BuyOut


REPORT: Chrysler again offering early retirement to 23k hourly workers

The Detroit Free Press is reporting that Chrysler is again offering early retirement packages in an effort to entice some of its 23,000 hourly employees to hit the road. The buyout packages are the first offered by post-bankruptcy Chrysler, though the terms of the buyouts are very similar to earlier offerings. The Freep is reporting that all workers with at least one year of service can walk away from their current job and receive $75,000 plus a $25,000 voucher. Those who wish to participate in this program will also continue to receive ... Read more →

REPORT: Porsche reportedly offered Wiedeking nearly $200M payout Chris Shunk

Wendelin Wiedeking sat at the helm of Porsche for 16 of the company's most successful years. Under Wiedeking's watch, Porsche blessed the world's roads with the Boxster, Cayman, Carrera GT, Cayenne ...

Mercedes offers buyouts to all Alabama workers Michael Harley

Nearly 4,000 employees of the Mercedes-Benz assembly plant in Vance, Alabama, are being offered buyouts in advance of another expected round of production cuts at the facility in January. The Vance ...

GM to cut 5,000 salaried workers Jeremy Korzeniewski

General Motors is looking to reduce its salaried (read: non-unionized) workforce by 5,000 employees by the end of the year, leaving the beleaguered automaker with 27,000 white-collar jobs in total. ...

GM offering buyouts and bonuses to HUMMER dealers Michael Harley

Click on the above image for our 2009 Hummer H3T high-res gallery Taking heed of lessons learned when it shed the Oldsmobile brand, General Motors is quietly negotiating with HUMMER dealers to ...

Ford offers up more buyouts to hourly workers 1 year ago on Autoblog

Ford is hoping to continue the reduction of both the number of vehicles the automaker will produce and, correspondingly, its hourly blue-collar workforce. In order to make good with the UAW, the same buyout packages available last year are being extended to these unionized workers. The packages have ...

Chrysler likely to miss goal of 10,000 buyouts 1 year ago on Autoblog

A key part of Chrysler LLC's agreement last year with the UAW gave the automaker the ability to hire new employees at a fraction of wages and health care of current workers. Since the deal was signed, Chrysler has been trying to show high-cost workers the door. The privately-owned automaker had a ...

UAW pres expects 15,000 workers to take GM buyout 1 year ago on Autoblog

Once you have cut everyone, who is left to cut? That's the problem facing GM, according to UAW President Ron Gettelfinger. The General has already harvested the low hanging fruit with previous buyouts, but they're embarking on another round to try and further reduce labor costs. We've already ...

The Flava of Jag: Five bidders expected for Jaguar and Land Rover 2 years ago on Autoblog

According to an inside source who spoke with Automotive News, Ford will be narrowing down the potential suitors for Jaguar and Land Rover by the end of the week. While not nearly as entertaining, or enticing, as most prime-time match-making shows, the dwindling bidder list confirms a few names that ...

Volkswagen/Proton on-again, off-again deal back on again? 2 years ago on Autoblog

Late last year reports first surfaced that Volkswagen was interested in taking a controlling interest in Malaysian car maker Proton. But by March the talks had apparently broken down. Now for the first time Volkswagen has actually made a statement about Proton. Volkswagen is picking up the pace in ...

But wait, there's one more: Former Ford exec wants Jag/Land Rover 2 years ago on Autoblog

Former Ford exec Nick Scheele is joining former Ford CEO Jacques Nasser as potential buyers of the Blue Oval's remaining British marques. Scheele has joined Ripplewood Holdings as an advisor, as Sir Nick has intimate knowledge of Jaguar from his time as leader of the brand in the 90's, and he was ...

6,400 Chrysler hourly workers want buyout, 40% more than planned 2 years ago on Autoblog

Back in late February we reported on Chrysler's early retirement and separation program that the automaker hoped would help it shed 13,000 jobs over the next three years. The company was planning on saying goodbye to about 5,700 hourly (read: union) workers this year, of which around 1,000 would be ...

