April’s seasonally adjusted annualized sales rate (SAAR) dropped back to 9.32 million light vehicles, a half-million-unit decline from March 2009 and a 5.2 million-unit drop from April 2008. It’s the second-lowest SAAR since the early 1980s and it may temper hopes that the market is rebounding. Analysts had been looking for a SAAR in the [...]
General Motors has released a statement regarding widespread reports that the company planned to terminate its Pontiac brand, leaving the automaker with Buick, Cadillac, Chevrolet and GMC.
“Contrary to media speculation, General Motors has not announced any changes to its long-term viability plan or to the future status of any of its brands. GM is continuing [...]
In their rush to send out key details of Obama’s auto plan, many journalists ignored important information. This is the full text; other documents are available from the White House.
One of the challenges we have confronted from the beginning of this administration is what to do about the state of our struggling auto industry. [...]
The massive American Recovery and Reinvestment Bill of 2009 has been presented to Congress for its consideration. The bill combines $275 billion in tax cuts with $550 billion worth of what Rep. Dave Obey of Wisconsin, chairman of the House Appropriations Committee, calls “thoughtful and carefully targeted investments” in technology and infrastructure.
Among the programs included [...]
The automobile industry, hammered by slow sales and tight credit, will pass homebuilding as the most distressed industry in the United States next year. The still-suffering housing industry, the winner for 2008, is seen as falling to third, after autos and the retail sector, according to an early December survey of the213-member Turnaround Management Association.
Chrysler, [...]
Chrysler has started to polish its image with the following online ad. Chrysler’s CEO, Bob Nardelli, was the only Big Three CEO to agree to a $1 per year salary while taking Federal loans.
The domestic automobile industry is an integral part of the U.S. economy, representing 4% of our nations GDP. One in ten jobs [...]
Chrysler LLC Chairman and Chief Executive Bob Nardelli read the following statement to the U.S. Senate Committee on Banking, Housing and Urban Affairs, on Nov. 18, 2008:
Mr. Chairman, members of the Committee, I appreciate this opportunity to address the current economic and financial crisis, the impact it is having on the automotive industry, and the [...]
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