Archived Auto News and Events for November 2008

Automakers Tie Ads to Charitable Donations
Going into the holiday advertising season, automakers are opting for fact-based ads tied to charitable entities as a more appropriate approach in tough economic times, according to an article by Jean Halliday of Advertising Age for Automotive News .

Obama, Congressional Leaders Want Long-Term Plan from Auto Execs
According to David Axelrod, senior White House adviser to Barak Obama, speaking on ABC's "This Week" on Sunday, November 23, the president-elect supports congressional demands for long-term plans from U.S.

Chastened Auto Execs Leave D.C. Empty Handed
In a joint press conference on Thursday, November 20, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, said the CEOs of the Detroit Big Three failed in their attempts to persuade Congress to provide $25 billion in aid to the ailing American automotive industry.

Auto Execs Fare Poorly in Second Day of Testimony on the Hill
In a second day of hearings on Capitol Hill on Wednesday, November 19, Detroit's Big Three auto executives testified before the House Financial Services Committee, receiving a reaction as cool as that presented by the Senate Banking Committee the day before.

Auto Execs Pleas Fall on Deaf Ears in D.C.
In a hearing before the Senate banking committee on Tuesday, November 18, the heads of the Big Three Detroit automakers met with a cool reception as they pleaded with lawmakers for emergency government aid.

Ford Sells Mazda Shares to Raise Operating Capital
By selling off 20 percent of its 33.4 percent holdings in Mazda , the Ford Motor company raised $540 million and ended its 12-year control of the Japanese brand.

UAW President Says Unions are Not Part of the Automotive Industry's Problems
During a news conference on Saturday, November 15, United Auto Workers president Ron Gettelfinger said the crisis in the automotive industry could not be laid at the feet of the work force.

Prospects for Aid to Auto Industry Dim
Congressional leaders were forced to admit by week's end that any effort to assist the floundering American automotive industry, in particular General Motors, which seems poised on the brink of bankruptcy, may be overwhelmed in a lame duck session by Republican opposition.

Bush Administration, Congress at Odds on Remedy for Auto Industry
Next week the CEOs of the Detroit Big Three as well as United Auto Workers president Ron Gettelfinger will be going back to Washington seeking a $25 billion bailout for the automotive industry this year.

Oil and Gas Prices Remain Low on Recession Fears
Over the past month the per gallon price of regular gasoline has dropped approximately $1.03 and is expected to remain low for the time being in the face of greatly reduced consumer consumption.

Shares in GM Decline for 5th Day
In a report by Mike Ramsey for Bloomberg , analysts from Buckingham Research Group said only federal aid will serve to prevent the collapse of General Motors, with shares in the country's largest automakers now at 1946 levels after declining sharply for five days straight.

Auto Industry in Desperate Need of Federal Loans
In a story for Automotive News , David Sedgwick analyzes the state of General Motors, Ford , and Chrysler, concluding that without a federal bailout in the next quarter, all will "face a financial collapse that could drag down suppliers, dealers and even import automakers.".

Ford Posts $3 Billion Third Quarter Loss
For the third quarter, the Ford Motor Co. reported an after-tax operating loss of $3 billion, leading the company to initiate new cost cuts and production drawbacks as consumers continue to be shut out of tight credit and to eschew new purchases on fears of deepening recession.

Auto Execs Go Hat in Hand to D.C.
Today in Washington House Speaker Nancy Pelosi will meet with the CEOs of the Detroit Big Three and the head of the United Auto Workers who will be personally appealing for billions in additional federal aid to help the struggling American automotive industry.

GM and Ford Poised to Report Staggering Third Quarter Losses
In the first half of 2008, General Motors and the Ford Motor Co. tallied net losses of more than $27 billion, before the economic crisis that caused the lowest automotive industry sales in a quarter of a century.

October Automotive Industry Sales Figures Lowest in 25 Years
As expected, sales figures for the auto industry for the month of October continued a sickening downward plunge of 32 percent, the worst performance decline in 25 years.

Report Says Treasury Told GM No
Citing "people close to the discussions," the New York Times reports that the Treasury Department denied General Motors' request for $10 billion in financing to help facilitate a proposed merger with Chrysler.