Wow, could this actually happen?
Bankruptcy may be even closer for General Motors and Chrysler, now that the Obama administration’s auto task force has determined that both may have trouble surviving as viable standalone companies. continue reading...
GM and Chrysler have made it clear that they need $21.6 billion in federal loans to stay afloat, in addition to the bailout money they have already received. They have also released detailed plans in which they cut 50,000 jobs, close several plants, and drop some of their weaker brands. Experts say this request for more money is no surprise. continue reading...
From the Wall Street Journal: continue reading...
French President Nicolas Sarkozy said on Thursday the state would put “a lot of money” into the struggling car industry.
“We are working with the car sector, car makers and their suppliers, to get out of this situation and to finalize a plan by the end of January,” Mr. Sarkozy said. continue reading...
The price of oil, the credit crunch and now an official recession is really affecting the traditional markets in North America, western Europe and Japan which in turn is affecting the carmakers. continue reading...
From Mitt Romney:
IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed. continue reading...
Chrysler, and GM are pushing for a quick merger of the two car manufacturers, hopefully to come before the US presidential election. If merged, the pair would control 36 per cent of the US auto market. And, the impact on the US economy if either company were to fail would be tremendous. However, if the companies do combine, it is rumored that GM would simply continue Chrysler’s brands, while shutting down its operations. Read more… continue reading...
September was a very slow month for automakers, thanks to the slow down (grinding halt?) in the US economy. In fact, for the first time in 15 years, auto sales for the month of September fell below 1 million. Check it out: continue reading...
A bill set to be passed by Congress and signed by President Bush as early as this weekend- will save the big three that have been feeling rather small.
General Motors, Ford, and Chrysler will be receiving loans that will most likely amount to at least $5 billion each. That would allow them to borrow money at interest rates as low as 4 percent—a steep discount compared with the double-digit rates they’re paying now.This means that over the years, the automakers will save hundreds of millions in financing costs. continue reading...
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