The News Review:
- Obama Chides Auto Makers in Fresh Blow
- Texas senators reluctant to support auto bailout
- Congress Prepares to Reconsider Aid Package for Auto Makers
- Ford Resists Pressure to Cut CEO Compensation
- Magna Closing Ontario Auto-Parts Plants as Sales Drop (Update3)
- VW building Tenn. assembly plant during hard times
- Toyota Nissan Lead Decline in Japan Auto Output on Export Drop
Obama Chides Auto Makers in Fresh Blow
Wall Street Journalnbsp;
MCKINNON ArticleCommentsmore in. $20 billion and promised as much as $275 billion more. On Monday President-elect Barack Obama offered his own rebuke of the auto makers’ stuck-in-the-mud approach to restructuring. “Taxpayers can’t be expected to pony up more money for an auto industry that has been resistant to change” Mr.
Texas senators reluctant to support auto bailout
Monitornbsp;TXnbsp;
Top American auto executives who left Capital Hill empty handed last week after two days of publicly pleading for a financial lifeline are expected to submit a plan Tuesday explaining how they will use the money and how they will regain profitability. Texas Republican Sens. Kay Bailey Hutchinson and John Cornyn refused to support the measure earlier this month but left open the possibility that they could reach a compromise with Democratic lawmakers if the bill had strong accountability and showed that the automakers were willing to drastically change how they operate. “Before we start looking at more bailouts we need to look at the big picture” Hutchison said on CNBC Nov.
Congress Prepares to Reconsider Aid Package for Auto Makers
Wall Street Journalnbsp;
–>Congress Prepares to Reconsider Aid Package for Auto MakersBy. The House Financial Services Committee scheduled a hearing for Dec. ET to review plans by the Big Three car makers to stabilize their beleaguered companies.
Ford Resists Pressure to Cut CEO Compensation
Wall Street Journalnbsp;
7 billion last year. Chrysler’s Robert Nardelli said he would accept a $1-a-year salary although he isn’t paid a salary now under his current employment agreement people familiar with the matter said. He will be compensated when or if Chrysler’s owner Cerberus Capital Management LP make a profit on its acquisition of the auto maker. Because Chrysler is a private company it doesn’t disclose details about Mr. Nardelli’s pay package. A GM spokesman didn’t respond to phone messages and emails seeking comment if Mr. Wagoner is considering cutting his salary.
Magna Closing Ontario Auto-Parts Plants as Sales Drop (Update3)
Bloombergnbsp;
26 (Bloomberg) — Magna International Inc. NorthAmerica?s largest auto-parts supplier will close two plantsemploying 850 workers in Ontario as vehicle production falls. The Aurora and Newmarket operations of Magna?s Exteriondivision will be shut and work transferred to other sites in thecompany by June according to an e-mailed statement today. The move shows how automakers? dwindling U. sales down15 percent this year through October and cuts in output arerippling across suppliers.
Related from Careersemploymentmonster: More Laid-Off Workers To Get Second Career Training
VW building Tenn. assembly plant during hard times
The Associated Pressnbsp;
“This plant is critical to that. “Since Volkswagen announced plans to build the plant in July the global economy has been deflating. Following the housing credit and financial crises in the U. the possible collapse of General Motors Corp. or Chrysler LLC would likely drag down some auto suppliers and manufacturers of steel aluminum electronics and plastics. Volkswagen AG spokeswoman Jill Bratina said the company is “absolutely not” having any regrets about the timing of the Chattanooga plant.
Toyota Nissan Lead Decline in Japan Auto Output on Export Drop
Bloombergnbsp;
28 (Bloomberg) — Toyota Motor Corp. and Nissan MotorCo. Japan#39;s largest and third-largest automakers led a declinein domestic auto production as a recession damped demand forexports. Output by the country#39;s 12 automakers fell 6. 01 million vehicles in October from a year earlier the JapanAutomobile Manufacturers Association said in a statement today.