In the final presidential debate, Mitt Romney and Barack Obama discuss the auto industry and focus on the city of Detroit.
Burning cash, dogged by creditors, and deep in debt, Ford had to hock its most famous icon back in 2006, putting it up as security for $23.4 billion worth of loans. On Tuesday, Ford got it back -- and that will mean better, cheaper cars coming out of Dearborn.
Thanks to TARP loans that saved GM, the Treasury ended up with a major stake in the world's largest automaker, and it still holds 500 million shares -- 32% of the company. Here's the reason it won't be selling them any time soon.
General Motors earned its largest profit ever in 2011, two years after it nearly collapsed into financial ruin. Strong sales in the U.S. and China helped the 103-year-old carmaker turn a profit of $7.6 billion, beating its old record of $6.7 billion in 1997 during the pickup truck and SUV boom.
GM workers ratified a collective bargaining agreement Wednesday morning, while Ford tries to pare down the average $58 an hour it currently disburses in pay and benefits. But labor relations aside, Ford -- sole refuser of government largesse -- is the company to invest in right now. Here's why.
In this economy, many Americans feel grateful to have jobs in the first place. The nation's high unemployment rate makes recent video of some of Chrysler's unionized workers drinking and smoking pot on the job all the more galling. It's time for unions to stop protecting slacker employees.
UAW delegates will gather next week in Detroit, as the union works out a strategy to negotiate with domestic automakers for a new four-year contract. The current pact expires in September, and with auto sales rebounding the UAW is eager to win back some concessions.
Ford CEO Alan Mulally and Executive Chairman Bill Ford, have been awarded $56.5 million and $42.4 million in stock, respectively, in recognition for the company's stunning turnaround, which resulted in the automaker raking in $6.6 billion last year -- its best performance in more than a decade.
Back in 2009, General Motors applied to the Department of Energy for $14.4 billion in loans to help it manufacture more fuel-efficient vehicles. Today, with the automaker making big strides in turning around its business, GM said it no longer needs or wants the money.
The smallest of the Detroit Three, Chrysler has made substantial strides in turning around its business, including lowering the number of vehicles it needs to sell to make a profit. The automaker had pegged 1.65 million as its operating break-even point, but has just lowered this to about 1.5 million vehicles.
Italian automaker Fiat increased its stake has in Chrysler Group to 25% after the U.S. automaker met a key goal by starting engine production at a plant in Dundee, Mich., the company said Monday during the North American International Auto Show in Detroit.
Fiat CEO Sergio Marchionne said Monday that he could increase Fiat's ownership in Chrysler to more than 50% should America's smallest domestic automaker seek to return to the stock market this year, but that he doesn't plan to merge the companies' operations.
General Motors has repurchased $2.1 billion in preferred stock from the federal government, further reducing the amount the automaker owes taxpayers following last year's bailout. The latest transaction cuts the government's stake in the rebounding carmaker to 33% from 61.5%.
Considering where the iconic carmaker has been in recent years, the pending IPO -- and robust investor demand for shares -- is a remarkably positive step. But GM still has plenty of problem spots that will need fixing if this historic event is to have lasting meaning.