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When President Obama's Auto Task Force rolls into Detroit Monday it will spark another round of stories and speculation about when the Treasury Department will decide the fate of GM, and Chrysler. Don't hold your breath.
Shares of GM have been getting hammered due to growing speculation the beleaguered auto maker is edging closer to filing for bankruptcy.
After General Motors issued its 10K report yesterday casting doubt on whether it can survive, there have been plenty of questions about why GM doesn't just go into bankruptcy.
Admit it. When you see the headlines of GM warning it could be forced into chapter 7 bankruptcy and liquidate, you likely have two reactions. First, you say "Duh! These guys have been hanging on by a thread, of course they could go under."
After years of getting into the habit of buying or leasing a new car every 3 or 4 years, or even going one step further and buying a third car for a house with only two drivers, Americans are pulling back.
February auto sales are shaping up to be as weak, if not weaker, than the poor results posted in January.
Ford's February auto sales fell a whopping 48.4%, which will re-enforce fears the the economy continues to stumble.
This may be the best time to get the deal you want on a new car or truck. In fact, if you can stomach the idea of taking on an auto loan in this economy, dealers will bend over backwards to get you in the new ride you want.
The drop in auto sales has created a glut of auto factories and turned niche brands into luxuries Detroits auto guys can no longer afford to hold.
As expected, General Motors posted horrendous 4th quarter numbers this morning with the company losing $9.6 Billion. For all of 2008 GM lost $30.9 Billion making it one of the worst years ever for the auto maker.
Tuesday afternoon Ford took another huge step in showing it's committed to cutting costs and "sharing the pain".
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 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.
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.