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Auto News 12/2008 (Page 2)
Congress, White House work to help auto industry (AP via Yahoo! News)
Facing massive job losses, the White House and congressional Democrats are working to provide about $15 billion in loans to prevent Detroit's weakened auto industry from collapsing.
(Dec 6, 2008)
Argentina to give car loans to boost industry (AP via Yahoo! Philippines News)
Argentina's government is trying to bolster its automobile industry with low-cost loans for people buying a first new car.
(Dec 6, 2008)
Argentina to give car loans to boost industry (KIVI Boise)
Associated Press - December 6, 2008 11:53 AM ET BUENOS AIRES, Argentina (AP) - Argentina's government is trying to bolster its automobile industry with low-cost loans for people buying a first...
(Dec 6, 2008)
Argentina to give car loans to boost industry (Bay News 9 Tampa Bay)
By The Associated Press BUENOS AIRES, Argentina (AP) -- Argentina's government is trying to bolster its automobile industry with low-cost loans for people buying a first new car.
(Dec 6, 2008)
Argentine government announces loans to boost struggling auto industry (Minneapolis-St. Paul Star Tribune)
BUENOS AIRES, Argentina - Argentina's government is trying to bolster its automobile industry with low-cost loans for people buying a first new car. Production Minister Deborah Giorgi says the program will cost about 3.1 billion pesos ($900 million).
(Dec 6, 2008)
Auto Bailout Talks Focus on Short-Term Aid for Industry (CQPolitics.com via Yahoo! News)
House and Senate negotiators are working through the weekend on a short-term auto industry loan package that could garner bipartisan support, a day after House Speaker Nancy Pelosi signaled that she would, under certain conditions, agree to use funds from an existing Energy Department loan program.
(Dec 6, 2008)
Local Car Dealer Not Worried About Business Due to Auto Industry Concerns (News West 9 Midland)
An economic recession is threatening one of the biggest industries in our country. In the state of Texas, the automobile industry provides thousands of jobs and pump millions of dollars into the state's economy.
(Dec 7, 2008)
Some Republicans in Congress question aid to auto industry (St. Louis Post-Dispatch)
WASHINGTON — As Senate staff members worked through the weekend to draft legislation for a taxpayer rescue of the imperiled American automobile industry, Republicans, who have the power to scuttle the plan, offered mixed reactions to the preliminary details on Saturday.
(Dec 7, 2008)
Republicans divided on aid to U.S. automakers (International Herald Tribune)
As Senate staff members drafted legislation for a taxpayer rescue of the automobile industry, Republicans offered mixed reactions to the preliminary details.
(Dec 7, 2008)
Why a federal bailout may not save the American automobile industry. (Staten Island Advance)
Associated PressSUNSET OVER GENERAL MOTORS: Flags fly over the GM corporate headquarters in Detroit as the daylight wanes. Detroit's Big 3 carmakers are wedded not just to obsolete thinking but to a business model that cannot be sustained by today's...
(Dec 7, 2008)
Industry vet hopes to drive online sales of used cars (BizJournals)
Peter Greenberg estimates automobile dealerships get a 50-cent return for every $1 they spend on advertising and marketing.
(Dec 8, 2008)
Audi drops two more cylinders into R8:
We've been pretty happy with Audi's R8 sports cars. Our gripe list is mighty short, and about the only thing we truly wish for is some more power to go along with the racy looks.
(Dec 8, 2008)
Booming Russian Automobile Sector (just-auto)
According to our new research report - “Booming Russian Automobile Sector” - the Russian automotive industry is growing at a fast pace and emerging as one of the most competitive and dynamic industries at the world level.
(Dec 8, 2008)
Penske, Porsche team up for 2009 Grand-Am series:
Two of the more polished names in racing, Penske and Porsche, will team up to enter the No. 7 Riley Mk XX Daytona Prototype for the 2009 Gran-Am Rolex Sports Car series.
(Dec 8, 2008)
Cosworth set to supply Formula One with standard engine:
The FIA is set to award famous racing-engine maker Cosworth the contract to be Formula One's sole "reference" engine supplier between 2010 and 2012.
(Dec 8, 2008)
Le Mans cancels annual test weekend:
The Automobile Club de l'Ouest--organizer of the 24 Hours of Le Mans--has canceled the 2009 Le Mans Test Weekend scheduled to take place two weeks before June's 24-hour race, citing financial reasons.
(Dec 8, 2008)
Readers give auto bailout a thumbs down (BizJournals)
The Internet Business Pulse Survey recently asked if the automobile industry should be bailed out or not: 75 percent said no. A sampling of reader comments:
(Dec 8, 2008)
Deal reached on 15 billion US auto industry bailout: Democrats (AFP via Yahoo! News)
Democrats in Congress announced Monday that they will introduce a bill making available as much as 15 billion dollars in immediate aid for the troubled US automobile industry.
