Chrysler

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Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

(Newser) - Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's...

Wi-Fi Goes for a Ride&mdash;in the Slow Lane
Wi-Fi Goes for a Ride—in the Slow Lane
Tech review
Nov 13, 2008 10:06 AM CST

Wi-Fi Goes for a Ride—in the Slow Lane

In-car system is reliable but may distract drivers: Mossberg

(Newser) - Wi-Fi has moved to the car, with Chrysler and Autonet Mobile teaming up to offer connectivity on wheels. It's a neat idea that works reasonably well, writes Walt Mossberg in the Wall Street Journal, though speed isn't great, and the initial cost is steep. Moreover, "the company says the...

Detroit Bailout Highlights an Industry That's Moved On

'Big Three' sink while other carmakers swim

(Newser) - The government seems poised to bail out the auto industry, but there are two auto industries, writes Joseph White in the Wall Street Journal. There’s the unionized, drowning Big Three, stuck with ancient product strategies and huge retiree health obligations, and the non-unionized, mostly healthy foreign-owned manufacturers. This second...

Dems Push Paulson to Fund Big 3 Automakers

Pelosi, Reid want $700B bailout to aid GM, Ford, and Chrysler

(Newser) - Congressional Democrats are urging Henry Paulson to pump funds into the sputtering Big Three automakers, Politico reports. In a letter to the treasury secretary, Nancy Pelosi and Harry Reid called for a broadening of the $700 billion bailout package to help GM, Ford, and Chrysler qualify for federal aid. A...

Auto Bosses to Press Pelosi for Another $25B

Latest reports sound alarm on industry crisis

(Newser) - The CEOs of Detroit's troubled Big Three automakers and the head of the UAW are set to meet today with House Speaker Nancy Pelosi to ask for another $25 billion in government loans, the Detroit Free Press reports. Detroit had its worst sales month in 25 years in October, and...

GM Sales Off 45% as US Auto Sales Hit 25-Year Low

Asian brands add market share amid sales freefall

(Newser) - US auto sales dived in October to levels not seen since 1983, Bloomberg reports.  GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market...

US to GM on Merger Aid: Hit the Road

Chrysler merger uncertain after $10B request is nixed

(Newser) - A possible merger between GM and Chrysler is now up in the air since the Treasury Department refused late last week to grant GM’s plea for $10 billion to help finance the deal. Treasury officials are trying instead to fast-track a $25 billion loan program to help automakers get...

GM-Chrysler Inch Closer to Deal
 GM-Chrysler Inch Closer to Deal 
Oct 29, 2008 1:57 PM CDT

GM-Chrysler Inch Closer to Deal

Merger would create world's largest automaker

(Newser) - General Motors and Chrysler have ironed out the major issues in their proposed merger, bringing the troubled giants a step closer to becoming the world's largest automaker. The deal's final form will depend on financing and government support—of which GM is requesting $10 billion—but both companies agree GM...

Auto Bailout Is a Lemon for Taxpayers
Auto Bailout
Is a Lemon for Taxpayers
OPINION
Oct 29, 2008 11:35 AM CDT

Auto Bailout Is a Lemon for Taxpayers

Bankruptcy is just what Detroit needs to straighten itself out

(Newser) - Automakers just got a $25 billion loan from Uncle Sam, but now here GM and Chrysler are again, hat in hand, asking for another $10 billion to facilitate their merger. But the “deal is a lemon,” writes Steven Pearlstein in the Washington Post. Yes, the economy would suffer...

Car Dealers Write Off Domestic Franchises

Groups writeoff value of franchises as economy shifts into low gear

(Newser) - Two of the largest chains of car dealers report that their domestic auto franchises have become virtually worthless, the Wall Street Journal writes. The companies took a  a combined $51 million in writedowns for the third quarter, reflecting disappearing "franchise value"—the measure of potential profit—for dealerships...

Feds May Loan GM $5B for Chrysler Deal

(Newser) - Federal aid may be on the way to facilitate a GM-Chrysler merger, the Wall Street Journal reports. The Department of Energy aims to loan General Motors $5 billion so the merged company can afford layoffs, plant closings, and other integration costs. It could also help GM drum up more investment...

Bankruptcy Looms if GM, Chrysler Don't Get Cash

Lack of progress on merger fuels worries of possible bankruptcies

(Newser) - GM and Chrysler are both on track to run out of cash before the end of 2009 if a merger or major government intervention doesn’t occur, analysts tell the Wall Street Journal. With credit markets choked and rapidly diminishing reserves, experts say bankruptcy, which would carry massive consequences for...

Chrysler Flirts With Nissan- Renault as GM Seeks Credit

Alliance would keep Detroit automaker intact, but expose Cerberus to more risk

(Newser) - Chrysler is considering joining Nissan-Renault, adding a North American arm to the Japanese-French auto alliance that could rescue Chrysler’s operations, the Wall Street Journal reports. Cerberus, Chrysler’s majority owner, prefers a merger with General Motors, but overlap with a Detroit competitor would likely eliminate half of Chrysler’s...

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...

Toyota Offers Interest-Free Car Loans

Japanese giant capitalizing on US automakers' woes

(Newser) - Toyota is moving aggressively to fight slowing sales with a $250-million advertising campaign that offers zero-percent financing on 11 vehicles. The Japanese auto giant is flush with billions of dollars in cash and plans to use it to boost its market share, just as Ford, GM and Chrysler are at...

Ford Put Brakes on GM Merger Talks
Ford Put Brakes on GM Merger Talks
Oct 11, 2008 5:34 PM CDT

Ford Put Brakes on GM Merger Talks

Company vows to survive, may sell Mazda stake for cash

(Newser) - Ford rejected merger overtures from GM earlier this year and decided to ride out its financial issues alone, the Wall Street Journal reports. The GM-Ford talks were “very loose and preliminary, more exploratory in nature than anything else,” a source said. Both companies have denied bankruptcy rumors, but...

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”...

GM, Chrysler Deep Into Merger Talks

(Newser) - GM and Chrysler are quietly seeking a merger deal that would create the world's largest car maker and reshape the auto industry. Talks between GM and Cerebrus Capital Management, which owns Chrysler, have a 50% chance of succeeding, sources tell the New York Times. Other sources say the deal has...

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...

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