A new concept coupe to be shown at the
Dodge Has Challenger Coupe for
Spy Shots: '09 Dodge Challenger by Brenda Priddy (11/21/2005)
Acknowledging the need for some "tough medicine" to stem mounting losses, General Motors CEO Rick Wagoner announced plans to close five North American assembly plants, while trimming production at two more. Along with cuts in powertrain and other operations, the turnaround plan is expected to eliminate 30,000 hourly jobs - but reduce costs by several billion dollars, according to GM, by the time the project is completed in 2008.
At that point, GM will wind up with 30 percent less North American capacity than it had in early 2002, but according to Wagoner, that should put production more in line with market demand. And operating at 100 percent capacity, he contended, should go a long way towards restoring the automaker's financial strength.
"It's tough medicine for us," acknowledged Wagoner, the troubled automaker's increasingly embattled chief executive. But there was little choice, in light of the North American market's increasingly competitive nature. "The difference in the business from 10 to 12 years ago has been startling."
General Motors has been the subject of almost daily headlines this year, few of them positive. The automaker's market share has been on the skids, and its employee pricing program provided only a brief and tenuous respite from the decline. Earnings have plunged, largely as the result of weak North American operations. Last month, the automaker reported $1.6 billion in third-quarter losses, though the blow was softened somewhat by an agreement with the United Autoworkers Union granting healthcare concessions that GM values at $15 billion.
The automaker's original goal was to shave about $6 billion in costs in 2006 from what Wagoner said Monday is a structural base "in the low-$40 billion range." With the plant cuts, that will increase to an estimated $7 billion in savings.
GM Cutting 30,000 Jobs, Eight Plants (11/21/2005)
"Tough medicine," but no guarantees, says Wagoner.
Hyundai HCD-9 Talus Concept Coming to
2006 Hyundai HCD-9 concept
Survey Says 60 Percent Of Us Lost
More than half of us are, like, so lost. And that's not just the opinion of your spouse in the passenger seat - a new survey from Ford's
Pirelli Unleashes 2006 Calendar
The 2006 edition of the Pirelli calendar has been presented at the Palais Brongniart in
LAST WEEK'S POLL:
I visit TheCarConnection.com for the following (choose which one applies best):
To learn about the auto industry and to get the latest news.
To find the latest cars, future cars and spy shots.
To read expert reviews on new cars and trucks.
To find out about new products and services.
To research before I shop for or buy a new vehicle.
FROM THE SOURCE headlines from the latest press releases
Seagate Technology (NYSE: STX), the world's leading supplier of disc drives, today announced that the Seagate Barracuda family of hard drives will provide up to 400GB of tire-squealing storage for the National Association for Stock Car Auto Racing's (NASCAR) first officially licensed PC. Now available at select North American retailers including CompUSA and online at Target.com, the NASCAR PC by Cisnet, a division of ZT Group International, includes a NASCAR-branded keyboard, mouse, and speakers, NASCAR-themed Windows Media Player and screensaver, and free offers and discounts for several NASCAR partner services. The desktop computer also includes free lifetime 24/7 telephone technical support from ZT Group International. NASCAR is the premiere sanctioning body of stock car racing in North America, claiming one in three American adults as fans.
|American Axle & Mfr. Holdings Inc.||AXL||21.40|
|Ballard Power Systems Inc.||BLDP||4.81|
|DaimlerChrysler AG (ADR)||DCX||51.83|
|Dura Automotive Systems||DRRA||2.54|
|Ford Motor Company||F||8.32|
|General Motors Corporation||GM||23.58|
|Goodyear Tire & Rubber||GT||16.55|
|Honda Motor Co. Ltd. (ADR)||HMC||28.04|
|Johnson Controls Inc.||JCI||69.84|
|Magna International Inc.||MGA||70.23|
|Nissan Motor Co. Ltd. (ADR)||NSANY||21.11|
|Sonic Automotive Inc.||SAH||20.17|
|Sirius Satellite Radio||SIRI||7.13|
|Toyota Motor Corporation (ADR)||TM||99.40|
|TRW Automotive Holdings||TRW||24.53|
|Tower Automotive Inc.||TWRAQ.PK||0.10|
|United Auto Group Inc.||UAG||35.27|
|XM Satellite Radio Hold.||XMSR||31.12|