auto industry

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GM Shrinks Fleet of Corporate Jets
GM Shrinks
Fleet of Corporate Jets
Nov 21, 2008 1:38 PM CST

GM Shrinks Fleet of Corporate Jets

Automaker, pilloried on Capitol Hill, is retiring two of five planes

(Newser) - After facing turbulence on Capitol Hill over its corporate jets, General Motors is cutting two aircraft from the ranks, the Detroit News reports. “This is strictly the result of drastic cutbacks in travel around the globe,” said a spokesman. The automaker, which began this year with seven jets,...

Obama Team Weighs Streamlined Auto Bankruptcy

A 'prepackaged' plan likely would include government financing, take less time

(Newser) - Barack Obama’s transition team is looking at a streamlined, “prepackaged” bankruptcy for the Big Three automakers, Bloomberg reports. In a “prepack,” the companies already would have financing lined up when they go to court, and would have to reach agreements with banks, workers, and suppliers. The...

Neil Young: Detroit's Dinosaurs Can Go Electric

Rocker makes the case for drivers going big and going green

(Newser) - Motorists considering electric cars can hang on to their Cadillac dreams as well, writes Neil Young at the Huffington Post. Barack Obama's plan to get a million electric vehicles on American roads within a decade is possible—and the cars don't need to be tiny or even have new designs,...

UAW Eyes Give-Backs to Help Big 3 Bailout

Union ready to make concessions to secure industry loan

(Newser) - The United Auto Workers appears to be easing off its “no more cuts” stance. The union is negotiating a swath of concessions it hopes will convince Congress to loan money to the Big Three, starting with the elimination of its controversial jobs bank, the Detroit Free Press reports. The...

Bailout Wait 'Nerve-Wracking'
 Bailout Wait 'Nerve-Wracking' 
Nov 21, 2008 1:50 AM CST

Bailout Wait 'Nerve-Wracking'

Hearings 'more hostile than expected,' says Wagoner

(Newser) - Two grueling days of congressional hearings on a bailout for the auto industry were "hostile" and the wait for an answer is "nerve-wracking," General Motors CEO Rick Wagoner told the Detroit News yesterday. GM is ready now to show Congress detailed restructuring plans to convince lawmakers to...

Hey, Mitt, Your Naked Opportunism Is Showing
Hey, Mitt, Your Naked Opportunism Is Showing
OPINION
Nov 20, 2008 3:43 PM CST

Hey, Mitt, Your Naked Opportunism Is Showing

Flip-flop on Detroit shows McCain was right not to pick Romney as running mate

(Newser) - Mitt Romney is speaking sideways when he talks about Detroit these days, Joan Vennochi writes in the Boston Globe. The man who promised he would “not rest until Michigan is back” in the Republican primary is now urging bankruptcy for Detroit automakers. “If the auto industry could reinvent...

Congress to Big 3: Ball's in Your Court

(Newser) - After failing to strike a deal today on a possible bailout for the Big Three automakers, Congressional leaders offered the firms one more chance to push for the $25 billion lifeline they've requested, the Detroit News reports. Lawmakers will wait until December and require concrete plans for the money before...

Detroit's Pain Could Be South's Gain

The South is home to eight foreign auto plants and more are on the way

(Newser) - Is Greer, SC, the new Motor City? With execs from the Big Three getting a frosty reception to their efforts to wrest $25 billion from the federal government to stay solvent, the home of BMW’s North American operations—as well as other Southern communities that are home to foreign...

Auto Execs Hit Turbulence Over Private Jets
 Auto Execs Hit Turbulence Over Private Jets
OPINION
Nov 20, 2008 7:49 AM CST

Auto Execs Hit Turbulence Over Private Jets

Legislators put screws to extra-shiny tin cups

(Newser) - Take three auto execs, add the private jets each took to a Capitol Hill hearing to beg for a federal bailout, and you get a recipe for the heaping helping of humble pie legislators served up, writes Dana Milbank in the Washington Post. "There's a delicious irony in seeing...

Nissan Bringing Boxy 'Cube' to US Roads

Nissan unveils new 2009 city car

(Newser) - As embattled US automakers shook their tin cups in Congress, Japan's Nissan unveiled its latest threat to Detroit. The Cube gets more than 30mpg—exact numbers will be out before it hits showrooms next fall—and "is nothing more than a box on wheels," writes Chuck Squatriglia in...

