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Downtrodden Detroit

Started by S Goldstein; Last updated by K Schwartz

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Downtrodden Detroit

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

Stories

Stories 41 - 60 of 342

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May 2009
- With Emissions Plan, Obama Swings for the Fences
  
  New York Times | May 19, 09 9:44 AM CDT
  
  (Newser) - The new, strict and streamlined national fuel efficiency standard President Obama will announce today could be a victory on three fronts, the Climate Change argues in a piece running on the New York Times web site. Obama will boost his climate change cred, help floundering automakers, and resolve the federal spat with California all in one fell swoop. Obama’s plan will require cars to meet a 35.5mpg by 2016, four years earlier than the previous target date. More »
- Dealer Cuts Mean Deals on Chrysler, GM Cars
  
  Associated Press | May 18, 09 9:32 AM CDT
  
  (AP) - At 789 Chrysler lots across America sit 44,000 potential bargains, cars and trucks that are stuck between shellshocked dealers and a troubled company that no longer wants their services. The dealers have just a few weeks to sell the Chryslers, Dodges, and Jeeps or risk losing thousands of dollars on each—giving people who want a car on the cheap a serious chance for a deal. More »
- Shock, Anger Settle In for Car Dealers
  
  CBS News | May 17, 09 6:20 PM CDT
  
  (Newser) - Hundreds of Chrysler dealers are reeling from notices that give them less than a month to close up shop, CBS News reports. "This was a sucker punch for my brother and I," said Rob Engel, who has been selling Chrysler vehicles in New Jersey since the Reagan presidency. "I'm making the transition from shock to anger." With 100 cars on the lot—too many to sell in a few weeks—he may, like Chrysler, have to go bankrupt. More »
- Chrysler Woos Current Owners With $1K Coupons
  
  Wall Street Journal | May 15, 09 10:04 AM CDT
  
  (Newser) - In an effort to boost sales, bankrupt Chrysler is planning to send $1,000 coupons to all its current customers, the Wall Street Journal reports. The certificates, good toward the purchase of any new Chrysler vehicle, will be mailed in the next month or so with a letter from CEO Robert Nardelli. The company will distribute more than 9 million certificates. More »
- GM to Close 1,100 Dealerships
  
  Bloomberg | May 15, 09 9:20 AM CDT
  
  (Newser) - GM has sent termination notices to 1,100 of its 6,000 US dealerships as part of its plan to eventually shutter 42% of its retail network, CNN reports. The dealers have been notified that their contracts won't be extended next October, and some will shutter this year, a GM spokesman said. The dying dealerships hold about 120,000 GM vehicles, total value $2.5 billion, and won’t close until they’ve exhausted their inventories. More »
- Chrysler Junks 789 Dealers —25% of US Salesforce
  
  New York Times | May 14, 09 11:09 AM CDT
  
  (Newser) - Chrysler plans to eliminate 25% of its US dealers by next month, the New York Times reports. The embattled automaker notified 789 today, citing the need to keep remaining franchises profitable. Chrysler filed a list of those dealerships in bankruptcy court, and a judge could decide to rescue them. General Motors is expected to follow suit with 1,000 of its dealers tomorrow. More »
- Obama's Economic Policies Skirt Abuse of Power
  
  Washington Post | May 14, 09 10:40 AM CDT
  
  (Newser) - It’s easy for President Obama to be a bold leader, given his administration's “careless regard for constitutional values” and burgeoning “tincture of lawlessness,” writes George Will in the Washington Post . Obama is pursuing a dependency agenda, he argues, “maximizing the number of people and institutions dependent on the federal government.” He recently threatened to withhold California’s stimulus money, for example, if the state didn’t reinstate a costly, corrupt program to care for the elderly. More »
- Chrysler Execs Dodge Bailout Pay Caps
  
  Detroit Free Press | May 13, 09 5:52 AM CDT
  
  (Newser) - Bankruptcy documents filed by Chrysler show that the chief executives of the bailed-out automaker will avoid executive pay restrictions—by declaring themselves employees of Fiat. Despite new Treasury rules that cap pay at $500,000 for execs whose firms received "extraordinary assistance," but Chrysler's top officers will be able to take pay from its new Italian owner. The automaker is nevertheless trying to cut 3,500 jobs, reports the Detroit Free Press . More »
- Ford Sells Shares to Raise Cash
  
  Wall Street Journal | May 12, 09 7:09 AM CDT
  
  (Newser) - Eager to shore up its cash reserves, stave off bankruptcy, and further distance itself from its struggling rivals, Ford Motor Co. will offer 300 million shares in a public offering this week, the Wall Street Journal reports. Ford thinks the offering will raise investor confidence, bringing in buyers who’ve given up on GM and Chrysler. Priced off of today’s close, the sale could raise between $1.7 billion and $2 billion. More »
- Nascar Fans Lament Chrysler's Decline
  
  Wall Street Journal | May 9, 09 6:59 AM CDT
  
  (Newser) - Chrysler's woes are making the Nascar faithful wistful for the days when Dodges ruled the track, the Wall Street Journal reports. The bankrupt automaker has promised to continue supporting the sport, but it has already cut funding by almost a third this year and its cars are now usually found at the back of the pack. "I'm a Dodge man," one fan said. "It's depressing." More »
- Bailed-Out GM to Take More Jobs Overseas
  
