The Wall Street Journal is reporting that Italy’s Fiat will take a stake in Chrysler that may lead to a takeover — as soon as today.
auto bailout
Whoops: Ford Might Need A Bailout After All
By 1.12.09
Ford has been busy marketing itself as America’s Healthiest Automaker — but Bloomberg says that the company may need a bailout after all.
Q: Why Aren't You Buying New Cars? A: There's Nothing Wrong With The Old Ones
By 1.8.09
There have been a lot of theories about why consumers abruptly stopped buying cars — and not just American cars but all kinds of cars. Fingers have been pointed at poor fuel economy, lack of available financing, and if Hyundai is to be believed — concern about losing your job. But a new survey found that the most popular reason for not buying a new car — is that there’s nothing wrong with the old one.
Toyota Will Lose Money For The First Time In 70 Years, Unplugs Electric Hand Dryers
By 12.23.08
Last fiscal year, Toyota made $28 billion dollars in profit. This year? Yeah. Not so much.
Auto Executives Will Have To Give Up Their Private Jets
By 12.19.08
One of the conditions of the auto bailout is the elimination of private corporate jets. Guess they probably shouldn’t have flown them to Washington to ask for a tax payer bailout. Whoopsie!
Chrysler Shuts Down All Production
By 12.18.08
Friday will be the last day of production as Chrysler shuts down for 30 days — citing lack of available consumer credit.
Auto Bailout Passes House, But May Get Stuck In The Senate
By 12.11.08
The Auto Bailout Bill passed House yesterday, but is expected to encounter strong Republican resistance in the Senate.
POLL: GM Sorry It Disappointed You, Do You Forgive Them?
By 12.10.08
General Motors took out an advertisement apologizing for “disappointing” consumers on Monday, asking your forgiveness for years of incompetance. Do you forgive them?
NASCAR Begs You To Buy More Stuff From Its Sponsors
By 12.10.08
With the potential demise of the Big Three auto companies looming on the horizon and a general exodus of advertisers from sponsorship deals, NASCAR may be in trouble.
Auto Makers Going Out Of Business, But Still Have Enough Money To Lobby Congress
By 12.5.08
CBSNews is reporting that while, at this very moment, the big three auto bosses are testifying in front of the House Financial Services Committee (watch this now at CSPAN, if you like.) about how they need emergency bridge loans in order to continue functioning — they still apparently have enough money to continue to spend millions lobbying our government.
What Would $40 A Barrel Oil Mean For Travelers?
By 12.4.08
Oil is now nearing a 4-year low as the world’s economic crisis keeps on truckin’, says the Wall Street Journal. Light, sweet crude (don’t you just love that term?) is now trading at 44.56 a barrel on the New York Mercantile Exchange. “The price was the lowest since January 2005 and more than $100 below oil’s record close July 3,” says the WSJ. So, what does that mean for travelers?
Consumers Don't Think Saving The Auto Industry Would Help The Economy
By 12.3.08
A majority, 61% of Americans are not in favor of bailing out the auto industry, says CNN/Opinion Research Corp. poll. Ford, Chrysler and GM have requested up to $34 billion dollars in emergency loans, but a majority of Americans polled thought that bailing out the automakers wouldn’t help the economy.
Auto CEOs Promise To Ditch The Private Jets And Drive To Washington
By 12.3.08
The big three auto CEOs Bob “Big Bob” Nardelli, Alan “Leavin’ On A Jet Plane” Mulally, and our personal favorite Rick “The Station” Wagoner are apparently going to drive to Washington to beg for your money. Previously, they all flew on private jets.
GM Begs For $12 Billion, May Sacrifice Saturn, Pontiac, Saab
By 12.2.08
GM desperately wants an invite to the bailout party — and has submitted a request for $12 billion dollars. In return, GM will attempt to return to profitability by “explor[ing] alternatives for the Saturn brand,” as well as cutting “product offerings” at Pontiac.
Auto CEOs Flew Private Jets To Washington To Ask For Your Tax Money
By 11.19.08
ABCNews says that the big three auto CEOs “flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.”
GM Shares At 66 Year Low, But You Can Get Some For Free!
By 11.19.08
Hey, here’s a new and exciting deal. Buy a car; get 100 shares of GM stock. “Join us in jump starting America,” says the sales pitch. Unfortunately, GM’s shares are trading at 66 year low today as a bailout looks doubtful.
