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Gettelfinger: UAW will seek worker approval for contract changes
UAW President Ron Gettelfinger said today that the union would seek rank-and-file approval for any changes it makes to labor agreements to help the Detroit 3 comply with provisions of the new federal bailout. The UAW's bargaining team from the General Motors department will begin discussing their negotiating strategies tonight, Gettelfinger said in an interview with Automotive News here at Solidarity House. » Read Article
[REG] 4:31 pm U.S. ET | Jan. 6, 2009
Pontiac kills the G8 ST sport truck for 2009
General Motors told dealers today it has decided to cancel a G8 sport truck that was scheduled to debut this fall. The reason, in part, is GM's “continuing vehicle review” to make the company viable, said Pontiac spokesman Jim Hopson. That includes turning Pontiac into a “niche brand” according to a plan GM presented to Congress late last year. » Read Article
[REG] 1:41 pm U.S. ET | Jan. 6, 2009 | UPDATED: 1/6/09 2:39 p.m. EST
Analysts: U.S. sales may pick up by summer
U.S. auto sales will slide for a fourth straight year in 2009, executives and analysts said in the wake of yesterday's year-end sales reports. Any signs of recovery aren't expected to appear until midyear. A 35.6 percent drop in December sales brought the 2008 U.S. sales total to 13.2 million units. That was an 18.5 percent decline from 2007's mark of 16.2 million, ending nine straight years above 16 million. » Read Article [REG] 2:21 pm U.S. ET | Jan. 6, 2009
Toyota halts output in Japan for 11 days
Toyota Motor Corp. will halt production at its Japanese plants for 11 days in February and March as plunging U.S. sales has left dealers' lots full of unsold cars.A 37 percent 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 U.S. rivals General Motors and Ford Motor Co. » Read Article [REG] 8:00 am U.S. ET | Jan. 6, 2009
Suzuki says mid-sized sedan will come to U.S. as planned
Suzuki, refuting media reports from Japan on Monday, today said it still plans to release a mid-sized sedan based on the Kizashi 3 concept in the United States this year. The Nikkei business daily reported that production plans for the car had been shelved. » Read Article [REG] 3:08 pm U.S. ET | Jan. 6, 2009
Nissan recalls 243,000 SUVs and trucks for flaw created by road salt
Nissan North America Inc. is recalling about 243,000 light trucks in states that make heavy use of road salt. Dealers are to replace a crash sensor that may corrode, causing front-impact airbags to be disabled. The recall covers 2005-09 Pathfinders, Frontiers and Xterras registered in 20 states and the District of Columbia, where road salt is frequently used on slippery roads. » Read Article
[REG] 1:51 pm U.S. ET | Jan. 6, 2009
Chrysler expands credit union loan program
Chrysler LLC, which launched a test loan program with credit unions in 12 states last month, has expanded the program to all 50 states. The program, called Invest in America, will give credit union members additional rebates of $500 to $1,000 on most Chrysler, Dodge and Jeep vehicles. The expanded offer takes effect Tuesday. Qualifying credit union members will get the rebates on top of other incentives Chrysler offers. » Read Article [REG] 12:01 am U.S. ET | Jan. 6, 2009
Chrysler cuts back auto show spending
Another sign of the auto industry meltdown: Journalists covering next week's Detroit auto show will not be treated to free food, an open bar and entertainment by Chrysler LLC, which will not host its annual Firehouse hospitality suite in downtown Detroit. » Read Article
[REG] 2:04 pm U.S. ET | Jan. 6, 2009
German billionaire investor Merckle commits suicide
German billionaire Adolf Merckle, assailed by financial turmoil and struggling to salvage his business empire, has killed himself, his family said today. "The desperate situation of his companies caused by the financial crisis, the uncertainties of the last few weeks and his powerlessness to act, have broken the passionate family entrepreneur and he took his own life," a family statement said. » Read Article
[REG] 11:00 am U.S. ET | Jan. 6, 2009
GM to get another $5.4 billion from Treasury
General Motors will receive a second $5.4 billion installment of its government loan on Jan. 16, the U.S. Treasury said late Monday. In a transaction report for its bailout fund, the Treasury said it has approved the release of a total of $9.4 billion for GM, including $4 billion disbursed on Dec. 31 and $5.4 billion to be funded on Jan 16. » Read Article [REG] 12:01 am U.S. ET | Jan. 6, 2009
