US automakers

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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...

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...

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...

'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 Execs Finish With Senate
 Big 3 Execs Finish With Senate 
UPDATED
Dec 4, 2008 4:14 PM CST

Big 3 Execs Finish With Senate

CEOs to make their case to the House tomorrow

(Newser) - The CEOs of the Big Three wrapped up a six-hour session with the Senate Banking Committee during which they asked for a minimum of $34 billion in aid, the Washington Post reports. Chairman Chris Dodd vowed to draft a bill “in the next 24-48 hours" that stood a chance...

UAW Bends to Boost Bailout

Concessions meant to help Big Three win financial help from feds

(Newser) - The United Auto Workers agreed today to concessions that may help Detroit get $34 billion in federal assistance, the Detroit News reports. The union’s job bank—which pays eliminated employees 95% of their base salaries—will be suspended, and the UAW will delay billions in payments to its health...

Automakers Raise Request to $34B

(Newser) - Automakers may be returning to Capitol Hill humbled into driving instead of flying, but that won't stop them from holding out their hands for even more money. Collectively, they told Congress today to be willing to shell out a total of $34 billion in loans and lines of credit—up...

Ford May Sell Off Volvo
 Ford May Sell Off Volvo 
Dec 1, 2008 10:29 AM CST

Ford May Sell Off Volvo

Company's US sales off 28% in '08; Swedish government in talks

(Newser) - Ford is looking to cut costs wherever it can, and that might mean selling off its Volvo unit, the Wall Street Journal reports today. US sales for Volvo dropped off 28% in the first 10 months of 2008, and Ford, bleeding cash, plans to trim down and focus on its...

Put the Brakes on Car Chiefs' Pay: UAW Boss

Loans necessary to escape temporary bind, he adds

(Newser) - The nation's Big Three automakers should pledge to limit executive pay—including bonuses and severance packages—in exchange for federal money, insists the president of the United Auto Workers. Ron Gettelfinger warned that everyone is going to have to tighten his belt, including the rank-and-file, in order to save jobs....

Tough Love Only Option as Detroit Loses Friends
Tough Love Only Option as Detroit Loses Friends
OPINION
Nov 25, 2008 6:14 AM CST

Tough Love Only Option as Detroit Loses Friends

Fading support on both sides of party divide leaving Big Three in the slow lane

(Newser) - The retooling of America's political landscape has left Detroit painfully short on friends and settling for "tough love"—or no love at all—these days, Gerald F. Seib writes in the Wall Street Journal. Foreign automakers building plants in red states have become cozy with GOP lawmakers, while...

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...

Congress Girds for Post-Election Rumbles

Will address new leaders, Detroit bailout, Stevens, Lieberman

(Newser) - A new Congress takes office Jan. 6 and a new Oval Office occupant two scant weeks later, but the old Congress has plenty on its plate when it reconvenes next week, reports Reuters. The session will focus mainly on the economy, especially the auto industry, but legislators also must appoint...

Let's Divert Green $$$ to Aid Autos: White House

Perino slams Dem plan to use bailout money

(Newser) - The White House urged Congress today to prop up the Big Three automakers with $25 billion in federal funding—and nix environmental provisions attached to that money, the Wall Street Journal reports. Approved last year, the dollars were designated to help carmakers convert to more fuel-efficient vehicles. Now they can...

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...

Top Cars We Should Scrap
 Top Cars We Should Scrap 
Oct 26, 2008 4:59 AM CDT

Top Cars We Should Scrap

Coming soon to a compactor near you

(Newser) - The possibility that one of Detroit's Big Three automakers is headed for the scrap heap left US News and World Report wondering which cars Americans could live without. Here are some top candidates:
  • Jeep Commander: This boxy model gets 16 mpg and it shows: sales are down 55%.
  • Dodge Durango:
...

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...

GM Calls for Help
 GM Calls for Help 
Oct 14, 2008 12:07 PM CDT

GM Calls for Help

Firm reiterates urge for government assistance

(Newser) - General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees,"...

Guess How Many Cars I Own?
 Guess How Many Cars I Own? 
Sep 22, 2008 8:53 AM CDT

Guess How Many Cars I Own?

13 rides pack McCains' garages, including 2 Jeeps, a pickup, Caddie and foreign cars

(Newser) - The McCains own almost twice as many cars as they do houses, and a few members of the fleet are foreign—despite John McCain’s recent assurances to Detroit that "I've bought American literally all my life.” Thirteen cars are registered to John and Cindy McCain, Newsweek discovered...

GM Recalls 800K Over Electric Issues

Short circuit in wiper-fluid system may cause fires in popular SUVs, other models

(Newser) - An electrical glitch has General Motors recalling 857,735 vehicles today, Reuters reports. GM will recall all cars with a heated windshield wiper fluid system for faults that may lead the system to short circuit, increasing the likelihood of fire or other electrical malfunctions. See below for a full list...

GM, Ford Join Chrysler in Retreat From Leasing

As resale values plummet and credit tightens, automakers leave market

(Newser) - Ford and GM are joining Chrysler in moving away from auto leasing, the Wall Street Journal reports, signalling the end of an era in which leases allowed many Americans to drive more expensive cars than they could afford to buy. The move is prompted by falling prices for used SUVs...

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