restructuring


GM updates state of Saturn, potential buyers being reviewed

General Motors is busy putting the finishing touches on its third (or is it fourth?) viability plan, part of which involves the sale or shut down of the Saturn division. While many were expecting GM to close down Saturn, GM has released a press release to tell the world that the fledgling marquee is on the block, and there are several suitors in hot pursuit. The new owner will inherit the Saturn name and its 400 dealer-strong retail network. Advisory firm S.J. Girsky & Co. has been retained by GM to facilitate a deal. The biggest of the ... Read more →

REPORT: GM to shed 1,600 white-collar jobs by May 1 Chris Paukert

According to General Motors spokesman Tom Wilkinson, the struggling automaker will shed 1,600 white-collar jobs by May 1 as part of its continuing restructuring efforts. The cuts, which are scheduled ...

Chrysler brass sends letter asking CAW workers for concessions. Workers burn it. Alex Nunez

It boils down to this: In 12 days, Chrysler's fate is likely to be sealed, one way or another. Both the United States and Canadian federal governments have told the automaker that in order to get ...

Ford announces it has successfully reduced debt by $9.9 billion Chris Paukert

The Ford Motor Company has announced that it has completed more of its financial restructuring initiatives, lessening its debt by some $9.9 billion (from a starting place of $25.8 billion at the end ...

Opinion: What should happen to Saturn, Vauxhall and Opel during GM's reorganization? Frank Filipponio

Amidst all the recent bailout talk, one question being asked is what role GM's Opel division will serve in a new-and-hopefully-improved General Motors. More succinctly, will Vauxhall and Saturn ...

GM to follow Ford and restructure its restructuring 1 year ago on Autoblog

Following a slew of labor problems including the American Axle strike that cost an estimated $2 billion, General Motors is restructuring to accommodate the declining U.S. auto market. Following the lead of Ford and Chrysler, the move will likely include further cost cutting and layoffs, as ...

Ford firing letting go up to 12% of salaried workers 1 year ago on Autoblog

Perhaps 'fired' is the wrong word, as that does imply that these white collar workers did something wrong. The only thing some 12% of Ford's salaried workforce did wrong is get hired by a company that dug itself into a hole relying on strong truck and SUV sales during the 1990s. Now, with consumers ...

GMAC restructuring will shed 930 jobs from financing branch 1 year ago on Autoblog

Two days ago we told you about Cerberus head Stephen Feinberg's rather sanguine thoughts on Chrysler. Cerberus' other big auto investment, GMAC, is having a few issues of its own. Last year GMAC's auto lending division posted a profit of $1.77 billion, but losses in the mortgage loan division turned ...

Delphi, GM, UAW come to an agreement 2 years ago on Autoblog

Delphi, the UAW, and GM have come to an accord. Pending approval by UAW members and federal bankruptcy court, it would mean that Delphi can focus on the other pressing matters in front of it after spending two years in bankruptcy. The deal would require a one-time payout from GM, in return for ...

Ford's cost of recovery: Over $11 Billion for accelerated restructuring 2 years ago on Autoblog

In a filing with the Securities and Exchange Commission that surfaced yesterday, Ford estimated that it the accelerated restructuring plan announced last September will cost $11.2 billion when the books are finally balanced. In other words, it will cost Ford$11.2 billion to let go of 38,000 hourly ...

Chrysler Group announces Recovery and Transformation plan 2 years ago on Autoblog

var digg_url = 'http://www.digg.com/business_finance/Chrysler_Group_comes_up_with_plan_to_save_company_or_be_sold_off'; Project X has now officially been renamed the Recovery and Transformation plan by the Chrysler Group, which plans to reduce its workforce by 13,000 people between now and 2009. ...

Chrysler's "Project X" calls for 10,000 jobs cuts, two closed plants 2 years ago on Autoblog

We have more details on the rumored restructuring plan that the Chrysler Group is expected to announce on February 14th. First, it's dubbed internally as "Project X", which must mean it involves chimpanzees and large doses of radiation. In addition to radiated chimps (we're kidding, click the link ...

