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Ratan Tata: Jaguar/Land Rover needs 500 million from the UK government to prevent layoffs

Ratan Tata bought Jaguar and Land Rover (JLR) expecting to pick them up and help them fly. Instead, as with nearly every other car manufacturer, he's having to dig them out of a deepening hole. From last December through next month, 1,800 employees have either been laid off, released or asked to leave. According to Tata, if the UK government doesn't give JLR £500 million ($715 million USD) in loan guarantees, more people will have to go. The government appears to be passing on the request, having already given Land Rover a £27 ... Read more →

BREAKING: Bush greenlights $17.4 billion Auto Rescue/Bailout package Chris Paukert

President George W. Bush will doubtlessly be remembered for many things things, but his parting legacy may yet be his eleventh-hour pledge of $17.4 billion in low-interest loans to General Motors and ...

UAW wants executive pay to be limited Michael Harley

The president of the United Auto Workers union, Ron Gettelfinger, said in a recent CNN interview that U.S. automakers need to tell Congress they will limit corporate pay, bonuses and severance ...

GM launches new campaign to ease credit worries Michael Harley

After announcing earlier this week that GMAC would only finance customers who hold credit scores higher than 700, General Motors has decided it would be prudent to reassure consumers that they are ...

Euro carmakers want billions in loans, too Alex Nunez

This week, Detroit got its $25B bailout loan approved by Washington, and according to The Wall Street Journal, European carmakers are making like this is a game of "Simon Says." The Journal reports ...

Toyota tops GMAC as the biggest U.S. auto lender 1 year ago on Autoblog

Toyota Financial Services recently leaped over GMAC Financial services to take the lead as the biggest U.S. auto lender in terms of loan and lease contract volume. The study by AutoCount (a unit of the Experian Automotive company) estimates that Toyota captured 6.35% of the market from January ...

Report: Owners of American cars more likely to default on loans 2 years ago on Autoblog

Findings from a recent study could potentially change the way banks pick interest rates for new car loans. The study, run by Penn State's Smeal College of Business professor Brent Ambrose, found the probability of car owners defaulting on their loans was actually affected by the make of the model. ...

Bulgaria goes into debt to buy fleet of Porsche Cayenne ambulances 2 years ago on Autoblog

var digg_url = 'http://digg.com/offbeat_news/Bulgaria_goes_into_debt_to_buy_fleet_of_Porsche_Cayenne_ambulances'; There's few things that could make one turn away from the blue light at the end of the tunnel and return to the land of the living, but a ride in a Porsche Cayenne ambulance just ...

Riding out the storm: Ford applies for $18 billion restructuring package 3 years ago on Autoblog

Ford announced today that it plans to acquire a financing package worth a heady $18 billion. The extra money will ensure that Ford survives the next couple of years while Alan Mulally and company attempt to turn the automaker around and bring profits back to the Blue Oval. Automotive News reports ...






Autoblog Podcast #154: Gobbling up the News

Chris, Sam, and Dan kick out a podcast just in time for the long holiday drive.

 
 

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