MotorAuthority

• Cerberus offers up stake in Chrysler

  Cerberus Capital Management, current majority stake holder in Chrysler, is offering its entire equity stake in the carmaker to help it restructure and gain federal loans. The move is also designed to...

• Report: GM-Chrysler back in merger talks, GM dismisses as rumor

  Two weeks ago Chrysler CEO Bob Nardelli and Washington lawmakers put the idea of a General Motors-Chrysler merger back in play after the abrupt November end to talks, caused in part by a lack of fundi...

• Chrysler to shut all North American plants for one month

  Chrysler has announced that it will be shutting down its factories for an entire month, with production being halted from this Friday, December 19 until January 19 of next year. Chrysler's poor financ...

• Bush says $15 billion TARP alternative not ready yet

  In a stunning development, the Bush administration released a statement late Friday stating that it was strongly considering using some of the money set aside for the $700 billion financial system bai...

• Senate rejects auto industry bailout plan

  The U.S. Senate rejected an emergency bill to provide billions of dollars of aid to the Detroit 3 carmakers late on Thursday, dashing the hopes of General Motors and Chrysler, both of which may run ou...

• Ford hoping to distance itself from Detroit rivals

  The demise of the Detroit 3 is unsurprisingly tarnishing the image of American carmakers, however Ford executives are hoping to distance themselves from their neighbors, General Motors and Chrysler, b...

• Analysts predicting only 11.5 million vehicle sales in U.S. in ‘09

  CSM Worldwide, an outfit that provides automotive market forecasting, is predicting that 2009 will be the worst year for the auto industry since 1982, with just 11.5 million vehicles expected to be so...

• White House voices concern over bailout plan

  The Bush administration and congressional Democrats have made a tentative agreement for a $15 billion emergency loan for the Detroit 3, but there remains concern in the White House that the carmakers...

• Detroit 3 bailout likely to come with 'car czar'

  With the legislation for a loan package to secure the immediate futures of the Detroit 3 is reaching the 'discussion draft' stage today, talk of an overseer to administer the funds has begun. The bill...

• Report: UAW seeking seat on GM board

  The UAW is reportedly seeking a major stake in General Motors as well as a seat on its board in return for making concessions under the carmaker’s latest restructuring proposal presented to Congress...

• Obama and Dodd tell Detroit CEOs to move on

  A senior Democratic Senator has demanded that the CEOs of the Detroit 3 step down if they want their companies to be given federal aid. Senator Christopher Dodd of Connecticut singled out General Moto...

• Congress reaches agreement on $15b to $17b Detroit 3 bailout

  Democratic leaders of Congress revealed late on Friday that they had reached an agreement on a bailout plan for the Detroit 3 ranging in the vicinity of $15 billion to $17 billion, about half what the...

• GM announces additional 2,000 job cuts, compiling vehicle death list

  General Motors has confirmed that it will cut an additional 2,000 factory jobs at three of its North American plants early next year, while at the same time asking Congress for a federal bailout packa...

• New survey finds 61% of Americans oppose aid to Detroit 3

  In the perpetual tug-of-war that is modern opinion polling, a new poll has found that 61% of Americans are opposed to the issuance of federally subsidized loan money to the car industry. The new poll,...

• Report: GM and Chrysler considering bankruptcy

  General Motors Chrysler executives are reportedly considering accepting a pre-arranged bankruptcy as a final measure to gain a bailout package from the federal government, although they insist such a...

• GM looking for investment for Saab rather than sale

  General Motors is reportedly seeking potential investors to invest in their Saab brand, with other carmakers and large engineering outfits the most likely candidates to be targeted. There are also rep...

• Chrysler founder’s great-grandson rallies public support for ailing carmaker

  The great-grandson of the founder of Chrysler has publicly declared his support for the company, attending a rally in Baltimore to help the carmaker campaign for a federal bailout package. Frank Rhode...

• UAW will suspend jobs bank, make other concessions to Detroit 3

  The controversial jobs bank system, which pays laid-off workers nearly full salary and benefits packages will come to a temporary end as the UAW works with the Detroit carmakers to reach a solution to...

• House Speaker Nancy Pelosi says Detroit 3 rescue package is unavoidable

  The incumbent speaker for the U.S. House of Representatives, Nancy Pelosi, has stated that she expects the Detroit 3 will be given government funding in at least some form soon. Pelosi said that even...

• Ford CEO to drive Escape Hybrid to Congressional hearings

  Last week we reported that executives from the Detroit 3 plan to drive down to Washington for Congressional hearings in some of their most fuel efficient models, rather than taking their expensive cor...

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