congress
-
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 carmakers were seeking. The plan still needs to be voted on but this is expected to take place next week. The accord is designed to provide short-term loans to General Motors, Ford and Chrysler to prevent an industry collapse and allow a comprehensive restructuring of the companies early next year, House Speaker Nancy Pelosi said in a statement. Pelosi also revealed that she was willing to fund...
-
Washington: Automakers, Senators working on solutionThe CEOs of America's major carmakers, before the Senate Banking, Housing and Urban Affairs committee today, are acknowledging their past shortcomings but also projecting future strategies based on lessons learned. Lawmakers thus far appear to be more receptive to the idea of loans now that the...
Nelson Ireson -
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 the current financial crisis. Other concessions include revised payments into the union's health...
Ralph Hanson -
GM will decide Saab's fate quickly, Sweden willing to help, but not buy
Yesterday all three of America's major carmakers revealed their future plans to Congress, and a part of General Motors' was the possible sale of Saab. While the brand is still being reviewed, and no decisions have yet been made, GM says it will make the choice to keep or sell quickly. "We will work...
Nelson Ireson -
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 if the Bush administration is hesitant to step in, Congress will be willing and able to rescue the...
Ralph Hanson -
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 corporate jets as they had done for the last round of hearings. Ford has now announced that its CEO...
Viknesh Vijayenthiran -
The CEOs of the Detroit 3 will be returning to Washington this week to present new business plans to Congress, all in the hopes of garnering a $25 billion federal loan package to prevent them from collapsing under financial pressure. General Motors’ board has already met to discuss its plan, as has the board of Chrysler, and it is expected that both will show a large amount of cost cutting and development focus on fuel efficient technologies. Ford will also be presenting its new business plan to Congress this week, but has declined to comment on whether its board has reviewed any plans...
-
Report: GM may drop Saab, Saturn and Pontiac to appease Congress
Despite previous assurances made earlier this month by its CEO Rick Wagoner, General Motors is reportedly considering dropping the Saab, Saturn and Pontiac brands in order to improve its chances of garnering a federal government aid package. GM is currently readying a turnaround plan to present to...
James Martinez -
Congress weighs new aid talks as U.S. sales reach 25 year lows
It's no secret that the U.S. economy, and not least the automotive industry, are in the midst of some of the most difficult times in recent history, and the U.S. Congress is now considering additional aid to the industry to help preserve it in the face of sales at 25-year lows. Sales dropped to a...
Nelson Ireson -
High fuel costs the biggest hurdle for diesels according to carmakers
More than half the cars sold in Europe today are fitted with diesel powertrains due to several factors but mostly because diesel fuel is taxed less than petrol. Throw in the fact that diesel powered cars are usually more efficient than their petrol counterparts and it’s easy to understand why...
Ralph Hanson