BMW buying Volvo rumour circulates again 2 years ago on Autoblog

Earlier this month, Autocar reported that BMW had expressed significant interest in buying the Volvo brand from Ford Motor Company early in 2007. The report claimed BMW had gone so far as to request financial data about the Swedish automaker. Yesterday, the Swedish newspaper Goteborgs Posten threw ...

Jeep employees pissed about Chrysler sale 2 years ago on Autoblog

After months of speculation, the Chrysler sale happened without too much fanfare on Monday morning, as Cerberus came out as the top bidder, and several potential investors came away empty-handed. One of the few groups vying for control of Chrysler was its own employees, and Automotive News is ...

Porsche proposes to Volkswagen 2 years ago on Autoblog

It's official, Porsche has submitted an offer to buy the Volkswagen group. Unless you've been living in a cave, you probably already know that the erstwhile sportscar manufacturer is more profitable than the megalithic auto consortium, with all its subsidiaries, and has been steadily increasing its ...

Porsche takes a $47b loan out to bid for VW 2 years ago on Autoblog

What's it take to purchase a controlling stake in Volkswagen? Reuters' reports contacted all the major institutions involved in the deal and came up with 35 billion euros, or $46.47 billion US. To give Porsche the required 30.94-percent of shares, the guys and gals in Stuttgart have tapped ABN ...

Nissan offering buyouts to 775 Tennessee workers 2 years ago on Autoblog

Seems like few automakers are immune to downsizing these days, and Nissan is no exception. Today the automaker announced it's reducing its workforce in Tennessee by 12.5%, which equates to 775 heads. The reduction come via way of voluntary buyouts that include a $45,000 cash payment and additional ...

Lutz: One of Big 3 will die, but not us 2 years ago on Autoblog

While deftly avoiding the General Motors buyout of Chrysler issue, GM Vice Chairman Bob Lutz did say that he can see one of Detroit's Big 3 dying off in the not-too-distant future. Citing increased market pressures and too much capacity, he said in Geneva that present trends lead to only one ...

Chrysler sale update: Wall St. more interested than automakers 2 years ago on Autoblog

Since Daimler Chrysler CEO Dieter Zetsche declared 'all options are open' with regards to a possible Chrysler sale, the rumors have been flying. With the exception of GM and Magna, every automaker that comes up as a potential suitor has politely denied the rumor. VW, Hyundai, and Ford have all ...

Do you think that the Chrysler employees's buyout offer was fair? 2 years ago on Autoblog

We thought that we would share some quotes of Chrysler employees who were offered the incentive to leave the company for up to $100,000. "I'm not happy with it," said Ron Toerper, a 49-year-old skilled trade worker at Chrysler's Warren Stamping plant speaking about the lack of any car vouchers ...

BREAKING: Chrysler Group reveals details of union worker buyouts 2 years ago on Autoblog

This afternoon the Chrysler Group and the UAW released a statement revealing details of the early retirement and separation programs that will help the automaker reach its goal of shedding 13,000 jobs. Two-thousand jobs being eliminated are salaried positions, and we brought you details on those ...

BREAKING: Chrysler reveals details on white-collar "separation packages" 2 years ago on Autoblog

This afternoon Chrysler revealed more details on one part of its plan to extensively reduce its workforce by 13,000 workers between now and 2009. The details today concern the 2,000 salaried workers that will be leaving the company. Chrysler hopes it can entice at least 1,000 of those salaried ...

UAW has no opinion on possible GM/Chrysler deal 2 years ago on Autoblog

When asked about the possible GM/Chrysler buyout deal, Ron Gettelfinger, the head of the United Auto Workers Union said, "I have absolutely no opinion on that at all." Really?! No opinion?! No comment, we could understand. But no OPINION? This could be one of the most significant moves in the future ...

Ford begins denying buyout offer to white-collar workers 2 years ago on Autoblog

Just last December, Ford accelerated its effort to reduce the company's white-collar workforce by 10,000 souls. Buyouts were offered with the hope that salaried employees would follow of the lead of hourly workers, who had already been offered packages. Unfortunately, in some areas of the company, ...

