Markets around the world plunged as investors look for a safe haven: Another leg of the U.S. economy -- the auto industry -- looks like its careening toward an unavoidable collision with the bankruptcy courts in the wake of possible filings by General Motors Corp. and Chrysler LLC, which follows the Senate's failure to agree on a bailout Thursday night. However, losses have been mitigated thanks to the Bush administration's efforts to consider using the $700 billion Troubled Asset Relief Plan funds to keep the auto industry afloat.
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Here in the U.S., the Dow declined 83.63 to 8,481.46 in late Friday morning trading, led by the expected suspects GM [GM], which has fallen 17% over the last two days, Ford Motor Co. [F], as well as auto suppliers Lear Corp. [L] and Johnson Controls Inc. [JCI].
Meanwhile, the threat of GM and Chrysler bankruptcies is impacting foreign automakers too. Japan's Honda Motors Corp. [HMC] , which is considered a healthy automaker in the U.S., announced Friday it will cut another 119,000 automobiles from planned production in North America through March because of the economic downturn. Overall, that means that Honda will cut a total of 175,000 vehicles from planned production for its fiscal year ending in March 2009.
For a closer look at key U.S. auto stocks, see below. Meanwhile, for a look into what bankruptcy could mean to GM, check out this feature on our Deal newsweekly site. - Gerald Magpily
| Auto stocks stall |
| Name |
Open |
Price at 12 pm |
Change |
Mkt cap |
| General Motors Corp. |
2.81 |
3.96 |
-0.16 |
2,417.43 |
| Ford Motor Co. |
2.19 |
2.88 |
-0.02 |
6,879.90 |
| Honda Motor Co. Ltd. (ADR) |
21.12 |
21.21 |
-1.79 |
38,486.31 |
| Toyota Motor Corp. (ADR) |
62.22 |
61.79 |
-2.72 |
96,865.59 |
| Nissan Motor Co., Ltd. (ADR) |
6.6 |
6.86 |
-0.47 |
13,971.09 |
| Daimler AG (USA) |
31.13 |
32.04 |
-0.96 |
32,484.35 |
| Tata Motors Limited (ADR) |
4.21 |
4.2 |
-0.17 |
1,619.60 |
| Delphi Corp. |
0.0255 |
0.02 |
0 |
13.55 |
| Johnson Controls, Inc. |
15.71 |
17.63 |
-1.04 |
10,475.74 |
| Lear Corp. |
1.45 |
1.84 |
-0.09 |
141.98 |
| Gentex Corp. |
8.61 |
8.55 |
-0.33 |
1,193.77 |
| Commercial Vehicle Group, Inc. |
1.17 |
1.14 |
-0.07 |
24.55 |
| ArvinMeritor Inc. |
4.28 |
3.43 |
-0.21 |
253.16 |
| Motorcar Parts of America Inc. |
3.85 |
3.55 |
-0.3 |
42.47 |
| Superior Industries International Inc. |
10.49 |
10.89 |
-0.16 |
290.42 |
| Fuel Systems Solutions Inc. |
28.73 |
31.04 |
1.02 |
488.72 |
Source: TheDeal.com |