Fiat puts the Auto in Autonomy 2 years ago on Autoblog

Changes are coming to the family as the Fiat automotive empire alters its structure to give several of its divisions more autonomy. While the Lancia, Alfa Romeo, Fiat auto and Fiat light commercial vehicles have all been divisions within the same corporate hierarchy (not unlike the structure at its ...

Chrysler to present restructuring plan in February 2 years ago on Autoblog

Chrysler Group CEO Tom LaSorda travelled to DaimlerChrysler's headquarters in Stuttgart, Germany, last Wednesday to present a restructuring plan to the company's management board. The Detroit News reports that the plan will involve job cuts and and the closing of at least two plants in the U.S. The ...

Ford buyouts start next week 3 years ago on Autoblog

Ford Motor announced Monday that it will make its planned buyout package available to all of its 75,000 hourly workers starting October 16. The company-wide plan follows previous efforts to cut jobs on a plant-by-plant basis, as the company shoots for its goal of cutting 30,000 hourly jobs by the ...

Delphi dumping unprofitable contracts with GM 3 years ago on Autoblog

It's been a year since Delphi filed for Chapter 11 bankruptcy protection, and the supplier is still trying to find ways to return to profitability. One of the things it's identified as a way to get back into the black is ridding themselves of unprofitable contracts with General Motors. They have ...

BREAKING: Ford slashes production 3 years ago on Autoblog

As part of its accelerated "Way Forward" turnaround strategy, Ford Motor announced today that it will cut North American production by 21 percent (168,000 vehicles) in the fourth quarter of this year. Third quarter production will by cut by 20,000 units. The result will be a 9 percent reduction in ...

Analyst gives bump to Ford; says GM nearing end of its upward run 3 years ago on Autoblog

An analyst with Bear Stearns delivered an interesting assessment of the domestic automakers today, stating that Ford's credit rating deserves a boost on the basis of its upcoming expected turnaround performance. The stock's rating was cranked up two notches from "underperform" to "overperform", and ...

Ford's Way Forward: it's a long and winding road 3 years ago on Autoblog

As recent financial results have shown, reviving Ford Motor's North American operations is about more than just downsizing production capacity and increasing efficiency. Disappointing sales results are focusing the spotlight increasingly on Ford's promises of new, innovative products. Ford is in a ...

VW considering moving some production to Mexico 3 years ago on Autoblog

Another indication of the complexity of the globalized auto industry came Monday with the news that Volkswagen is considering moving Passat production for the North American market to its facility in Mexico. The reason for the move is currency issues, specifically a declining U.S. dollar and a ...

Ford changes forecast, expects 2006 global market share to drop 3 years ago on Autoblog

Ford Motor Co. isn't as optimistic as it was a few months ago. In a new filing with the U.S. Securities and Exchange Commission, the company announced on Tuesday that it was lowering its worldwide market share prediction for 2006, saying it is likely market share will decline for the year. ...

Delphi ignores UAW contract, advertises for $10-an-hour workers 3 years ago on Autoblog

Apparently ignoring the terms of its UAW contract, Delphi has posted this ad for hourly workers at its Athens, Alabama steering systems plant: April 21: Delphi Steering Systems, Athens, AL has employment opportunities for the following positions: Production and Machine Operators Manufacturing ...

VW battles German unions, Pieschetsrieder battles for job 3 years ago on Autoblog

Volkswagen chief executive Bernd Pischetsrieder is between a rock and a hard place. Saying "there is no alternative" to cutting jobs and costs at its loss-making German plants, Pischetsrieder is also battling a board divided between shareholder representatives and the labor leaders who ...

Fired Ford employee rants on eBay 3 years ago on Autoblog

How can something be so funny and so sad at the same time? A former Ford engineer who was left behind when the company announced its “Way Forward” plan resorted to posting an eBay auction for his Dual Alarm Clock that he won’t be needing anymore. Though the wake-up device helped ...

Ford's 'Way Forward'? Not if the UAW has anything to say about it... 3 years ago on Autoblog

The verdict on Ford's second crack at a turnaround plan this decade are coming in fast and furious from all the usual suspects, including magazine editors, stockholders, armchair quarterbacks, and of course, the United Auto Workers. In fact, the UAW's response came as swiftly as ...






Autoblog Podcast #151: With Car and Driver's Eddie Alterman

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

 
 

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