Nissan offering voluntary buyouts to all Tennessee plant workers 2 years ago on Autoblog

Word has just come across the wire that Nissan will be offering a "voluntary transition program" to all of its hourly employees working in either its Smyrna or Dechard manufacturing plants in Tennessee. These are effectively buyouts, which can net an hourly worker a lump sum of $45,000 and a bonus ...

DaimlerChrysler stocks skyrockets on talk of Chrysler sale 2 years ago on Autoblog

We have no idea who will end up with Chrysler once all this madness ends, but we can say that there are already quite a few winners in the process -- DCX stockholders. While we all sat and played the Hyundai vs. GM vs. ? game, the stock price shot through the roof. Apparently in the minds of ...

XM and Sirius set to announce "merger of equals" today 2 years ago on Autoblog

UPDATE: It's official! Both XM and Sirius have been dropping hints since last summer that the two could merge into one giant satellite radio provider with a subscriber base of 12 million. It appears after a marathon negotiation session last weekend, the two are finally ready to make it offiicial ...

The plot thickens; Hyundai may be angling for Chrysler 2 years ago on Autoblog

Hyundai and Chrysler already share their 2.4 liter "world engine" (along with Mitsubishi), and they may share much more in the future. Rumors are trickling in from all quarters about potential suitors for Chrysler, should DCX decide to cut loose its American vessel, and Hyundai is the latest one to ...

Automotive News insists GM and DCX talking buyout 2 years ago on Autoblog

Automotive News has filed yet another report that insists DaimlerChrysler is in talks with General Motors about the latter purchasing the Chrysler Group. This time the trade pub claims that sources from Germany, where the rumor originated, and the United States have confirmed that GM is interested ...

Big Wig to Big Rig: Pischetsrieder to oversee truck merger 2 years ago on Autoblog

The earliest reports on the "resignation" of Volkswagen group CEO Bernd Pischetsrieder indicated that while he'd be replaced as chief executive, he would be retained to take on "special assignments". What such ambiguous duties might entail was a mystery, but it's looking like he may be put in charge ...

4,000 Ford workers take buyout 3 years ago on Autoblog

During a conference call yesterday, FoMoCo's President, Mark Fields, announced that over 4,000 workers would take early retirement from the Ford-owned Visteon plant in Michigan. Employees had until last Friday to make their decision and of the 10,400 workers currently employed at the plant, ...

Bold Move: Ford extending buyouts to all UAW workers 3 years ago on Autoblog

Thanks to a fax sent by the United Auto Workers union to its leaders in various regions, we now know that Ford will be extending its job buyout offer to all 75,000 of its hourly UAW workers. This means that Ford is more than doubling the Way Forward plan's initial offer to buy out 30,000 of its ...

I want my baby back! Fiat to repurchase Ferrari shares 3 years ago on Autoblog

Fiat is increasing its stake in Ferrari, buying back the shares it sold to Italian investment bank Mediobanca during Fiat's financial troubles in 2002. The Turin-based auto conglomerate is the undisputed Don of the Italian car business, controlling Ferrari, Maserati, Alfa Romeo, Lancia, Iveco and ...

Ford expanding buyouts to include all North American factory workers 3 years ago on Autoblog

As part of what we're calling the newly rechristened Accelerated Way Forward plan, Ford is reportedly opening up its buyout program to include all North American factory workers. Currently the buyouts are only being selectively offered at targeted plants. Apparently that's not getting the job done ...

Ghosn says "no" to top spot at GM; is not currently talking with Ford 3 years ago on Autoblog

As talks approach with General Motors head Rick Wagoner, Carlos Ghosn is stating that he has no desire to head up the conglomerate if a merger of sorts takes place. Apparently, he feels that he's busy enough running both Nissan and Renault. Ghosn did show some interest in getting a board seat if a ...

American Axle looks to shake loose "job bank" 3 years ago on Autoblog

American Axle Manufacturing (AAM), one of General Motors' main suppliers, isn't bankrupt,but it is feeling financial pain from the 1,100 workers that it is currently paying not to work. A grand total of $75 million is spent by AAM each year to maintain its share of the United Auto ...






Autoblog Podcast #152: Paukert Enhanced!

Eddie Alterman wades in with Sam, Chris, Dan, and Jonny to talk about SEMA and other recent events.

 
 

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