Remember when Barack Obama was campaigning for President and he went to Detroit with a very unpopular message in Motown? In essence he told an audience filled with auto execs it was time for them to start building fuel efficient vehicles, hybrids, and models that would lead Detroit out of its money losing ways.
The development boom that turned Poland, Hungary and other former Soviet satellites into some of Europe’s hottest markets is on the verge of going bust, raising worrisome new risks for the global financial system that may ricochet back to the United States.
The Dow and S&P slumped to 11-year lows on Monday as investors lost faith that the U.S. government will be able to stabilize the financial system.
The man many thought would be "Car Czar" will now be leading the task force looking at how to fix General Motors and Chrysler. Steven Rattner is joining the Obama team as counselor to Treasury Secretary Timothy Geithner.
With the UAW and Ford announcing they have agreed on a plan to re-work funding of union's Voluntary Employee Beneficiary Association, it is an important step not only for Ford, but GM and Chrysler as well.
When I woke this morning and surveyed what the morning papers carried about the auto industry, one article in the Detroit News about what cars the Obama Auto Team members own caught my attention -- It brings up the question: Will the cars these members drive influence their decisions regarding GM and Chrysler?
Halfway through the trading day, GM shares hit levels not seen since 1938....A lot investors are starting to wonder if GM stock is worthless.
When President Obama’s Auto Team meets for the first time Friday morning, it will be off camera, behind closed doors, away from reporters. Maybe that's good. After all, fixing this industry could be messy, very messy.
Saturn owners are getting an e-mail today that essentially tells them their beloved brand is not going to die.
GM says that by the end of March it will reach a decision to either sell the brand or phase it out. My gut, based on talking with people in GM and the industry, is HUMMER is sold, but for far, far less than what GM wants.
GM CEO Richard Wagoner, Jr., says taking a conservative view of the future sent him back to the government to ask for more money.
Yes, the numbers are staggering. Anytime a company says it may need up to another $16.5 Billion to fix its business, there's no way to sugar coat it.
Remember in college when you had to turn in that mid-term exam? Today, GM and Chrysler face their own mid-terms of sorts, but with a big difference.
It may seem like the country that used to make everything is on the brink of making nothing.
When Toyota and Nissan both forecast full year losses within the last week, you knew it was only a matter of time before both companies took steps to limit their mounting losses.
Stocks staged a comeback in the final hour of trading Thursday following news that the Obama administration is mulling a new plan to subsidize mortgage payments for homeowners in jeopardy. In other words, the market finally got what Treasury Secretary Geithner failed to deliver: Details.
The pace of corporate layoffs picked up sharply in January 2009, reflecting the worsening US recession.
The idea that a lack of credit is keeping a large percentage of people from buying a new or used car is one of the more ridiculous assumptions still swirling around the auto industry. If you are looking to buy, there's plenty of credit available and frankly, it is a buyer's market.
From The Chicago Auto Show, Frank Klegon of Chrysler
From The Chicago Auto Show, Jim Farley of Ford