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NEWS ABOUT: Chrysler

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Auto Execs Hit Turbulence Over Private Jets

Legislators put screws to extra-shiny tin cups

(Newser) - Take three auto execs, add the private jets each took to a Capitol Hill hearing to beg for a federal bailout, and you get a recipe for the heaping helping of humble pie legislators served up, writes Dana Milbank in the Washington Post. "There's a delicious irony in seeing... More »

Political Deadlock Dims Chances of Aid for Detroit

(Newser) - The CEOs of Detroit's Big Three automakers left Capitol Hill today with bleak prospects of getting $25 billion in emergency loans, Bloomberg reports. Negotiations continue, especially among lawmakers of automotive states, but Republicans and Democrats are deadlocked over where any such aid should come from. Senate leader Harry Reid canceled... More »

Senate GOP Crafts Own Auto Bailout Package

Plan would repurpose $25B fuel-efficiency carrot already passed

(Newser) - Senate Republicans are crafting legislation that would repurpose an already-approved $25 billion Energy Department initiative to bail out struggling automakers, the Detroit News reports. The plan is at odds with Democratic efforts, which would use money from the $700 billion Wall Street bailout to help Detroit. The Energy money was... More »

Romney: Let Detroit Go Bust

Bankruptcy, not bailout, will save the American motor industry

(Newser) - If you want to maintain an automotive industry in the US, writes Mitt Romney, giving the Big Three a bailout is the last thing you should do. In an op-ed for the New York Times, the former Massachusetts governor (and Michigan native) says that GM, Chrysler, and Ford need a... More »

Detroit's Big 3 Plead Their Case in Washington

(Newser) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would... More »

Debunking 6 Myths About Detroit Carmakers

Clamor over bailout obscures some truths about Big Three

(Newser) - Misconceptions and half-truths abound in the discussion over giving Detroit’s big three carmakers a chunk of federal bailout cash. Mark Phelan, in the Free Press, clears up six myths:
  1. Nobody buys GM, Ford or Chrysler anymore.
  • Fact: The three combined sold 8.5 million vehicles domestically last year—GM
... More »

Control Emerges as Key Issue in Detroit Rescue Bills

House version calls for tough steps to make US industry more viable

(Newser) - Competing versions of a rescue package for US automakers have hit the floors of the House and Senate, the Detroit Free Press reports. The bills, both of which face fierce opposition from Republicans, draw on the $700 billion bailout allotted to the finance sector and call for similar limits on... More »

Americans Question Detroit Bailout

Taxpayers say auto industry needs to modernize or die

(Newser) - Americans are deeply skeptical about bailing out Detroit automakers, Reuters reports. While many acknowledge that job losses will be heavy if the industry is allowed to go under, there’s a widespread belief that shoring up the manufacturers’ outdated business model would be unfair—and an enormous waste of money.... More »

Let Detroit Go Bankrupt: Brooks, Krauthammer

Auto bailout throws good money after bad, goes against US capitalism itself

(Newser) - American prosperity relies on creative destruction—the failure of nonviable companies and their replacement by defter rivals. The government endeavors to protect the worker in periods of transition, writes David Brooks in the New York Times, but not the firms themselves. That’s why the auto-industry bailout is a bad... More »

Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

(Newser) - Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's... More »

Wi-Fi Goes for a Ride—in the Slow Lane

In-car system is reliable but may distract drivers: Mossberg

(Newser) - Wi-Fi has moved to the car, with Chrysler and Autonet Mobile teaming up to offer connectivity on wheels. It's a neat idea that works reasonably well, writes Walt Mossberg in the Wall Street Journal, though speed isn't great, and the initial cost is steep. Moreover, "the company says the... More »

Detroit Bailout Highlights an Industry That's Moved On

'Big Three' sink while other carmakers swim

(Newser) - The government seems poised to bail out the auto industry, but there are two auto industries, writes Joseph White in the Wall Street Journal. There’s the unionized, drowning Big Three, stuck with ancient product strategies and huge retiree health obligations, and the non-unionized, mostly healthy foreign-owned manufacturers. This second... More »

Dems Push Paulson to Fund Big 3 Automakers

Pelosi, Reid want $700B bailout to aid GM, Ford, and Chrysler

(Newser) - Congressional Democrats are urging Henry Paulson to pump funds into the sputtering Big Three automakers, Politico reports. In a letter to the treasury secretary, Nancy Pelosi and Harry Reid called for a broadening of the $700 billion bailout package to help GM, Ford, and Chrysler qualify for federal aid. A... More »

Auto Bosses to Press Pelosi for Another $25B

Latest reports sound alarm on industry crisis

(Newser) - The CEOs of Detroit's troubled Big Three automakers and the head of the UAW are set to meet today with House Speaker Nancy Pelosi to ask for another $25 billion in government loans, the Detroit Free Press reports. Detroit had its worst sales month in 25 years in October, and... More »

GM Sales Off 45% as US Auto Sales Hit 25-Year Low

Asian brands add market share amid sales freefall

(Newser) - US auto sales dived in October to levels not seen since 1983, Bloomberg reports.  GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market... More »

US to GM on Merger Aid: Hit the Road

Chrysler merger uncertain after $10B request is nixed

(Newser) - A possible merger between GM and Chrysler is now up in the air since the Treasury Department refused late last week to grant GM’s plea for $10 billion to help finance the deal. Treasury officials are trying instead to fast-track a $25 billion loan program to help automakers get... More »

GM-Chrysler Inch Closer to Deal

Merger would create world's largest automaker

(Newser) - General Motors and Chrysler have ironed out the major issues in their proposed merger, bringing the troubled giants a step closer to becoming the world's largest automaker. The deal's final form will depend on financing and government support—of which GM is requesting $10 billion—but both companies agree GM... More »

Auto Bailout Is a Lemon for Taxpayers

Bankruptcy is just what Detroit needs to straighten itself out

(Newser) - Automakers just got a $25 billion loan from Uncle Sam, but now here GM and Chrysler are again, hat in hand, asking for another $10 billion to facilitate their merger. But the “deal is a lemon,” writes Steven Pearlstein in the Washington Post. Yes, the economy would suffer... More »

Car Dealers Write Off Domestic Franchises

Groups writeoff value of franchises as economy shifts into low gear

(Newser) - Two of the largest chains of car dealers report that their domestic auto franchises have become virtually worthless, the Wall Street Journal writes. The companies took a  a combined $51 million in writedowns for the third quarter, reflecting disappearing "franchise value"—the measure of potential profit—for dealerships... More »

Feds May Loan GM $5B for Chrysler Deal

(Newser) - Federal aid may be on the way to facilitate a GM-Chrysler merger, the Wall Street Journal reports. The Department of Energy aims to loan General Motors $5 billion so the merged company can afford layoffs, plant closings, and other integration costs. It could also help GM drum up more investment... More »

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