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Auto-Industry Crisis Tests Obama
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GM and Ford are burning cash at a rapid rate. And the Energy Department says it is unlikely that any of the $25 billion in loans already approved for fuel eficiency retooling of plants will be disbursed by the end of 2008. GM used up $6.9 billion in cash in the third quarter of 2008 leaving cash reserves at $16.2 billion. It needs $11-$14 billion to fund ongoing operations. Ford burned through $7.7 billion in cash in the third quarter of 2008, leaving it with $18.9 billion. Both companies cannot fund salaries and ongoing operations if the market continues to collapse the way it did in the third quarter 2008 with losses of 30-45% in sales. Government support is the only way to fund operations but instead of the $50 billion initially talked about for lifesupport by the government the numbers will run into much more and even then there is no limit to what may be needed. Chrysler is in much worse shape, because it depends on the US market entirely for sales, and is the weakest of the three Detroit carmakers. It is privately owned so figures are hidden, one can guess that big numbers are involved for Chrysler being rescued or merged or taken over by the government.
GM (General Motors) Restructuring in 2009.
01/24/2008
After the first government loan General Motors begins serious restructuring in February 2009 as mandated in the loan terms. The government oversight over the restructuring.
Grouped Articles
GM Shares Sharply Down as Western Europe Drags
Wall Street Journal 10/09/2008
Howes: Market drop revives talk of bankruptcy
Detroit News 10/10/2008
U.S. Auto Shares Plunge on a Grim Sales Forecast
New York Times 10/10/2008
Detroit Free Press 10/14/2008
General Motors, Driven to the Brink
New York Times 10/26/2008
How Detroit Drove Into a Ditch
Wall Street Journal 10/25/2008
The new Chrysler that is emerging from bankruptcy with government help under Fiat's Marchionne.
11/10/2006
Marchionne has kept many of the managers from the previous Chrysler. Jim Press is deputy CEO and adviser. He came from Toyota. Everything else will change. He is flattening the organization structure to improve communication and speed. Smaller car lineup will replace the prior lineup, and Fiat's engine technology will provide help for fuel efficient cars.
Grouped Articles
Fiat, in Deal With Union, Will Buy Rest of Chrysler
New York Times 01/01/2014
Worker Reaction to Chrysler bankruptcy
Detroit Free Press 05/04/2009
Bankruptcy reality sets in for Chrysler, workers
Detroit Free Press 05/04/2009
Chrysler reborn under alliance with Fiat
Detroit Free Press 05/04/2009
Impact:: Bankruptcy Announcement
Detroit Free Press 05/04/2009
Chrysler tried in vain to sell parts to Chinese, form partnerships
Detroit News 05/04/2009
The new GM and the problems it will continue to face.
02/13/2006
GM faces intense competition in a shrinking market. And building appeal to younger demographics customers is critical to GM.
Grouped Articles
Some G.M. Retirees Are in a Health Care Squeeze
New York Times 11/10/2008
Detroit Auto Makers Need More Than a Bailout
Wall Street Journal 11/10/2008
Wall Street Journal 11/10/2008
Skeptics Present Another Obstacle for GM
Wall Street Journal 11/12/2008
Wall Street Journal 11/12/2008
Auto-Industry Crisis Tests Obama
Wall Street Journal 11/08/2008
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