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May 2009
- Congress Nears 'Cash for Clunkers' Deal
  
  New York Times | May 6, 09 3:19 PM CDT
  
  (Newser) - Congress is nearing agreement on a “cash for clunkers” plan that would pay Americans to give up their gas-guzzling vehicles. A House plan outlined yesterday focuses on cars and light trucks that yield less than 18 miles per gallon. Owners who junk those will receive a $3,500-$4,500 voucher, depending on the relative efficiency of their new ride, the New York Times . 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 »
- With 203K Orders, Nano Grabs 17% of Indian Market
  
  Bloomberg | May 4, 09 2:38 PM CDT
  
  (Newser) - Indian automaker Tata has 203,000 domestic orders for the Nano—the world’s cheapest car—which will start delivery in July, Bloomberg reports. The first editions of the $2,500 vehicle will go out to just 100,000 eager buyers, who will be chosen by lottery and must put about $1,900 down. The groundswell of enthusiasm will net the company $501 million—and 17% of India’s auto market for the fiscal year ending in March. 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 »
- Seeking Sales Bump, GM Targets Middle East
  
  Reuters | May 4, 09 10:17 AM CDT
  
  (Newser) - General Motors hopes to rebound from a 19% first-quarter drop in Middle East sales by introducing new models and helping buyers with down payments, Reuters reports. "There are a lot of people who walk into showrooms who aren't able to buy because they can't get financing," says the company's regional president. GM expects a profit in the region, but "much less so than last year." More »
- Chrysler Downfall Gives Obama Leverage With GM
  
  New York Times | May 2, 09 2:24 PM CDT
  
  (Newser) - Chrysler’s spiral into bankruptcy may give the Obama administration leverage in drastically reshaping General Motors, David E. Sanger and Bill Vlasic write in the New York Times . GM bondholders now know Obama isn't kidding about bankruptcy court, and could fear being stuck with paltry court payouts. Obama's offer of 225 shares for each $1,000 in debt “may not be such a bad deal in the end,” one auto expert said. More »
- Chrysler Halts Production to Lower Inventory
  
  Washington Post | May 1, 09 3:02 PM CDT
  
  (Newser) - Chrysler idled its plants today for 30 to 60 days to reduce inventory as the company’s lawyers appeared in a New York bankruptcy court, the Washington Post reports. The attorneys outlined a plan to emerge from bankruptcy within 2 months. “We are quite mindful of the view of many experts that no car company could survive in Chapter 11,” a Chrysler lawyer noted. “To that we say, 'yes, we can.’” More »
April 2009
- 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 »
- Bankruptcy 'New Lease on Life' for Chrysler: Obama
  
  Washington Post | Apr 30, 09 12:14 PM CDT
  
  (Newser) - President Obama said today that Chrysler’s impending bankruptcy is “not a sign of weakness but one more step” towards recovery, the Washington Post reports. The 1-to-2 month “surgical” bankruptcy—a time frame met with skepticism by experts—will give the automaker a “new lease on life,” Obama said. The president claimed that the filing and a partnership with Fiat would save “tens of thousands” of jobs. More »
- Chrysler Creditors Strike Deal to Avoid Bankruptcy
  
  Washington Post | Apr 28, 09 10:07 AM CDT
  
  (Newser) - The Treasury Department struck a deal with Chrysler’s creditors last night to avoid what had looked like a probable bankruptcy, the Washington Post reports. The creditors, a disparate group of 45 financial firms, agreed to write down all but $2 billion of the $6.9 billion Chrysler owes them, in exchange for a 10% stake in the automaker. More »
- UAW to Own 55% of Chrysler
  
  Wall Street Journal | Apr 28, 09 8:07 AM CDT
  
  (Newser) - The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall Street Journal. Fiat will eventually own 35% of the stock, with taxpayers and creditors divvying up the remaining 10%. More »
- Honda Ready to Take On the Prius
  
