Word: chryslers
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Domestic car sales are down about 30%. Sales at Chrysler have been hit hardest, down 50% in the most recent two months. In a bad economy, it makes sense that consumers will avoid a $25,000 purchase. Analysts and economists are trying to figure out how much people are willing to spend for almost everything. Will they buy a new refrigerator for $500 if their current model is old but not broken? The data from the last quarter indicate that they...
When Congress extended emergency loans to General Motors and Chrysler in December, lawmakers required the companies to deliver detailed plans for getting their houses in order. Management, labor and bondholders would all have to give ground - and the car czar was supposed to be the enforcer...
Czar or no czar, Obama has a genuine crisis boiling up in Detroit. Without major changes in the structure of the industry, the auto business is going to sink under mountainous waves of red ink. GM and Chrysler were in trouble even before the recession tore the bottom out of sales - and Ford's slightly better financial picture has been clouded by nearly $15 billion in losses last year...
...foreign-owned; Spain has stumped up $5.1 billion in public cash to bail-out car firms; and Germany has set aside $1.9 billion to pay owners to junk their old cars and buy something new. At the same time, the U.S. government has handed $17.4 billion to GM and Chrysler, a move that European carmakers say leaves them at a competitive disadvantage. (See pictures of the remains of Detroit...
...weaker auto companies and the US only gives The Big Three modest financing, Japanese car firms may actually be in a position to gain market share in America by being able to financially ?outlast? the domestic car companies. Any funds the Congress agrees to provide to GM and Chrysler need to take that into account...