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April 19, 2009 - April 25, 2009 Archives
GM prepares to announce Pontiac closure next week
General Motors is preparing to announce early next week that the Pontiac brand will be eliminated, said a source familiar with the company's plans and reported by Automotive News. The announcement will be made as part of an updated viability...
April 24, 2009 3:08 pm
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Plight of Carmakers Could Upset All Pension Plans
Decisions that the government will make soon on the future of General Motors and Chrysler could accelerate the decline of traditional pension plans, which have sheltered generations of workers from an impoverished old age, according to The New York Times....
April 24, 2009 12:56 pm
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13 G.M. Plants Will Take Much of the Summer Off
DETROIT -- General Motors said on Thursday that it would idle 13 of its 21 North American assembly plants for much of the summer, as it tries to reduce inventory at its dealerships and show the Obama administration that it...
April 24, 2009 12:56 pm
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U.S. Said to Seek a Chrysler Plan for Bankruptcy
DETROIT -- The Treasury Department is directing Chrysler to prepare a Chapter 11 bankruptcy filing as soon as next week, people with direct knowledge of the talks said Thursday, according to The New York Times. The company faces a deadline...
April 24, 2009 12:56 pm
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Ford posts $1.4 billion 1Q loss, uses less cash
DEARBORN, Mich. -- Ford reported a first-quarter loss of $1.4 billion Friday and said it depleted less of its cash, emphasizing that it doesn't expect to seek any of the government assistance that is keeping the rest of the Detroit...
April 24, 2009 12:56 pm
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Backseat Driver: Ford helps parents make driving safer for teens
Here's a good idea and more's the pity that it will only be available in Ford vehicles - initially the 2010 Ford Focus. To start with, at least. In an effort to reduce the accident - and death - rates...
April 23, 2009 11:34 am
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Backseat Driver: Fiat taking advantage of Detroit's travails
Fiat could come out of the current debacle not only with a strong foothold in North America with the acquisition of Chrysler's operations but also with a stronger position in Europe with the possible purchase of General Motors' Opel unit...
April 23, 2009 11:34 am
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Backseat Driver: Higher gas taxes anyone?
I spent last week in France where all the cars are small. Why? It's simple. Gas costs the equivalent of $6 a gallon there, diesel the equivalent of $5 a gallon. Why? Because it is heavily taxed - in France...
April 23, 2009 10:30 am
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AutoNation 1Q profit falls 32 pct on weak sales
RICHMOND, Va. -- AutoNation Inc., the country's largest automotive retailer, said Thursday its first-quarter profit dropped 32 percent as consumers continued to avoid car purchases, but the company's results result beat Wall Street estimates, according to The Associated Press. The...
April 23, 2009 9:31 am
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AP Source: New offer made to Chrysler lenders
NEW YORK -- A person familiar with the matter says the Treasury Department has made a new offer to Chrysler's creditors, according to The Associated Press. The Treasury is asking banks and hedge funds that hold $6.9 billion in debt...
April 23, 2009 9:28 am
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Volkswagen Quarterly Profit Plummets
Volkswagen, the largest European automaker, said Wednesday that its net profit dropped 74 percent in the first three months, even as it gained market share in the worst environment for car sales in decades, according to The New York Times....
April 22, 2009 10:15 am
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GM, Chrysler to get $5.5B more in government loans
DETROIT -- General Motors could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday and reported by...
April 21, 2009 11:46 am
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