auto industry

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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...

GM Borrows Another $4B From Feds
GM Borrows Another $4B From Feds
May 23, 2009 6:09 AM CDT

GM Borrows Another $4B From Feds

Company to cut 3,400 more white-collar jobs amid restructuring

(Newser) - General Motors has borrowed another $4 billion from the Treasury ahead of its June 1 deadline to restructure or face bankruptcy, the Wall Street Journal reports. A statement from the automakers said the loan, which brings the total borrowed to nearly $20 billion, is "to maintain adequate liquidity" during...

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....

Feds to Send GM Into Bankruptcy

Rejection of survival plan means GM may go into bankruptcy as Chrysler emerges

(Newser) - The Obama administration is preparing to steer General Motors into bankruptcy next week, sources tell the Washington Post. The restructuring plan, which aims to shrink GM and turn it into a globally competitive automaker, will bring the company an extra $30 billion in federal loans, for a total of $45...

With Emissions Plan, Obama Swings for the Fences
With Emissions Plan, Obama Swings for the Fences
Analysis
May 19, 2009 9:44 AM CDT

With Emissions Plan, Obama Swings for the Fences

(Newser) - The new, strict and streamlined national fuel efficiency standard President Obama will announce today could be a victory on three fronts, the Climate Change argues in a piece running on the New York Times web site. Obama will boost his climate change cred, help floundering automakers, and resolve the federal...

Obama Will Streamline Emissions, Fuel Rules for Autos

Federal standard replaces patchwork

(Newser) - President Obama will announce plans for new national automobile fuel-economy and emissions standards tomorrow, overhauling and streamlining the current patchwork, sources tell Politico. The move will harmonize the CAFE standard and the EPA’s greenhouse-gas standard, so that struggling automakers needn’t fear the regulations moving independently. The announcement will...

Dealer Cuts Mean Deals on Chrysler, GM Cars

Closing dealership networks have just weeks to move massive inventory

(Newser) - At 789 Chrysler lots across America sit 44,000 potential bargains, cars and trucks that are stuck between shellshocked dealers and a troubled company that no longer wants their services. The dealers have just a few weeks to sell the Chryslers, Dodges, and Jeeps or risk losing thousands of dollars...

Chrysler Woos Current Owners With $1K Coupons

Company hopes to help sales

(Newser) - In an effort to boost sales, bankrupt Chrysler is planning to send $1,000 coupons to all its current customers, the Wall Street Journal reports. The certificates, good toward the purchase of any new Chrysler vehicle, will be mailed in the next month or so with a letter from CEO...

GM to Close 1,100 Dealerships
 GM to Close 1,100 Dealerships  
UPDATED
May 15, 2009 9:20 AM CDT

GM to Close 1,100 Dealerships

(Newser) - GM has sent termination notices to 1,100 of its 6,000 US dealerships as part of its plan to eventually shutter 42% of its retail network, CNN reports. The dealers have been notified that their contracts won't be extended next October, and some will shutter this year, a GM...

Minority Car Dealers Stand to Lose Big in Closures

(Newser) - African-American and Latino car dealers will likely take a big hit in the dealership closures announced by Chrysler and planned at GM, the Wall Street Journal reports. The minority dealerships, located mainly in urban areas, have faced stiff competition as business has moved increasingly to suburbia. “We're more vulnerable,...

Chrysler Execs Dodge Bailout Pay Caps

As automaker cuts 3500, top employees will draw pay from Fiat

(Newser) - Bankruptcy documents filed by Chrysler show that the chief executives of the bailed-out automaker will avoid executive pay restrictions—by declaring themselves employees of Fiat. Despite new Treasury rules that cap pay at $500,000 for execs whose firms received "extraordinary assistance," but Chrysler's top officers will be...

Ford Sells Shares to Raise Cash
 Ford Sells Shares to Raise Cash 
May 12, 2009 7:09 AM CDT

Ford Sells Shares to Raise Cash

(Newser) - Eager to shore up its cash reserves, stave off bankruptcy, and further distance itself from its struggling rivals, Ford Motor Co. will offer 300 million shares in a public offering this week, the Wall Street Journal reports. Ford thinks the offering will raise investor confidence, bringing in buyers who’ve...

Nascar Fans Lament Chrysler's Decline

Bankruptcy filing has diehards fearing for the fate of the once-mighty Dodge

(Newser) - Chrysler's woes are making the Nascar faithful wistful for the days when Dodges ruled the track, the Wall Street Journal reports. The bankrupt automaker has promised to continue supporting the sport, but it has already cut funding by almost a third this year and its cars are now usually found...

Toyota Forecasts First-Ever Annual Loss

$8.6B loss is far worse than anticipated

(Newser) - Toyota forecast a 2009 loss of $8.6 billion, its first annual loss ever and one far deeper than anticipated, Reuters reports. Only last year Toyota posted record profits and climbed past GM to become the world's largest car maker, but the global downturn in the auto industry and a...

Foreign Bidders See Opportunity in Detroit Mess

As GM, Chrysler spin off units in their wake, the global auto landscape shifts

(Newser) - With Chrysler in bankruptcy and General Motors at the precipice, foreign companies are preparing bids for parts of the US auto industry, the Wall Street Journal reports. The result will be a broad global reshuffling as companies like Italy’s Fiat, France’s Renault, and even China’s Geely buy...

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...

Porsche, VW to Merge
 Porsche, VW to Merge 
May 7, 2009 4:53 AM CDT

Porsche, VW to Merge

Luxury maker fails in takeover attempt

(Newser) - Porsche has announced it will merge with Volkswagen after weeks of negotiation between the two German carmakers, reports the BBC. The deal puts an end to Porsche's efforts to take over VW. Porsche already owns a majority stake in the company. While details of the merger remain unclear, VW's individual...

Congress Nears 'Cash for Clunkers' Deal

Compromise would put voucher at $4,500, nix buy-American clause

(Newser) - Congress is nearing agreement on a “cash for clunkers” plan that would pay Americans to give up their gas-guzzling vehicles. A House plan outlined yesterday focuses on cars and light trucks that yield less than 18 miles per gallon. Owners who junk those will receive a $3,500-$4,500...

Renault May Acquire Saturn; Chinese Firm Bids for Saab

GM courts foreign buyers in fire sale

(Newser) - Renault is in talks with General Motors about acquiring its Saturn brand, the Wall Street Journal reports. Demonstrating the considerable foreign interest in GM divisions, China’s Geely Automobile Holdings has submitted a bid for Saab. GM is looking to cut unprofitable units ahead of a June 1 restructuring deadline....

Judge Greenlights Chrysler Auction
Judge Greenlights Chrysler Auction
May 6, 2009 2:21 AM CDT

Judge Greenlights Chrysler Auction

Bankruptcy ruling starts clock ticking toward merger with Fiat

(Newser) - A bankruptcy judge has given Chrysler approval to auction off most of its assets by May 27, the Detroit Free Press reports. The move—decided over the strenuous objections of some lenders holding Chrysler debt—is the first step toward the auto maker's proposed partnership with Fiat, which has offered...

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