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Filed under: Etc. , Government/Legal , Hirings/Firings/Layoffs , Plants/Manufacturing , Chrysler, LLC. , GM Our heads are still reeling from one of the most tumultuous weeks on record, both for the financial world and the auto industry. But despite our best efforts to drown our concerns in Racer5 IPA, the hits keep coming and this time, it's courtesy of the New York Times . The Gray Lady is reporting that General Motors and Chrysler have been in talks about a possible merger for the past month and that two unnamed sources say that the chances of the deal going through are "50-50." With GM's stock prices ending the week below $5 a share and Cerberus - the private equity firm that owns Chrysler - grasping at straws any and all straws, including continued talks with Nissan/Renault, a merger of unequals is two parts disturbing and one part intriguing. Cerberus' people haven't been returning phone calls and the only comment offered to the NYT from the General's...
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Filed under: Etc. , Ford , GM Of all the preposterous ideas floated around this, the new automotive landscape, none seem as ridiculous as Ford and General Motors merging together to create a singular domestic monolith. But according to a BusinessWeek source, the idea was recently floated by execs during a meeting of the General's generals... and then shot down moments later. While we wouldn't describe this as a close call, the fact that it was even mentioned speaks volumes about the dire straits Detroit's Big 3 (or 2.8, if you prefer) are in. Between plummeting sales, increased material costs, high fuel prices and union woes, both automakers are facing seemingly insurmountable challenges. But creating a $350 billion bloated corporate entity with excess production capacity, weak brands and more cannibalizing product overlap than has ever been seen, there's no doubt that it would be suicide for all involved. Not to mention the fact that the amount of resources necessary to...
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