The News Review:
- Toyota executive warns US auto task force of parts-supplier crisis
- UAW: Economic Elements f GM’s Labor Deal Similar To Ford’s
- Canada flexible on auto bailout deadline
- bama Auto Advisers Wrap Up Meetings In Detroit
- bama hasn’t seen auto viability plans yet-W.House
Toyota executive warns US auto task force of parts-supplier crisis
MarketWatch
sales warned the bama administration Wednesday that the company is seriously concerned about the financial health of 20% of its parts suppliers. Jim Lentz president of Toyota Motor Sales USA met with members of the administration’s auto-industry task force for about 35 minutes saying that as many as 100 companies that provide auto parts to Toyota are entering a crucial period that could determine whether some survive.
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UAW: Economic Elements f GM’s Labor Deal Similar To Ford’s
CNNMoney.com
(GM) will get many of the same concessions granted this week as Ford MotorCo. (F) received though some elements of GM’s revised labor deal will differ “drastically” from its rival. In a letter sent to members this week UAW Vice President Cal Rapson said theFord and GM deals are the same “in the area of economics” which generallyencompass wages and benefits. ther elements he said will vary significantly.
Canada flexible on auto bailout deadline
Reuters
If that’s necessary then I think for the sakeof a couple of weeks we can be flexible on that” IndustryMinister Tony Clement told CBC television. “But really we do have to get to the point of decidingthese things so I’m hoping at the end of March or beginning ofApril we’ll be there. Canada is working in parallel with the United States onlong-term rescue plans for the two auto giants and had set theend of March for reaching agreements. Clement also sought to clarify an impression he had leftthat a tentative contract deal between the Canadian AutoWorkers union and GM Canada reached over the weekend haddelivered insufficient union concessions. Some analysts have said the CAW needed to cut labor costsby about 30 percent to make a difference not the reduction ofabout 10 percent that some predict it has offered but Clementsaid he was not offering an opinion on whether this wasenough. “It’s not a deal breaker” he told CTV television. What he had been trying to convey he said was this wasonly one part of the puzzle and that there were other piecesincluding management concessions and a long-term survival planthat were needed.
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bama Auto Advisers Wrap Up Meetings In Detroit
CNNMoney.com
(GM) and Chrysler LLC on Mondaytouring plants and test-driving cars. They then delivered a sobering message tothe company’s top executives calling for a “fundamental restructuring” of theindustry an bama Administration official said. The day marked the first time that members of bama’s auto-industry task forcetraveled to Detroit as part of their review of the companies and it followedweeks of meetings in Washington involving industry officials and electedlawmakers. The task force led by Treasury Secretary Timothy Geithner and WhiteHouse economic adviser Lawrence Summers is reviewing requests from GM andChrsyler for nearly $22 billion in new loans and officials have characterizedthe meetings as part of broad fact-gathering effort. Monday’s meetings were expected to involve two outside advisers who areserving on the task force Ron Bloom and Steven Rattner according to peoplewith knowledge of the meetings. The task force members met with seniormanagement at GM and Chrsyler after a morning meeting with Ron Gettelfingerpresident of the United Auto Workers and other union leaders theadministration official said. The task force members test-drove GM’s Chevrolet Volt and a fuel-cell conceptcar and toured the assembly line of the Dodge Ram pickup the official said.
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bama hasn’t seen auto viability plans yet-W.House
Reuters
automakers that received government bailout money but heexpects the industry will face some form of restructuring theWhite House said on Wednesday. “I don’t think he’s been presented with specific plansyet” spokesman Robert Gibbs told a White House briefingadding that the end of the month deadline for plans wasapproaching. He said bama believes “we need an auto industry in thiscountry but the auto industry is likely to be one in the futurethat is restructured and re-imagined from where it is today sothat Americans are buying cars that are built by and forAmericans. (Editing by Sandra Maler).