(Dec 8, 2008)
Deal reached on US$15 billion auto industry bailout (Channel NewsAsia)
WASHINGTON: Democrats in Congress announced Monday that they will introduce a bill making available as much as US$15 billion in immediate aid for the troubled US automobile industry.
(Dec 9, 2008)
House Leaders Set to Sell Auto Plan (CQPolitics.com via Yahoo! News)
Close to striking a $15 billion deal with the White House, Democratic leaders prepared to sell an automobile industry rescue plan to skeptical members of both parties in hopes of sending the president a bill by week's end.
(Dec 9, 2008)
U-M professor's start-up attracts funding as it works on advanced lithium-ion batteries to save auto industry (Detroit Free Press)
In a modest office near Briarwood Mall in Ann Arbor, Ann Marie Sastry oversees a small group of engineers racing to create what could become the ultimate savior of the U.S. automobile industry: a next-generation lithium-ion battery. Since its founding last year, Sastry's company, called Sakti3 Inc., has emerged as one of Michigan's most important start-up firms.
(Dec 9, 2008)
Democrats propose 15 billion dollar auto industry bailout (Deutsche Welle)
Democrats in the US Congress have announced they will introduce a bill making up to 15 billion dollars available in immediate aid for the US automobile industry.
(Dec 9, 2008)
Bailout of auto industry fraught with risks (San Diego Union-Tribune)
WASHINGTON – When President-elect Barack Obama talked Sunday about realigning the American automobile industry, he was quick to offer a caution, lest he sound more like the incoming leader of France, or perhaps Japan. “We don't want government to run companies,” Obama told Tom Brokaw on “Meet the Press.” “Generally, government historically hasn't done that very well.”
(Dec 9, 2008)
Deal to Rescue American Automakers Is Moving Ahead (New York Times)
The White House and Democratic Congressional leaders said Monday that they were close to agreeing on the terms of a $15 billion government rescue of the American automobile industry that would be directed by one or more appointees of President Bush and would impose expansive federal oversight of the auto companies, The New York Times’s David M. Herszenhorn reported.
(Dec 9, 2008)
Washington Takes Risks With Its Auto Bailout Plans (New York Times)
When President-elect Barack Obama talked on Sunday about realigning the American automobile industry he was quick to offer a caution, lest he sound more like the incoming leader of France, or perhaps Japan.
(Dec 9, 2008)
Deal to Rescue American Automakers Is Moving Ahead (New York Times)
A $15 billion government rescue of the U.S. automobile industry would be directed by Bush appointees and impose expansive oversight.
(Dec 9, 2008)
Exposed: New Mercedes E class:
Mercedes-Benz previewed the look of the redesigned E-class sedan by presenting the Fascination concept at the Paris motor show in October. And we've seen several spy photos of the car, some with very little camouflage in place.
(Dec 9, 2008)
(AFX UK Focus) 2008-12-10 04:23 India's Nov car sales down 19.4 pct y/y-industry (Interactive Investor)
NEW DELHI, Dec 10 (Reuters) - Car sales in India fell an annual 19.4 percent to 83,059 in November, an industry body said on Wednesday, the fourth drop in five months as high borrowing costs, tight credit and a slowing economy weigh on demand. Sales of trucks and buses fell to 20,637 units in November, down 49.5 percent from a year earlier, the Society of Indian Automobile Manufacturers said in ...
(Dec 10, 2008)
Mexico's auto industry looks for bailout (Miami Herald)
Producers of cars and trucks in Mexico are seeking $3 billion of loans from the nation's government to spur vehicle sales after four months of declines, the president of the Mexican Automobile Industry Association said.
(Dec 10, 2008)
Auto industry November sales drop 18% (The Hindu)
NEW DELHI: The Indian Automobile industry on Tuesday reported its worst ever sales in history with overall domestic sales declining by 17.98 per cent in November, as commercial and passenger vehicle sales skidded off the road.
(Dec 10, 2008)
Auto industry posts biggest fall in sales in 8 years at 17.98% (The Economic Times)
The Indian Automobile industry today reported its worst ever sales in history with overall domestic sales declining by 17.98 per cent in November, as commercial and passenger vehicle sales skidded off the road.
(Dec 10, 2008)
BMW, Daimler to Gain With Detroit From U.S. Bailout (Update1) (Bloomberg)
Dec. 10 (Bloomberg) -- Bayerische Motoren Werke AG and Daimler AG, the largest luxury-car makers, stand to benefit more from a government rescue of the U.S. automobile industry than if their competitors go bankrupt.
(Dec 10, 2008)
Democrats and Bush Near Deal on Auto Bailout (New York Times)
Congressional Democrats and the Bush administration on Tuesday night were on the brink of an agreement on a taxpayer rescue of the American automobile industry, with a vote in the House expected as soon as Wednesday afternoon, The New York Times’s David M. Herszenhorn reported.
(Dec 10, 2008)
Auto industry posts biggest fall in Nov (Central Chronicle)
New Delhi, Dec 10: The Indian Automobile industry on Wednesday reported its worst ever sales in history with overall domestic sales declining by 17.98 per cent in November, as commercial and passenger vehicle sales skidded off the road.
