaged bankruptcy, which would force the union and creditors to make concessions, in order to get government help. At least three congressmen have had their staffs explore the possibility. GM...

GM Boss Hopes Senate Gets a Charge From His Hybrid

Dec 4, 2008 3:05 AM CST

GM Boss Hopes Senate Gets a Charge From His Hybrid

This time, GM's Wagoner drives Volt to hearings

(Newser) - Last time they went before Congress rattling tin cups, the chief executives of the Big Three automakers made the mistake of flying to Washington in luxuriously tricked-out corporate jets. Today GM chief Rick Wagoner is driving a fuel-efficient hybrid Chevy Volt prototype to Senate hearings on the proposed bailout for...

Auto Bailout Has Detractors Back in Michigan, Too

Dec 3, 2008 11:19 AM CST

Auto Bailout Has Detractors Back in Michigan, Too

Some don't feel sorry for 'high-on-the-hog' Detroit giants

(Newser) - The auto industry has driven Michigan’s economy since Henry Ford set up shop, but not all residents are sympathetic to Detroit’s plight, the New York Times reports. Unemployment runs high, and some wonder where the rescue was when their livelihoods were on the line. “The car companies...

In DC Corral, the Big 3
Dare Congress to Shoot

OPINION

Dec 3, 2008 8:50 AM CST

In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands

(Newser) - The Big Three, their creditors, the unions, and Congress are locked in “a standoff worthy of a spaghetti western,” writes Steven Pearlstein in the Washington Post. “But none really wants to pull the trigger.” In the end, there’s little doubt Congress will step in, but...