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February 2009
- Chrysler Seeks $5B More in Federal Loans
  
  CNN | Feb 17, 09 4:23 PM CST
  
  (Newser) - Chrysler says it will need a total of $9 billion in federal loans to avoid going bust, up $5 billion from the amount it received in December and $2 billion from its original request, CNN reports. The company also plans to cut 3,000 jobs this year, or 6% of its workforce. The automaker, which had to submit its restructuring plan to the White House today, also said it had won concessions from the UAW, though no details have emerged. GM's plan will be out later today. More »
- GM 'Unlikely' to Make Deadline in UAW Talks
  
  Detroit Free Press | Feb 16, 09 9:17 PM CST
  
  (Newser) - General Motors made progress in talks with workers and bondholders today but will probably miss its Tuesday deadline, the Detroit Free Press reports. “Everyone is working around the clock,” a source said, but a deal with bondholders was "not looking very likely." GM is seeking concessions to show Washington that it can cut costs and pay back $13.4 billion in federal loans, Reuters reports. More »
- Obama Swaps Car Czar Plan With Panel
  
  New York Times | Feb 16, 09 1:48 AM CST
  
  (Newser) - The Obama administration has ditched the "car czar" idea, and is divvying up the task of reviving Detroit among a panel of top economic advisers instead, an official tells the New York Times . The Treasury secretary and National Economic Council chair will oversee the presidential panel of experts, many of whom are already helping General Motors and Chrysler craft their viability plans—due to be presented to the president tomorrow. More »
- GM Talks Die, Chrysler's Stall as Deadline Looms
  
  Reuters | Feb 14, 09 8:03 PM CST
  
  (Newser) - The UAW broke off crucial talks with GM today, only 3 days before the beleaguered company is scheduled to submit restructuring plans to Washington, Reuters reports. At issue were retiree healthcare costs that executives want to replace partly with shares in a recapitalized GM. "It doesn't seem like the stakeholders are really prepared to give a whole lot," one industry analyst said. More »
January 2009
- Just What Is an 'American' Car?
  
  Wall Street Journal | Jan 26, 09 11:02 AM CST
  
  (Newser) - Lawmakers hoping to give a boost to the American economy by investing in the auto industry might get as much bang for their buck by sinking money into Honda or Toyota as they would Ford, Chrysler, or General Motors, the Wall Street Journa l notes. The auto industry has become too global to categorize as “American” or “foreign.” More »
- Chrysler Needs $3B From Feds to Lock Deal With Fiat
  
  Wall Street Journal | Jan 21, 09 9:11 AM CST
  
  (Newser) - Chrysler and Fiat have agreed to a deal that would give the Italian automaker a 35% stake in the US company, but there’s a hitch: it doesn't become final unless Chrysler bags another $3 billion from the federal government, reports the Wall Street Journal. The partnership will give Chrysler a technology boost, and Fiat more access to the US markets for its fuel-efficient cars, but it comes with no cash. More »
- Fiat to Take 35% Stake in Chrysler, Enter US Market
  
  Wall Street Journal | Jan 20, 09 7:16 AM CST
  
  (Newser) - Fiat arranged a no-cash deal with Chrysler today that could put the Italian automaker behind the wheel of Chrysler’s operations, the Wall Street Journal reports. Fiat will take a 35% stake in Chrysler with an option for 20% more. Fiat will receive a foothold in the US market, retooling a Chrysler plant to produce its smaller, fuel-efficient cars. Chrysler will get to stick around a while longer. More »
- Fiat, Chrysler Talk Partnership
  
  Automotive News | Jan 19, 09 1:39 PM CST
  
  (Newser) - Chrysler is in talks with Fiat to form a partnership that could boost the troubled automaker, Automotive News reports. In the deal, Fiat may offer Chrysler access to its platforms, engines, and transmissions for smaller cars, enabling Chrysler to quickly put out a new line of front-wheel-drive, low-emissions vehicles. Fiat could get a stake in Chrysler or money in exchange. More »
- For Sale: Obama's Old Car; Price: $1M
  
  Time | Jan 15, 09 12:10 PM CST
  
  (Newser) - As Barack Obama upgrades to a customized Cadillac limo fit for a president, the 2005 Chrysler 300C he once drove around Illinois is up for sale on eBay. Bidding starts at $100,000, but eager fans can fork out $1 million to buy it immediately, Time reports. The seller bought the car from a dealer last year, after Obama swapped it for a Ford Escape Hybrid. More »
- Resilient Detroit Will Come Back Strong
  
  Detroit Free Press | Jan 13, 09 5:52 PM CST
  
  (Newser) - When Congress bailed on aid for Detroit automakers last month, it felt like lawmakers "had just voted to turn the lights out on the Motor City," Detroiter Sarah Webster writes in the Free Press. But even as the Big Three dance dangerously close to bankruptcy, she refuses to concede loss. "We never give up," she says, noting the signs of progress at the city's auto show. "Resilience has been fused into our bones." More »
- Chrysler Eyes Electric Rollout in 2010
  
