tagged w/ car companies
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Most of the money is used up and there is only about $600 million left. Some dealerships have not received their money from the government.Most of the money is used up and there is only about $600 million left. Some... more
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"The New York Times"
Thomas L. Friedman
"How many times do we have to see this play before we admit that it always ends the same way?
Which play? The one where gasoline prices go up, pressure rises for more fuel-efficient cars, then gasoline prices fall and the pressure for low-mileage vehicles vanishes, consumers stop buying those cars, the oil producers celebrate, we remain addicted to oil and prices gradually go up again, petro-dictators get rich, we lose. I’ve already seen this play three times in my life. Trust me: It always ends the same way — badly.
The two most important rules about energy innovation are: 1) Price matters — when prices go up people change their habits. 2) You need a systemic approach. It makes no sense for Congress to pump $13.4 billion into bailing out Detroit — and demand that the auto companies use this cash to make more fuel-efficient cars — and then do nothing to shape consumer behavior with a gas tax so more Americans will want to buy those cars. As long as gas is cheap, people will go out and buy used S.U.V.’s and Hummers."
You can read the full article "Win, Win, Win, Win, Win ..." by Thomas L. Friedman at "The New York Times" link. I think that he is one hundred percent right and that the United States will not become more energy efficient until it enacts a substantial tax on gasoline. ... However, will that ever happen?"The New York Times"
Thomas L. Friedman
"How many times do we have... more
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RCS
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3 years ago
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In more bad news for Japan's auto industry, Toyota said Wednesday its global vehicle sales plunged 21.8 percent in November, the biggest drop in eight years.
Rival Nissan said its worldwide sales sank 19.8 percent and global production nose-dived a record 33.7 percent on depressed sales in the United States.
The dismal data comes two days after Toyota, Japan's biggest automaker, predicted that this fiscal year it would report its first operating loss in 70 years.In more bad news for Japan's auto industry, Toyota said Wednesday its global... more
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NFUSA
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3 years ago
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The U.S. House of Representatives voted Wednesday to approve a $14 billion rescue package for the beleaguered U.S. domestic auto industry, but the measure's passage in the Senate remained unclear.
The vote in the House was 237-170, with one member voting present, largely along party lines. The bulk of Republicans opposed the measure, while a strong majority of Democrats voted in favor of the rescue legislation. Twenty Republicans voted in favor of the measure. They were joined by 205 Democrats.
The bill would create a "car czar" tasked with overseeing the restructuring of the car companies. This person would have authority to dictate terms if the auto manufacturers are unable to reach agreement with their labor unions, part suppliers, dealers, investors and debt holders.
The House voted to attach an amendment to the auto loan bill mandating that financial firms borrowing new money from the federal government through the Troubled Asset Relief Program would have to account for how much of that money was lent out to companies and individuals.
One remaining sticking point is an attempt by Democratic lawmakers to include a provision in the bill banning the auto companies from pursuing legal challenges to state pollution control laws.The U.S. House of Representatives voted Wednesday to approve a $14 billion rescue... more
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Add Tesla Motors to the list of car companies buffeted by the financial crisis.
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The San Carlos-based maker of the all-electric, $109,000 Roadster said today that it was removing its chief executive, delaying production of its model S sedan, closing offices in Michigan and London and laying off an unspecified number of employees in response to a tight credit market.
According to Darryl Siri, Tesla's head of marketing and sales, the company will focus on cutting overhead on the Roadster. "The idea is that because of the fundraising environment and capital markets, we're going to focus on making the Roaster a positive cashflow core product."
Siri said that the number of layoffs has not been finalized, because it was unclear how many employees from its offices in Rochester Hills, Mich., and England would be absorbed into the Northern California headquarters.
The company's CEO, Ze'ev Drori, has been replaced by chairman Elon Musk, according to Siri and a blog item posted by Tesla on its site today. Drori was hired less than a year ago to fill the CEO job, but will remain as vice chairman of the company.
More news as it breaks on this storyAdd Tesla Motors to the list of car companies buffeted by the financial crisis.... more
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bmltv
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added this
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3 years ago
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