auto industry

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Falling Gas Prices Could Put Electric Car Back in Neutral

Surge got automakers in gear, but economic downturn makes new projects tougher

(Newser) - Car companies are revving up work on alternative energy vehicles, responding to higher oil prices that, well, don’t actually exist just now. New cars take about 5 years to roll out, meaning the auto industry can’t nimbly react to price changes: Oil, which cost $130 a barrel just...

Credit Woes Stall GM's Effort to Buy Chrysler

A tight credit market is making it tougher for GM to scrape cash together for offer

(Newser) - A tight credit market and wary investors are slowing GM’s attempts to buy rival Chrysler, and experts say the companies may turn to the US government, arguing that a deal between the two is needed to save the US auto industry, reports the Wall Street Journal. But sources told...

GM-Chrysler Talks Pick Up Speed as Auto Sales Stall

GM, burning through $1B monthly, seeks a cash infusion, cost savings

(Newser) - Talks of a General Motors-Chrysler merger are on the fast-track, the Wall Street Journal reports, with lenders pushing for a deal to be completed as soon as the end of the month. Amid a historically dismal month for US auto sales, GM is scrambling to shore up a bleeding balance...

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,"...

GM/Chrysler Merger 'Too Horrible to Contemplate'

(Newser) - GM and Chrysler are indeed seriously discussing a merger, sources tell Tom Walsh of the Detroit Free Press, which just proves “how desperately some people want to exit the automobile business.” Both companies are already too big—put them together and they’d be “way, way, way”...

Ford CFO Says He'll Step Down
Ford CFO
Says He'll
Step Down
Oct 10, 2008 12:41 PM CDT

Ford CFO Says He'll Step Down

Longtime exec retires after grabbing timely loan ahead of crisis

(Newser) - Ford CFO Don Leclair will retire at the end of the month after 32 years with the company, the struggling automaker said today. Leclair has drawn praise for snagging $25 billion in loans for the company before the credit markets dried up, a move that may ensure Ford’s survival...

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...

Toyota Weighs Spinning Off Prius Brand

Larger, smaller versions of popular hybrid would fill out lineup, exec says

(Newser) - Toyota may create a separate brand for the Prius, filling it out with new larger and smaller versions of the popular hybrid, the New York Times reports. Advocating for the creation of the brand is James Lentz, president of Toyota’s US sales, who argues that Prius is already a...

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...

Bush OKs $25B for Car Giants

Money tabbed to help automakers in transition to fuel-efficient vehicles

(Newser) - President Bush today approved the $25 billion in low-interest loans aimed at helping US automakers in their transition to building more fuel-efficient vehicles, the Wall Street Journal reports. The industry long pushed for the package, estimating the total cost of the makeover at $100 billion. It’s now up the...

Nissan's New Safety System Uses Bee Logic

Lasers will mimic compound eyes to detect, avoid obstacles

(Newser) - Nissan is set to unveil new collision-avoidance technology modeled on the behavior of bees, PC World reports, with a small robot car to demonstrate the system in Japan next week. The automakers’ engineers have developed laser range-finders that mimic the insects’ ability to adjust their path and avoid collisions by...

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...

Chrysler Goes Electric
 Chrysler Goes Electric 
Sep 23, 2008 12:20 PM CDT

Chrysler Goes Electric

Firm to offer hybrid and pure-electric models in 2010

(Newser) - Chrysler is hopping on Detroit's belated eco-friendly bandwagon, a source tells the Wall Street Journal, with a full stable of electric cars and trucks that it plans to market starting in late 2010. While most of the planned models are hybrids, at least one will be a fully electric car...

Auto Giants Press Congress for $25B Loan

Credit pinch, oil prices could cost thousands of jobs, execs say

(Newser) - The CEOs of US auto giants seem to have convinced some in Congress they, too, need billions in federal loans, the Detroit Free Press reports, though it’s uncertain if they’ll get the $25 billion they’re asking for. High oil and commodity prices and tightened credit threaten jobs...

How Much More Will Taxpayers Have to Pony Up?
How Much More Will Taxpayers Have to Pony Up?
analysis
Sep 17, 2008 1:01 PM CDT

How Much More Will Taxpayers Have to Pony Up?

The US has pledged some $320 billion in bailouts for struggling enterprises

(Newser) - More than $320 billion in taxpayer funding has already been pledged to treat firms sickened by the subprime contagion—more than twice the $124 billion the government spent fixing the savings and loan crisis in the 1980s, reports the Los Angeles Times. The question, writes Michael Hiltzik, is how much...

Mercedes Revs Up Hybrid
 Mercedes Revs Up Hybrid 
Sep 12, 2008 10:24 AM CDT

Mercedes Revs Up Hybrid

'09 version of luxury automaker's S-Class will get about 30 mpg

(Newser) - Mercedes is adding a hybrid model to its line of S-Class luxury autos in June 2009, BusinessWeek reports, promising nearly 30 miles to the gallon and adding $14,000 to its $88,000 base sticker price. The model—which, unlike some other hybrids, can’t run exclusively on battery power—...

Dems Put Auto Aid in Fast Lane
 Dems Put Auto Aid in Fast Lane 
Sep 10, 2008 9:37 AM CDT

Dems Put Auto Aid in Fast Lane

It's about jobs, Pelosi says

(Newser) - House Democrats are considering a $25 billion rescue plan for the flagging US auto industry, the Los Angeles Times reports, hoping to speed the measure through Congress in a matter of weeks. “This is very, very important,” said Nancy Pelosi. “It's about jobs. Jobs, jobs, jobs, jobs....

Sales Skid Again for GM, Ford, Toyota

Detroit heavies off at least 20% each; Japanese giant down 9.4%

(Newser) - General Motors, Ford and Toyota reported dramatic declines in sales for August stemming from the weak US economy and record gas prices, Bloomberg reports. Ford's domestic sales plunged 27% and GM's 20%, and both automakers will cut second-half production by the tens of thousands. Toyota fared better, down just 9....

Protests Close Plant Making World's Cheapest Car

Company to move factory building 'People's Car,' billed as world's cheapest at $2,500

(Newser) - Tata Motors has halted work at the Indian factory where it was producing its Nano model, billed as the world’s cheapest car. A 2-year-long land dispute escalated when West Bengal farmers trapped workers inside, the AP reports, and the company instructed employees to stay home this week. "A...

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...

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