(Dec 10, 2008)
Porsche unlikely to race in IndyCar Series:
Porsche was one of five manufacturers (not counting current engine supplier Honda) to meet with Indy Racing League officials in June and September regarding the IndyCar Series' 2011 engine specifications, as the series seeks future engine suppliers...
(Dec 10, 2008)
House approves US auto industry bailout; vote shifts to Senate (AFP via Yahoo! News)
The House of Representatives approved a 15-billion-dollar government lifeline for the teetering US auto industry, but the legislation now faces stiff Republican opposition in the Senate.
(Dec 11, 2008)
Bailout Considered Just a Beginning for Revival of U.S. Auto Industry (Washington Post)
Transforming the U.S. auto industry into a profitable, innovative sector is likely to take more than the emergency loans approved by the House last night. Business leaders and industry analysts said the companies will also need further government assistance to get customers back in showrooms and...
(Dec 11, 2008)
Automobile sector records worst-ever contraction: SIAM (Nasdaq)
(RTTNews) - The global financial turmoil has impacted the Indian automobile industry badly, as auto sales plunged in November confirming the industry's worst fears of a full-fledged slowdown.
(Dec 11, 2008)
Auto Industry EV-olution (Business Wire via Yahoo! Finance)
----What is the future of the automobile industry? Within a single century, personal transportation has progressed from horse-and-buggies to nearly one billion private automobiles. While our lives are unimaginable without cars, the vast majority of vehicles depend on oil, a problematic and limited natural resource that contributes to global warming.
(Dec 11, 2008)
Auto Industry EV-olution (Centre Daily Times)
What is the future of the automobile industry? Within a single century, personal transportation has progressed from horse-and-buggies to nearly one billion private automobiles. While our lives are unimaginable without cars, the vast majority of vehicles depend on oil, a problematic and limited natural resource that contributes to global warming. Against this environmentally unsustainable ...
(Dec 11, 2008)
Iowa senators skeptical of auto industry bailout (The Des Moines Register)
Iowa’s U.S. senators said Wednesday they had significant misgivings about a bill aimed at buoying the struggling automobile industry.
(Dec 11, 2008)
Formula One teams pledge major cost cuts, changes:
The FIA World Motor Sport Council will meet Friday, Dec. 12, to discuss a raft of changes and cost-cutting measures to Formula One, and early indications say that the sport is set for a major overhaul in the coming seasons.
(Dec 11, 2008)
House Passes Auto Rescue Plan (New York Times)
The House voted on Wednesday to approve a $14 billion government rescue of the American automobile industry, but the bailout plan, which would provide emergency loans to General Motors and Chrysler , was in jeopardy because of strong Republican opposition in the Senate, The New York Times’s David M. Herszenhorn and David E. Sanger reported.
(Dec 11, 2008)
Is Cerberus Bluffing on GMAC? (New York Times)
As lawmakers debated a bailout package for Detroit’s big automobile companies, the future of an important piece of the industry was being negotiated on a parallel track in New York on Wednesday.
(Dec 11, 2008)
Obama ‘Hopeful’ Congress Will Pass Auto Industry Bill (Update1) (Bloomberg)
Dec. 11 (Bloomberg) -- President-elect Barack Obama said he’s “hopeful” that Congress will approve an automobile industry rescue package this week to head off more damage to the U.S. economy.
(Dec 11, 2008)
Prospects dim for $14 billion auto industry rescue (AP via Yahoo! News)
Prospects for a $14 billion auto industry rescue bill dimmed Thursday amid growing opposition in both parties and despite urgent appeals by both President-elect Barack Obama and President George W. Bush.
(Dec 11, 2008)
What's The History Behind the Detroit Mess? Read Richard A. Wright's "First 100 Years of the Auto Industry in the U.S." (The Auto Channel)
About a dozen years ago, around the same time that The Auto Channel first went online, Richard A. Wright presented a study of the American auto industry in his "A Brief History of the First 100 Years of the Automobile Industry in the United States."
(Dec 11, 2008)
Windsor celebrates as arena opens (Canadian Press via Yahoo! News)
WINDSOR, Ont. - The city, which is suffering double-digit unemployment and a faltering automobile industry, is finally celebrating.
(Dec 12, 2008)
Auto Industry Rescue--What happens next?:
We are witnessing staggering hypocrisy. The U.S. Senate late last night rejected an emergency bill to rescue Detroit automakers, putting nerves on edge and heightening the prospects that General Motors and Chrysler could collapse.
(Dec 12, 2008)
Senate Abandons Automaker Bailout Bid (New York Times)
The Senate on Thursday night abandoned efforts to fashion a government rescue of the American automobile industry, as Senate Republicans refused to support a bill endorsed by the White House and Congressional Democrats, The New York Times’s David M. Herszenhorn reported.
(Dec 12, 2008)
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