US auto sales drop in 2008, recovery unclear Jan 7, 2009
Chrysler LLC also shut down its plants for a month in December, longer than the usual two-week break, while General Motors Corp. has said it would shut down a plant in Thailand for up to two months. On Monday, automakers said U.S. sales fell to 13. (AZCentral -- Business)
Navistar plant cutting 200 more jobs Jan 7, 2009
General Motors Corp. plans to shut its pickup truck plant in Oshawa, Ont. this spring, with the loss of 2,600 jobs. (Globe and Mail -- National)
Brazil November Industrial Output Drops the Most in 7 Years, Falling 6.2% Jan 7, 2009
Brazils automobile industry, which contributes 5 percent of GDP, has trimmed 500 jobs since the crisis began and carmakers such as Fiat Spa and General Motors Corp. gave thousands of workers early vacations last month. To fill the gap left by scarce credit, the federal and state governments have pledged 8 billion reais ($3. (Bloomberg -- Latin America)
Stocks Tumble on Labor Concern, Intel Outlook Jan 7, 2009
General Motors () may have all that it needs from the federal government to weather the storm. The firm said it now has sufficient funds to navigate the doomsday scenario it outlined in December and should remain afloat barring an unforeseen disaster, Bloomberg. (SmartMoney)
GM to auction some historic cars Jan 7, 2009
By Tim Higgins, Detroit Free Press General Motors' cash problems could give car buffs a rare chance to buy some of its most unusual vehicles at auction next week. Some 200 of GM's one-off and historic models will be sold at the Barrett-Jackson Auction in Scottsdale, Ariz. (USA Today -- Autos)
Blow to Holden as ute export axed Jan 7, 2009
The Ute was scheduled to go on sale in America in the second half of 2009 as the Pontiac G8 ST sport truck, but Pontiac has axed the model as part of General Motors' restructuring plan designed to stave off a financial collapse. Holden this morning confirmed that it was given the bad news overnight by Pontiac, one of numerous General Motors brands that has been the result of intense speculation over its long term future. (Sydney Morning Herald)
Car sales screech to a halt Jan 7, 2009
The slump in the car market in Australia and the US will increase pressure on domestic manufacturers, with US-based Ford and General Motors and Japanese-based Toyota all facing slumping sales in their home markets as well as in Australia ... General Motors is planning to build a four-cylinder car in Australia from 2010, while Ford plans to start assembling its small Focus vehicle locally from 2011. (The Australian)
Alcoa to Cut 13% of Workforce, Slash Capacity as Aluminum Demand Slumps Jan 7, 2009
General Motors Corp.s U.S. sales plunged to a 49- year low in 2008, and the company sought government aid. Another client, Honda Motor Co., saw U.S. deliveries plummet 35 percent. (Bloomberg -- US)
GMAC's Future as Bank Holding Company May Not Include Merkin as Chairman Jan 7, 2009
Two directors will be named by a trust thats being formed to take control of most of General Motors Corp.s stake in GMAC.. New Board. (Bloomberg -- US)
Frank Says Obama Agrees `In Principle' to Set Limits on Remaining TARP Aid Jan 7, 2009
Some lawmakers have pushed Treasury to use the fund to aid the beleaguered U.S. automakers General Motors Corp. and Chrysler LLC, and Democratic legislators are also urging money for struggling homeowners. Frank has said the Bush administration ignored Congresss intent to direct some of the rescue funds to help reduce home foreclosures. (Bloomberg -- US)
Toyota halting production for 11 days to reduce stocks Jan 7, 2009
Toyotas sales in the US, its biggest market, dropped 37% last month, its weakest performance in more than a quarter of a century and worse than struggling US rivals General Motors and Ford Motor. Toyota had already announced a three-day production halt this month at its 12 directly operated Japanese plants, four car assembly plants and eight for engines, transmissions and other components. (The Star Online, Malaysia -- Business)
Toyota mulls more U.S. production cuts Jan 7, 2009
In December , a joint venture between General Motors and Toyota to build vehicles in the United States, announced plans to close down for a couple of weeks over the next two months. The Fremont-based manufacturing plant is facing a backlog of unsold vehicles. (San Jose Business Journal, CA)
Obama's iPod to get Can-Con Jan 7, 2009
If I had twelve billion dollars, Id bail out General Motors. . (Niagara Falls Review)
City strive for downtown rebirth Jan 7, 2009
