NEWS ABOUT: auto industry
auto industry stories: 441 news briefs
Industry vets remake themselves as truck drivers, nurses' aides
Washington Post 2 hours, 41 minutes ago
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Hundreds of thousands of ex-autoworkers left adrift by the industry's implosion are having to learn new skills and get used to lower pay, the Washington Post reports. Community colleges in the auto industry's heartland are jam-packed with midlife workers aiming to qualify quickly to become truck drivers, computer technicians or nursing aides. "I've been humbled quite a bit," says one 39-year-old autoworker-turned-nursing aide who's living in his mother's basement.
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Wall Street Journal Jul 1, 09 8:02 PM CDT
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A rare sentiment emerged from the auto industry today: cautious optimism. New sales figures show that Americans bought 860,000 vehicles in June, the Wall Street Journal reports. That's down 28% from last year, but it's also the smallest monthly sales drop of the year. Ford and Toyota both declared that the long slide in sales may be ending.
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Owners suing Toyota over expensive repair
Advertising Age Jun 30, 09 5:38 PM CDT
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Toyota’s Prius, now in its third generation, remains the dominant hybrid car. But an increasing number of older Prius owners are finding that the autos have a potentially dangerous flaw—failing headlights. What's worse, the so-called high-intensity discharge lamps, which are optional ugrades, can cost more than $1,000 to fix. With a group of Prius owners suing Toyota, the issue threatens to be a customer-relations fiasco, reports Advertising Age .
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USA Today Jun 29, 09 3:05 PM CDT
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Recession be damned, desire for the 2010 Chevrolet Camaro far outstrips supply—and some dealers are even charging a premium for the sporty new ride, USA Today reports. “Our current production schedule can’t meet the demand,” a General Motors spokesman said. But “that supply-demand tension is good. We don’t want to over-produce, nor do we want people waiting an unreasonable amount of time.”
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Wall Street Journal Jun 29, 09 7:01 AM CDT
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Saturn dealerships around the country have been using the brand’s planned acquisition by Roger Penske to attract customers, the Wall Street Journal reports. "People want to buy from someone they like," said the owner of a Saturn dealership in Wichita. But dealership owners nationwide have since received letters from GM asking them to downplay the Penske association.
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Retailers jump ship as recession, auto industry's collapse hit city hard
Wall Street Journal Jun 16, 09 5:32 AM CDT
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The auto industry's woes have sped up the long decline of retail in Detroit, the Wall Street Journal reports. America's 11th-largest city now lacks a single outlet from any national grocery chain downtown. Starbucks has just four stores in the city of 900,000, and as of last week, Motor City residents can't even buy a Chrysler in town.
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Last-minute tensions healed; measure set to pass next week
Politico Jun 12, 09 7:02 AM CDT
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Congressional leaders settled on a $106 billion spending bill for the wars in Iraq and Afghanistan last night, but it took a last-minute intervention by President Obama via Rahm Emanuel's cell phone. When talks got bogged down over the release of detainee photos, Emanuel rushed to the Capitol and had Obama assure lawmakers via speaker phone that he would do everything in his power to block their release, reports Politico.
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Sales actually up for 'original sport-utility vehicle' with WWII roots
Toledo Blade Jun 11, 09 12:02 PM CDT
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With the Fiat-Chrysler alliance finalized, workers must get hopping to churn out more Jeep Wranglers, the military-vehicle-turned-adventure-ride that’s one of just three American cars whose sales are up this year. It’s “probably one of the main reasons why Chrysler is still here,” an auto analyst tells the Toledo Blade . And Chrysler has only a 30-day supply remaining.
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Administration triumphs as bankruptcy effectively ends
New York Times Jun 10, 09 10:31 AM CDT
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Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may also provide a glimpse into the future of General Motors, also navigating bankruptcy.
