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Bush OKs $25B for Car Giants

Money tabbed to help automakers in transition to fuel-efficient vehicles

(Newser) - President Bush today approved the $25 billion in low-interest loans aimed at helping US automakers in their transition to building more fuel-efficient vehicles, the Wall Street Journal reports. The industry long pushed for the package, estimating the total cost of the makeover at $100 billion. It’s now up the...

House OKs $25B Detroit Rescue
 House OKs $25B Detroit Rescue 
Sep 25, 2008 3:29 AM CDT

House OKs $25B Detroit Rescue

Package of low-interest loans aims to prop up staggering auto industry

(Newser) - The House has approved a $25 billion lifeline to Detroit's battered auto industry, the Detroit Free Press reports. The package of low-interest loans to help automakers switch to manufacturing more fuel-efficient vehicles is expected to be approved by the Senate today and signed by the president soon after. Michigan lawmakers...

Auto Giants Press Congress for $25B Loan

Credit pinch, oil prices could cost thousands of jobs, execs say

(Newser) - The CEOs of US auto giants seem to have convinced some in Congress they, too, need billions in federal loans, the Detroit Free Press reports, though it’s uncertain if they’ll get the $25 billion they’re asking for. High oil and commodity prices and tightened credit threaten jobs...

US Can't Have Ford's 65-MPG Car
US Can't Have Ford's
65-MPG Car
Sep 6, 2008 1:34 PM CDT

US Can't Have Ford's 65-MPG Car

US shuns hyper-efficient diesel vehicle

(Newser) - Ford may be best-known for its fuel-guzzling trucks and SUVs, but this November it’s releasing the Fiesta ECOnetic, a sporty subcompact that gets an astonishing 65 miles-per-gallon, BusinessWeek reports. There’s just one catch: It’s not being sold in the US. “We know it’s an awesome...

Stocks Send Mixed Messages
 Stocks Send Mixed Messages 
MARKETS
Sep 3, 2008 3:36 PM CDT

Stocks Send Mixed Messages

Falling oil prices have lost their ability to spur gains in equities

(Newser) - The markets saw mixed gains today as investors weighed falling oil, mildly positive manufacturing news and another big drop in domestic auto sales, the Wall Street Journal reports. The Dow closed up 15.96 at 11,532.88. The Nasdaq added 15.51 to close at 2,333.73, and...

Sales Skid Again for GM, Ford, Toyota

Detroit heavies off at least 20% each; Japanese giant down 9.4%

(Newser) - General Motors, Ford and Toyota reported dramatic declines in sales for August stemming from the weak US economy and record gas prices, Bloomberg reports. Ford's domestic sales plunged 27% and GM's 20%, and both automakers will cut second-half production by the tens of thousands. Toyota fared better, down just 9....

Small Cars Carry Big Price Tags
 Small Cars Carry Big Price Tags 
Sep 3, 2008 10:57 AM CDT

Small Cars Carry Big Price Tags

As public turns from SUVs, automakers jack up prices on compacts

(Newser) - With sales of SUVs and trucks dwindling, car companies have begun to push smaller, more fuel-efficient models—but not for the same small prices. Without the $10,000 profit that was typical on SUVs, automakers can no longer sell cars like the Ford Focus for an average profit of $100....

America's Fastest-Dying Cities
 America's Fastest-Dying Cities
Aug 12, 2008 7:30 PM CDT

America's Fastest-Dying Cities

Ohio and Michigan feel the worst of nation's woes

(Newser) - America’s Rust Belt continues to corrode a little more each day, reports Forbes in its analysis of the nation’s fastest-dying cities. Cities in Ohio and Michigan take 6 of the top 10 spots in the survey, which is based on population flight and unemployment:
  • Canton, Ohio
  • Youngstown, Ohio
...

Jobs, Earnings Spur Losses
 Jobs, Earnings Spur Losses
MARKETS
Aug 1, 2008 3:25 PM CDT

Jobs, Earnings Spur Losses

Downbeat session kicks off August

(Newser) - Stocks fell today as investors absorbed a slate of poor earnings reports and glum but not awful economic reports. Crude rose $1.02 a barrel, and shares in every sector other than energy fell, MarketWatch reports. The Dow dropped 51.70 to 11,326.32, the Nasdaq shed 14.59...

Ford Posts $8.7B Loss, Will Make Fewer Trucks
Ford Posts $8.7B Loss,
Will Make Fewer Trucks 
Earnings
Jul 24, 2008 9:08 AM CDT

Ford Posts $8.7B Loss, Will Make Fewer Trucks

Writedowns lead to ugly quarter

(Newser) - Ford Motor Co. lost $8.67 billion in the second quarter and will retool two more North American truck and SUV plants to build small, fuel-efficient vehicles, the company announced today. The net loss includes $8.03 billion in writedowns due to a decline in the value of its truck...

