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Posts Tagged ‘automakers’

GM Filing Ch. 11 Bankruptcy Monday in New York

General Motors Corp. president and Chief Executive Officer Fritz Henderson will hold a mid-day news conference from the GM Building in New York on Monday, the day the 100-year-old automaker is expected to file Chapter 11 bankruptcy.

GM, which has lost nearly $90 billion since 2005, is expected to file bankruptcy in U.S. District Court in New York, where rival Chrysler LLC is undergoing a court-ordered restructuring. President Barack Obama also plans to address the nation Monday on GM’s planned court restructuring.

Apathy and Ignorance are Detroit’s Worst Enemies

WASHINGTON (CNN) — A national poll suggests that six in 10 Americans oppose using taxpayer money to help the ailing major U.S. auto companies.

Auto industry executives testify November 19 before Congress.

Sixty-one percent of those questioned in a CNN/Opinion Research Corp. survey out Wednesday are dead set against the federal government providing billions of dollars in assistance to the auto makers, with 36 percent favoring such a bailout.

“Only 15 percent say that they would be immediately affected if the auto companies went bankrupt,” CNN Polling Director Keating Holland said. “Seven in 10 say that a bailout would be unfair to American taxpayers.”

It is simply amazing that so many Americans still don’t understand the importance of the Big Three U.S. Automakers in this country.

The Big Three directly and indirectly employ millions of Americans who used to enjoy a middle class living. These are the same people who buy houses and pay mortgages. They also used to buy new vehicles, refrigerators, furniture, tv’s, home improvement supplies, and many other durable goods that make up the bulk of the U.S. Gross Domestic Product.

They are the same American Workers that used to be able to send their kids to college.

When is this country going to understand that we need labor unions and domestic manufacturing in the U.S.?

Big Three Automakers seek $50 Billion in Federal Loans to Help Retool Plants

WASHINGTON — Detroit’s Big Three automakers are planning an aggressive push on Capitol Hill as they seek up to $50 billion in low-cost loans to speed the development and production of more fuel-efficient vehicles.

General Motors Corp., Ford Motor Co. and Chrysler LLC would use the money to help pay for retooling of older assembly plants and developing advanced technologies.

The lobbying effort comes as the carmakers face dramatically higher fuel economy mandates and consumers are demanding more fuel-friendly options in an era of high gas prices. The Big Three are revamping their product lineups to include smaller, fuel-sipping models.

Ford Posts $8.7 Billion Loss

Ford Motor Co. announced plans to transform its vehicle lineup and reported a massive second-quarter loss Thursday.

Ford (F, Fortune 500) stock fell about 8% in early trading.

“Because of deteriorating economic conditions, demand has declined dramatically, especially in North America,” said Ford CEO Alan Mulally, who also blamed rising gas prices for the decline.

Ford said that three large truck and sport utility vehicle plants in Wayne, Mich., Louisville, Ky., and Cuautitlan, Mexico would be switched over for the manufacture of small cars. Re-tooling will begin in December, the company said.

In addition to converting the three plants in North America, Ford said it will ramp up production of small utility vehicles at its Kansas City, Mo., assembly plant, including the Ford Escape, Escape Hybrid, Mercury Mariner and Mariner Hybrid.

Ford has been offering buyouts to the hourly employees among its 54,000-strong workforce. But only 4,200 workers accepted, far short of the company’s goal. On Monday, Ford said that a new round of buyout and early retirement offers had been made to workers at 17 facilities.