The Columbia plant produces seats and consoles for the Chevrolet Traverse built at the Spring Hill General Motors Manufacturing plant. Some analysts have also speculated the GM plant which has suspended production until Feb. 9 could face permanent closure. (Columbia Daily Herald, TN)
Hospital CEO says revenue in decline Jan 7, 2009
With a staff of 2,100, Maury Regional Medical Center is the county s second largest employer behind General Motors Corp.. Maury Regional is not alone in feeling the effects of a slumping economy. (Columbia Daily Herald, TN)
NAFTA: Destroying American Manufacturing Jan 7, 2009
Instead of creating jobs, NAFTA has sent revenues across the border where iconic American companies such as Coca Cola, Ford, General Motors, and General Electric have opened up production facilities in Mexico. The average line worker in a U.S. factory earns 18 per hour, whereas his Mexican counterpart will be lucky to make 3 per hour. (Nogales International, AZ)
Toyota shuts plants for 11 days Jan 6, 2009
Toyota's sales in the US fell 37% in December, which was a worse decline than either General Motors or Ford. About 40% of the cars Toyota sells in the US are made in Japan. (BBC News)
Montco will get new expo center Jan 6, 2009
Buyer converted it to Class-A office space for General Motors Acceptance Corp.. Fort Washington hosted 80 events a year and had an annual impact of $280 million, according to a study by of Philadelphia commissioned by Valley Forge Convention and Visitors Bureau. (Philadelphia Business Journal, PA)
Progress remains slow on BioTown energy project Jan 6, 2009
Shortly after Daniels' 2005 announcement, a random drawing gave 20 town residents free two-year leases on flex-fuel General Motors vehicles. GM also gave special incentives to local residents to buy flex-fuel vehicles and more than 150 were sold. (Rensselaer Republican, IN)
We bailed out of ’08 Jan 6, 2009
The economic news is also gloomy for the U.S. automotive industry, where General Motors, in a legally questionable move aimed at boosting its sagging car sales, comes out with a new model called The Chevrolet Toyota. In sports, the troubled Olympic torch punches a photographer while entering a San Francisco hotel at 3 a.m. with Lindsay Lohan. (Helena Independent Record, MT)
US auto sales fall for many firms beyond Big Three Jan 6, 2009
The shared sacrifice doesn't make things any easier for the Detroit Three: General Motors, Ford, and Chrysler. GM reported a sales drop of 31 percent Monday, while Ford said its sales volume was down 32 percent. (Christian Science Monitor -- USA)
Just the facts Jan 6, 2009
December 30 - Bloomberg (Makiko Kitamura and Alan Ohnsman): "Toyota Motor Corp. and Honda Motor Co., Japan's two largest carmakers, may modify their so-called 'just-in-time' manufacturing system to avoid possible supplier bankruptcies disrupting production. General Motors Corp. and Chrysler LLC are battling to restructure after winning $13.4 billion in emergency federal loans to keep them operating through March. Detroit's woes could lead to a 'supplier shock,' crippling US production at... (Asia Times Online)
Volkswagen Gains U.S. Market Share in December as Small Cars Limit Decline Jan 6, 2009
General Motors Corp., Ford Motor Co. and Chrysler LLC fell below 50 percent of their home market for all of 2008, for the first time in any year. They held a combined 47. (Bloomberg -- Germany)
GM China Sales Grow Least in Six Years on Lack of New Cars, Slowing Demand Jan 6, 2009
Shanghai General Motors Co., the U.S. automakers venture with Chinas , sold 445,709 vehicles last year, according to the statement. The venture will be completely renewing its product portfolio over the next few years, including the recently introduced Buick New Regal and Enclave. (Bloomberg -- Asia)
Asia markets up; U.S. stocks lower Jan 6, 2009
General Motors said sales fell 31 percent in December, also slightly narrower than what analysts had forecast. Toyota reported that sales fell 37 percent in the month, while Chrysler reported sales fell 53 percent. (CNN -- International)
Steep sales drop for US carmakers Jan 6, 2009
Ford saw its monthly US sales fall 32%, while General Motors sales dropped 31% - when compared with December 2007. Worldwide car sales are expected to be down 40% in December, as consumers stay away from car showrooms. (BBC News -- Americas)
Tech Stocks Seize Day Across Asia Jan 6, 2009
Toyota and Honda saw December sales in the U.S. plunge 37% and 35%, respectively, steeper drops than General Motors and Ford Motor recorded, but investors still bought their stocks. "The more of a plunge in Q4, the more likely it is that there is a payback rebound quarter in 2009," Merrill Lynch international economist Alex Patelis wrote in a note. (Forbes)
