Sector Snap: Auto stocks rise
The News Review:
- Sector Snap: Auto stocks rise
- AIG’s Rebranded Auto Unit May Be Among First Sold
- UAW members headed to Detroit to discuss revising auto contracts
- UK Mandelson To Meet Auto Sector Jan; Discuss Support
- Auto briefs
- Try hybrid vehicles at auto show exhibit
- Hendrix to file suit if Detroit auto rates stay high
Sector Snap: Auto stocks rise
Forbes NY
“At this point the stage appears to be set for a weak start to 2009 which is the consensus and is already reflected in our numbers” Lache wrote in a note to investors. Lache said investors should be looking for signs that the industry may be recovering from the continued global downturn and indications that the automakers’ financial restructurings will be successful. He also warned that the financial woes of the auto suppliers could cause problems for the automakers. Comment n This Story”We’re uncertain as to whether the industry will be able to maintain the integrity of its supply chain through the massive declines in global production that we’re expecting in first half 2009″ Lache said.
AIG’s Rebranded Auto Unit May Be Among First Sold
Bloomberg
7 (Bloomberg) — American International Group Inc. theinsurer that renamed its U. auto business this week to preparethe operation for potential buyers may find that unit among theeasiest to sell analysts said. Zurich Financial Services AG Allstate Corp.
Related from Insurancemonster: AIG’s Rebranded Auto Unit May Be Among First Sold Analysts Say
UAW members headed to Detroit to discuss revising auto contracts
Detroit Free Press United States
The UAW just ratified its last four-year national labor contract in 2007. Negotiations with GM are expected to begin Monday and everything is expected to be on the table according to a person familiar with the union’s planning.
UK Mandelson To Meet Auto Sector Jan; Discuss Support
CNNMoney.com
Business Secretary Peter Mandelson will meet withrepresentatives of the auto industry this month to discuss the troubles in thesector a spokeswoman confirmed Wednesday. The meeting which follows a similar gathering Nov. 26 comes amid risingpressure on the government to increase support for the sector. A date has notyet been set. The spokeswoman said the issue of further government support will be on theagenda.
Auto briefs
DetNews.com MI
Industrywide Chinese car sales also dropped the most in three years in November as the global recession damped the country’s economic growth. after waiver on its primary creditSUTHFIELD — Lear Corp. a global supplier of auto seating systems electrical systems and electronics products on Tuesday said it is seeking an amendment and waiver under its primary credit facility in light of current and longer-term industry conditions. Lear has started discussions with co-agents under its primary credit facility and has engaged Goldman Sachs to assist in the proposed bank amendment. Advertisement Carmakers in Germany export 22% less in Dec. BERLIN — German automakers exported 22 percent fewer cars in December than a year earlier with production down by the same amount the country’s main industry group said Tuesday.
Try hybrid vehicles at auto show exhibit
Detroit Free Press United States
MEDC is the state’s economic development arm. The EcoXperience exhibit in Michigan Hall will feature about a dozen hybrid vehicles and other vehicles powered by alternative fuels. It will be supported by General Motors Corp. and Mitsubishi Motors said Shand Spencer spokeswoman for the auto show. More than 6000 members of the media are expected to attend the 2009 North American International Auto Show from Jan.
Hendrix to file suit if Detroit auto rates stay high
Detroit Free Press United States
Even rampant automotive crime doesn’t add up to what Detroiters pay in premiums said Hendrix deputy mayor under former Mayor Dennis Archer. “The city of Detroit was twice as high as the second highest city in America and there’s no reason anyone can give me as to why” he said adding that Detroit’s auto rates are twice that of No. 2-ranked Philadelphia. But before suing the companies Hendrix said he would create a community-based safety initiative to reduce crimes such as vehicle theft speeding and accident rates in targeted neighborhoods. “That’s where the challenge comes in” he said. “We don’t believe things are equitable; car insurance rates based on a ZIP code rather than a person’s driving habit is unfair.
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