Hirings/Firings/Layoffs
Calling for GM bailout may cost Wagoner his job
General Motors’ CEO, Rick Wagoner, who’s been manning the helm for the last eight years and a part of its staff since 1977, has taken some heat for asking the Feds for a bailout. A possible condition for those funds may be the symbolic sacrificial death of its current leader, according to a slew of [...]
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14Nov2008 | BlueFox | 0 comments | Continued
Chrysler paying big bonuses to execs who stay
Executive bonuses are a hot-button issue in these difficult economic times, and for good reason. As companies in every industry teeter on the brink of bankruptcy, paying out millions in bonuses to execs is a breach of trust to those white- and blue-collar workers in the cheap seats who are being asked to sacrifice benefits, [...]
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14Nov2008 | BlueFox | 0 comments | Continued
Ford isn’t killing models to save money
With all the news surrounding General Motors and Chrysler’s slicing and dicing to profitability, it’s a breath of fresh air to hear that Ford is taking a different tack. The Blue Oval is betting the farm on new models that will lure consumers into showrooms rather than reworking existing models and cutting back development spending.
Speaking [...]
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13Nov2008 | BlueFox | 0 comments | Continued
GM cuts 1,100 staff at Lordstown plant to meet slowing demand
Less than 2 months ago the headline here was GM ramps up Cobalt production to meet demand. It’s amazing how quickly things change in this crazy environment. Just months after adding a third shift at the Lordstown, OH assembly plant where the Chevy Cobalt and Pontiac G5 are built, on Friday GM gave 1,100 employees [...]
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8Nov2008 | BlueFox | 0 comments | Continued
Hyundai: Newest Chrysler suitor?
On the same day that General Motors announced it would be discontinuing talks with Cerberus over a possible purchase of Chrysler, news hits by way of Reuters that a replacement suitor has sprung up. Wow, that didn’t take long. The latest partner is none other than Hyundai, Korea’s largest automaker. Not surprisingly, it’s the Jeep [...]
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7Nov2008 | BlueFox | 0 comments | Continued
American Nick Craw nominated FIA Deputy President
While everyone’s favorite whipping boy goes around gallivanting with hookers dressed up like Nazis, the sanctioning body responsible for most of the top-level motor racing around the world has nominated an American with a solid reputation as its Deputy President.
Nick Craw has unimpeachable credentials both in motorsports and in governance of international organizations. After graduating [...]
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7Nov2008 | BlueFox | 0 comments | Continued
GM announcing “important changes” on Friday
Due to deteriorating market conditions and a dire cash crunch, General Motors CEO Rick Wagoner will be announcing “important changes” during his company’s 3rd quarter earnings report on Friday at 11AM EST The Detroit News obtained an executive level email that foretells the bad news ahead but doesn’t go into specifics regarding what actions the [...]
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6Nov2008 | BlueFox | 0 comments | Continued
Renault F1 confirms both Alonso and Piquet for 2009
Now that the 2008 Formula One championship is decided, teams will begin moving on confirming their drivers for next season. And while several already have, one major question mark has just been resolved as Renault has confirmed the extension of Fernando Alonso’s contract. And not just for next season, but through 2010. Along with it, [...]
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5Nov2008 | BlueFox | 0 comments | Continued
Mercedes offers buyouts to all Alabama workers
Nearly 4,000 employees of the Mercedes-Benz assembly plant in Vance, Alabama, are being offered buyouts in advance of another expected round of production cuts at the facility in January. The Vance plant produces the M-Class sport utility, R-Class crossover and GL-Class full-sized sport utility for the Mercedes-Benz lineup. In July, Mercedes slowed production for the [...]
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4Nov2008 | BlueFox | 0 comments | Continued
Nissan cuts profit forecast by 66%, will cut workforce
The entire auto industry is hurting right now, and financial news from Nissan today is the latest evidence to support that overused statement. Nissan announced that it’s shifting profit forecast for the fiscal year ending March 31, 2009 down by 65.9% (!) to $2.62 billion. To keep inventory in line with reduced demand, Nissan is [...]
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31Oct2008 | BlueFox | 0 comments | Continued