Skip to: Content
Skip to: Site Navigation
Skip to: Search

Register Login What's New Settings

MONDAY, NOVEMBER 23, 2009

|

RSS |

Follow Newser on Twitter

Twitter

Newser - Current News - Breaking Stories

Downtrodden Detroit

Started by S Goldstein; Last updated by K Schwartz

Notify editors

Downtrodden Detroit

Can American carmakers rev up their engines? Or will buyers continue to speed away from Motor City?

Stories

Stories 1 - 20 of 342

1 2 3 4 5 ... 18 Next >>

June 2009
- GM Sells Saab to Tiny Swedish Custom Automaker
  
  Associated Press | Jun 16, 09 7:11 AM CDT
  
  (AP) - Saab, the struggling Swedish company owned by GM, was rescued today by a consortium led by Koenigsegg Automotive AB, a tiny luxury automaker that produces only a dozen vehicles a year. GM said the sale would include an expected $600 million funding commitment from the European Investment Bank, guaranteed by the Swedish government. With a full-time staff of just 45, Koenigsegg makes cars customized for every buyer, believed to cost between $1 million and $2.3 million apiece. More »
- Retail Exodus Speeds Detroit's Fall
  
  Wall Street Journal | Jun 16, 09 5:32 AM CDT
  
  (Newser) - The auto industry's woes have sped up the long decline of retail in Detroit, the Wall Street Journal reports. America's 11th-largest city now lacks a single outlet from any national grocery chain downtown. Starbucks has just four stores in the city of 900,000, and as of last week, Motor City residents can't even buy a Chrysler in town. More »
- GM-Owning Feds Buy Rival Fords
  
  New York Times | Jun 11, 09 5:30 AM CDT
  
  (Newser) - The federal government isn't letting its stake in General Motors and Chrysler stop it from doing business with rivals, the New York Times reports. Ford, the only one of the Big Three not to receive bailout funds, won the biggest order in the General Services Administration's recent stimulus-funded $287 million purchase of fuel-efficient cars for the federal fleet. More »
- Done Deal: Fiat Buys Chrysler Assets
  
  New York Times | Jun 10, 09 10:31 AM CDT
  
  (Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may also provide a glimpse into the future of General Motors, also navigating bankruptcy. More »
- Supreme Court Won't Block Chrysler Sale
  
  Associated Press | Jun 9, 09 6:48 PM CDT
  
  (AP) - The Supreme Court has cleared the way for Chrysler's sale to Fiat, turning down a last-ditch bid by opponents of the deal. The court late today rejected a plea to block the sale of most of Chrysler's assets to the Italian automaker. With the court's move, the deal can now close as early as tomorrow morning. More »
- As Dealers Dwindle, Car Prices Set to Balloon
  
  Boston Globe | Jun 8, 09 2:05 PM CDT
  
  (Newser) - The shake-up of America's auto industry will mean fewer auto dealers but the streamlining won't be making the cars any cheaper, experts tell the Boston Globe . Chrysler and General Motors are likely to turn to the Japanese model of fewer brands and fewer dealers when they emerge from bankruptcy, and the lack of competition among dealers is expected to add as much as several thousand dollars to the price of a new car. More »
- GM's Car of the Future Sparks Doubt in the Present
  
  Washington Post | Jun 7, 09 12:19 PM CDT
  
  (Newser) - Success has many fathers, and for the forthcoming Chevrolet Volt, paternity claims could stretch from Detroit to Washington. But if the GM hybrid turns out to be an orphan, it could be because many of its backers, including a top GM exec, are ambivalent about its potential to rejigger the company’s gas-guzzling image, Michael Leahy writes for the Washington Post. More »
- Foes Ask Supreme Court to Block Chrysler-Fiat Deal
  
  Associated Press | Jun 6, 09 11:49 PM CDT
  
  (AP) - Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early today to put the sale on hold so they can pursue an appeal. The emergency request goes first to Justice Ruth Bader Ginsburg, who handles such matters from New York. She can act on her own or refer it to the entire court. More »
- Racing Legend Penske Will Buy Saturn From GM
  
