The U.S. Treasury’s bailout fund has lost about $9.7 billion on its rescue of General Motors Co. and would need to sell its remaining shares in the automaker for an average of $147.95 to break even, a report to Congress said.
The United Auto Workers will seek early contract settlements in talks with the U.S. automakers this year, breaking a pattern of brinksmanship that stretches at least four decades, two people familiar with the plan said.
As the auto industry struggled to recover from the recession, it swore off the deep discounting that destroyed profits and led to disaster. Now, a price war has erupted in the industry’s smallest segment: electric cars.
Michigan’s swift conversion to a right-to-work state has galvanized advocates of the law, who vow to seek similar legislation nationwide under the battle cry: “If it can happen in Michigan, it can happen anywhere.”
U.S. automakers may seek to start providing as much as 15 percent of union workers’ compensation in performance bonuses and lump-sum payments, emulating how their Japanese counterparts and salaried employees are paid.
Toyota Motor Corp.’s plan to source cars from Mazda Motor Corp.’s Mexican plant starting in 2015 highlights global automakers’ growing reliance on the Latin American nation for quality production as well as lower costs.
Three years after being rescued by a taxpayer bailout, General Motors last week announced some rather ambitious profit targets for 2012. But even if it meets these targets -- a big if -- taxpayers should not wait on one foot to recover their remaining “investment” in the company.