  Wall Street Journal | Apr 28, 09 7:31 AM CDT
  
  (Newser) - Honda is rolling out a fresh—and worthy—competitor to Toyota’s Prius, king of the hybrid market, writes Joseph P. White in the Wall Street Journal . The 2010 Insight will sell for just under $20,000, some $2,000 less than the most popular Prius model, and gets “minicar mileage” while offering enough room for a bike in the back seat. "Honda has already rattled the champ," writes White , "and the first round hasn't really begun." More »
- Pontiac Dies, But Its Greats Live On
  
  Jalopnik | Apr 27, 09 3:57 PM CDT
  
  (Newser) - As General Motors' Pontiac line is phased out, Ben Wojdyla, on Jalopnik, remembers the truly great cars that bore the mark. If you've got one, keep your garage clean and await a payday. 2009 G8 GXP: "GM should be saved for no other reason than to put the G8 GXP on the road." This car fulfills the promise of the Pontiac brand in spades, 415 HP V8 and all. 1964 GTO: The vehicle that "ignited the original muscle car wars" will "always have a special place in every car guy's heart." A 325-horsepower V8 doesn't hurt. More »
- Chrysler Strikes Deal With Canadian Workers
  
  Globe and Mail | Apr 25, 09 4:05 AM CDT
  
  (Newser) - Chrysler has won concessions from its Canadian workers that may help keep it out of bankruptcy, the Globe & Mai l reports. The Canadian Auto Workers union—faced with the prospect of Chrysler abandoning its operations north of the border—agreed to give up a range of hard-won benefits and to accept rules making it easier for Chrysler to hire temps. More »
- GM to Scrap Pontiac Brand
  
  CNNMoney | Apr 24, 09 3:04 PM CDT
  
  (Newser) - GM plans to discontinue its underperforming Pontiac line, putting an end to the brand that inaugurated the era of the muscle car, CNNMoney reports. Though GM has not publicly announced the move, the fate of Pontiac has been in doubt since at least 2005, when an exec called the brand “damaged.” GM recently removed Pontiac, which was introduced in 1926, from its list of “core brands.” More »
- Chrysler to Dealers: We're Not Going Bankrupt
  
  Wall Street Journal | Apr 24, 09 1:33 PM CDT
  
  (Newser) - Chrysler isn’t facing imminent bankruptcy, its vice chairman told the automaker’s dealers today. “Nothing has changed,” Jim Press said on a conference call, three participants tell the Wall Street Journal . Chrysler still plans to restructure outside of bankruptcy and cut a deal with Fiat. But Press did say that, should Chrysler not get concessions it needs, bankruptcy is still possible. More »
- Fiat Exec Would Gut Chrysler to Save It
  
  Economist | Apr 24, 09 10:38 AM CDT
  
  (Newser) - It may seem awfully cocky of Fiat chief Sergio Marchionne to assume that he can save Chrysler, generally written off in the industry as a lost cause. But there’s a reason Marchionne is optimistic, notes the Economist : He’s done it before. When he took over Fiat in 2004, the now-reborn company was bloated, in debt, overpowered by unions, and stuck with obsolete technology. “We tore it apart in 60 days,” says Marchionne. More »
- Fiat Begins Talks With GM While Courting Chrysler
  
  Wall Street Journal | Apr 23, 09 9:25 PM CDT
  
  (Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin America, the Wall Street Journal reports. Fiat is simultaneously trying to buy a 20% stake in Chrysler, now teetering on the brink of bankruptcy. More »
- Chrysler May File for Bankruptcy Next Week
  
  New York Times | Apr 23, 09 3:34 PM CDT
  
  (Newser) - Chrysler is preparing to file for bankruptcy as early as next week, the New York Times reports. The best-case scenario for survival: Chrysler will strike a deal with its lenders, file for bankruptcy protection to shed liabilities, then merge its strongest assets with Fiat. If those deals fall through, the company is looking at liquidation, the Wall Street Journal notes. The UAW has agreed in principle to the move and would emerge with a large stake in the company. More »
- Treasury Ups Offer to Chrysler Lenders
  
  Wall Street Journal | Apr 23, 09 1:58 AM CDT
  
  (Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler owes, plus a 5% stake in company. More »