  Wall Street Journal | Jan 11, 09 9:10 AM CST
  
  (Newser) - Struggling Chrysler is underscoring its green-friendly efforts just ahead of the Detroit auto show, reports the Detroit News, promising to have an electric car in production by 2010 . Though a rep said he was “not allowed to” reveal any information about the model, the automaker will reveal a battery-powered version of the Jeep Patriot and show three previously displayed concepts—including a minivan and a sports car. More »
December 2008
- GMAC Grabs $6B Federal Lifeline
  
  New York Times | Dec 30, 08 3:41 AM CST
  
  (Newser) - The federal government is dishing out a $6 billion bailout to keep auto financing giant GMAC afloat, the New York Times reports. The Treasury Department will spend $5 billion to buy a stake in the former General Motors subsidiary, and will loan GM a further billion so the company can increase its 49% stake in GMAC. The money will come from the government's $700 billion bailout fund. More »
- No Hope for Detroit Until We End Rip-Off Financing
  
  Mother Jones | Dec 24, 08 2:49 PM CST
  
  (Newser) - Congress' plan to bail out Detroit ignores one fundamental problem: Americans owe so much on their current cars—often more than the vehicles are worth—that they can't buy new ones, writes Stephanie Mencimer in Mother Jones . Detroit—along with the "great scourge of the American consumer market: the car dealer"—makes its real money selling not cars but dodgy loans. The result: negative equity for consumers, the same problem vexing the housing industry. More »
- Ford Scores PR Cred by Declining Bailout Cash
  
  Advertising Age | Dec 22, 08 9:05 AM CST
  
  (Newser) - Ford’s decision not to take any of the $17.4 billion in bailout cash granted General Motors and Chrysler is paying the company public-relations dividends that could translate into cash in its showrooms when the economy recovers, Advertising Age reports. It was also a good move, analysts say, to put out statements supporting its Detroit brethren. More »
- Canada Pledges $3.3B Aid for Automakers
  
  Globe and Mail | Dec 20, 08 2:12 PM CST
  
  (Newser) - A day after President Bush offered a bailout to American automakers, Canada announced plans to follow suit. The federal and Ontario governments will grant GM and Chrysler’s Canadian subsidiaries $3.3 billion ($4 billion in Canadian dollars), the Globe and Mail reports. “We cannot afford either in the US or Canada a catastrophic short-term collapse,” said PM Stephen Harper, who cautioned, though, that the loans are not “a blank check.” More »
- This Ain't Charity: Detroit Must Win Consumers Back
  
  Detroit Free Press | Dec 19, 08 4:51 PM CST
  
  (Newser) - With a $17.4 billion bailout in hand, Detroit must now turn toward restructuring and making the cars America needs, Mark Phelan writes in the Detroit Free Press . “To win back American buyers’ respect,” Phelan continues, “the automakers must show the aid package was a sound investment, not a handout.” That means smaller, fuel-efficient cars as good-looking as they are economical. More »
- 3 Detroit Finalists Up for Car, Truck of Year
  
  Detroit News | Dec 19, 08 2:20 AM CST
  
  (Newser) - Three Detroit-made vehicles are among six finalists for the 2009 North American Car and Truck of the Year awards, the Detroit News reports. The Ford Flex will compete with the Hyundai Genesis and the Volkswagen Jetta TDI for the year's best car, while the redesigned Ford F-150 and Dodge Ram pickups are up against the Mercedes-Benz ML320 BlueTEC SUV for best truck. The competitors were picked by a panel of US and Canadian automotive journalists. More »
- White House Mulls Automaker Bankruptcies
  
  New York Times | Dec 18, 08 2:33 PM CST
  
  (Newser) - The Bush administration is considering “orderly” bankruptcies as one way to help General Motors and Chrysler, the New York Times reports. The government could support the companies while working on the terms of federal protection, providing what the White House calls a “soft landing.” With the possibility of using TARP funds to bail out the automakers still up in the air, President Bush said he was “worried about a disorderly bankruptcy.” More »
- South Ensuring Detroit Won't Rise Again
  
  Salon | Dec 18, 08 1:20 PM CST
  
  (Newser) - It's no coincidence that Dixie senators derailed the Big Three bailout, since the South—with anti-union laws, low wages, and modest taxes—has built a counter-Detroit that will ensure that neither the Motor City or the South will rise again, Michael Lind writes in Salon. The same tactics were used to poach Northern textile factories early last century, he adds, calling for a "Third Reconstruction" that puts a halt to the South's spiraling "race to the bottom." More »
- GM, Chrysler Revive Merger Talks
  
  Wall Street Journal | Dec 18, 08 1:46 AM CST
  
  (Newser) - General Motors and Chrysler are back in merger talks, reports the Wall Street Journal . Negotiations fizzled weeks ago as both companies viewed a merger as impractical and a potential distraction from federal bailout talks. Chrysler owner Cerberus Capital Management took the initiative to restart talks, and has signaled a willingness to give up some of its stake in the automaker. The move may be viewed by federal lawmakers as a sign that the companies are willing to go the distance to help save themselves. More »