Fitch Ratings has placed seven US auto industry suppliers on a ratings watch because of the threat of the potential bankruptcy filing by General Motors. Fitch added that in its opinion a GM bankruptcy would be followed by a similar filing at Ford.
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The Bush administration, signaling a possible shift in policy, will consider using money set aside for rescue of financial institutions to make emergency loans to automakers, the White House said this morning.
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The Bush White House on Friday morning [EST] signalled a turnaround and said it would now consider using some of the US$700bn bailout earmarked for the financial services sector after the Senate on Thursday night rejected a Democrat bill to advance US$14bn in emergency loans to Detroit's Big Three automakers. Meanwhile, the US Treasury said it would prevent any automaker from collapsing.
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The Bush administration, signaling a possible shift in policy, will consider using money set aside for the rescue of financial institutions to make emergency loans to automakers, the White House said this morning.
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The Bush administration, signaling a possible shift in policy, will consider using money set aside for rescue of financial institutions to make emergency loans to automakers, the White House said this morning.
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Robert Bosch will "badly miss" its 2008 targets and expects no growth in 2009 as the global economic downturn hits home, the world's biggest automotive components supplier said on Friday.
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The unthinkable moved a notch closer last night after the United States Senate failed to pass a $14bn emergency loan package for the Detroit Big Three. While Ford should be OK for now, there is a very strong chance GM and Chrysler will fail before 2008 is out, running short of the $4bn (GM) and $7bn (Chrysler) they need this month to pay suppliers, make payroll and keep the factory doors open.
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The unthinkable moved a notch closer last night after the United States Senate failed to pass a $14bn emergency loan package for the Detroit Big Three. While Ford should be OK for now, there is a very strong chance GM and Chrysler will fail before 2008 is out, running short of the $4bn (GM) and $7bn (Chrysler) they need this month to pay suppliers, make payroll and keep the factory doors open.
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Share prices of European automakers and related industries fell sharply on Friday morning as news of the Senate collapse of a Detroit Three bailout travelled across the Atlantic.
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The failure of the U.S. government bailout for the automotive sector has no direct consequences for Ford's unit Volvo Car, a spokeswoman for the Swedish subsidiary said on Friday.
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General Motors and Chrysler face an immediate cash crisis in the aftermath of the Senate's rejection last night of a US$14bn emergency loan package, analysts have said.
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General Motors did hire advisers to consider bankruptcy but the board decided a filing was not an option, the automaker said last night ahead of a crucial Senate vote on a $14bn rescue package.
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The Treasury Department last night insisted a $700bn bailout fund approved earlier by Congress was unlikely to be used to help any industry other than the US financial sector, dashing hopes the remaining $15bn of the first tranche of $350bn could be diverted to automakers.
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Continental has asked banks for more time to pay off about 11 billion euros ($14.59 billion) worth of loans, a spokeswoman for the company said on Friday.
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Continental is not at this stage trying to restructure bank loans it took up last year to finance its acquisition of the VDO automotive electronics business, a source familiar with the matter said on Friday.
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Citroen announced Thursday that it will join sister brand Peugeot and cross-town rival Renault in extending a new French government scrapping subsidy aimed at boosting new car sales.
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Share prices of European carmakers and associated industries fell sharply as fallout spread across the Atlantic from the U.S. Senate's rejection of a bailout for an auto sector under the threat of possible collapse.
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The Swedish government has presented a 25 billion kroner (US$3.4bn) support package to help its automotive sector. The plan - still requiring lawmakers' approval - offers credit guarantees, emergency loans and research funds to boost automotive companies.
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Daimler has announced that Wilfried Porth will become its new board member for human resources and labor relations director. Porth starts his new job on April 8, 2009, following Daimler's annual general meeting. He has a three-year contract.
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Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
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