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Rebates up to $4,500 would go to buyers of more efficient vehicles
Detroit News Jun 10, 09 5:50 AM CDT
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The House has passed legislation to give people who trade in gas-guzzling vehicles for more efficient new models rebates up to $4,500, the Detroit News reports. The $4 billion "cash-for-clunkers" bill, aimed at giving the auto industry a boost, passed 298-119, and its backers will now try to get it attached to legislation in the Senate.
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Associated Press Jun 9, 09 6:48 PM CDT
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The Supreme Court has cleared the way for Chrysler's sale to Fiat, turning down a last-ditch bid by opponents of the deal. The court late today rejected a plea to block the sale of most of Chrysler's assets to the Italian automaker. With the court's move, the deal can now close as early as tomorrow morning.
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SCOTUSblog Jun 8, 09 3:39 PM CDT
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Supreme Court Justice Ruth Bader Ginsburg today put a temporary stay on the sale of Chrysler to Italian automaker Fiat, SCOTUSBlog reports. Ginsburg’s motion allows the justices to further consider the matter, and either postpone the sale or let it go forward. A full postponement of the sale would require five judges to agree. Ginsburg’s decision said the sale was “stayed pending further order.”
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Lack of competition expected to drive up GM, Chrysler's prices
Boston Globe Jun 8, 09 2:05 PM CDT
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The shake-up of America's auto industry will mean fewer auto dealers but the streamlining won't be making the cars any cheaper, experts tell the Boston Globe . Chrysler and General Motors are likely to turn to the Japanese model of fewer brands and fewer dealers when they emerge from bankruptcy, and the lack of competition among dealers is expected to add as much as several thousand dollars to the price of a new car.
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Associated Press Jun 6, 09 11:49 PM CDT
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Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early today to put the sale on hold so they can pursue an appeal. The emergency request goes first to Justice Ruth Bader Ginsburg, who handles such matters from New York. She can act on her own or refer it to the entire court.
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analysis
Detroit News Jun 6, 09 3:36 PM CDT
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Roger Penske could be just what the mechanic ordered for Saturn, analysts tell the Detroit News . By leaving the manufacturing work to others—initially GM and then, for a time, foreign automakers—Saturn's new buyer will be able to focus on sales and marketing and avoid the pitfalls GM faced. “This is blazing a new trail that’s an exciting one,” said Blue Book’s executive market analyst. “He has a very good chance.”
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Wall Street Journal Jun 6, 09 9:21 AM CDT
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The Obama administration foisted the Fiat alliance on Chrysler, brushing aside its concerns about Fiat’s financial health and unwillingness to share technology, the Wall Street Journal reports . E-mails filed during Chrysler’s bankruptcy proceedings show Fiat ignoring requests for documents, reluctant to ante up funds, and attempting to change contract terms late in the talks. Chrysler officials worried that they, and the government, might find themselves “in bed with a shady partner.”
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Bloomberg Jun 5, 09 10:19 AM CDT
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Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and $200 million, a source told Bloomberg.
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OPINION
Former Mass. governor could turn around automaker, says Bennet
The Atlantic Jun 3, 09 7:40 AM CDT
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Barack Obama wants to "take a hands-off approach" with General Motors, but as James Bennet writes in the Atlantic , there's no way to get the bankrupt automaker back into shape "without getting under the hood." GM needs someone who can "bring the hammer down" on its admittedly "able" CEO. It's time to appoint someone who brings an auto legacy and outsider's skepticism to the table: Mitt Romney.
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Ford, GM have best month of 2009
New York Times Jun 2, 09 4:46 PM CDT
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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.
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Buyer, price not disclosed
Wall Street Journal Jun 2, 09 7:21 AM CDT
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General Motors has announced a "tentative" plan to sell its Hummer brand to a buyer who could take control by the end of the third quarter, says the Wall Street Journal . The firm didn’t say who was buying it or for how much, but noted that the purchaser plans to continue growing the brand portfolio and eventually create alternative-fuel Hummers. GM will keep building Hummers for the new owner “through at least next year,” the Journal notes.
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