Rick Newman submits: The economy is so bad in parts of Detroit that a home there recently sold for $1. For the automakers based nearby, it's not looking much better. Car sales are in a tailspin on account of $4 gas and a swooning economy, and as usual, the...
May 1--The cities with the highest median compensation of executives in 1999 were New York, at $5.24 million, Minneapolis, Minn., $4.87 million, and Detroit, $3.64 million. May 1--The cities with the highest median compensation of executives in 1999 were New York, at $5.24 million,...
Chrysler was widely reported today to be cutting 1,000 white-collar jobs, on top of previously announced production cuts, layoffs and job cuts. The way it often works in Detroit is that when blue-collar jobs are cut, white-collar job cuts aren't far behind. The car companies are sensitive to any suggestion...
Economists' predictions for Southeast Michigan for the second half of this year are more of the same: Hard times for the Detroit 3 automakers will continue to have repercussions here. There is a whiff of good news, though. Economists expect Michig Economists' predictions...
A third shoe drops, as GMAC Financial Services writes off more than $700 million in the value of used pickups and SUVs coming back from leases. Earlier, Detroit 3 rivals Ford Credit and Chrysler Financial reported similar problems. by Jim Henry
Domestic automakers have been compelled to state in recent days that they're not planning to file for bankruptcy -- which unfortunately for them only serves to keep the word "bankruptcy" appearing in the same headlines as Ford, GM and Chrysler. Spokesmen like Chrysler's Jim Press and GM's Rick Wagoner used terms like,...
Keep it handy, but hold off for now on that last nail in the coffin for pickups and SUVs. Maybe the psychological barrier for $4-per-gallon gas works both ways, according to Edmunds.com. Since gas prices have moderated below an average of $4 per gallon,...
Ford Motor is widely reported to be cutting back on production of big SUVs, on top of cuts announced earlier. As painful as it must be, it's more evidence that the Detroit 3 are sticking to their common-sense strategy of cutting production to match demand. The traditional...
In a bit of good news for consumers -- and clearly bad news for the domestic carmakers -- vehicles were more affordable in the first quarter of 2008 than at any other time since immediately after the Sept. 11 terror attacks of 2001. "It's a buyers market and the producers...
Considering how often auto executives jump ship to a competitor, which is quite often, it's a wonder there aren't a lot more charges of "industrial espionage" flying around. The latest case involves the high-profile, electric-car upstart Tesla Motors, which on April 14 filed suit in the Superior Court of California...
An ancient auto industry joke, probably dating back to the dawn of industrial time, has it that a car company "loses money on every car, but makes it up on volume." The joke is, that's impossible. Obviously, if you lose money on every car, the more you sell, the more...
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