Posted on December 17th, 2008 • by Bill Cawthon
The latest from the Bush Administration is that short-term loans for Chrysler and GM could come by Friday. The loans, which were predicted to be available today, are now being held as Treasury Secretary Henry Paulson studies whether enough money will be left in the Troubled Asset Relief Program to bail out any banks that might run [...]
Posted on December 12th, 2008 • by David Zatz
General Motors, facing abrupt sales declines due to the economy and rumors of bankruptcy, announced that it would cut another 250,000 vehicles (around one third of normal production) from first quarter 2009, by temporarily closing 21 North American factories. Many will be closed for all of January.
Posted on December 9th, 2008 • by Bill Cawthon
According to the Wall Street Journal, Chrysler won’t be getting a small car from Chinese manufacturer Chery Automotive Co. Due to the stumbling global economy the Detroit automaker says it has ended talks of cooperation between the two companies. The news came in a statement issued to the WSJ on Monday. In the statement, Chrysler [...]
Posted on December 5th, 2008 • by David Zatz
George W. Bush asked Congress to help domestic automakers without providing additional loans today, again suggesting his “compromise plan,” which would scrap previous Congressional legislation authorizing $25 billion in loans for high-efficiency vehicles. Bush’s Energy Secretary originally refused to dole out any of the $25 billion in loans until 2010, though the legislation called for [...]