Word: detroiters
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...United Auto Workers' bargaining committees from General Motors, Ford Motor Co. and Chrysler LLC are scheduled to meet in Detroit this week, facing pressure to make additional contract concessions in order to secure federal aid for the struggling automakers...
...they drive back to Detroit. The second money-begging pilgrimage to Washington by the CEOs of the three U.S.-based automakers went a lot better than their first vist two weeks ago. Then General Motors' Rick Wagoner, Ford's Alan Mulally and Chrysler's Ron Nardelli came in corporate jets and left with the angry words of lawmakers ringing in their ears. This time they traveled in hybrid cars, offered detailed plans for how they would spend and repay the $34 billion in government loans they requested, and met with a much friendlier reception. They still didn't leave with...
...This Detroit's Last Winter...
...Japan's automakers are not celebrating. Far from it. They are suffering mightily from the same massive decline in auto sales that is killing Detroit. Moreover, the bankruptcy of one or more of the Big Three could create havoc among parts suppliers that sell to Japan's carmakers; job losses would send more shock waves through the U.S. economy, deepening the recession in what is by far the largest single market for Japanese cars. "What we're seeing is the 30-foot tsunami that not even Toyota can cope with," says Tatsuo Yoshida, executive director and senior analyst...
...Additional steps are expected. But Toyota's options are dwindling, says Yoshida. The company in October tried to stimulate U.S. sales by offering 0% financing, a tactic Detroit can no longer afford. But frightened, cash-strapped consumers didn't bite. Japanese car companies are also shifting their focus to India and China, but even though those markets are still growing, they remain relatively small, and their contribution to profits isn't significant enough to offset the decline in North America. Says Yoshida: "The water that has spilled out of the bucket cannot be caught by a small single glass...