Chrysler

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December 2008
- Chrysler Idling US Plants for 30 Days
  
  Detroit News | Dec 17, 08 5:05 PM CST
  
  (Newser) - Ominous news on the auto front: Chrysler will idle all its North American plants for at least 30 days beginning Friday, a move meant to realign the company's supply with plummeting demand, the Detroit News reports. Ford, meanwhile, will close 10 assembly plants for an extra week in January, the AP notes. Chrysler suffered a 28% sales slump this year, the worst among ailing automakers. More »
- Why Asian Automakers Don't Want Detroit to Fail
  
  CNNMoney | Dec 16, 08 11:01 AM CST
  
  (Newser) - As Detroit’s Big Three await word on the fate of their much-needed bailout, an unlikely group of supporters has assembled in their corner: foreign automakers. A collapse of General Motors, Ford, or Chrysler would devastate overseas manufacturers as well, CNNMoney reports, spreading bankruptcy to suppliers around the globe and forcing dealer networks worldwide to replace failed brands. More »
- Bush: Auto Bailout 'Not Ready'
  
  Reuters | Dec 15, 08 3:58 AM CST
  
  (Newser) - The federal auto industry bailout appeared to be stuck in neutral as President Bush warned today that a deal is not imminent. "We're not quite ready to announce that yet," Bush told reporters on a plane to Afghanistan. Lawmakers expected the administration to quickly reallocate part of the $700 billion market-recovery pot after Congress failed to rescue the Big Three last week, Reuters reports. More »
- Detroit Failure Could Spark 'Economic Chaos'
  
  McClatchy Newspapers | Dec 13, 08 9:17 AM CST
  
  (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 »
- Auto Suppliers Panic as Detroit Collapse Nears
  
  New York Times | Dec 12, 08 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 already stretched to the limit and will rapidly disappear if GM and Chrysler can't pay their bills. More »
- Dark Day for Detroit
  
  Detroit Free Press | Dec 12, 08 2:36 AM CST
  
  (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 »
- Auto Deal Fails in Senate Over UAW Wage Cuts
  
  Washington Post | Dec 11, 08 9:56 PM CST
  
  (Newser) - A bid to provide emergency aid to automakers failed in the Senate tonight, the Washington Post reports. Negotiators nearly completed an 11th-hour deal but got hung up on union wages. Republicans wanted immediate cuts, and Democrats sought to delay them until 2011. "We're not going to get to the finish," said Senate leader Harry Reid. "I dread looking at Wall Street tomorrow. It's not going to be a pretty sight." More »
- As GOP Stiffens, Auto Bailout Prospects Hit the Skids
  
  Politico | Dec 11, 08 3:59 PM CST
  
  (Newser) - As Republican resistance to the $14 billion auto-industry bailout mounted, proponents flogged today's dismal unemployment figures to bolster their case, Politico reports. Mitch McConnell abandoned the White House, which continued to push the bill; the Senate minority leader unexpectedly said the measure "promises taxpayer money today for reforms that may or may not come tomorrow," The Hill reports. It's unclear when the Senate will vote on the legislation, which cleared the House yesterday. More »
- Sound the Chrysler Death Knell: Analysts
  
  Detroit Free Press | Dec 11, 08 8:33 AM CST
  
  (Newser) - Chrysler’s lack of profitable vehicle lines will lead to its demise, reports the Detroit Free Press, regardless of whether the feds jump in with a bailout. With bad market conditions predicted to worsen next year, the struggling automaker will downshift its production on some lines and eliminate others, prompting bankruptcies and layoffs at suppliers. More »
- House Approves Auto Aid; Senate Prospects Are Iffy
  
  New York Times | Dec 10, 08 8:28 PM CST
  
  (Newser) - The House tonight passed a $14 billion rescue plan for GM and Chrysler, but the measure's fate in the Senate remains uncertain, the New York Times reports. The bill passed 237-170, largely along party lines. Republicans in the Senate have vowed to block or at least delay its progress because they want more concessions from the UAW and automakers. More »
- Bailout Would Help German Giants, Too
  
  Bloomberg | Dec 10, 08 2:20 PM CST
  
  (Newser) - German giants BMW and Daimler are rooting for a bailout of the Big Three, since a bankrupt Detroit would devastate sales and cripple parts-makers they all share, Bloomberg reports. The US is the top market for BMW, No. 2 for Daimler’s Mercedes-Benz. Meanwhile, Fiat, Peugeot, and Renault—which compete with GM and Ford in Europe—worry the bailout will unfairly sway competition. More »
- White House, Dems Agree on $15B Auto Deal
  
