GM will officially declare bankruptcy tomorrow morning before the markets open. Additionally, the Obama Administration has put turnaround expert Al Koch in charge of, well, turning the company around. Fritz Henderson will remain GM CEO.
GM Canada Axes 42% Of Dealers
Approximately 300 Canadian GM dealers will start feeling Labatt blue when they're notified by the company of their impending doom. Welcome to the dealerocalypse
Closin' Time? Does The UAW Have It Right In The Twin Cities?
Minnesota is the only state in the union requiring a 10% ethanol mix in consumer gasoline. That's a decision which probably made the General pretty happy. It appears that the same may not be true for Ford. The UAW is reporting that FoMoCo will close the St. Paul assembly plant in 2009. Although PR folks here in NY and …
Ford's Way Forward Plan: Layoffs, Plant Closures
For about 30,000 Ford workers in North America, the company's Way Forward restructuring plan announced today involves being shown the door. Ford's plan, announced just minutes ago, includes the shuttering of 14 plants in the next seven years, with seven of them closing as soon as 2008, including St. Louis, Atlanta,…
Costs Face Slashings As VW Forwards Plan to Reverse Misfortunes
According to the AIADA newsletter, Volkswagen is prepared to carry out an epic reduction in its cost structure. Company officials are planning to cut billions of dollars in costs, with "no sacred cows" spared. Engineers have reportedly reduced the production costs of the VW Golf by $1000 and the company will soon start…
