Word: chrysler
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...Currently, the Administration's attention is on The Motor City where unemployment has hit 22%. Steve Rattner, a former media industry investment banker who has somehow become the Treasury's point man for the car business, says that GM (GM) and 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...
...Chrysler say that they need $22 billion. Rattner calls it differently. He told Bloomberg, "It could be considerably higher, I won't deny that", when asked whether U.S. aid sought by the car companies could increase. "Like all management teams they tend to take a reasonably, slightly perhaps, optimistic, view of their business. So it could be more, I can't rule that...
...year, their losses in the first two quarters should not be terribly different than they were in the fourth quarter. Depending on which of the P&L lines financial analysts look at, it means that Detroit is going through as much as $9 billion a month. GM (GM) and Chrysler could spend the $22 billion that they are requesting in as little as 90 days. It has been said that a country should never get into a land war in Asia. This is an unfortunate but easy analogy for the government's current predicament with the American car industry...
...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...
...couple of months will require more financial engineering than mechanical, and that process moved along this week, too. The U.S. Treasury Department's decision to release $5 billion in federal loans to automotive suppliers suggests that the Obama Administration is likely to approve billions in loans for GM and Chrysler. The Administration's automotive task force appears to have ruled out forcing GM and Chrysler into bankruptcy. That's one reason GM has pushed back the date of the company's annual meeting unit to August from June. Once it gets final approval of $21.6 billion in new federal loans...