Auto crunch The ongoing turmoil in the financial world is taking its toll on the auto industry with declining sales causing car makers to cut the size of their workforces
Rick Wagoner is to step down as chief executive of GM at the request of the White House, ahead of President Barack Obama’s announcement on the future of the auto industry
First unexpected departure of a carmaker’s chief since the sharp slide in global car sales began last year
As if to underline the fact that the financial crisis is shaping every corner of industry, the three top executives of what is still known as the Big Three companies of the US car industry appeared at the US Senate banking committee asking for a slice of the US’s $700bn (£467bn) financial rescue package
Europe’s beleaguered auto industry is appealing for funding support from the EIB in the face of tumbling demand and scarce credit and is hoping for the adoption of ‘scrapping’ incentives
German business and labour leaders reacted guardedly to calls for a government bail-out of the car industry, concerned that it would unleash a wave of similar requests from ailing companies
Washington should insist GM takes over Chrysler, reducing the big three to two. The US would get a smaller and stronger industry and competitors would be less crowded out by the US taxpayer. For the struggling economy, it would be painful but bearable, writes John Gapper
Much lower capacity, not green mandates or subsidies, will save Detroit – political pandering will only waste money and prolong the pain
If Barack Obama wants a stronger US auto industry to emerge from the crisis, he must be brave enough to say no
