Archived Auto News and Events for February 2009

Ford Confident it Can Survive 2009
On Thursday, February 26, Ford said it had enough cash on hand to survive 2009 without federal assistance even if sales in the United States drop to the 9 million level for light vehicles.

GM Posts Even Greater Losses with $5.2 Billion Cash Burn
In its latest financial postings General Motors disclosed a third less revenue earned while the opeartion ate through $5.2 billion in cash, giving GM its sixth consecutive quarterly loss and the fourth year CEO Rick Wagoner has seen no profit for his company.

Obama Signals Continued Willingness to Support Auto Industry
In his first address to a joint session of Congress on Tuesday, February 24, President Barak Obama called American automakers to task for past mistakes, but promised to support the industry in the long term.

Honda Names Ito CEO and R and D Head
Newly named Honda Motor Co. CEO Takanobu Ito will further focus the company's attention on research as a way to combat the global market decline in the midst of the current recession.

Ford, UAW Reach Agreement on VEBA Contributions
The United Auto Workers and the Ford Motor Co. have agreed to alterations in the health care trust the union maintains for retirees, following a tentative agreement on February 15 regarding operating practices, labor costs, and benefits.

Hyundai Offers Enhanced Incentive Plan
From February 23 to April 30, Hyundai is offering an innovative incentive plan to potential customers who fear that they may, in the ensuing year, lose their jobs.

Anticipating Weak Sales, AutoNation Cuts Orders Through April
Through April, AutoNation, the largest U.S. dealership group, will continue to reduce its new vehicle orders by 60 percent per month in anticipation of a continued weak automotive market, according to Mike Jackson, CEO.

GM, Chrysler Include Bankruptcy Scenarios, Reject the Option
Although both General Motors and Chrysler included potential bankruptcy scenarios in the viability plans they presented to the federal government on Tuesday, February 17, both rejected such proceedings as a workable option.

Obama Administration Releases $4 Billion to GM, Chrysler
Although prepared to receive viability plans from General Motors and Chrysler today, the Obama administration will, as anticipated, release an additional $4 billion to keep the companies in business.

Obama Administration Decided No Car Czar
According to sources cited in a story by Bill Vlasic for the New York Times , President Barak Obama has decided not to appoint a "car czar," but rather to assemble a panel of economic advisers to oversee the rehabilitation of General Motors and Chrysler.

Toyota Working to Keep North American Jobs Intact
Although Toyota , continues to keep its North American workforce intact, the company announced on Thursday, February 12 that hours will be reduced, wages frozen, and a voluntary exit program offered.

Obama Says More Automotive Aid Depends on Industry Change
In remarks reported by The Detroit Free Press , President Barak Obama said he retains his commitment to give American carmakers "serious help" in coming months, but only if he is shown viable ways in which the industry will be transformed.

Lutz Leaves Troubled GM
General Motors announced Monday, February 9 that former Chrysler Corp president Bob Lutz, hired by GM to lead a product revival, will retire at year's end.

GM Announces Lay Off of 10,000 Workers
On Tuesday, January 10, General Motors announced the lay off of 10,000 salaried workers worldwide in 2009 and pay reductions of as much as 10 percent for the remainder of the workforce.

Obama Administration Considering More Auto Industry Aid
The Obama White House is considering further options to aid the floundering American auto industry, but no decisions will be made until both General Motors and Chrysler LLC present their viability plans to the government on February 17.

Toyota Forecast Worsens as Sales Continue to Drop
In response to bad news across the boards for the automotive industry in Europe and North America, Toyota , tripled its projected annual loss, the first it will accrue in 70 years of operation, to $4.95 billion.

Honda Hopes to Bring Insight Hybrid to U.S. for Under $20K
Honda plans to bring the Insight hybrid to the United States at a.

price point under $20,000 and is open to building the vehicle in America.

if annual sales reach the ambitious target level of 100,000 a year.

Automakers See Sales Down, Inventory Up
In a survey of analysts conducted by Automotive News , figures.

for auto sales in the United States in January were estimated to remain.

at 25-year lows for the fourth consecutive month.

Saturn, Saab, Hummer May Face Extinction
In an article for Automotive News , Jamie Lareau reports on.

General Motors' failure to address the fate of its unsuccessful brands.

just two weeks before the company must present a detailed plan to the.