Archive for the ‘Industry’ Category

UAW won’t renegotiate after Ford deal fails

Posted Tuesday, Nov 3, 2009, 4:28 pm in Industry Comments Off

The United Auto Workers said Monday it will not return to the bargaining table with Ford Motor Co. to renegotiate concessions that were soundly rejected by a majority of 41,000 Ford workers, The Detroit News reported.
The official tally released Monday by the UAW showed 70 percent of production workers and 75 percent of skilled trades [...]

Ford to extend revolving credit; raise $3 billion equity

Posted Tuesday, Nov 3, 2009, 4:26 pm in Industry Comments Off

Ford Motor Co. said on Monday it would pay back in part and extend by two years $10.7 billion of secured debt and issue some $3 billion of stock and equity linked securities to improve its balance sheet, Reuters reported.
Ford, which posted a surprise third-quarter profit of nearly $1 billion earlier on Monday, said it [...]

Ford chief sees a bright future

Posted Tuesday, Nov 3, 2009, 4:25 pm in Industry Comments Off

A much smaller Ford Motor Co.—with 45 percent fewer workers and more than a dozen fewer factories than in 2005—is heading into the last stretch of 2009 with more money, optimism and fuel-efficient passenger cars than it has had for years, the Detroit Free Press says.
“In 2011, we are pretty confident that, with our product [...]

GM spent $6.5 billion on Delphi, pensions, Canadian subsidiary

Posted Tuesday, Nov 3, 2009, 4:20 pm in Industry Comments Off

General Motors Co. has spent $6.5 billion paying off obligations related to Delphi Corp.’s exit from bankruptcy, funding pension plans and buying shares in a Canadian subsidiary, The Detroit News reported.
In a filing made late yesterday afternoon with the U.S. Securities and Exchange Commission, GM also disclosed it had $16.4 billion in unused government loans [...]

GM to use chunk of aid to buy part of Delphi

Posted Tuesday, Nov 3, 2009, 4:19 pm in Industry Comments Off

General Motors Co. said it has received permission to use $2.8 billion of its government aid to help buy part of troubled auto parts supplier Delphi Corp., the automaker’s former parts division, the Detroit Free Press reported.
The Detroit automaker said Monday in a regulatory filing with the U.S. Securities and Exchange Commission that the Treasury [...]

GAO questions if Treasury can monitor GM, Chrysler

Posted Tuesday, Nov 3, 2009, 4:18 pm in Industry, Restructuring Comments Off

The Obama administration’s ability to decide when and how to sell its stakes in General Motors Co. and Chrysler Group is undercut by the rapidly declining staff of the auto task force and its accompanying loss of expertise, Congress’ watchdog says, the Automotive News reported.
The task force has lost eight of its 12 professional staff [...]

Ford shares soar after surprise profit

Posted Monday, Nov 2, 2009, 1:57 pm in Industry Comments Off

Ford Motor Co surprised Wall Street with a quarterly profit on Monday and raised its 2011 outlook to “solidly profitable,” sending its shares up 5.7 percent in premarket trading, Reuters reported.
Ford, the only large U.S. automaker to avoid bankruptcy in 2009, said the third-quarter results were supported by cost-cuts, improved credit results and increased market [...]

Ford suffers UAW setback, Canadian workers OK cuts

Posted Monday, Nov 2, 2009, 1:56 pm in Industry Comments Off

U.S. factory workers at Ford Motor Co. overwhelmingly rejected proposed concessions it has said it needs to stay competitive, while union workers in Canada on Sunday accepted cuts aimed at retaining jobs, Reuters reported.
The Canadian Auto Workers union voted 83 percent in favor of an agreement that freezes wages for some 7,000 workers into September [...]

Toyota’s new U.S. plan: Trim trucks, add hybrids

Posted Monday, Nov 2, 2009, 1:54 pm in Industry Comments Off

Toyota Motor Corp. President Akio Toyoda is rewriting his U.S. playbook to revive battered sales and a tattered image, the Automotive News reported.
The new strategy: review and possibly trim the lineup of full-frame trucks; skip mid-cycle vehicle enhancements to focus on bigger launches; introduce more hybrids to North America and give US. engineers a bigger [...]

New sales chief wants to break GM’s bad habits

Posted Monday, Nov 2, 2009, 1:53 pm in Industry Comments Off

Just two weeks into her new role as General Motors Co.’s vice president of U.S. sales, Susan Docherty plans to break some of GM’s bad sales habits, the Automotive News reported.
For instance, GM still splurges on incentives—about $4,000 per vehicle, she says. Docherty wants GM to manage production to match supply and demand, the trade [...]

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Latest News

UAW won’t renegotiate after Ford deal fails (Nov 3, 2009 4:28pm)
Ford to extend revolving credit; raise $3 billion equity (Nov 3, 2009 4:26pm)
Ford chief sees a bright future (Nov 3, 2009 4:25pm)
GM spent $6.5 billion on Delphi, pensions, Canadian subsidiary (Nov 3, 2009 4:20pm)
GM to use chunk of aid to buy part of Delphi (Nov 3, 2009 4:19pm)
GAO questions if Treasury can monitor GM, Chrysler (Nov 3, 2009 4:18pm)
U.S. October sales rise 6% vs. September (Nov 3, 2009 3:38pm)
New Chrysler offers early hourly retirement (Nov 2, 2009 1:59pm)
Ford shares soar after surprise profit (Nov 2, 2009 1:57pm)
Ford suffers UAW setback, Canadian workers OK cuts (Nov 2, 2009 1:56pm)