Here is this week's follow up of the economic crisis in the auto industry by CAR:
"Sunday 7 December 2008
Friday 5 December 2008
• 'It's not the Big Three. It's 4 million jobs,' says Rev Jesse Jackson
Thursday 4 December 2008
• 'The situation is indeed dire – one need only examine November's sales data or Detroit's truck-heavy line-ups, not to mention their tattered balance sheets and bloated compensation structures to concur. But that does not warrant subsidised loans that would, in the end, amount to a wealth transfer from taxpayers to the executives and unions of a shrinking industry'
• President elect Barack Obama says the Big Three's appeal for $34 billion aid will be taken 'more seriously' by Congress
• GM is talking to 'other auto makers and large engineering houses' to sell Saab
• SMMT confirms CAR's story from earlier in the week: UK car sales have slipped by 37% in November, bringing year-to-date figure down by 11% compared with 2007. Private market has crashed by 45%
• America's UAW union agrees to suspend the Jobs Bank programme (that pays laid-off staff most of their wage) and delay retiree healthcare payments during the crisis
• Five VW board members pocketed €25 million by selling shares during the price spike in October
Wednesday 3 December 2008
• GM plans to sell Saab as well as Hummer, shrink Pontiac and sell or close Saturn, it told Congress. Its wide-ranging survival package will cut US dealers from 6450 to around 4700 – and it needs $4 billion in federal aid by the end of the month
• Chrysler LLC asks Congress for a $7 billion bridging loan (see video below). 'Chrysler Financial is in need of immediate liquidity support,' it admits. Cash reserves will fall to $2.5bn by the year end – yet its expenditure in the first quarter of 2009 is forecast to be $11.6bn
• Porsche USA suffered a 46% sales slump in November
• UK business secretary Peter Mandelson lobbies GM to build Chevy Volt in UK
• Sales of electric cars in Britain have slumped by 58% in the first ten months. Just 156 were sold and electric car distrubutor Nice Car Company (purveyor of the Aixam Mega) has plunged into administration
Tuesday 2 December 2008
• Ford publishes details of rescue plan submitted to Congress: it plans to reach profitability by 2011, launch electric cars by 2011 and vows to sell off its corporate jets
• Indian manufacturing giant Tata has had its credit rating dropped two levels to B1, as it asks members of the Indian public for cash investment
• CAR understands that the UK car market is likely to be down by 37% in November when new-car registration figures are announced later this week, with private sales – to real buyers – crashing by 45%
• American car sales are likely to have slumped by 25% last month – the 17th drop in the past year and a half, while sales in Korea and Japan slump by 30%
• The US Senate Banking Committee bail-out meeting has moved from today to Thursday 4 December; GM, Ford and Chrysler have until today to resubmit their turnaround plans, after the first request was rejected by politicians on 20 November
• UK car accessories firm Halfords is cutting 250 jobs at its 450 stores and HQ. Yesterday's announcement at Ford of a strategic review of its Volvo subsidiary was designed to boost the Blue Oval's chances of winning US state aid
Monday 1 December 2008
• It's been rumoured for months, but Ford finally goes public and announces it is looking to sell Volvo to improve its balance sheet
• Aston Martin to cut 600 jobs from its 1850-strong workforce, as sales stutter
• UK Government likely to announce motor industry aid 'within weeks' after meeting with industry, including Toyota, GM, Nissan, Rolls-Royce, Leyland Trucks and Aston Martin. Sector requests liquidity aid for dealers' financing arms and bridging loans. Meanwhile, GM Europe appoints Jones Lang LaSalle to arrange sale and leaseback of sites to raise €200 million
• American auto makers prepare for tomorrow's deadline to present rescue plans to Congress – after last month's bid was refused"
Source: Car magazine UK
"Sunday 7 December 2008
• Big Three given breathing space with intermediate $17 billion aid package to be announced this week
• Jaguar and Land Rover are fast-tracking dealer launches in India through parent company Tata
• 4500 jobs at risk as UK component supplier Wagon Automotive on brink of collapse
Saturday 6 December 2008
• Oil prices slump to four-year low of $40 a barrel
• Honda has three credible offers for F1 team
• Chrysler appoints bankruptcy expert Jones Day lawyers
• Jaguar and Land Rover are fast-tracking dealer launches in India through parent company Tata
• 4500 jobs at risk as UK component supplier Wagon Automotive on brink of collapse
Saturday 6 December 2008
• Oil prices slump to four-year low of $40 a barrel
