Word: auto
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...hopes that the company can survive the first quarter and present a complete re-organization plan by March 31. GM hasn't said yet whether it will require additional loans during this quarter - $4 billion more has been authorized - though CEO Rick Waggoner, speaking to reporters at the Detroit Auto Show, said it is a possibility. He also said that a GM bankruptcy is still "an option...
...auto industry bailout saga is working its way up and down the supply chain. Shortly before Christmas, the Federal Reserve Board quietly provided $200 million of support aimed specifically at auto dealers, who have had a difficult time financing their inventories - forcing some of them out of business. The support is being administered through the Fed's Term Asset Backed Securities Loan Facility or TALF, which was created this past autumn to encourage banks to start lending again. To further help the dealers, the Fed eased the eligibility requirements so that inventory financing (and there's plenty of inventory...
...Having more than weathered the dreadfully bad 2008, Subaru officials aren't planning on lowering sales this year. At Detroit's North American International Auto Show, Subaru unveiled a concept car that will likely evolve into a midsize sedan version of its Legacy. And on a broader note, Doll says that more available credit and Barack Obama's stimulus package should get additional buyers into showrooms. Of course, if all else fails, there are always those folks who bought an Outback 7.3 years ago - and are ready to return...
...sometimes works for the fashion industry - bring back an old fashion, make it new and a fad is born. This time, though, it's the automotive industry, hoping for the kind of lifestyle change that can bring car sales back from the dead. All three major U.S. auto companies have been working on plans for electric cars, and debuted some prototypes at the North American International Auto Show in Detroit this week. Ford announced that it hopes to have an all-electric vehicle, which would be able run for 100 miles on a single charge, on sale by 2011. Chastened...
...auto firms are getting into the "green" car business at just the wrong time, which is consistent with the rest of their behavior over the last four decades. Oil prices are moving back toward $30 and many economists believe this that will be the new normal. China and India have cut imported oil as their economies slow. Americans would rather ride bikes that drive cars...