  Detroit Free Press | Dec 9, 08 9:09 PM CST
  
  (Newser) - Democrats reached a tentative deal with the White House on a $15 billion rescue plan for GM and Chrysler, but unsatisfied Republicans threatened to block the deal, the Detroit Free Press reports. The measure could be presented to the House tomorrow morning and passed in the afternoon. But the Senate's a different story, and Harry Reid said key Republicans may filibuster if they don't wring more concessions from the automakers and the UAW. More »
- Big 3 Bailout Plan Goes to White House
  
  Associated Press | Dec 8, 08 3:38 PM CST
  
  (Newser) - A draft of the multibillion-dollar bailout agreement for the Big Three automakers went from Capitol Hill to the White House this afternoon and found a chilly reception, the AP reports. The draft legislation calls for a government watchdog appointed by the Bush administration to oversee the companies' operation, but its short-term provision for bridge loans to be extended as soon as this week appears to violate an agreement not to bail out companies deemed not viable. More »
- Dow Up 299 on Stimulus, Autos
  
  MarketWatch | Dec 8, 08 3:17 PM CST
  
  (Newser) - Stocks rallied today, led by automakers, which look ever likelier to get a federal bailout, and industrial firms expected to benefit from President-elect Barack Obama’s proposed public-works programs, MarketWatch reports. The Dow gained 298.76 to close at 8,934.18. The Nasdaq rose 62.43, closing at 1,571.74, while the S&P 500 climbed 33.63 to settle at 909.70. More »
- Detroit's Sourest Lemons
  
  New York Daily News | Dec 7, 08 8:12 PM CST
  
  (Newser) - With Detroit automakers making headlines on Capitol Hill, the New York Daily News offers a retrospective on the Motor City’s biggest lemons: Ford Edsel: A gas-guzzling marketing disaster that became a byword for failure. Chevy Aveo: From 0 to 60 in 11.7 seconds. Hummer H2: A militaristic and inefficient PR nightmare for General Motors. More »
- Democrats, White House Haggle Over 'Car Czar'
  
  Washington Post | Dec 6, 08 9:21 PM CST
  
  (Newser) - As White House and congressional negotiators work out the details of aid to the Big 3 automakers, they've hit a stumbling block over the need for a so-called "car czar," the Washington Post reports. The White House wants to appoint a powerful trustee from within the Commerce Department to oversee use of the money, but Democrats want to provide the aid upfront, then let Barack Obama appoint an overseer or a board after he's president. More »
- Dem Leaders Say OK to Auto Bailout Plan
  
  New York Times | Dec 5, 08 8:19 PM CST
  
  (Newser) - Democratic lawmakers will bail out the Big Three with billions of dollars in loans after all, the New York Times reports. Their change of heart, which comes after 2 days of auto exec hearings, was inspired by today's news that half a million Americans lost their jobs last month. Congress plans to vote next week on $15-$17 billion in short-term loans to the Detroit automakers, Reuters reports. More »
- Chrysler Hires Bankruptcy Firm
  
  Wall Street Journal | Dec 5, 08 3:00 PM CST
  
  (Newser) - Chrysler has contracted a law firm to help it prepare for bankruptcy, the Wall Street Journal reports. The hiring of Jones Day suggests the automaker faces immediate failure if Congress decides to deny financial assistance to Detroit automakers. Jones Day has experience in automotive matters and has represented the United Auto Workers in many cases. More »
- Detroit Paper to Congress: You Cannot Turn Away
  
  Detroit Free Press | Dec 4, 08 9:29 PM CST
  
  (Newser) - In an open letter to members of Congress, the Detroit Free Press insists that the government cannot turn its back on the auto industry. If it does, "there will be economic hell to pay—not just in Detroit, but all across America, including in your state, in your district." Millions of jobs woven throughout the economy are at stake, as is the very fate of the nation's manufacturing base. "You don't want all this blood on your hands," says the editorial. "No one could." More »
- Big 3 Would Agree to Oversight if Bailed Out
  
  Wall Street Journal | Dec 4, 08 1:07 PM CST
  
  (Newser) - Detroit’s Big Three automakers would accept federal oversight in return for financial support, the Wall Street Journal reports. The chiefs of GM, Ford, and Chrysler all said that they would accept a bailout styled after that of Chrysler in the late ‘70s, which put the firm under the supervision of a federal agency. More »