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December 2008
- Once United, Big 3 Take Different Roads to Bailout
  
  New York Times | Dec 1, 08 9:53 AM CST
  
  (Newser) - When the automakers return to Congress this week to beg for a federal bailout, they’ll no longer be presenting one case among them. Each company will unveil its own rejuvenation plan, reports the New York Times . Ford, in best financial shape, wants only the promise of access to federal funds; General Motors and Chrysler need near-immediate infusions. More »
November 2008
- Automakers Will Get Another House Hearing
  
  Wall Street Journal | Nov 26, 08 5:25 PM CST
  
  (Newser) - A House committee will hear struggling automakers out on their new ideas for federal aid Dec. 5, the Wall Street Journal reports today, with Detroit’s plan due to Congress’ Democratic leaders by Tuesday. Dems say approval of billions in federal funds hinges on making Ford, General Motors, and Chrysler “viable,” and a spokesman says the companies are “working tirelessly.” More »
- GM Needs a Hand From Unions, Lenders
  
  Bloomberg | Nov 24, 08 9:43 AM CST
  
  (Newser) - General Motors is revving up its efforts to prove to Congress it can survive if it receives a multibillion-dollar federal loan, reports Bloomberg. The automaker is asking unions to ease work rules, attempting to reduce its debt load, and considering cutting brands from its lineup as it tries to stretch its remaining cash. The company has a week to present a plan to lawmakers. More »
- Bill Ford Driving a Green Future
  
  New York Times | Nov 24, 08 8:35 AM CST
  
  (Newser) - While General Motors, Chrysler, and Congress are haggling over what strings to tie to a federal bailout, Ford chairman Bill Ford Jr is working behind the scenes to further his company's move toward greener, more fuel-efficient vehicles. The automaker, with enough cash on hand to get through 2009, isn’t in the dire straits its rivals are, reports the Wall Street Journal , and has steadily been moving toward an energy partnership with the government. More »
- Detroit Should Look at the History of Steel
  
  New York Times | Nov 23, 08 2:09 PM CST
  
  (Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New York Times. Could the same be true of the auto industry? More »
- Big Three Worse Than Somali Pirates
  
  Bloomberg | Nov 20, 08 1:37 PM CST
  
  (Newser) - Detroit’s pleas for a bailout sound an awful lot like blackmail to Bloomberg’s Mark Gilbert. Let GM fail, CEO Rick Wagoner told Congress, and the “level of economic devastation would far exceed” what Detroit is asking for. In other words, give us what we want, or the economy gets it. “Even Somali oil-tanker pirates have so far stopped short of trying to pilfer $25 billion from their victims,” Gilbert writes. More »
- Auto Execs Hit Turbulence Over Private Jets
  
  Washington Post | Nov 20, 08 7:49 AM CST
  
  (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 private luxury jets flying into Washington, DC, and people coming off them with tin cups in their hands," said one New York congressman at the disastrous hearing. More »
- Political Deadlock Dims Chances of Aid for Detroit
  
  Bloomberg | Nov 19, 08 7:07 PM CST
  
  (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 a vote on the issue scheduled for tomorrow. More »
- Detroit's Big 3 Plead Their Case in Washington
  
  New York Times | Nov 18, 08 5:17 PM CST
  
  (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 mean “three million jobs lost within the first year.” Meanwhile, Chrysler's Robert Nardelli disclosed that his company, like GM, is on the verge of bankruptcy. More »
- Detroit Bailout Is Key Opportunity for US Economy
  
  Washington Post | Nov 17, 08 12:58 PM CST
  
  (Newser) - Letting one—or more—of the Big Three automakers slip into bankruptcy could push the US economy into depression and would imperil millions of jobs tied to the industry, writes Jeffrey D. Sachs in the Washington Post . Instead, the government should bail out the industry, taking the lead in positioning it as a high-tech leader producing 100-mile-per-gallon vehicles. More »
- GM Sales Off 45% as US Auto Sales Hit 25-Year Low
  
  Bloomberg | Nov 3, 08 10:43 PM CST
  
  (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 share from their US counterparts. Toyota's 23% drop came despite a 0% finance program. More »
October 2008
- GM-Chrysler Inch Closer to Deal
  
  Reuters | Oct 29, 08 1:57 PM CDT
  
  (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 chief Rick Wagoner will run the hybrid, Reuters reports. More »
- Car Dealers Write Off Domestic Franchises
  
  Wall Street Journal | Oct 29, 08 6:36 AM CDT
  
  (Newser) - Two of the largest chains of car dealers report that their domestic auto franchises have become virtually worthless,

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Stories

Once United, Big 3 Take Different Roads to Bailout

Automakers Will Get Another House Hearing

GM Needs a Hand From Unions, Lenders

Bill Ford Driving a Green Future

Detroit Should Look at the History of Steel

Big Three Worse Than Somali Pirates

Auto Execs Hit Turbulence Over Private Jets

Political Deadlock Dims Chances of Aid for Detroit

Detroit's Big 3 Plead Their Case in Washington

Detroit Bailout Is Key Opportunity for US Economy

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

GM-Chrysler Inch Closer to Deal

Car Dealers Write Off Domestic Franchises