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Entries tagged "auto industry"GM speeds out of bankruptcyThe carmaker has reportedly emerged from Chapter 11 after only 40 days. Ad firms waiting for GM's check in the mailAdvertising firms will be waiting longer than auto parts suppliers for their checks to come in the mail. Porsche rejected for $2.4B in car financingLuxury carmaker Porsche has been turned down for a $2.44 billion loan from the German government. Detroit dissed on bankruptcy filingsTwo Michigan auto parts makers, Metaldyne and Visteon, recently filed for Chapter 11 in Manhattan and Wilmington, Del., respectively, and not Detroit. GM exec's fill up on taxpayer's dimeSome 8,000 GM executive receiving free gas to the tune of around $12 million a year, according to NPR. A tale of two GM unitsIn addition to cutting U.S. brands Hummer and Saturn, GM is also considering Saab and Opel, but not before it attempts to shake down the Swedish and German governments for cash. Chrysler asks for another $2BThe carmaker's viability plan asks Uncle Sam to lend it another $2 billion on top of the $7 billion requested last year. House leaders spell out auto conditionsCongressional Democrats sent letters to the heads of Chrysler and GM, urging them to describe specifically how they will position their companies to become competitive. Iacocca feels Big Three CEOs should stayFormer Chrysler chairman and CEO Lee Iacocca has faith in the current lot of chief executives of the Big Three automakers, but he may be the only one. Iacocca, who is often credited with turning Chrysler around after its 1979 government bailout, believes that they should not be forced to quit as a condition of receiving government bailout money, according to wire reports. ... Limits on pay, parachutes should accompany auto industry aid, Pelosi saysHouse Speaker Nancy Pelosi, D-Calif., Tuesday called on Congress and the Treasury to provide limited emergency financial assistance to the automobile industry under the Emergency Economic Stabilization Act. "In order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry, Congress and the Bush administration must take immediate action," she said. ... Chrysler may be running out of cash tooOne of the key elements in a potential tie up between Chrysler LLC and General Motors Corp. is the desire of cash-burning GM to get its hands on Chrysler's cash reserves. GM is burning through $1 billion and could be threatened with running out of money next year as the credit crisis constricts its ability to borrow, but now Chrysler itself could be running out of money and may face a breakup as the American auto industry weathers the economic downturn.... Kerkorian slashes Ford stakeFinancier Kirk Kerkorian bowed out of the auto business -- again -- on Tuesday, announcing plans to significantly scale back his 6% stake in Ford Motor Co. in order to focus his investments on other industries. Kerkorian's Tracinda Corp. in a Securities and Exchange Commission filing said it had sold 7.3 million shares of Ford common stock on the open market for an average of $2.43 per share, or $17.7 million. ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "auto industry." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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