Automaker Sales Continue Dismal Slide Jan 6, 2009
Ford and General Motors were each down more than 20 percent. GM hasn't se 000025F3 en a sales number that bad since Dinah Shore was singing its jingles, half-a-century ago. (CBS News)
Spend billions to boost economy: Canadian Centre for Policy ... Jan 6, 2009
General Motors said Monday that its Canadian sales for December dropped 19. 5 per cent from a year ago as the economy sputtered and many auto companies reported weaker sales. (CBC.ca)
FOXBusiness: Ford Sales Drop 32 Percent in December Jan 6, 2009
At General Motors (GM), sales were down 31% for December. For 2008 overall, sales were down 23% from the prior year. (Fox News)
Toyota to Halt Output for 11 Days as Sales Slump Jan 6, 2009
Toyota's sales in the United States, its biggest market, dropped 37 percent last month, it's weakest performance in more than a quarter of a century and worse than struggling U.S. rivals General Motors and Ford Motor. Toyota had already announced a three-day production halt this month at its 12 directly operated Japanese plants -- four car assembly plants and eight for engines, transmissions and other components. (ABC News -- Wire)
U.S., Germany Mull Tax Cuts Jan 6, 2009
Automakers continue to suffer from weak U.S. demand, with General Motors Corp, Ford Motor Co and Toyota all reporting December sales declines of more than 30 percent. Asian stocks climbed to a two-month high on optimism that massive government spending programs will revive global growth, and European shares also advanced, though U.S. stocks gave back part of the strong gains racked up last week. (ABC News -- Wire)
Wall Street US stocks slide Jan 6, 2009
The S&P 500 climbed to a two-month high last week after General Motors Corp. got its first cash infusion from the government, fewer Americans filed jobless claims and rising oil prices lifted energy shares. The benchmark index for US equities posted its steepest annual tumble since the Great Depression in 2008, falling 38% amid simultaneous recessions in the US, Japan and Europe. (Sydney Morning Herald -- Business)
US car sales crash Jan 6, 2009
General Motors Corp. sold the fewest vehicles in its home market since 1959. Toyota Motor Corp. and Honda Motor Co. posted their first drop in full-year US sales since the mid-1990s after December declines of at least 35. (Sydney Morning Herald -- Business)
Car sales slide in 2008 Jan 6, 2009
"The last time sales were as low as they were in 2008 was in 1992, when there were 19 million fewer households in the country than there are today,'' Sophia Koropeckyj of Moody's Economy.com said. Seasonally adjusted, year-on-year auto sales dropped 31% for Holden owner GM, 32% for Ford and 53% for Chrysler. Beleaguered US car makers have in recent weeks sought multi-billion dollar bail-outs from the US Congress. Toyota leads the pack Locally, Toyota took the top sales position in December, and... (Sydney Morning Herald -- Business)
Treasury releases $15 billion more to banks, with $7.58 billion to PNC Jan 6, 2009
Besides purchasing bank stock, the government also has tapped the bailout fund to supply support to insurance giant American International Group, and last week released money to General Motors Corp. and its financing arm GMAC.. Treasury also said it had provided an additional $20 billion to Citigroup Inc. on Dec. 31 under a program it has dubbed its "targeted investment program" to provide support for the banking giant. (OregonLive, OR -- Business)
Toyota Hits The Brakes Jan 6, 2009
Toyota and Honda's sales plunged 37% and 35%, respectively, while General Motors (nyse: - - ) and Ford Motor (nyse: - - ) suffered declines of 31% and 32%, respectively (See ""). One contributing factor may be low gas prices, which have eroded the Japanese carmakers' advantage in fuel-efficient, compact cars. (Forbes -- Markets)
Automakers fear new normal of lower sales in U.S. Jan 6, 2009
The across-the-board decline of 35 percent, reported by auto companies on Monday, is certain to put more pressure on the fragile finances of several manufacturers, particularly General Motors and Chrysler. GM and Chrysler received emergency U.S. government loans last week to stave off bankruptcy while they accelerated their reorganization efforts. (International Herald Tribune)
General Motors, Eli Lilly are big movers Jan 6, 2009
General Motors Corp., down 60 cents at $3. 20. (Yahoo News -- Pharmaceutical Industry News)
