Ford Eyes Chinese Buyer for Volvo

(NEWSER) - The US will provide $5 billion in aid to the nation’s auto-parts manufacturers, a sector struggling because of the tenuous financial situation of Detroit’s Big Three car companies, the Wall Street Journal reports today. Many parts makers face bankruptcy, as they have not been paid for product delivered. The federal money will guarantee payment for shipments regardless of the financial state of the client. 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»

Talks on Thursday brought automakers nearer to bailout, sources say

(NEWSER) - In a round of talks running into the night, GM and Chrysler made headway in securing emergency loans from the federal government yesterday, Reuters reports; the package, expected as soon as this morning, would demand wholesale restructuring of the automakers, including more concessions from unions and creditors. The talks continued even as the White House said yesterday managed bankruptcies were an option for a "soft landing" for the Big Three, an option the companies have said repeatedly is not viable. More»

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»

The President may tap bailout funds once thought off-limits to Detroit

(NEWSER) - The Bush administration said today it will consider using funds from the $700 billion market-rescue plan to bail out GM and Chrysler, MarketWatch reports. The shift comes after the Senate failed to pass $14 billion in emergency loans last night. The plans aren't final, but the money could help one or both of the automakers avoid bankruptcy. More»