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One of the troubled Detroit Three automakers, Ford, is making money again and looking for better times in no more than two years.
Ford Motor Co. reported a first-quarter loss of $1.4 billion Friday and said it depleted less of its cash, emphasizing that it doesn't expect to seek any of the government assistance that is keeping the rest of the Detroit Three alive.
Concession talks between the United Auto Workers and the Detroit Three shifted into an odd phase Saturday as negotiations broke off with General Motors Corp., slowed at Chrysler LLC and picked up speed at Ford Motor Co., financially the healthiest of the three, according to people briefed on the bargaining.
It's probably not popular with their bosses. But the ailing Detroit Three automakers' rank-and-file workers and their supporters have a new anthem, straight from a country star.
The federal and Ontario governments will provide the Canadian subsidiaries of the Detroit Three automakers with 4 billion Canadian dollars ($3.29 billion) in emergency loans, the prime minister said Saturday.
Oil prices rose slightly Friday in Asia after a sharp decline overnight as investors mulled how much the global economic slowdown will dampen crude demand.
- If the House and Senate end up voting this week on a financial rescue plan for the car companies, there’ll be several vote switchers: those who voted one way on the $700 billion financial sector rescue plan, but will vote the opposite way on the auto industry loan.
The Federal Reserve, urgently rewriting its playbook to fight a deepening recession, cut its benchmark interest rate to as low as zero Tuesday, a surprisingly strong step that should make it cheaper for Americans to borrow on credit cards and pay their mortgages.
The United Auto Workers said Wednesday it is willing to change its contracts with U.S. automakers and accept delayed payments of billions of dollars to a union-run health care trust to do its part to help the struggling companies secure $34 billion in government loans.
U.S. automakers are in deep trouble. On Tuesday General Motors, Ford and Chrysler reported their worst monthly sales in 26 years, and on the same day the companies asked Congress to grant them $34 billion in federal loans to help them overcome slumping demand because of the recession, the credit crunch and changing consumer taste. GM said it needs $12 billion alone by March to stay in business.
Worried about their jobs and warned that the cost of failure could be a depression, hundreds of leaders of the United Auto Workers voted overwhelmingly Wednesday to make concessions to the struggling Detroit Three, including all but ending a much-derided program that let laid-off workers collect up to 95 percent of their salaries.
The head of the nation's largest automaker took perhaps the most important car ride of his life Wednesday, traveling 500 miles, mostly over highway through four states, to Washington, D.C., where he will ask Congress for a second time to save his slumping company.
Cash-strapped General Motors insists declaring bankruptcy would be disastrous because it would scare away customers. It's unlikely Chevrolet and Cadillac owners would be left with worthless warranties and no replacement parts, but the headlines about the Detroit Three's dire situation may already be keeping buyers away.
While two of the Detroit Three have no new models to unveil at this year's Los Angeles Auto Show, Ford Motor Co. stayed in and will show off a revamped midsize car that is an example of how serious it is about gas mileage and about clawing its way back into the car business.
The chief executive of a major U.S. bank that received $25 billion from the government's financial bailout package said Tuesday that federal aid shouldn't be dispensed to the ailing Detroit Three automakers — unless they become the Detroit Two.
A bill to rescue the troubled auto industry with $25 billion in emergency loans inched forward Friday when Majority Leader Harry Reid said the Senate will begin debate Monday and hold a test vote two days later. Supporters scrambled for votes to break an expected filibuster.
Consumer Reports' latest auto reliability and survey rankings find overall domination by Japanese automakers, strides from the Detroit Three and stumbles from Europe. The findings, released Wednesday and featured in the magazine's April issue, are based on more than 250 tested vehicles and data collected from 1.3 million subscribers' vehicles.
The Volt: Not Ready to RollGeneral Motors has announced a plan to stave off bankruptcy that includes cutting 21,000 jobs, reducing its dealer network and eliminating its Pontiac division. "I'm a believer in dealing with reality," GM chief executive Fritz Henderson said.
GM 'Likely' to Build in China as U.S. Factories Close April 20 (Bloomberg) -- General Motors Corp., shuttering U.S. plants in a bid to avoid bankruptcy, is "likely" to build a new factory in China on surging demand.
U.S. Lays Down Terms for Auto BailoutThe White House on Sunday pushed out the chairman of General Motors and instructed Chrysler to form a partnership with the Italian automaker Fiat within 30 days as conditions for receiving another much-needed round of government aid.
Coalition Sending Caravan of Workers to Washington to Support Auto AidA coalition of organizations representing more than 6 million jobs related to the American automotive industry, announced plans today to send representatives from all 50 states and the District of Columbia to Washington, D.C., to show support for $25 billion in federal loans to G …
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