Downtrodden Detroit

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February 2008
- Chrysler Loss Deepened After Daimler Split
  
  Wall Street Journal | Feb 28, 08 12:56 PM CST
  
  (Newser) - Chrysler lost nearly $2.9 billion in a 2-month period last fall, after its split from Daimler, a filing by the German company shows. The filing by Daimler, which retains 19.9% of the automaker, offers a rare look at how costly the company's reorganization effort has been since it was taken private by Cerberus Capital Management in May, the Wall Street Journal reports. More »
- Soured Deals Dog Brash Cerberus
  
  Reuters | Feb 25, 08 1:15 PM CST
  
  (Newser) - The continued struggles of Chrysler and GMAC—two of Cerberus Capital Management’s largest and most recognized purchases—have observers wondering if the private equity darling has lost its Midas touch, reports Reuters. S&P has downgraded GMAC’s credit rating, Chrysler's January sales slipped 12% even as the company set about cutting models and dealerships in an effort to return to profitability. More »
- GM Posts Industry Record $38.7B Loss
  
  Associated Press | Feb 12, 08 7:05 AM CST
  
  (Newser) - General Motors today posted a $38.7 billion loss for 2007, the largest annual deficit ever for an automotive company, beating its own 1992 record of $23.4 billion. GM also struck a deal with the United Auto Workers on buyout options for the remaining 74,000 hourly UAW workers at US plants, reports the AP, clearing the way for low-cost replacement labor. More »
January 2008
- Toyota, GM In Tie for Top Automaker
  
  Wall Street Journal | Jan 23, 08 9:28 AM CST
  
  (Newser) - Toyota has finally caught up with GM, after years of growing roughly five times as fast. GM’s sales rose 3% in 2007, to 9,369,524 vehicles, but it was only enough to tie Toyota, which last week announced sales of approximately 9.37 million, ending GM’s 76-year reign atop the world’s automakers, the Wall Street Journal reports. More »
- GM Sees Light at End of Tunnel
  
  Wall Street Journal | Jan 18, 08 10:05 AM CST
  
  (Newser) - Overseas sales expansion and reduced labor costs over the next three years will bring “significant” profit increases to General Motors, CEO Rick Wagoner told analysts yesterday. Wagoner also asked investors for patience as share prices continue slipping in a worsening US economy, reports the Wall Street Journal. He said production cuts could accelerate if sales slow further. More »
- Malibu Wins Car of the Year
  
  CNN | Jan 13, 08 4:26 PM CST
  
  (Newser) - General Motors' goal of taking on the Camry and Accord got a boost today as the Chevy Malibu won North American Car of the Year at Detroit’s auto show, CNNMoney.com reports. Its Corvette-inspired twin-cockpit design, and a body shape similar to European luxury cars, has already won media accolades. Truck of the Year went to the Mazda CX-9, which beat out two GM finalists for the prize. More »
December 2007
- Toyota Poised to Overtake GM
  
  Reuters | Dec 25, 07 8:00 AM CST
  
  (Newser) - Toyota, the most profitable automaker in the world, says it will increase production by 5% to a record 9.95 million vehicles in 2008, opening up a lead over General Motors, Reuters reports. Toyota, which sold 9.36 million vehicles in 2007, also expects sales to increase 5% in 2008 to 9.85 million units. More »
- Chrysler Faces Cash Crunch
  
  Wall Street Journal | Dec 21, 07 10:09 AM CST
  
  (Newser) - With an auto industry novice as CEO, a product line trailing the rest of the industry, and an inadequate cost-cutting strategy, Chrysler is scrambling to sell assets to climb out of a deep financial hole. Four months after Cerberus Capital Management took the automaker private, the Wall Street Journal finds turnaround plans stalled by a cash crunch. More »
- GM Offering Buyouts to 5,200 Workers
  
  Detroit News | Dec 19, 07 5:59 AM CST
  
  (Newser) - General Motors is offering to buy out another 5,200 hourly workers, the Detroit News reports. The automaker, worried that the slowdown in auto sales will carry into next year, is keen to get veteran workers out the door and lower-paid new workers in. Over 34,000 blue-collar workers left the company last year in a similar deal. More »
- Nov. Sales Languish for Big 3
  
  Wall Street Journal | Dec 4, 07 8:35 AM CST
  
  (Newser) - Ford and GM will join Chrysler in cutting production in early 2008, reports the Wall Street Journal today, following sluggish November sales and anticipated weak demand driven by continued economic fallout. Only Ford saw a modest 0.6% improvement in US sales last month, while GM sales were down 11% and Chrysler 2%. More »
November 2007
- Motor City Going for Green
  
  Reuters | Nov 24, 07 3:02 PM CST
  
  (Newser) - Auto industry bigwigs at the Reuters Auto Summit in Detroit this week seem finally to have gotten the message on cleaner, more fuel-efficient vehicles; one after another they cited going green (or at least greener) as the path to more competitive cars and trucks. GM honcho Robert Lutz admitted that the Prius helped Toyota get a jump on GM while his company was busy building guzzlers like the Hummer. More »
- Analysts See Steep Sales Slide for Big 3 in '08
  
  Reuters | Nov 19, 07 7:49 AM CST
  
  (Newser) - Automakers are predicting a mildly soft sales year for 2008, but analysts warn a “poverty effect” caused by an imploding housing market could send US light auto sales skidding as much as 9.4% to their worst year since 1993, Reuters reports. “I’m just not sure how bad it could be,” said one. “We all know housing is a debacle.” More »
- Chrysler Plan Cuts Dealers, Overlapping Models
  
  Wall Street Journal | Nov 17, 07 2:09 PM CST
  
  (Newser) - Clued-in dealers say Chrysler is considering a restructuring plan to simplify its lineup: Chrysler dealers would sell all the company’s passenger cars, Jeep dealers would carry only Jeeps and SUVs, and Dodge dealers would handle commercial trucks and pickups. The reorganization would allow Chrysler to eliminate overlapping models and cut up to 1,000 underperforming dealers, reports the Wall Street Journal . More »
- Chrysler to Lay Off 12,000
  
  Bloomberg | Nov 1, 07 11:59 AM CDT
  
  (Newser) - Chrysler today announced plans to cut up to 12,100 jobs, about 14% of its workforce, on top of the 13,000 layoffs announced in February. With the US auto market tumbling—sales are on pace for their worst year since 1998—Chrysler’s new owners, private equity firm Cerberus Capital Management, hope to slim the company’s profile, Bloomberg reports. Four vehicles are getting the ax as well. More »
October 2007
- UAW Ratifies Chrysler Contract
  
  Wall Street Journal | Oct 27, 07 11:07 AM CDT
  
  (Newser) - The UAW said today that its employees had approved a four-year contract with Chrysler by the thinnest of margins, the Wall Street Journal reports. The union said 56% of production workers and 51% of skilled trade workers voted in favor of the deal, despite significant dissent among workers. The UAW will now concentrate on nailing down a deal with Ford. More »
- More UAW Locals Nix Chrysler Deal
  
  Wall Street Journal | Oct 24, 07 8:10 AM CDT