Put the Brakes on Car Chiefs' Pay: UAW Boss

Obama hails new goal with automakers

(NEWSER) - Announcing new fuel-efficiency standards, President Obama hailed his administration’s deal with automakers as “the single most important step we’ve ever taken as a nation to reduce our dependence on foreign oil.” With mileage standards almost doubling, Americans will save some $8,000 per vehicle on fuel, the president said. The new requirements call for an average of 54.5 mpg for cars, light trucks, and SUVs by 2025, the Detroit Free Press reports. CEOs of the Big Three and some Asian automaker executives joined Obama for the ceremony. More»

Automaker's financial independence has improved its image with consumers

(NEWSER) - Ford is hoping to use the imminent launch of the 2010 Taurus to cement its newly dominant position among Detroit’s Big Three, MSNBC reports. Ford’s position as the only major US automaker not receiving government aid has been translating into small but significant gains in market share as consumers feel disinclined to buy autos from the likes of “Government Motors.” A recent Autopacific survey found consumers about as likely to buy a Ford as a Toyota. More»

Country KOs GM deal with manufacturer over environmental worries

(NEWSER) - Beijing will halt GM’s sale of the Hummer brand to a Chinese machinery firm over pollution concerns, according to Chinese state radio. The purchase would run counter to the government’s goal of reducing pollution caused by manufacturing, the BBC reports. The Chinese firm shrugged off the report. “The fact that it is from an article from a state media organization does not mean it is government policy,” the company said in a statement. 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»

(AP) - United Auto Workers members have ratified a package of concessions designed to reduce General Motors' labor costs. Union president Ron Gettelfinger said today 74% of GM's production and skilled-trade workers voted in favor. The vote comes before the company's expected Chapter 11 bankruptcy protection filing Monday. Bankruptcy experts say having an agreement in place before the filing will help move the process through court more quickly. More»