Word: auto
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...Chrysler will need more money than had been previously forecast. His comments are those of a man driving into the future while looking into the rearview mirror. Once U.S. light vehicle sales dropped over 30% the first two months of the year it was clear that the American auto companies would lose billions of dollars more than they forecast when they gave Congress their initial budgets late in 2008. (See pictures of the remains of Detroit...
Second, Geithner said the still-nascent Federal Reserve program launched last week to restart non-bank commercial lending [i.e., by helping investors buy securities backed by auto loans, credit card debt, etc.] would be expanded to provide funding for investors who want to buy certain kinds of mortgage-backed securities. The government's enthusiasm for the starter plan, known as "TALF," has outstripped market enthusiasm, but there is some life in it. The Federal Reserve has put up over a $1 trillion in potential lending already, though only $9 billion in deals have been done so far. Geithner...
...difficult to imagine that the agency would attempt to control every possible source of greenhouse gas emissions. "People running the EPA have common sense," says Frank O'Donnell, head of the environmental group Clean Air Watch. "They're going to focus the efforts on the biggest sources" like the auto industry and the utility sector...
...debut of the world's least expensive car comes at a time when the entire auto industry is in crisis. Demand for vehicles has plunged with the global recession, hobbling two of Detroit's giants, GM and Chrysler. Even Toyota, the model of a modern car company, is facing its first operating loss in decades. Tata Motors, India's largest automaker, is not immune. Sales of its commercial vehicles and cars have slumped, and debt from the company's purchase last year of luxury brands Jaguar and Land Rover is weighing on Tata Motors' balance sheet. Tata argues that...
...Camaro started in earnest in 2006 after GM had launched a major restructuring of its operations around the world. Consequently, Gene Stefanyshyn, the GM executive in charge of the project, moved to Australia to oversee the re-engineering of a rear-wheel-drive chassis that its Holden auto subsidiary had sold in small quantities over the years in both its home market and the Middle East. The Camaro is built on the Holden platform. The car will actually be assembled at GM plant in Oshawa, Ontario, outside of Toronto...