• Honda has three credible offers for F1 team
• Chrysler appoints bankruptcy expert Jones Day lawyers
Friday 5 December 2008
• Audi announces it won't have an official factory entry in the 2009 American Le Mans Series, instead focussing on DTM, the R8 LMS and testing its new R15 sports car ahead of the Le Mans 24hrs
• Honda shocks the F1 community by announcing plans to pull out. 800 jobs at risk at Northamptonshire, UK racing HQ unless buyer is found
• Big Three admit they will accept government control in return for aid. Rescue package could now total $125 billion. Chrysler chief exec Bob Nardelli admits he would merge with GM if forced to. GM chief Rik Wagoner says bankruptcy 'is not our plan' • Honda shocks the F1 community by announcing plans to pull out. 800 jobs at risk at Northamptonshire, UK racing HQ unless buyer is found
• 'It's not the Big Three. It's 4 million jobs,' says Rev Jesse Jackson
Thursday 4 December 2008
• 'The situation is indeed dire – one need only examine November's sales data or Detroit's truck-heavy line-ups, not to mention their tattered balance sheets and bloated compensation structures to concur. But that does not warrant subsidised loans that would, in the end, amount to a wealth transfer from taxpayers to the executives and unions of a shrinking industry'
• President elect Barack Obama says the Big Three's appeal for $34 billion aid will be taken 'more seriously' by Congress
• GM is talking to 'other auto makers and large engineering houses' to sell Saab
• SMMT confirms CAR's story from earlier in the week: UK car sales have slipped by 37% in November, bringing year-to-date figure down by 11% compared with 2007. Private market has crashed by 45%
• America's UAW union agrees to suspend the Jobs Bank programme (that pays laid-off staff most of their wage) and delay retiree healthcare payments during the crisis
• Five VW board members pocketed €25 million by selling shares during the price spike in October
Wednesday 3 December 2008
• GM plans to sell Saab as well as Hummer, shrink Pontiac and sell or close Saturn, it told Congress. Its wide-ranging survival package will cut US dealers from 6450 to around 4700 – and it needs $4 billion in federal aid by the end of the month
• Chrysler LLC asks Congress for a $7 billion bridging loan (see video below). 'Chrysler Financial is in need of immediate liquidity support,' it admits. Cash reserves will fall to $2.5bn by the year end – yet its expenditure in the first quarter of 2009 is forecast to be $11.6bn
• Porsche USA suffered a 46% sales slump in November
• UK business secretary Peter Mandelson lobbies GM to build Chevy Volt in UK
• Sales of electric cars in Britain have slumped by 58% in the first ten months. Just 156 were sold and electric car distrubutor Nice Car Company (purveyor of the Aixam Mega) has plunged into administration
Tuesday 2 December 2008
• Ford publishes details of rescue plan submitted to Congress: it plans to reach profitability by 2011, launch electric cars by 2011 and vows to sell off its corporate jets
• Indian manufacturing giant Tata has had its credit rating dropped two levels to B1, as it asks members of the Indian public for cash investment
• CAR understands that the UK car market is likely to be down by 37% in November when new-car registration figures are announced later this week, with private sales – to real buyers – crashing by 45%
• American car sales are likely to have slumped by 25% last month – the 17th drop in the past year and a half, while sales in Korea and Japan slump by 30%
• The US Senate Banking Committee bail-out meeting has moved from today to Thursday 4 December; GM, Ford and Chrysler have until today to resubmit their turnaround plans, after the first request was rejected by politicians on 20 November
• UK car accessories firm Halfords is cutting 250 jobs at its 450 stores and HQ. Yesterday's announcement at Ford of a strategic review of its Volvo subsidiary was designed to boost the Blue Oval's chances of winning US state aid
Monday 1 December 2008
• It's been rumoured for months, but Ford finally goes public and announces it is looking to sell Volvo to improve its balance sheet
• Aston Martin to cut 600 jobs from its 1850-strong workforce, as sales stutter
• UK Government likely to announce motor industry aid 'within weeks' after meeting with industry, including Toyota, GM, Nissan, Rolls-Royce, Leyland Trucks and Aston Martin. Sector requests liquidity aid for dealers' financing arms and bridging loans. Meanwhile, GM Europe appoints Jones Lang LaSalle to arrange sale and leaseback of sites to raise €200 million
• American auto makers prepare for tomorrow's deadline to present rescue plans to Congress – after last month's bid was refused"
Source: Car magazine UK
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