Japan's Toray expands carbon fiber production to Europe
Japan's Toray Industries Inc., the world's largest supplier of carbon fiber, has taken a 21 percent stake in a German rival to begin producing lightweight auto parts in Europe. Toray bought its share in ACE Advanced Composite Engineering GmbH last month, the Tokyo-based company said in a release. It did not disclose how much it paid. » Read Article [REG] 11:26 am U.S. ET | Jan. 6, 2009
ArvinMeritor cutting executive pay by 10%
ArvinMeritor Inc. plans to cut the base salaries of its executives by 10 percent beginning Jan. 16 in response to a worsening economy. CEO Charles “Chip” McClure, CFO Jeffrey Craig, President of Light Vehicle Systems Phil Martens as well as three other top executives at the suburban Detroit auto supplier will see their base salaries cut, according to a company form 8-K filed with the U.S. Securities and Exchange Commission on Monday. » Read Article
[REG] 12:01 am U.S. ET | Jan. 6, 2009
Bentley convertible gets more power, speed
Bentley today unveiled a more powerful version of its Continental GTC convertible aimed at attracting younger buyers to the luxury marque. The new Continental GTC Speed will debut at the Detroit auto show next week as the most powerful Bentley convertible ever. Its twin-turbocharged W12 engine delivers 600 bhp -- 9 percent more power and 15 percent more torque than the standard GTC -- and can reach 200 mph with the roof up. » Read Article
[REG] 7:00 am U.S. ET | Jan. 6, 2009
GM China sales growth slows to 6.1% in 2008
General Motors said today its China vehicle sales rose 6.1 percent in 2008, down sharply from 18.5 percent growth the previous year as a downturn in the economy hit automobile demand. GM and its joint ventures sold 1.09 million vehicles in the country last year, it said in a statement. » Read Article
[REG] 12:01 am U.S. ET | Jan. 6, 2009
Porsche raises stake in VW to over 50%
Germany's Porsche Automobil Holding has raised its stake in Volkswagen to more than 50 percent, triggering a mandatory takeover offer for Sweden's Scania as a result. » Read Article
[REG] 12:01 am U.S. ET | Jan. 6, 2009
Ford leads Consumer Reports list of Detroit 3 picks
Ford Motor Co. dominates a special list of Detroit 3 vehicle recommendations by Consumer Reports in its February issue. The magazine normally recommends cars in its April issue. But it singled out eight Detroit 3 vehicles early because consumers may be concerned about reliability while General Motors and Chrysler LLC seek federal assistance, said David Champion, the magazine's chief car tester. » Read Article [REG] 12:01 am U.S. ET | Jan. 6, 2009
GM, Ford, Honda, Toyota drag industry to 36% decline
General Motors, Ford Motor Co., American Honda and Toyota Motor Sales U.S.A. all reported sales declines of more than 31 percent in December as the U.S. auto industry capped its worst year since 1992. GM's plunge dragged its annual total to levels not seen since 1959, and Ford's year-end total was the lowest since 1961. American Honda and Toyota were down more than 30 percent for the second straight month, and Nissan North America for the fourth. Chrysler LLC dropped 53.1 percent. » Read Article [REG] 12:51 pm U.S. ET | Jan. 5, 2009 | UPDATED: 1/5/09 6:30 p.m. ET
AIADA board member at center of offshore tax-fraud trial
In January 2003, federal prosecutors say, auto dealer Jamie Auffenberg told an undercover Internal Revenue Service agent that when Auffenberg went to the U.S. Virgin Islands, he made a point of recruiting people to share meals or go fishing. Auffenberg sought these contacts, the government suggests, to support false claims that he was a legal resident of the Virgin Islands and managed his Illinois dealerships from there. » Read Article
[REG] 12:24 pm U.S. ET | Jan. 5, 2009
Hyundai incentive includes job loss insurance
During a focus group meeting in late November, Joel Ewanick, Hyundai Motor America's vice president of marketing, realized no matter how much cash Hyundai piled on the fenders, it probably wasn't going to get buyers into showrooms. » Read Article [REG] 4:10 pm U.S. ET | Jan. 5, 2009
For auto industry, 2009 holds even tighter ad budgets
The hangover that walloped the U.S. auto industry in 2008 is still hanging on this New Year, which will be marked by even tighter ad budgets with the biggest expenditures reserved for crucial model launches. And it's not just General Motors, Chrysler LLC and Ford Motor Co. that will be pinching pennies. » Read Article [REG] 10:28 am U.S. ET | Jan. 5, 2009