Political Deadlock Dims Chances of Aid for Detroit

(Newser) - The CEOs of Detroit's Big Three automakers left Capitol Hill today with bleak prospects of getting $25 billion in emergency loans, Bloomberg reports. Negotiations continue, especially among lawmakers of automotive states, but Republicans and Democrats are deadlocked over where any such aid should come from. Senate leader Harry Reid canceled...

Senate GOP Crafts Own Auto Bailout Package

Plan would repurpose $25B fuel-efficiency carrot already passed

(Newser) - Senate Republicans are crafting legislation that would repurpose an already-approved $25 billion Energy Department initiative to bail out struggling automakers, the Detroit News reports. The plan is at odds with Democratic efforts, which would use money from the $700 billion Wall Street bailout to help Detroit. The Energy money was...

What a Detroit Bankruptcy + Bailout Should Look Like

And what the bailout might look like

(Newser) - Barack Obama isn’t in the Oval Office yet, but he’s already passed his first presidential test “with flying colors,” in Steven Pearlstein’s book. With Democrats ready to roll over for the not-so-big three, and Republicans stonewalling, Obama broke the stalemate with just the right bankruptcy-then-bailout....

Romney: Let Detroit Go Bust
 Romney: Let Detroit Go Bust 
OPINION
Nov 19, 2008 7:26 AM CST

Romney: Let Detroit Go Bust

Bankruptcy, not bailout, will save the American motor industry

(Newser) - If you want to maintain an automotive industry in the US, writes Mitt Romney, giving the Big Three a bailout is the last thing you should do. In an op-ed for the New York Times, the former Massachusetts governor (and Michigan native) says that GM, Chrysler, and Ford need a...

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...

Debunking 6 Myths About Detroit Carmakers
Debunking 6 Myths About Detroit Carmakers
ANALYSIS
Nov 18, 2008 2:45 PM CST

Debunking 6 Myths About Detroit Carmakers

Clamor over bailout obscures some truths about Big Three

(Newser) - Misconceptions and half-truths abound in the discussion over giving Detroit’s big three carmakers a chunk of federal bailout cash. Mark Phelan, in the Free Press, clears up six myths:
  1. Nobody buys GM, Ford or Chrysler anymore.
  • Fact: The three combined sold 8.5 million vehicles domestically last year—GM
...

Ford Sells 20% Stake in Mazda to Raise Cash

The sale should net Ford about $540 million

(Newser) - Ford is slashing its stake in Mazda by nearly two-thirds, joining other struggling US automakers in a fire-sale of prized assets to stay afloat. Ford, which owns 33.4% of Mazda, will sell about a 20% stake, the companies said. The sale would net Ford $540 million based on Mazda's...

Save GM With Guided Bankruptcy
 Save GM With 
 Guided Bankruptcy 
OPINION
Nov 18, 2008 8:07 AM CST

Save GM With Guided Bankruptcy

Let's make this a Chapter 11 affair, not a Chapter 7

(Newser) - GM is claiming all it needs is a “bridge loan,” but the automaker is losing money so fast that bridge would be burned by February, writes Andrew Ross Sorkin in the New York Times. What GM really needs is bankruptcy—but one guided by the government. “Taxpayers...

Control Emerges as Key Issue in Detroit Rescue Bills

House version calls for tough steps to make US industry more viable

(Newser) - Competing versions of a rescue package for US automakers have hit the floors of the House and Senate, the Detroit Free Press reports. The bills, both of which face fierce opposition from Republicans, draw on the $700 billion bailout allotted to the finance sector and call for similar limits on...

Detroit Bailout Is Key Opportunity for US Economy
Detroit Bailout Is Key Opportunity for US Economy
OPINION
Nov 17, 2008 12:58 PM CST

Detroit Bailout Is Key Opportunity for US Economy

Bankruptcy spells disaster; loan would speed green progress

(Newser) - Letting one—or more—of the Big Three automakers slip into bankruptcy could push the US economy into depression and would imperil millions of jobs tied to the industry, writes Jeffrey D. Sachs in the Washington Post. Instead, the government should bail out the industry, taking the lead in positioning...

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