Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[VIDEO: Chrysler breaks out the Handycam, makes case for federal aid]]>http://www.autoblog.com/2008/11/15/video-chrysler-breaks-out-the-handycam-makes-case-for-federal/http://www.autoblog.com/2008/11/15/video-chrysler-breaks-out-the-handycam-makes-case-for-federal/http://www.autoblog.com/2008/11/15/video-chrysler-breaks-out-the-handycam-makes-case-for-federal/#commentsFiled under: , ,



Now that the domestic industry is in dire need of cash, the American taxpayer is being bombarded with facts and figures purporting to show just how vital the industry is for the health of the overall economy. Hundreds of thousands of jobs at the automakers, millions more from suppliers and dealers -- the numbers seem to change each time, but they're always substantial. Problem is, it seems only GM and Ford ever get quoted, so Chrysler went ahead and whipped up its own little video. Hit the jump to view Chrysler's 2:42 docudrama filled with still more numbers touting the industry's importance. For example, active Ford, GM, and Chrysler employees make $22 billion per year in salaries, and the three companies pay $21 billion in retirement and health care costs. Chrysler also states that the amount of people whose wages depend on autos either directly or indirectly are equal to the population of South Carolina.

[Source: YouTube]

Continue reading VIDEO: Chrysler breaks out the Handycam, makes case for federal aid

VIDEO: Chrysler breaks out the Handycam, makes case for federal aid originally appeared on Autoblog on Sat, 15 Nov 2008 12:25:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>chryslercredit crunchCreditCrunchdetroit 3Detroit3federal loansFederalLoansSat, 15 Nov 2008 12:25:00 EST<![CDATA[GM cuts 1,100 staff at Lordstown plant to meet slowing demand]]>http://www.autoblog.com/2008/11/08/gm-cuts-1-100-staff-at-lordstown-plant-to-meet-slowing-demand/http://www.autoblog.com/2008/11/08/gm-cuts-1-100-staff-at-lordstown-plant-to-meet-slowing-demand/http://www.autoblog.com/2008/11/08/gm-cuts-1-100-staff-at-lordstown-plant-to-meet-slowing-demand/#commentsFiled under: , , , ,


Click above for more high-res shots of the Chevy Cobalt SS

Less than 2 months ago the headline here was GM ramps up Cobalt production to meet demand. It's amazing how quickly things change in this crazy environment. Just months after adding a third shift at the Lordstown, OH assembly plant where the Chevy Cobalt and Pontiac G5 are built, on Friday GM gave 1,100 employees at the facility layoff notices. The company isn't getting rid of the third shift but, it is slowing the build rate in line with current sales demand. Earlier this summer, GM was selling Cobalts as fast as they could build them and now all of a sudden, those sales have dried up. The spike was triggered by $4 gasoline, and even though gas prices have dropped to half that level, you might not expect sales to fall so fast. The real problem is the lack of available credit for financing. Most of the inherent customer base for cars like the Cobalt simply can't afford to pay cash for a new car. With credit increasingly hard to get, car sales have crashed almost across the board in October. Even the Honda Civic that sold 53,000 copies in May got just under 19,800 in October. Expect to hear more about slowdowns at other carmakers, including mighty Toyota and Honda, very soon.

[Source: Vindy.com]

GM cuts 1,100 staff at Lordstown plant to meet slowing demand originally appeared on Autoblog on Sat, 08 Nov 2008 10:42:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cobaltcreditcredit crunchcredit marketsCreditCrunchCreditMarketsg5layofflayoffslordstownlordstown ohiolordstown-ohlordstown-ohiolordstownohioSat, 08 Nov 2008 10:42:00 EST<![CDATA[Record rate of repos in 2008]]>http://www.autoblog.com/2008/10/14/record-rate-of-repos-in-2008/http://www.autoblog.com/2008/10/14/record-rate-of-repos-in-2008/http://www.autoblog.com/2008/10/14/record-rate-of-repos-in-2008/#commentsFiled under:



The mortgage meltdown and the financial crisis on Wall St. is one of the biggest stories of the decade, but another serious problem is hitting automakers in very much the same way. All those real estate agents and mortgage brokers that reaped the rewards of the housing boom are losing their Bimmers and Lexuses because the money train flew off the tracks. Repos in the US are poised to hit the 1.9 million mark, which is 15% more than in 2007. Construction workers that ponied up big cash for an expensive truck or SUV are now searching for work, and they can't pay their monthly payments, much less the gas.

At first glance it would appear that automakers were doling out bad loans just like the banks, but that's not entirely true. The high amount of luxury vehicles being repo'd have gone up as well, and many of those buyers have very good credit scores. Automakers are losing big here, too. The average loss on a repo is about $10,000 at GM and Ford. Some repo men say they're actually struggling since Automakers are lowering payments on struggling loanees instead of retrieving the defaulted vehicle. And heavily discounted repos that hit dealers give customers one more incentive to bypass the new car lot. In all the record high rate of repossessions is just one more reason the auto market is in a nose dive.

[Source: Automotive News subs req'd]

Record rate of repos in 2008 originally appeared on Autoblog on Tue, 14 Oct 2008 09:29:00 EST. Please see our terms for use of feeds.

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