It follows the same pattern every month: automakers announce another sales drop, and then a new round of price cuts they hope will pull buyers back into showrooms. One month later, they repeat. The details vary slightly. Sometimes they’ll try a gimmick, like calling the price drops “employee discounts.” Sometimes they’ll offer cash back rebates. Sometimes they’ll cut interest rates completely, offering zero-percent loans. But Read more…
can’t go bankrupt, their CEOs argued to Congress for weeks. Some analysts believed the three should simply declare bankruptcy in order to end contractual obligations, then restructure under a court’s protection and emerge as stronger businesses. But their leaders argued that the companies would never succeed in restructuring under bankruptcy protection because Americans would never buy cars from an Read more…
The Bush administration, signaling a possible shift in policy, will consider using money set aside for rescue of financial institutions to make emergency loans to automakers, the White House said this morning.
The word comes in the aftermath of stunning rejection by the Senate last night of legislation to provide $14 billion in emergency loans to prevent the collapse of General Motors and Chrysler LLC.
Motorsports enthusiasts are watching auto industry bailout hearings closely, as their sport falls apart around them. Major automakers have scaled back or ended their participation in all three of the major racing circuits in recent days, and racing’s biggest stars are starting to urge their fans to fight for a federal bailout of the auto industry.
Reuters reports, “NASCAR’s sponsorship revenue will grow at a slower Read more…
The award for the best car built in 2008 came down to a single vote, as industry journalists were torn between a stunningly refined GM midsize car and a fuel-efficient but exciting small car from Ford. Both were worthy, but GM’s effort came away with the prize.
Is this an alternate universe?
No. It’s Europe.
As the Big Three Detroit automakers beg for a federal government bailout and face predictions Read more…