Chrysler U.S. sales plunge 53 per cent Jan 6, 2009
General Motors Corp. and Nissan Motor Co. both posted 31 per cent declines. Ford's sales for 2008 fell 21 per cent from a year earlier, keeping the auto maker in third place in the U.S. auto sales race, falling behind Toyota for the second straight year. (Globe and Mail)
Canadian auto sales skid 21 per cent Jan 6, 2009
Ford Motor Co. of Canada Ltd. and General Motors of Canada Ltd. both outperformed their Japan-based rivals and the market last month with drops of 5 and 19 per cent respectively. There was carnage from one end of the industry to the other, Mr. DesRosiers said. (Globe and Mail)
Ford's sales drop 32%; Toyota's 37% Jan 6, 2009
General Motors Corp. and Chrysler LLC were forced to go to the government for loans to hold off bankruptcy, and Ford says it may need government money if sales don't recover in 2009. But Bragman said the sales drops are not unique to the U.S.-based automakers. (AZCentral -- Business)
Meeting tonight in Jackson for Prospect Motors Jan 6, 2009
The dealership, owned by Frank Halvorson, closed in late December after Halvorson received a call from corporate headquarters at General Motors Acceptance Corporation. GMAC provides operating funding to dealerships, and froze the accounts for Halvorson s dealerships, which also included Amador Motors and Amador Toyota. (San Andreas Calaveras Enterprise, CA)
Struggling auto industry offering deep discounts Jan 6, 2009
General Motors added a last-minute inducement last week by offering 0 percent to 4. 9 percent financing through today on some remaining 2008 models. (Honolulu Advertiser)
The money's ready now where's the plan? Jan 6, 2009
There are two fundamental things to keep in mind about the $4-billion bailout of General Motors of Canada and Chrysler Canada that was unveiled just before Christmas. The first is that the short-term loans provided through the federal and Ontario governments are drawn from public funds. (Globe and Mail)
Pucko: Best Case Scenarios '09 Jan 6, 2009
The Yankees threw enough money at its mismanaged roster to bail out General Motors last month. Entitlement Town may actually be successful buying another title some day. (R News)
Canada's Automobile Sales Declined 21% in December, Led by Honda, Toyota Jan 6, 2009
General Motors Corp., the largest automaker by sales in Canada, posted a 19 percent decline for December. Sales fell 36 percent for Chrysler LLC and 5. (Bloomberg -- Canada)
Markquart merging dealerships; combined firm to be in Lake Hallie Jan 6, 2009
Some layoffs will be made after Markquart General Motors dealerships in Chippewa Falls and Lake Hallie are merged as of Monday, Feb. 2 ... The dealership will have a General Motors Goodwrench Parts and Service center, and an auto body center. (Menomonie Dunn County News, WI)
Auto makers look to Mexico Jan 6, 2009
4-billion (U.S.) in loans to General Motors Corp. and Chrysler LLC, was announced in December ... Still, Mexico is likely to benefit from the U.S. bailout package because General Motors and Chrysler - along with Ford Motor Co. - build small, fuel-efficient cars there, and wage rates are very attractive to the auto makers ... " Iceland's president said his country could face "national bankruptcy" because of the credit crisis. Can a country actually go bankrupt? Countries can't go bankrupt in the... (Globe and Mail -- Business)
U.S. car wreck hits Canada Jan 6, 2009
Ford Motor Co. of Canada Ltd. and General Motors of Canada Ltd. both outperformed their Japan-based rivals and the market last month with drops of 5 and 19 per cent respectively. "There was carnage from one end of the industry to the other," Mr. DesRosiers said. (Globe and Mail -- Business)
Shares skyrocket as Porsche takes over Volkswagen Jan 6, 2009
VW said in August that it had overtaken Ford to become the world's third biggest automaker behind General Motors and Toyota. Porsche is now obliged by Swedish law to make an offer for outstanding shares in truckmaker Scania, in which VW is the dominant shareholder. (Sydney Morning Herald -- World)
U.S. stock markets slip as automakers report sales Jan 6, 2009
Shares of General Motors and Ford Motor finished higher, while other automakers slipped as car companies announced their year-end sales. GM said its sales dropped 31 percent in December from Toyota and Honda reported that their sales in the United States fell by more than 30 percent. (International Herald Tribune -- Business)
Hard to Believe 2009 Will Be Crazier Than 2008: William Pesek Jan 6, 2009
