auto industry

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Germany's Scheme to Scrap Cars Sparks Sales Explosion

Sales mostly go to small cars

(Newser) - Automakers are running out of gas all over the world—except in Germany. Volkswagen expects to have its best February ever, selling 120,000 cars, while GM subsidiary Opel has sold 40,000, its best month in 5 years, Der Spiegel reports. It’s all thanks to the scrapping bonus,...

GM Loses $9.6B in Q4, Guzzles $6.2B in Cash

Misses estimates, stock tanks

(Newser) - General Motors burned through $6.2 billion in cash on its way to losing $9.6 billion in the fourth quarter, the company announced today, dragging its liquidity down to $14 billion. Analysts were expecting a loss, but not one this ghastly—the company’s stock is down nearly 24%...

Auto Suppliers Seek Their Own Bailout

Trade groups warn industry could collapse from bottom up as Big 3 troubles filter down

(Newser) - The auto industry is warning that it could collapse from the bottom up if the government doesn't immediately assist America's car parts suppliers, the Washington Post reports. Suppliers are struggling to use their unpaid billings to troubled automakers—usually 45 to 60 days behind deliveries—as collateral for operating loans,...

Is Obama Trying to Fix Too Much at Once?
Is Obama Trying to Fix Too Much at Once?
OPINION
Feb 24, 2009 8:35 AM CST

Is Obama Trying to Fix Too Much at Once?

Despite new prez's gifts, Brooks worries he's moving too fast

(Newser) - David Brooks is not a liberal, but the New York Times columnist doesn't hesitate to call himself "a great admirer of Barack Obama and those around him." Yet as the new administration has thrown itself at a dozen staggering problems, from fixing health care and the auto industry...

Would-Be 'Car Czar' to Head Auto Task Force

Obama taps financier Rattner as lead in GM, Chrysler restructuring

(Newser) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm...

Obama's Auto Team Drives Foreign Cars

Just 2 of task force's 8 members own domestic models

(Newser) - Detroit’s Big Three might be in worse trouble than they thought: Of the eight people on the Presidential Task Force on the Auto Industry, and the 10 policy aides assisting them, just two own cars built by American-owned manufacturers, the Detroit News reports. The co-chairs—Timothy Geithner and Lawrence...

Treasury Seeks Bankruptcy Financing for GM, Chrysler

Obama administration will not rule out Chapter 11 for ailing autos

(Newser) - Treasury advisers are working to line up $40 billion in financing for General Motors and Chrysler—5 times the size of any previous bankruptcy loan—just in case the two automakers need it, the Wall Street Journal reports. While efforts continue to restructure the companies by other means, the administration...

Saab Seeks Protection From Creditors, Break From GM

(Newser) - Saab applied for protection from creditors today, after parent company General Motors said this week it planned to cut the company loose, Bloomberg reports. In a process much like Chapter 11 bankruptcy, the Swedish automaker will restructure and look for funding with the goal of spinning off from GM or...

Autoworkers, Bankers Have a Lot in Common
Autoworkers, Bankers Have a Lot in Common
OPINION
Feb 18, 2009 9:11 AM CST

Autoworkers, Bankers Have a Lot in Common

Exorbitant pay of both brought down their respective industries

(Newser) - They may not seem all that similar, but Detroit’s autoworkers and Wall Street’s bankers have the same story, writes Steven Pearlstein in the Washington Post. From the 1950s up until, say, yesterday, "autoworkers were the aristocrats of the blue-collar world, (and) Wall Street traders and investment bankers...

GM, Chrysler: Bailout Is Bad, but Bankruptcy Is Worse

(Newser) - The restructuring plans unveiled by GM and Chrysler make one thing clear: the cost of bailing out the companies has jumped $14 billion to a total of $39 billion. But as the White House begins to pick through the plans, the companies say it would be far more expensive if...

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...

Chrysler Seeks $5B More in Federal Loans

(Newser) - Chrysler says it will need a total of $9 billion in federal loans to avoid going bust, up $5 billion from the amount it received in December and $2 billion from its original request, CNN reports. The company also plans to cut 3,000 jobs this year, or 6% of...

GM: Give Us More Money or We'll Go Bankrupt

GM, Chrysler working to prepare turnaround plans before Tuesday deadline

(Newser) - General Motors will put Congress between a rock and a hard place when it presents its turnaround plan next week, reports the Wall Street Journal. Insiders say the automaker will ask for at least another $5 billion in loans on top of the $13.4 billion already received to keep...

Dingell Becomes Longest-Serving House Member

82-year-old Michigan Dem has been eased out of leadership roles

(Newser) - Michigan Democrat John Dingell today becomes the longest-serving member of Congress, passing the 53-years-and-2-months mark set by Mississippi Democrat Jamie Whitten. But the milestone is bittersweet for Dingell, who for the first time in a quarter century is no longer the ranking Democrat on the Energy and Commerce Committee, reports...

GM Hacks 14% of Salaried Jobs
 GM Hacks 14% of Salaried Jobs 
Feb 10, 2009 8:27 AM CST

GM Hacks 14% of Salaried Jobs

(Newser) - GM will cut 10,000 jobs this year, including 3,400 in the US, the Wall Street Journal reports. The cuts represent 14% of GM’s salaried workforce overall, and 12% in the US. Most of those lucky enough to survive the axe will get a 3%-7% pay cut, while...

Nissan Slashing 20,000 Jobs
 Nissan Slashing 
 20,000 Jobs
Feb 9, 2009 3:31 AM CST

Nissan Slashing 20,000 Jobs

First Japanese automaker to move production from Japan and soaring yen

(Newser) - Nissan will cut 20,000 jobs worldwide by next year and move production from Japan and its soaring yen, reports the Wall Street Journal. Reeling from a massive $900 million loss last quarter, Nissan also announced it will slash management, seek public assistance and suspend its 5% annual growth goal...

Toyota's Losses Will Triple
Toyota's Losses Will Triple  
Feb 6, 2009 8:29 AM CST

Toyota's Losses Will Triple

First loss in seven decades multiplies as market deteriorates

(Newser) - Toyota now expects its full-year operating loss to be three times larger than the $1.6 billion it forecast in December, the New York Times reports. The company expects to lose $5 billion for the fiscal year through March 31 as world automobile demand deteriorates. Toyota, which last year overtook...

Chinese Sell More Cars Than US Automakers

In January, for the first time ever, more vehicles were sold in China than the US

(Newser) - China’s domestic auto industry managed to sell more cars last month than US automakers for the first time ever, reports the Wall Street Journal. GM said 790,000 vehicles were sold there in January, eclipsing the 657,000 sold in the US. But, experts say, the economic slump may...

Tax Breaks for Car Buyers Added to Stimulus Package

Senate approves boost for auto industry as sales hit 27-year low

(Newser) - A new boost for automakers and car dealers has been added to the stimulus package before the Senate, reports the Los Angeles Times. The amendment—made on the same day that US car makers reported their worst sales in 27 years—would create an income tax deduction for both sales...

Ford Reports Record $14.6B Loss for 2008

The nation's No. 2 automaker says it has enough cash and credit available for 2009

(Newser) - Ford Motor Co. today reported its worst year in its 105-year history, driving through more than $5.9 billion in cash in the fourth quarter on its way to a $14.6 billion loss for the year, reports Bloomberg. The company said it had enough cash reserves and credit available...

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