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Global Financial Crisis
Nissan To Ax 20,000 After Loss Warning
Japan’s No. 3 automaker is set to post a net loss of almost $3 billion in this financial year and needs to trim costs. To survive the current global economic crisis, Nissan Motor needed to shed some excess weight. About 8.5% of its entire work force, 20,000 jobs, will be cut worldwide after the...
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Toyota to Shut Factories for 11 Days
TOKYO — Toyota Motor will idle its plants in Japan for 11 days in February and March to reduce output in the face of steeply declining global vehicle sales, the company said Tuesday. The Japanese auto giant said the suspension will affect production at all 12 of its directly operated domestic plants, which include...
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Chrysler to Shut Factories for a Month
DETROIT — Chrysler said Wednesday that it would close all 30 of its factories for at least one month, starting at the end of this week, in response to plunging vehicle sales in the United States. The company said the plants, which employ 46,000 union workers, would resume production no sooner than Jan. 19....
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House passes $14 billion auto bailout package
WASHINGTON (CNN) — The House of Representatives handily passed a bill Wednesday night that would provide up to $14 billion in bridge loans to automakers, but Republican opposition cast doubt about the bill’s fate in the Senate later this week. The stopgap measure, approved by a vote of 237 to 170, is designed to...
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French, German Leaders Urge Help for European Auto Industry
The leaders of France and Germany agreed at a summit Monday on the need to shore up Europe’s ailing auto industry, but they differed on the merits of a multi-billion dollar EU rescue package to help the region weather the global economic crisis. Lisa Bryant has more for VOA from Paris. French President Nicolas...
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Paulson says Congress should aid automakers
WASHINGTON (Reuters) – Treasury Secretary Henry Paulson on Thursday encouraged Congress to come up with the funds to help ailing Detroit automakers, but stuck to his position that the government’s $700 billion bailout fund is for financial institutions only. In an interview with Bloomberg Television, Paulson said there were “other paths” to help automakers...
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Ford loses $2.9 billion on automotive operations in third quarter
Struggling Ford Motor Co. today posted a narrower net loss for the third quarter, but said it lost $2.9 billion on automotive operations during the period as demand for its vehicles collapsed. The No. 2 U.S. automaker also said it would make further cuts in its white-collar worker ranks in an attempt to further...
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Toyota’s run into trouble shows no one is immune
Toyota is a benchmark for the global car industry, as it is the world’s most profitable big producer and a competitor other automakers openly admire and copy – and quietly fear. Its management principles – notably kaizen , or continuous improvement of its operations through constant tweaks to everything it does – are industry...
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Saleen Automotive looking for buyer
Saleen Automotive is the latest American carmaker to announce that it is seeking a potential buyer, with management acknowledging the firm has suffered financially from the economic downturn and rising fuel prices. Saleen is a specialty vehicle manufacturer and a long-time tuner Ford tuner, and most recently unveiled its own concept vehicle, the Raptor...
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