bought General Motors Corp., Ford Motor Co. and Chrysler LLC. Rather than produce cars that nobody wants, Toyota turned Detroit into a Disney-like theme park with rides including Losers Canyon, Gas Guzzlers Mountain and Its a Bankrupt World After All. Michigan state officials rushed to Japan to protest the plan. (Bloomberg -- Columnists)
Car sales hit a brick wall at year's end Jan 6, 2009
General Motors Corp. reported December sales dropped 31 percent to a 49-year low, while Chrysler's monthly sales plummeted by 53 percent. Things were equally dismal at Ford Motor Co., where sales fell 32 percent in December. (Pittsburgh Post-Gazette, PA)
U.S. auto sales ended year on low note Jan 6, 2009
4 percent in December and sales by General Motors fell 31. 4 percent, the automakers said Monday, and some of their foreign rivals reported even bleaker numbers. (International Herald Tribune -- Money Report)
Banks' `Catatonic Fear' Means U.S. Consumers Get No Relief From TARP Plan Jan 6, 2009
4 billion to Detroit-based automakers General Motors Corp. and Chrysler LLC.. No New Lending. (Bloomberg)
Business Highlights Jan 6, 2009
General Motors Corp. and Nissan Motor Co. both posted 31 percent declines. Apple's Jobs has hormone imbalance, will stay CEO NEW YORK (AP) -- Apple Inc. founder Steve Jobs, a survivor of pancreatic cancer whose gaunt appearance in the past year has alarmed the Mac and iPod lovers who look to him as an oracle, said Monday he has an easily treated hormone imbalance and will remain in charge of the company. (Pocatello Idaho State Journal, ID)
2008 auto sales drop by 3 million Jan 6, 2009
General Motors' December sales fell 31. 2%, but GM says that, all things considered, it was satisfied the year ended down just 22%: A supplier strike in spring shut down some GM plants, consumers shifted quickly away from its profitable trucks and SUVs, and it couldn't offer loans to many buyers once the banking crisis hit because its finance arm was crippled. (USA Today -- Autos)
Cars outsell trucks in rough year Jan 6, 2009
By David Zalubowski, AP. 2009 Prius sedans sit at a Toyota dealership in Frederick, Colo. (USA Today -- Autos)
MORE ON GM: Stock quote and Wikinvest commentary Jan 6, 2009
General Motors Corporation -- GM (NYSE) ... COMMUNITY ANALYSIS ON GM FROM THE CONTRIBUTORS AT General Motors (NYSE: GM) is the biggest of the , the ponderous American auto who have traditionally dominated the North American market ... In September of 2007, however, General Motors and United Auto Workers (UAW) union reached a monumental agreement that will allow GM to shift $51 billion in healthcare liabilities to the UAW. The deal impacts 74,000 of GM's workers and will also allow GM to replace... (USA Today -- Money)
CNNToyota Orders 11-day Factory Halt Jan 6, 2009
A 37% slump in December sales in Toyota's biggest market was its sharpest fall in more than a quarter of a century and worse than declines at struggling U.S. rivals General Motors (, ) and Ford Motor (, ). "I never expected the crisis to spread this fast and leave this deep a scar," Toyota () President Katsuaki Watanabe told reporters at a Tokyo event hosted by Japan's top business lobbies. (News4Jax.com, FL)
Australia vehicles sales rebound in Dec - industry Jan 6, 2009
The Holden unit of General Motors Corp (GM.N) took second spot in December with a 14. 2 percent share, while Ford Motor Co. (F.N) came third with 9. (Reuters)
Wall Street falls on weak telecoms, banks Jan 6, 2009
General Motors tacked on US6 cents, or 1. 6 per cent, to $US3. (The Australian)
Andre Rieu is top 10 Touring act Jan 6, 2009
9 Coldplay (source: ) Tour dates Rieu - USA/Canada 2009 Date City Venue 4-17-2009 Toronto Air Canada Centre 4-18-2009 Ottawa Scotiabank Centre 4-19-2009 Montreal Bell Centre 4-20-2009 Syracuse, NY War Memorial At Oncenter 4-21-2009 Manchester, NH Verizon Wireless Arena 4-23-2009 New York City, NY Hammerstein Ballroom 4-24-2009 Bridgeport, CT Arena at Harbor Yard 4-25-2009 Uniondale, NY Nassau Coliseum 4-26-2009 Newark, NJ Prudential Center 4-27-2009 Reading, PA Sovereign Center 4-28-2009 Camden,... (Yahoo! Wire -- Entertainment News)
Car-nage! December Auto Sales Crash & Burn Jan 6, 2009
As Washington's bailouts rescued General Motors and Chrysler from the precipice of bankruptcy, the mighty Toyota suffered its sharpest humiliation ever by seeing its US sales tumble 37 percent in December - a much worse drop than its arch rivals GM and Ford. Chrysler showed the biggest drop among the four majors, with a 53 percent decline in December. (New York Post -- Business)
