Toyota Offers Interest-Free Car Loans

Big Three bankruptcy would disrupt supply chain, further sour US economy

(NEWSER) - As Detroit’s Big Three await word on the fate of their much-needed bailout, an unlikely group of supporters has assembled in their corner: foreign automakers. A collapse of General Motors, Ford, or Chrysler would devastate overseas manufacturers as well, CNNMoney reports, spreading bankruptcy to suppliers around the globe and forcing dealer networks worldwide to replace failed brands. More»

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. Ford did best, with sales up 20% from April and down 24% from the previous May, the smallest yearly decline among all major automakers since October. More»

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 much better with Gen Y than they did with their parents, or the comeback we keep hearing about may not happen,” says an analyst. More»

(NEWSER) - President Bush rolled out a $17.4 billion emergency loan package for US automakers today, promising $13.4 billion in immediate short-term loans from the remaining TARP funds and an additional $4 billion available in February, MSNBC reports. But the clock is ticking, as the companies must show they are financially viable by the end of March, or they will be forced to repay the loans. More»

Senate Democrat enlisted to work on compromise package

(NEWSER) - Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better case for assistance than the financial industry, which won a $700 billion rescue plan. More»