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
From The Chicago Auto Show, Don Esmond of Toyota North America.
GM is trying to pull off a very tricky and painful double play. On one hand it is moving as quickly as possible to downsize the second largest auto maker in the world. On the other, it is trying to show Washington lawmakers that it is a viable company worthy of more government aid.
When I broke the news this morning about GM Vice Chairman Bob Lutz retiring I had mixed emotions. On one hand I thought to myself, "Good for him. If this is what he wants to do, he should do it." On the other hand, I was thinking to myself, "It's too bad he won't be 'in the arena' because this industry needs someone like Bob Lutz."
At a time when there is little good news, I hate to be the bearer of even more bad news, but it kind of goes with the territory. So here it is: Used vehicle prices have bottomed out and are moving higher.
More companies announced layoffs this week as the employment picture continued to dim. News Corp. became the latest victim of the weakening economy, announcing it is planning on cutting jobs after reporting a quarterly loss on Thursday.
More companies announced layoffs this week as the employment picture continued to dim. GlaxoSmithKline and Tiffany & Co. on Thursday became the latest victims of the weakening economy, each cutting an undisclosed number of jobs.
Yes, even the seemingly bullet proof auto makers have stalled. This morning, Toyota reported abysmal third quarter results and warned that it's heading toward its first annual loss since 1950.
In just over a month, Melbourne will once again, be filled with the screams of high-revving engines and the scent of Formula One petrol fumes. But can F1 survive the global recession? Is the sport still relevant?
The suppliers are now talking with the Treasury Department about getting $20.5 Billion in federal aid. These guys are hurting, close to collapsing, and on the verge of blowing a hole through the auto industry.