Chrysler CE Bob Nardelli to Meet With Auto Task Force Today
The News Review:
- Chrysler CE Bob Nardelli to Meet With Auto Task Force Today
- Visteon May Not Meet Loan Terms as Auto Sales Slump
- China Said to Encourage Shanghai Auto to Buy Rivals
- Goal of US auto task force not bankruptcy-senator
- President bama scolds auto industry gives hope
- UAW boss backs Ford contract concessions
- This Week in Auto Racing February 27 – March 1
Chrysler CE Bob Nardelli to Meet With Auto Task Force Today
Bloomberg -
25 (Bloomberg) — Three top Chrysler LLC executivesare to meet today with President bama?s automotive task forceto discuss the automaker?s request for an additional $5 billionin federal aid people familiar with the meeting said. Chrysler CE Robert Nardelli Vice Chairman Tom LaSorda andChief Financial fficer Ron Kolka are to meet with the taskforce the people said. Auburn Hills Michigan-based Chryslerwhich already received $4 billion in federal loans said Feb. 17it needs the additional money to avoid an ?orderly wind down?of the company. Chrysler the third largest U.
Visteon May Not Meet Loan Terms as Auto Sales Slump
Bloomberg -
25 (Bloomberg) — Visteon Corp. the auto-parts makerspun off from Ford Motor Co. said it may not be able to stay incompliance with loan terms and boosted its job-cut target becauseof slumping global vehicle production. The supplier?s fourth-quarter net loss widened to $328million or $2. 53 a share the Van Buren Michigan-based companysaid today in a statement.
China Said to Encourage Shanghai Auto to Buy Rivals
Bloomberg -
Four otherautomakers will be able to make acquisitions within definedregions added the people who declined to be identified as thepolicy hasn?t been published yet. Shanghai Auto?s listed unit has surged66 percent this year in trading in the city on speculation thegovernment will step up efforts to develop global players out ofstate-controlled automakers now mainly reliant on beingassemblers for overseas partners. Consolidation may also helpChinese carmakers as they battle slumping domestic demand andcompetition among the country?s 52 different car brands. ?The policy is more aggressive than the market?sexpectations? said.
Goal of US auto task force not bankruptcy-senator
Reuters -
Levin said task force members from the White House andTreasury Department do not want to exclude options but hestressed that bankruptcy is not the scenario they want topursue. “They indicated very clearly that that is not their goal”Levin told Reuters. President Barack bama told lawmakers on Tuesday that hesupports revamping the U. auto industry to make itcompetitive and to protect millions of jobs connected to theautomakers. “We should not and will not protect them from their ownbad practices” bama said in a televised address to Congress. “But we are committed to the goal of a re-tooled re-imaginedauto industry that can compete and win.
President bama scolds auto industry gives hope
Consumer reports -
While the auto industry was but a small part of the overall speech the President did cover many broader issues that influence the industry. And he did scold the industry as well. Highlights from the speech are below. pening remarks:??the state of our economy is a concern that rises above all others. And rightly so.
UAW boss backs Ford contract concessions
The Associated Press -
saying the automaker can’t survive in the long term without major restructuring. Gettelfinger said in a letter to 42000 hourly Ford workers that the company lost $14. 6 billion last year and is burning through $1 billion per month to stay in business because revenue has dropped so dramatically. He recommends that members vote for concessions and points out that the union was able to preserve base pay keep current health benefits and pensions and prevent further plant closures.
Related from Marcbryant: Economic downturn hits rugby
This Week in Auto Racing February 27 – March 1
Sports Network -
NASCAR Sprint Cup Series Shelby 427 – Las Vegas Motor Speedway – Las Vegas NV With victories in the Daytona 500 and the Auto Club 500 at California Kenseth became just the fifth driver to start the Sprint Cup Series season two-for- two. Kenseth has an opportunity to make NASCAR history this weekend as no driver has ever won the first three races of the year. Kenseth's win last Sunday at California marked Roush Fenway Racing's fifth consecutive victory in the February race at the two-mile oval. Roush Fenway has been dominant at Las Vegas Motor Speedway as well with the team's six victories tops compared to Hendrick Motorsports' four wins since the series started racing there in 1998. Kenseth heads to Las Vegas with an already comfortable 81-point lead over Jeff Gordon in the championship standings.
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