  Bloomberg | Jun 5, 09 10:19 AM CDT
  
  (Newser) - Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and $200 million, a source told Bloomberg. More »
- Indiana Makes Final Attempt to Block Chrysler Sale
  
  Washington Post | Jun 5, 09 5:49 AM CDT
  
  (Newser) - Indiana's attempt to block Chrysler's sale to Fiat moves to a federal appeals court today, the Washington Post reports. The state's treasurer, who oversees three state pension and construction funds that hold $42 million of Chrysler's debt, is arguing that the deal to bring the company out of bankruptcy violates bankruptcy law by favoring junior, unsecured creditors over senior ones. More »
- Make Romney the Head of GM
  
  The Atlantic | Jun 3, 09 7:40 AM CDT
  
  (Newser) - Barack Obama wants to "take a hands-off approach" with General Motors, but as James Bennet writes in the Atlantic , there's no way to get the bankrupt automaker back into shape "without getting under the hood." GM needs someone who can "bring the hammer down" on its admittedly "able" CEO. It's time to appoint someone who brings an auto legacy and outsider's skepticism to the table: Mitt Romney. More »
- US Automakers See Sales Increase in May
  
  New York Times | Jun 2, 09 4:46 PM CDT
  
  (Newser) - Some actual good news for the auto industry: All three US automakers saw sales of new cars jump from April to May, reports the New York Times . Granted, sales are still way down compared to last year, but the month-to-month leap offers a glimmer of hope among the bankruptcy headlines. Ford did best, with sales up 20% from April and down 24% from the previous May, the smallest yearly decline among all major automakers since October. More »
- GM Strikes Hummer Deal
  
  Wall Street Journal | Jun 2, 09 7:21 AM CDT
  
  (Newser) - General Motors has announced a "tentative" plan to sell its Hummer brand to a buyer who could take control by the end of the third quarter, says the Wall Street Journal . The firm didn’t say who was buying it or for how much, but noted that the purchaser plans to continue growing the brand portfolio and eventually create alternative-fuel Hummers. GM will keep building Hummers for the new owner “through at least next year,” the Journal notes. More »
- Vehicles That Drove GM to Bankruptcy
  
  Jalopnik | Jun 1, 09 5:45 PM CDT
  
  (Newser) - With the move finally official, Matt Hardigree, for Jalopnik, lists the 10 vehicles that bankrupted General Motors: Chevrolet SSR: “Meant to capture the imagination of buyers. Unfortunately, few buyers were imagining an expensive, gas-guzzling convertible truck that …was basically unusable as a truck." Saturn L-Series: Trying “to pass off an old Opel platform as the new Saturn … was a failure, much like the Saturn brand itself.” More »
- Obama: We Are 'Reluctant Shareholders'
  
  Detroit Free Press | Jun 1, 09 12:00 PM CDT
  
  (Newser) - President Obama heralded “the beginning of a new GM” today, explaining the administration’s plans for the bankrupt automaker. He also sought to reassure the public that he had “no interest” in running GM, despite the 60% stake the government will take in the company. “We are acting as reluctant shareholders,” he said, “because that is the only way to succeed.” More »
- GM Fleshes Out Plans to Close, Idle Plants
  
  Associated Press | Jun 1, 09 9:23 AM CDT
  
  (AP) - In the wake of this morning's bankruptcy filing, GM will permanently close nine more plants and idle three others to trim production and labor costs, the AP reports. Assembly plants in Pontiac, Mich., and Wilmington, Del., will close this year; plants in Spring Hill, Tenn., and Orion, Mich., will shut down production but remain on standby. More »
- Judge Blesses Chrysler Deal; Bankruptcy Could End Today
  
  Wall Street Journal | Jun 1, 09 7:50 AM CDT
  
  (Newser) - Chrysler could shed its bankruptcy protection as soon as today, the Wall Street Journal reports, after Judge Arthur Gonzalez greenlighted the sale of the automaker's assets. Some Chrysler dealers and a group of Indiana pension funds had opposed the deal, which will split Chrysler between Fiat, the UAW, and US and Canadian taxpayers, but the judge waved them off, saying the Fiat partnership was the only viable course for the company. More »
- GM Declares Bankruptcy
  
