Word: chryslers
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...particularly galling to the United Auto Workers (UAW) that, in addition to numerous rounds of layoffs and givebacks dating back two decades, the union is being cast as the enemy in the U.S. auto industry's fight to survive. "Our contracts with Chrysler, Ford and GM represent only 10% of the cost of assembling of a vehicle. But most days, it seems like we get 110% of the attention," said UAW president Ron Gettelfinger in a recent speech. In the wake of GM's most recent quarter, in which the company lost $9.6 billion - $30.9 billion on the year...
While the U.S. has been debating how to bail out GM and Chrysler during the worst auto industry slump in decades, China has been scrambling to come up with its own rescue plan for its ailing carmakers. But unlike Washington, which is providing billions of dollars to prop up the balance sheets of the Detroit giants, China is taking a different route: it's trying to get consumers to buy more cars through a sales tax break and targeted subsidies for rural buyers...
...have either the capital or intellectual capacity to go around. The Treasury has just appointed a prominent investment banker to help oversee the mess in Detroit, but it would take an army of financiers to first comprehend and then advise on what should happen to GM (GM) and Chrysler. The period for comprehension is already in the past. The trouble in the auto industry has to be addressed in the next few weeks or its capacity to operate will go up in flames...
...Unlike U.S. automakers GM and Chrysler, Tata Motors doesn't appear to be on the brink of bankruptcy. According to industry analysts, the company has strong management and the backing of the Tata Group, a venerable Indian conglomerate with $63 billion in annual revenues. "For Tata Motors to be in dire straits, things will have to worsen much more," says a Mumbai-based analyst with Credit Suisse who asked not to be named...
Under term loan agreements that GM and Chrysler signed with the U.S. Treasury in December, the UAW is required to accept equity instead of cash as payments into the health-care trust. But only last month, Gettelfinger said he was reluctant to accept any equity because it could jeopardize the health-care benefits of retirees. Gettelfinger also noted at the time that the UAW had not signed any commitment to a new VEBA funding scheme as part of the government loan deal...