Chrysler

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Chrysler's Loan Arm Gets $1.5B Federal Loan

Attempt to unfreeze auto-loan market is on top of $17B coming to Detroit from TARP

(Newser) - The Treasury Department will lend Chrysler’s financing arm $1.5 billion to encourage the struggling auto-loan market, the Washington Post reports today. The 5-year loan comes at an interest rate of about 1.36%, and carries limits on executive compensation: Chrysler Financial will have to cut its bonus pool...

For Sale: Obama's Old Car; Price: $1M

Previous bidding reached $125,000 before seller canceled auction

(Newser) - As Barack Obama upgrades to a customized Cadillac limo fit for a president, the 2005 Chrysler 300C he once drove around Illinois is up for sale on eBay. Bidding starts at $100,000, but eager fans can fork out $1 million to buy it immediately, Time reports. The seller bought...

Flashy Fare at Detroit Auto Show

Ogle the new beauties here

(Newser) - These may be dire times for the auto industry, but that hasn’t stopped it from putting on a show. Plenty of concept cars are taking their bows at the 2009 North American International Auto Show in Detroit, the Wall Street Journal notes; sort through some highlights in the slide...

Chrysler Eyes Electric Rollout in 2010

Automaker will highlight 4 concepts at the Detroit auto show

(Newser) - Struggling Chrysler is underscoring its green-friendly efforts just ahead of the Detroit auto show, reports the Detroit News, promising to have an electric car in production by 2010. Though a rep said he was “not allowed to” reveal any information about the model, the automaker will reveal a battery-powered...

Companies Fly to Unload Private Planes

Putting jets on block may be more about image than money

(Newser) - The business-jet industry couldn’t have asked for worse PR than members of Congress ripping auto executives for traveling by company plane to beg for taxpayer money. By the time the Big Three execs returned—by hybrid car—to Washington, the corporate jet was a symbol of bloated corporate excess,...

GMAC Grabs $6B Federal Lifeline

Government uses bailout funds used to buy stake in auto finance giant

(Newser) - The federal government is dishing out a $6 billion bailout to keep auto financing giant GMAC afloat, the New York Times reports. The Treasury Department will spend $5 billion to buy a stake in the former General Motors subsidiary, and will loan GM a further billion so the company can...

GM Finance Arm Converts, Will Tap Bailout

Fed approves GMAC's request to become bank-holding company

(Newser) - The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen credit and complement the $17....

Ford Scores PR Cred by Declining Bailout Cash

By not begging to feds, but supporting Detroit mates, company well positioned

(Newser) - Ford’s decision not to take any of the $17.4 billion in bailout cash granted General Motors and Chrysler is paying the company public-relations dividends that could translate into cash in its showrooms when the economy recovers, Advertising Age reports. It was also a good move, analysts say, to...

This Ain't Charity: Detroit Must Win Consumers Back

Americans will get back on board if auto giants prove they can make good cars again

(Newser) - With a $17.4 billion bailout in hand, Detroit must now turn toward restructuring and making the cars America needs, Mark Phelan writes in the Detroit Free Press. “To win back American buyers’ respect,” Phelan continues, “the automakers must show the aid package was a sound investment,...

White House Gives Automakers $17.4B Bailout

(Newser) - President Bush rolled out a $17.4 billion emergency loan package for US automakers today, promising $13.4 billion in immediate short-term loans from the remaining TARP funds and an additional $4 billion available in February, MSNBC reports. But the clock is ticking, as the companies must show they are...

GM, Chrysler May Win Loan Deal as Soon as Today

Talks on Thursday brought automakers nearer to bailout, sources say

(Newser) - In a round of talks running into the night, GM and Chrysler made headway in securing emergency loans from the federal government yesterday, Reuters reports; the package, expected as soon as this morning, would demand wholesale restructuring of the automakers, including more concessions from unions and creditors. The talks continued...

Oil Skids; Dow, Off 219, Follows
 Oil Skids; Dow, Off 219, Follows 
MARKETS

Oil Skids; Dow, Off 219, Follows

Weak data, contract expirations stoke selloff

(Newser) - Stocks fell today as oil futures declined, the jobs picture remained grim, and two of the Detroit’s Big Three announced production stops due to lack of funds, MarketWatch reports. The imminent expiration of options and futures contracts also bedeviled the markets, and the Dow closed down 219.35 at...

White House Mulls Automaker Bankruptcies

Feds would offer support in giving automakers 'soft landing'

(Newser) - The Bush administration is considering “orderly” bankruptcies as one way to help General Motors and Chrysler, the New York Times reports. The government could support the companies while working on the terms of federal protection, providing what the White House calls a “soft landing.” With the possibility...

GM, Chrysler Revive Merger Talks

Chrysler's private equity owner signals willingness to give up a stake

(Newser) - General Motors and Chrysler are back in merger talks, reports the Wall Street Journal. Negotiations fizzled weeks ago as both companies viewed a merger as impractical and a potential distraction from federal bailout talks. Chrysler owner Cerberus Capital Management took the initiative to restart talks, and has signaled a willingness...

Chrysler Idling US Plants for 30 Days

Supply to be slowed so it meets lowered demand, company says

(Newser) - Ominous news on the auto front: Chrysler will idle all its North American plants for at least 30 days beginning Friday, a move meant to realign the company's supply with plummeting demand, the Detroit News reports. Ford, meanwhile, will close 10 assembly plants for an extra week in January, the...

Why Asian Automakers Don't Want Detroit to Fail
Why Asian Automakers Don't Want Detroit to Fail
ANALYSIS

Why Asian Automakers Don't Want Detroit to Fail

Big Three bankruptcy would disrupt supply chain, further sour US economy

(Newser) - As Detroit’s Big Three await word on the fate of their much-needed bailout, an unlikely group of supporters has assembled in their corner: foreign automakers. A collapse of General Motors, Ford, or Chrysler would devastate overseas manufacturers as well, CNNMoney reports, spreading bankruptcy to suppliers around the globe and...

Detroit Failure Could Spark 'Economic Chaos'
Detroit Failure Could Spark
'Economic Chaos' 
ANALYSIS

Detroit Failure Could Spark 'Economic Chaos'

Analysts warn that letting automakers sink will have impact across the economy

(Newser) - Letting one of the Big Three go under could have disastrous effects on many corners of the American economy, McClatchy Newspapers reports. Beyond the jobs lost at the companies and their suppliers—as well as the jobs lost everywhere those workers spend their wages—the repercussions would hit sectors as...

White House May Divert TARP Funds to Automakers

The President may tap bailout funds once thought off-limits to Detroit

(Newser) - The Bush administration said today it will consider using funds from the $700 billion market-rescue plan to bail out GM and Chrysler, MarketWatch reports. The shift comes after the Senate failed to pass $14 billion in emergency loans last night. The plans aren't final, but the money could help one...

Automakers Look to Bush to Fend Off Bankruptcy

Bankruptcy imminent for GM, Chrysler not far behind

(Newser) - What now for GM and Chrysler? Unless the White House comes up with emergency aid, General Motors could be in bankruptcy within weeks, with Chrysler close behind, Bloomberg reports. GM, in fact, has hired a team of top legal experts to explore that option, which would be one of the...

Auto Suppliers Panic as Detroit Collapse Nears

Owed billions by GM and Chrysler, many near failure

(Newser) - The looming collapse of GM and Chrysler is sending shudders all the way down the supply chain, the New York Times reports. America's auto parts suppliers employ 600,000 people—more than twice as many as the Big Three automakers combined—but many suppliers are already stretched to the limit...

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