In Need of Big Ideas, Ford Thinks Small

Company may move some production of small cars to US

(Newser) - Ford Motor Company will be repurposing some of its US plants to manufacture smaller, more fuel-efficient cars, the Wall Street Journal reports. As rising gas prices drive falling sales of behemoths like the F-150, insiders say the company will move toward making more of the passenger cars, like the Mondeo,...

Rental Biz Sees Small-Car Shortage

Demand for small cars on rise, as is anger at 'upgrades'

(Newser) - Rental car companies can't meet the soaring demand for more fuel-efficient small cars and are forcing irritated customers to take "upgrades" to gas-guzzlers. Rocketing gas prices are putting pressure on Hertz, Avis, and other companies to sell their luxury cars and SUVs to pay for fuel-efficient models. Bookings for...

US Auto Sales Off Big, But GM Holds Top Spot

21.4% drop keeps Toyota from No. 1; Honda manages gain

(Newser) - Sales for General Motors, Ford and Toyota all fell by double-digit percentages in June compared to the same month last year, while Honda managed an 11% gain, the Detroit News reports—with GM holding off Toyota as top US seller. In general, consumers passed over big, fuel-guzzling vehicles and luxury...

Obama Meets With Top Automakers Amid Tension

Dem had criticized the Big Three, sat out Michigan's primary

(Newser) - Barack Obama is meeting with two of the Big Three in encounters the Wall Street Journal says “could thaw festering tension” between the Dem and America’s automakers. A year after Obama criticized the companies for fighting fuel-economy standards and rewarding “failure with lucrative bonuses for CEOs,”...

Plunging Truck Sales Drive Ford Deeper Into the Red

Shift away from large vehicles means a rocky road ahead for Detroit's Big 3

(Newser) - Ford's recovery plans have been sent careening off the road by the continuing drop in truck and SUV sales, the Wall Street Journal reports. The company, which now expects this year's losses to top 2007's $2.7 billion, has given up hope of being back in the black by 2009....

Under the Hood, Size Does Matter
Under the Hood, Size Does Matter
May 31, 2008 2:39 PM CDT

Under the Hood, Size Does Matter

Even in SUVs, Americans opt for smaller engines to conserve on gas

(Newser) - Instead of saving on gas by getting smaller cars, many Americans are buying cars with smaller engines. Four-cylinder autos have been zooming off lots nationwide, leaving six-cylinder rides in the dust: Three quarters of mid-size cars sold in May sported the smaller engine, a swerve away from a trend in...

Norwegian Electric Car Will Cruise US Streets

Vehicle can log up to 110 miles on single charge

(Newser) - An electric car that can travel up to 110 miles when fully charged will hit select US cities next year, the Wall Street Journal reports. The Think City, from Norwegian automaker Think Global AS, is already on the road in Norway, Sweden and Denmark, and will set American consumers back...

SUV Credit Crunch Rolls Over Ford
SUV Credit Crunch
Rolls Over Ford
May 30, 2008 10:18 AM CDT

SUV Credit Crunch Rolls Over Ford

Sinking value of big vehicles crashes auto firm's credit wing

(Newser) - Ford's plans to get back in the black are being forced off the road by woes at its lending arm, the Wall Street Journal reports. The auto giant made a lot of cut-rate loans on trucks and SUVs in recent  years and has been unable to recoup losses on bad...

High Gas Prices Give Economy a Headache
High Gas Prices Give Economy a Headache
ANALYSIS
May 24, 2008 3:52 PM CDT

High Gas Prices Give Economy a Headache

Main Street and Wall Street finally admit financial pain

(Newser) - Oil prices gushed for 5 years, but the US economy remained blissfully unaffected—until now, the Los Angeles Times reports. Rising gas prices have finally spooked consumers and sparked ominous news from two major airlines, Ford, and even memory card maker SanDisk. “The economic outlook has been taken hostage...

SUVs Plunge in Value as Drivers Turn to Smaller Cars

Downsizing is in as pump prices start to pinch drivers

(Newser) - SUVs are falling out of fashion fast as gas prices go through the roof, CNN reports. As drivers downsize to more fuel-efficient vehicles, gas-guzzlers are filling up used-car lots—but there aren't many buyers. The biggest SUVs—like the Cadillac Escalade, Ford Expedition, and Chevy Suburban—are dropping in value...

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