Auto industry bailout News
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Fiat, the Italian partner of Big Three automaker Chrysler, is attempting to edge out the Canadian and American governments with buy out offers valued at a total of $700 million for their combined 7.7 per cent stake.
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U.S. President George W. Bush announced $17.4 billion (USD) in short-term financing to the auto sector in a press conference Friday. Both GM and Chrysler will be able to take advantage of the loans, while Ford said it doesn't need cash immediately.
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Grim times, indeed, when an op ed in The New York Times reads “Let Detroit Go Bankrupt”. Ford Chrysler and GM are definitely not getting much traction. That’s another nail in Michigan’s coffin, so the Union now consists of about 49.2 states.
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Auto industry bailout Headlines
Struggling auto industry hopes to drum up interest in Geneva this week.
US manufacturing grew 0.7% in January following a surge in output by the auto industry, but industrial production was flat.
 Leading up to contract negotiations with the Detroit Three, the CAW will hold community meetings across Ontario, including Windsor, to highlight the importance of jobs in the auto sector.
The New York International Auto Show is drawing crowds, and raising the hopes of the auto industry. Some of the technological highlights include the Terrafugia Transition flying car, and Cadillac's CUE high-tech controls.
U.S. auto industry's safer and more reliable vehicles get recognized.
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The buy out has sparked concerns that Chrysler may ship its headquarters overseas.
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