General Motors

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Toyota Delays US Prius Factory
 Toyota Delays US Prius Factory 

Dec 16, 2008 8:02 AM CST

Toyota Delays US Prius Factory

A planned Mississippi plant is on hold as market for autos weakens

(Newser) - It’s not just the Big Three. Toyota has delayed indefinitely the opening of a Prius factory near Tupelo, Miss., the Wall Street Journal reports, in the wake of plummeting demand. The factory was originally intended to build the Highlander sport-utility vehicle; when gas prices hit a high last spring,...

Detroit Failure Could Spark 'Economic Chaos'
Detroit Failure Could Spark
'Economic Chaos' 
ANALYSIS
Dec 13, 2008 9:17 AM CST

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...

Dark Day for Detroit
 Dark Day for Detroit 
EDITORIAL
Dec 12, 2008 2:36 AM CST

Dark Day for Detroit

Bailout collapse leaves state fretting over future

(Newser) - Detroit's bailout has crashed and burned, casting a pall on Michigan's future, the Detroit Free Press writes. The state knows the pain that comes with tough times in the auto industry all too well, and it's "incredible" that any American lawmaker "could want to watch these hard times...

Auto Deal Fails in Senate Over UAW Wage Cuts

(Newser) - A bid to provide emergency aid to automakers failed in the Senate tonight, the Washington Post reports. Negotiators nearly completed an 11th-hour deal but got hung up on union wages. Republicans wanted immediate cuts, and Democrats sought to delay them until 2011. "We're not going to get to the...

As GOP Stiffens, Auto Bailout Prospects Hit the Skids

McConnell, GOP move further away from supporting Detroit aid

(Newser) - As Republican resistance to the $14 billion auto-industry bailout mounted, proponents flogged today's dismal unemployment figures to bolster their case, Politico reports. Mitch McConnell abandoned the White House, which continued to push the bill; the Senate minority leader unexpectedly said the measure "promises taxpayer money today for reforms that...

Bank Woes Push Dow Down 196
 Bank Woes Push Dow Down 196 
MARKETS
Dec 11, 2008 3:23 PM CST

Bank Woes Push Dow Down 196

JPMorgan Chase, Bank of America, Citigroup all see big drops

(Newser) - The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196....

House Approves Auto Aid; Senate Prospects Are Iffy

(Newser) - The House tonight passed a $14 billion rescue plan for GM and Chrysler, but the measure's fate in the Senate remains uncertain, the New York Times reports. The bill passed 237-170, largely along party lines. Republicans in the Senate have vowed to block or at least delay its progress because...

Bailout Would Help German Giants, Too
 Bailout Would Help 
 German Giants, Too 
ANALYSIS
Dec 10, 2008 2:20 PM CST

Bailout Would Help German Giants, Too

Detroit bankruptcies would ripple through entire industry's supply chain

(Newser) - German giants BMW and Daimler are rooting for a bailout of the Big Three, since a bankrupt Detroit would devastate sales and cripple parts-makers they all share, Bloomberg reports. The US is the top market for BMW, No. 2 for Daimler’s Mercedes-Benz. Meanwhile, Fiat, Peugeot, and Renault—which compete...

House Likely to Vote on Auto Bailout This Afternoon

Senate likely tomorrow; GOP has harsh words

(Newser) - The House is ready to vote on a $15 billion bill to rescue GM and Chrysler as early as this afternoon, the Detroit News reports. The Senate, meanwhile, is likely to vote tomorrow morning. “My understanding is it is done, but the piece of paper is not before the...

Ford Eyes Chinese Buyer for Volvo

Ford's last European car on the block

(Newser) - Beleaguered Ford is poised to sell Volvo to a Chinese automaker, reports the Times of London. Ford and Volvo executives are in talks with Changan, Ford’s manufacturing partner in China—one of the country’s biggest car makers. Over the last two years Ford has sold Aston Martin, Jaguar...

White House, Dems Agree on $15B Auto Deal

But key Republicans threaten to block measure in Senate

(Newser) - Democrats reached a tentative deal with the White House on a $15 billion rescue plan for GM and Chrysler, but unsatisfied Republicans threatened to block the deal, the Detroit Free Press reports. The measure could be presented to the House tomorrow morning and passed in the afternoon. But the Senate's...

Stocks Saunter Downward
 Stocks Saunter Downward 
MARKET Open
Dec 9, 2008 8:59 AM CST

Stocks Saunter Downward

Mild drop as investors hold breath

(Newser) - Stocks dipped at the open today, as investors digested downbeat corporate news while awaiting an auto bailout. The Dow fell as much as 145; the Nasdaq and S&P were off 1.3% and 1.4%, respectively. Auto shares retreated after yesterday’s gains, the Wall Street Journal reports, with...

'We're Sorry, Now Pay Up,' GM Tells US

Automaker apologizes for 'betraying' consumers, makes case for bailout

(Newser) - Remorseful General Motors paid for a full-page ad in Automotive News to tell America: "We have disappointed you." The ailing automaker admitted to manufacturing substandard and "lackluster" products, pushing SUVs on consumers, and committing to "unsustainable" union pay, reports the Washington Post. Before the ink could...

Big 3 Bailout Plan Goes to White House
 Big 3 Bailout Plan 
 Goes to White House 
UPDATED
Dec 8, 2008 3:38 PM CST

Big 3 Bailout Plan Goes to White House

Measure has provision for watchdog, but other questions remain

(Newser) - A draft of the multibillion-dollar bailout agreement for the Big Three automakers went from Capitol Hill to the White House this afternoon and found a chilly reception, the AP reports. The draft legislation calls for a government watchdog appointed by the Bush administration to oversee the companies' operation, but its...

Dow Up 299 on Stimulus, Autos
 Dow Up 299 on Stimulus, Autos 
MARKETS
Dec 8, 2008 3:17 PM CST

Dow Up 299 on Stimulus, Autos

Industries likely to benefit from Obama building plan see gains

(Newser) - Stocks rallied today, led by automakers, which look ever likelier to get a federal bailout, and industrial firms expected to benefit from President-elect Barack Obama’s proposed public-works programs, MarketWatch reports. The Dow gained 298.76 to close at 8,934.18. The Nasdaq rose 62.43, closing at 1,...

Calls Build for GM's Wagoner to 'Move On'

Dodd, Obama hint a change at the top is in order to get bailout

(Newser) - Sen. Chris Dodd wants General Motors CEO Rick Wagoner “to move on” and a new management team in place if a government bailout is going to move forward, reports the Wall Street Journal. While not making it an outright condition for a rescue package, the Connecticut Democrat told CBS’...

Detroit's Sourest Lemons
 Detroit's Sourest 
 Lemons 
OPINION
Dec 7, 2008 8:12 PM CST

Detroit's Sourest Lemons

A look at these clunkers will leave little doubt why Motown's in such a mess

(Newser) - With Detroit automakers making headlines on Capitol Hill, the New York Daily News offers a retrospective on the Motor City’s biggest lemons:
  • Ford Edsel: A gas-guzzling marketing disaster that became a byword for failure.
  • Chevy Aveo: From 0 to 60 in 11.7 seconds.
  • Hummer H2: A militaristic
...

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