Detroit

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Retail Exodus Speeds Detroit's Fall

Retailers jump ship as recession, auto industry's collapse hit city hard

(Newser) - The auto industry's woes have sped up the long decline of retail in Detroit, the Wall Street Journal reports. America's 11th-largest city now lacks a single outlet from any national grocery chain downtown. Starbucks has just four stores in the city of 900,000, and as of last week, Motor...

Done Deal: Fiat Buys Chrysler Assets

Administration triumphs as bankruptcy effectively ends

(Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may...

Supreme Court Won't Block Chrysler Sale

(Newser) - The Supreme Court has cleared the way for Chrysler's sale to Fiat, turning down a last-ditch bid by opponents of the deal. The court late today rejected a plea to block the sale of most of Chrysler's assets to the Italian automaker. With the court's move, the deal can now...

Foes Ask Supreme Court to Block Chrysler-Fiat Deal

(Newser) - Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early today to put the sale on hold so they can pursue an appeal. The emergency request goes first to Justice...

Make Romney the Head of GM

 Make Romney 
 the Head of GM 
OPINION
Jun 3, 2009 7:40 AM CDT

Make Romney the Head of GM

Former Mass. governor could turn around automaker, says Bennet

(Newser) - Barack Obama wants to "take a hands-off approach" with General Motors, but as James Bennet writes in the Atlantic, there's no way to get the bankrupt automaker back into shape "without getting under the hood." GM needs someone who can "bring the hammer down" on its...

US Automakers See Sales Increase in May

Ford, GM have best month of 2009

(Newser) - Some actual good news for the auto industry: All three US automakers saw sales of new cars jump from April to May, reports the New York Times. Granted, sales are still way down compared to last year, but the month-to-month leap offers a glimmer of hope among the bankruptcy headlines....

General Motors: How a Giant Fell
 General Motors: 
 How a Giant Fell 
ANALYSIS
Jun 1, 2009 5:13 AM CDT

General Motors: How a Giant Fell

After decades of dominance, automaker blamed others for downfall

(Newser) - General Motors dominated the auto industry for much of the 20th century, and its downfall took place over decades. Many of the attributes GM once saw as strengths, from its rigid structure to its diverse range of vehicles, became liabilities as Japanese competitors sucked away even its most loyal customers,...

Jobless Cling to Their Faith in Detroit

Religions offer comfort as jobless face pain, hunger

(Newser) - Thousands of Detroit's jobless are coping with fear and desperation by falling back on faith, the Detroit Free Press reports. Houses of worship are increasingly fielding calls from people seeking jobs, food, and housing—but above all, congregants say, they find comfort. "When the tension comes and the pressure...

Red Wings Give Hard-Luck Detroit Reason to Cheer

(Newser) - As Detroit reels from the automotive crisis, a much-needed emotional uplift is coming from a dependable source: the Red Wings, currently in the Stanley Cup finals against the Pittsburgh Penguins. We “are one of the good stories that are coming out of Detroit right now,” a Red Wings...

GM Close to Hummer Sale That Would Save 3K US Jobs

Has picked a buyer; deal would be finalized by Sept.

(Newser) - GM has selected an unnamed investor to buy its hulking Hummer brand, in a move aimed at saving more than 3000 US jobs, sources tell the Wall Street Journal. They say the company hopes to seal the deal, rumored to be in the $200 million range, by September. An official...

Big Three See Bumpy Road With 20-Somethings

Demographic key to rebuilding for US automakers

(Newser) - Detroit automakers face a hard road when it comes to Generation Y—consumers aged 22-32 whose business is crucial to securing the firms' futures, BusinessWeek reports. Their boomer parents broke from tradition by shifting to Japanese cars, and Gen Y is following in those footsteps. Detroit “simply must do...

GM Bankruptcy a Gold Rush ... for Lawyers

Most complex filing ever will net hundreds of millions in legal fees

(Newser) - GM's expected bankruptcy is bad news for thousands of auto workers, dealers and managers—but a bonanza for the lawyers and consultants orchestrating the most complicated Chapter 11 in history. Bankruptcy specialists who are already billing Chrysler, Lehman Brothers and the US government stand to make hundreds of millions of...

Ford Courts GM, Chrysler Customers

Helps pay off their loans, trains dealers in 'conquests'

(Newser) - With General Motors and Chrysler struggling, Ford is moving to pick off some of its rivals’ customers, the Detroit News reports. The firm is passing cash to its dealers to ease Chrysler owners’ loan payments—so they can pick up Fords. Ford may soon do the same for GM owners....

GM, UAW Cut Deal on Labor, Health Care

Tentative pact may save struggling auto giant more than $1B

(Newser) - Monitored by the Treasury department, General Motors and the United Auto Workers have reached a tentative deal to modify conditions of their labor contract and retiree health care trust, which could save the flatlining automaker more than $1 billion. Still, Chapter 11 bankruptcy remains likely for GM, and union reps...

Fans High on Eminem's 1st Sober Show

Rapper excited to play show he'll remember later

(Newser) - Some 2000 lucky Eminem fans got to see a rarity last night: a mini-concert in which the rapper was sober, MTV reports. “This might actually be one of the best shows I’ve ever done, ‘cause when I get offstage, I’m actually going to remember it,”...

GM Loses $6B in Q1, Burns $10.2B

The ailing automaker looks no closer to avoiding bankruptcy, CEO says

(Newser) - General Motors lost nearly $6 billion in the first quarter, hampered by bankruptcy fears and slumping global sales. The company spent $10.2 billion while revenue declined to $22.43 billion—47% down from the previous year. However, the loss of $5.98 billion, or $9.78 a share, was...

Are Americans Falling Out of Love With Cars?
Are Americans Falling Out of Love With Cars?
ANALYSIS
May 6, 2009 4:58 PM CDT

Are Americans Falling Out of Love With Cars?

Drop in driving could be delayed reaction to gas prices—or not: Silver

(Newser) - Is the fact that Americans are driving less even after the cost of gas has come down a sign that US attitudes are changing, Nate Silver asks in Esquire—or is it just another example of how slowly they respond to changes in fuel prices? “The real test,”...

Former NBA Star Bing Wins Detroit Mayor's Race

He replaces disgraced Kilpatrick

(Newser) - Businessman and professional basketball Hall-of-Famer Dave Bing has been elected Detroit's newest mayor and will serve through the end of the year. The 65-year-old Detroit Pistons great defeated incumbent and fellow Democrat Ken Cockrel Jr. today in a special runoff election, 52.3% to 47.7%.

Fiat Has Long Shed 'Fix It Again Tony' Reputation

(Newser) - The last time Fiat tried to make a go of it in the US market, its unreliable cars earned it the nickname Fix It Again Tony, reports the New York Times. That was 25 years and another world ago. After a renewed focus on quality under CEO Sergio Marchionne, the...

Chrysler Bankruptcy Obama's Blunt Message to GM
Chrysler Bankruptcy Obama's Blunt Message to GM
OPINION
Apr 30, 2009 3:08 PM CDT

Chrysler Bankruptcy Obama's Blunt Message to GM

President not afraid to use 'the big stick' on ailing firms

(Newser) - In announcing Chrysler’s bankruptcy, President Obama shows other troubled firms and industries there’s a point where bailouts stop and hard choices begin—and that message must ring especially clear at General Motors, writes Tom Walsh for the Detroit Free Press. GM’s creditors will now be under a...

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