  Wall Street Journal | Jun 1, 09 7:38 AM CDT
  
  (Newser) - Once king of the auto industry, General Motors filed for bankruptcy this morning, the Wall Street Journal reports. The firm must cut some 21,000 workers and close 12 to 20 factories and 40% of dealerships, adds the New York Times . GM says it owes $172.8 billion and has assets of $82.3; for the US government, which will own 60% of the firm, some $30 billion hangs on GM’s return to profitability. More »
- As Rivals Flail, Ford Ramps Up Production
  
  Wall Street Journal | Jun 1, 09 6:41 AM CDT
  
  (Newser) - Hoping to profit from its rivals' pain, Ford will ramp up this year's third-quarter production 10% over last year's, in a bid to grab market share from GM and Chrysler as they recover from bankruptcy, the Wall Street Journal reports. It’ll be Ford’s first production bump in nearly two years. “This is a once-in-a-lifetime opportunity,” said a source from Ford, though he added, “No one is going to gift-wrap it for us. You have to deliver the product people want to buy.” More »
- General Motors: How a Giant Fell
  
  New York Times | Jun 1, 09 5:13 AM CDT
  
  (Newser) - General Motors dominated the auto industry for much of the 20th century, and its downfall took place over decades. Many of the attributes GM once saw as strengths, from its rigid structure to its diverse range of vehicles, becam e liabilities as Japanese competitors sucked away even its most loyal customers, reports the New York Times . Yet its bankruptcy filing would have been unthinkable even a few years ago, as GM insisted it was too big to fail. More »

Stories 1 - 20 of 342

1 2 3 4 5 ... 18 Next >>

(FILES) This file photo dated 07 January, 2007 shows cars from...

(FILES) This file photo dated 07 January, 2007 shows cars from... (Getty Images)

United Auto Workers union President Ron Gettelfinger addresses the media at the UAW Solidarity House in Detroit, in this May 14, 2007 file photo. Gettelfinger said Monday, June 18, 2007 that the union must offer health care concessions to Chrysler similar to those it gave Ford Motor Co. and General...

United Auto Workers union President Ron Gettelfinger addresses the media at the UAW Solidarity House in Detroit, in this May 14, 2007 file photo. Gettelfinger said Monday, June 18, 2007 that the union... (Associated Press)

The Ambassador Bridge is shown in an aerial photograph looking from the Detroit side to the Windsor, Ontario, side Nov. 2, 2005. A new bridge could soon connect Detroit to Windsor, one of North America's busiest border crossings. Who will own it and when exactly it will be built comes...

The Ambassador Bridge is shown in an aerial photograph looking from the Detroit side to the Windsor, Ontario, side Nov. 2, 2005. A new bridge could soon connect Detroit to Windsor, one of North America's... (Associated Press)

(FILES) The DaimlerChrysler Dodge trucks wait at a storage site...

(FILES) The DaimlerChrysler Dodge trucks wait at a storage site... (Getty Images)

« Prev« Prev | Next »Next » Slideshow

Related Threads

Auto Industry • General Motors • Chrysler • Ford • Kick the Tires • A Billion Here... • On Strike • Going Green • DaimlerChrysler Split • Private Equity

Background

» Read more about at Encyclopedia.com

» Read more about at Encyclopedia.com

» Read more about at Encyclopedia.com

» Read more about at Encyclopedia.com

Economy (of Detroit)
Wikipedia

Detroit and the surrounding region constitute a manufacturing powerhouse, most notably as home to the Big Three automobile companies, General Motors, Ford, and Chrysler. The city is an important center for global trade with large international law firms having their offices in both Detroit and Windsor....

» Read more about Economy (of Detroit) at Wikipedia

» Read more about at Encyclopedia.com

Recommended Reading

Detroit

City of Detroit
City of Detroit

Big Three

Chrysler
Chrysler Official Site

Ford Motor Company
Ford Motor Company

General Motors
General Motors

What is Newser?

Face it: there's too much news. At Newser, we choose the most important stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

© 2009 Newser, LLC. All rights reserved.