Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Auto Suppliers Panic as Detroit Collapse Nears

Owed billions by GM and Chrysler, many near failure

By Rob Quinn, Newser Staff

Posted Dec 12, 2008 5:30 AM CST

(Newser) – The looming collapse of GM and Chrysler is sending shudders all the way down the supply chain, the New York Times reports. America's auto parts suppliers employ 600,000 people—more than twice as many as the Big Three automakers combined—but many suppliers are... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

New York Times (Source Grid »)

Crisis squeezes auto parts makers
Detroit News

Credit ratings to be cut for auto suppliers
Reuters

Money

Chrysler • General Motors • Ford • manufacturer • auto industry • US automakers • supply chain

More Newser Stories

Detroit Failure Could Spark 'Economic Chaos'

Analysts warn that letting automakers sink will have impact across the economy

(NEWSER) - Letting one of the Big Three go under could have disastrous effects on many corners of the American economy, McClatchy Newspapers reports. Beyond the jobs lost at the companies and their suppliers—as well as the jobs lost everywhere those workers spend their wages—the repercussions would hit sectors as diverse as defense, television, and even sports. More»

Dark Day for Detroit

Bailout collapse leaves state fretting over future

(NEWSER) - Detroit's bailout has crashed and burned, casting a pall on Michigan's future, the Detroit Free Press writes. The state knows the pain that comes with tough times in the auto industry all too well, and it's "incredible" that any American lawmaker "could want to watch these hard times turn so much harder for so many people," notes a Press editorial. More»

Big 3 Execs Finish With Senate

CEOs to make their case to the House tomorrow

(NEWSER) - The CEOs of the Big Three wrapped up a six-hour session with the Senate Banking Committee during which they asked for a minimum of $34 billion in aid, the Washington Post reports. Chairman Chris Dodd vowed to draft a bill “in the next 24-48 hours" that stood a chance of passing both houses and ducking a Bush veto. The execs face the House Financial Services Committee tomorrow. More»

Car Sales Jumped 14% Last Month

Chrysler, VW saw huge gains

(NEWSER) - Americans may be worried about the economy, but they still need to get where they’re going. Auto sales beat expectations last month, rising 14% to 994,721, their fastest sales pace since August 2009, reports the AP . Chrysler led the pack: The automaker’s sales jumped 45%, Reuters reports. Close behind was Volkswagen, whose sales soared 41%; Hyundai, Nissan, and Ford also saw double-digit gains. More»

Obama Should Campaign on Auto Bailout

Some Republicans were ready to let GM, Chrysler die: Jonathan Cohn

(NEWSER) - Barack Obama reportedly plans to make the auto bailout a key part of his reelection campaign, and Jonathan Cohn of the New Republic thinks that’s a great idea. Chrysler and GM are in much better shape, he argues—GM in particular is “reporting big profits, it is winning design awards, and, most important of all, it is selling lots of cars.” More importantly, employment is creeping higher in states like Michigan with a heavy auto industry presence. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Auto Suppliers Panic as Detroit Collapse Nears

Owed billions by GM and Chrysler, many near failure

Chrysler • General Motors • Ford • manufacturer • auto industry • US automakers • supply chain

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Detroit Failure Could Spark 'Economic Chaos'

Analysts warn that letting automakers sink will have impact across the economy

Dark Day for Detroit

Bailout collapse leaves state fretting over future

Big 3 Execs Finish With Senate

CEOs to make their case to the House tomorrow

Car Sales Jumped 14% Last Month

Chrysler, VW saw huge gains

Obama Should Campaign on Auto Bailout

Some Republicans were ready to let GM, Chrysler die: Jonathan Cohn

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?