Author: Kimberly S. Johnson
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GM to shut down Saturn after Penske walks away
DETROIT — General Motors Co. will shut down Saturn now that a deal with former race car driver and auto dealer magnate Roger Penske has collapsed, marking the end of a brand that was supposed to revolutionize the way small cars were built and sold in America.The deal with Penske was supposed to be finalized…
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Auto Shop: 5 tips for choosing a mechanic
DETROIT — Is your car making funny noises, again? You’re not alone. Tough times are forcing more people to keep their cars long after the warranty expires. So picking the right mechanic is key to protecting one of the biggest investments you’ll make.Here are five tips to remember when shopping for a good mechanic.1. Compare…
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Ousted GM CEO will get $10M parting gift
DETROIT • Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a pension and benefit package the automaker valued at more than $10 million.Wagoner, 56, who was ousted by the Obama administration on March 30, will get $1.64 million in benefits annually for each of the next five years, plus…
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To turn a buck, fuel efficiency a must
DETROIT • U.S. automakers have underestimated the importance of fuel efficiency to consumers, but new federal standards are expected to help the companies turn a profit, according to the results of a University of Michigan study released Monday. Researchers at the UM Transportation Research Institute said plans for vehicles to be 30 percent more efficient…
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GM says bondholder panel supports sweetened offer
DETROIT – General Motors Corp. said Thursday a committee of bondholders has agreed to a sweetened deal proposed by the U.S. government to erase the automaker’s unsecured debt in exchange for company stock.The news came in a regulatory filing that spells out the Obama administration’s game plan for what it hopes will be a speedy…
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Union reaches health care deal with Ford
DETROIT • The United Auto Workers and Ford Motor Co. said Monday that they agreed to let the automaker change how it pays for a health care trust fund for retired workers, a deal that could serve as the model for cash-starved General Motors Corp. and Chrysler LLC. Ford said the agreement allows it to…
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GM to lay off 2,000 workers, cut production
DETROIT – General Motors Corp. says it will cut 2,000 jobs at plants in Michigan and Ohio, and it will halt production for several weeks at nine plants over the next six months due to slow sales.GM spokesman Chris Lee said Monday that the company will eliminate the second shift at its Delta Township plant…
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Union leaders OK moves to boost big automakers
DETROIT • Worried about their jobs and warned that failure could lead to a depression, hundreds of leaders of the United Auto Workers voted overwhelmingly Wednesday to make concessions to the Detroit Three, including all but ending a much-derided program that let laid-off workers collect up to 95 percent of their pay. “Everybody has to…
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Ford says CEO will work for $1 to get gov’t loans
DETROIT – Ford Motor Co. will tell Congress that it plans to return to a pretax profit or break even in 2011 when the Detroit Three automakers’ CEOs appear before lawmakers this week to request $25 billion in government loans.Ford CEO Alan Mulally said he’ll work for $1 per year if the company has to…