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December 2008
- 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 »
- 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 »
- Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again
  
  Associated Press | Dec 4, 08 10:57 AM CST
  
  (Newser) - Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better case for assistance than the financial industry, which won a $700 billion rescue plan. More »
- UAW Bends to Boost Bailout
  
  Detroit News | Dec 3, 08 2:09 PM CST
  
  (Newser) - The United Auto Workers agreed today to concessions that may help Detroit get $34 billion in federal assistance, the Detroit News reports. The union’s job bank—which pays eliminated employees 95% of their base salaries—will be suspended, and the UAW will delay billions in payments to its health care trust fund. Though union president Ron Gettelfinger skated inquiries about wage cuts, he said contract modifications were possible. More »
- In DC Corral, the Big 3 Dare Congress to Shoot
  
  Washington Post | Dec 3, 08 8:50 AM CST
  
  (Newser) - The Big Three, their creditors, the unions, and Congress are locked in “a standoff worthy of a spaghetti western,” writes Steven Pearlstein in the Washington Post. “But none really wants to pull the trigger.” In the end, there’s little doubt Congress will step in, but lawmakers know they must get concessions from all parties first. Do the Big Three’s latest proposals fit the bill? Here’s how they break down: More »
- Saving Detroit: It's Now or Never
  
  Detroit Free Press | Dec 3, 08 7:00 AM CST
  
  (Newser) - If Congress is going to save America's auto industry it needs to quit the grandstanding and finger-pointing and take action right now, Tom Walsh writes in the Detroit Free Press . The Big Three have submitted their survival plans as requested, Walsh writes, and the figures show they aren't bluffing—they really will collapse without help. More »
- Automakers Raise Request to $34B
  
  Detroit Free Press | Dec 2, 08 8:36 PM CST
  
  (Newser) - Automakers may be returning to Capitol Hill humbled into driving instead of flying, but that won't stop them from holding out their hands for even more money. Collectively, they told Congress today to be willing to shell out a total of $34 billion in loans and lines of credit—up from $25 billion last month—or risk seeing at least two of them collapse quickly, the Detroit News reports. Company plans came out today, and the CEOs will testify later this week. More »
- GM Sales Off 41%; Toyota, Ford, Honda All Down 30%
  
  Associated Press | Dec 2, 08 1:25 PM CST
  
  (AP) - General Motors' November US sales plunged 41%, while Ford's dropped 31%, dashing hopes that the industry-wide drop in vehicle demand might be easing as Detroit's automakers prepare to state their second case for a federal bailout. Their overseas rivals posted abysmal results as well. Toyota's November sales tumbled 34%, and Honda's fell 32%. More »
- Ford Unveils Plan, Seeks $9B
  
  Wall Street Journal | Dec 2, 08 11:08 AM CST
  
  (Newser) - Ford unveiled a new plan to restructure its operations today and predicted a return to profitability—or at least break-even—by 2011, the Wall Street Journal reports. The plan calls for aggressive cost cutting and an increased focus on fuel efficiency. One of the costs on the chopping block? CEO Alan Mulally’s salary, which would fall to $1 per year if the company gets the $9 billion government loan it’s asking for. More »
- Big 3 CEOs Head Back to DC—This Time by Car
  
  Wall Street Journal | Dec 2, 08 8:55 AM CST
  
  (Newser) - The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend them $25 billion in low-cost loans, based on reorganization plans to be submitted today. More »
- Ford May Sell Off Volvo
  
  Wall Street Journal | Dec 1, 08 10:29 AM CST
  
  (Newser) - Ford is looking to cut costs wherever it can, and that might mean selling off its Volvo unit, the Wall Street Journal reports today. US sales for Volvo dropped off 28% in the first 10 months of 2008, and Ford, bleeding cash, plans to trim down and focus on its namesake brand; it’s already sold off other luxury brands like Jaguar. More »
- 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 »
- Put the Brakes on Car Chiefs' Pay: UAW Boss
  
  Reuters | Dec 1, 08 4:11 AM CST
  
  (Newser) - The nation's Big Three automakers should pledge to limit executive pay—including bonuses and severance packages—in exchange for federal money, insists the president of the United Auto Workers. Ron Gettelfinger warned that everyone is going to have to tighten his belt, including the rank-and-file, in order to save jobs. He called federal aid a "bridge loan that will get us through until we can take a longer term look at what needs to be done." More »
November 2008
- Ford Doesn't Want to Cut CEO's Pay
  
  Wall Street Journal | Nov 27, 08 4:09 PM CST
  
  (Newser) - Though it’s under pressure to trim costs and update its business plan in order to get federal bailout funds, Ford doesn’t like the idea of cutting its CEO’s salary, the Wall Street Journal reports. Alan Mulally made a $2 million salary and $21 million in total compensation last year; asked in testimony last week on Capitol Hill if he’d accept a $1 salary, he replied, “I think I’m OK where I am.” More »
- 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 »
- Ford Tops Safe Car List
  
  Associated Press | Nov 25, 08 11:36 AM CST
  
  (AP) - The insurance industry named dozens of new cars and trucks, led by Ford and its Volvo subsidiary, to its annual list of the safest vehicles today. Ford and Volvo saw 16 of their 2009 vehicles make the list; Honda followed with 13. Some 72 vehicles received the top safety pick designation, more than double the number that received it in 2008, helped by the increased use of anti-rollover technology. More »
- Green Auto Industry at Odds With a Viable One
  
  Washington Post | Nov 25, 08 9:27 AM CST
  
  (Newser) - Critics of Detroit complain that the stubborn Big Three are dying because they won’t make the energy-efficient cars people want. But it can take years for a new hybrid or plug-in model to become profitable, putting lawmakers' vision of a green auto industry at odds with their desire for a viable one, the Washington Post reports. More »
- GM Ends Woods Endorsement Deal
  
  Detroit News | Nov 24, 08 1:43 PM CST
  
  (Newser) - General Motors is ending Tiger Woods' endorsement deal in an attempt to cut costs, the Detroit News reports today. Woods has been the celebrity face of GM’s Buick brand for 9 years, but his contract will expire Dec. 31. The golfer, whose wife is expecting their second child, says ending the deal will allow for more personal time with his family. More »