  Washington Post | May 8, 09 6:37 AM CDT
  
  (Newser) - General Motors is set to boost its overseas operations, nearly doubling the number of cars it builds outside the US but sells here—even though billions of government dollars are supporting the firm and its restructuring plans, the Washington Post reports. This puts the Obama administration in a tight position: Does it push GM to keep jobs in the US, thus increasing labor costs, or does it allow the firm to send jobs abroad—a potential political nightmare? More »
- Foreign Bidders See Opportunity in Detroit Mess
  
  Wall Street Journal | May 7, 09 8:25 AM CDT
  
  (Newser) - With Chrysler in bankruptcy and General Motors at the precipice, foreign companies are preparing bids for parts of the US auto industry, the Wall Street Journal reports. The result will be a broad global reshuffling as companies like Italy’s Fiat, France’s Renault, and even China’s Geely buy pieces of shattered American giants. For buyers, that means more choices and lower costs. More »
- GM Loses $6B in Q1, Burns $10.2B
  
  Wall Street Journal | May 7, 09 7:29 AM CDT
  
  (Newser) - General Motors lost nearly $6 billion in the first quarter, hampered by bankruptcy fears and slumping global sales. The company spent $10.2 billion while revenue declined to $22.43 billion—47% down from the previous year. However, the loss of $5.98 billion, or $9.78 a share, was actually better than the $11.05 analysts expected. The company is already on $15.4 billion of government life-support, and it's estimated that another $11.6 billion will be needed. More »
- Renault May Acquire Saturn; Chinese Firm Bids for Saab
  
  Wall Street Journal | May 6, 09 1:07 PM CDT
  
  (Newser) - Renault is in talks with General Motors about acquiring its Saturn brand, the Wall Street Journal reports. Demonstrating the considerable foreign interest in GM divisions, China’s Geely Automobile Holdings has submitted a bid for Saab. GM is looking to cut unprofitable units ahead of a June 1 restructuring deadline. Buyers of Saturn and Saab likely wouldn’t put any cash down but would assume all costs of maintaining the divisions. More »
- Judge Greenlights Chrysler Auction
  
  Detroit Free Press | May 6, 09 2:21 AM CDT
  
  (Newser) - A bankruptcy judge has given Chrysler approval to auction off most of its assets by May 27, the Detroit Free Press reports. The move—decided over the strenuous objections of some lenders holding Chrysler debt—is the first step toward the auto maker's proposed partnership with Fiat, which has offered some $2 billion for Chrysler's assets. More »
- US Auto Market Going Sane
  
  Los Angeles Times | May 4, 09 12:50 PM CDT
  
  (Newser) - After years of big cars and even bigger sales numbers, forces are conspiring to turn the US auto market into something much more like its European counterparts, the LA Times reports. Fashion statement SUVs are giving way to more efficient, more reliable cars, analysts say, which people are expected to drive longer. After sales averaging 16.9 million a year since the millennium, under 10 million are expected to move this year. Even post-recession, some think they'll rebound only to about 14 million. More »
- Fiat Aims for GM's Opel to Forge Huge Carmaker
  
  Wall Street Journal | May 3, 09 8:00 PM CDT
  
  (Newser) - Already partnered with Chrysler, Fiat is intensifying its pursuit of GM's German Opel unit to forge one of the world's biggest car companies, the Wall Street Journal reports. Fiat's CEO Sergio Marchionne plans to meet tomorrow with German officials seeking an investor as GM restructures. Billions in debt, Fiat needs aid to complete the deal but could swap technology as it did with Chrysler. More »
April 2009
- Fiat Has Long Shed 'Fix It Again Tony' Reputation
  
  New York Times | Apr 30, 09 9:11 PM CDT
  
  (Newser) - The last time Fiat tried to make a go of it in the US market, its unreliable cars earned it the nickname Fix It Again Tony, reports the New York Times . That was 25 years and another world ago. After a renewed focus on quality under CEO Sergio Marchionne, the Italian automaker is now hoping to rescue bankrupt Chrysler—it will have a 20% stake and three seats on the new company's board—through its new and improved technology. More »
- Chrysler Bankruptcy Obama's Blunt Message to GM
  
  Detroit Free Press | Apr 30, 09 3:08 PM CDT
  
  (Newser) - In announcing Chrysler’s bankruptcy, President Obama shows other troubled firms and industries there’s a point where bailouts stop and hard choices begin—and that message must ring especially clear at General Motors, writes Tom Walsh for the Detroit Free Press . GM’s creditors will now be under a lot of pressure to accept what Obama’s auto task force suggests—for fear of getting a worse deal in bankruptcy court. More »
- Chrysler to Declare Bankruptcy: White House
  
  CNNMoney | Apr 30, 09 8:22 AM CDT
  
  (Newser) - Having failed to make a deal with the creditors to which it owes some $7 billion, Chrysler will declare Chapter 11 bankruptcy later today, a White House official tells CNN. The filing does not mean the company will cease operations—rather, it represents an opportunity to execute a merger with Fiat. President Obama expressed optimism during last night's press conference "that we can see a resolution that maintains a viable Chrysler auto company." More »

Stories 41 - 60 of 342

<< Prev 1 2 3 4 5 6 7 ... 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)

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Related Threads

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

Background

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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....

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Recommended Reading

Detroit

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City of Detroit

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Chrysler
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Ford Motor Company
Ford Motor Company

General Motors
General Motors

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