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newVideoPlayer("/obamacar.flv", 506, 423,""); It looks like it was a good thing Michigan delivered up the electoral votes to help elect Barack Obama, because he's just made saving the auto industry part two of a three-part plan to address the nation's economic woes. In his first press conference today as President-elect, Obama whipped Michigan Gov. Jennifer Granholm out on stage, telling the world he hopes to approve the $25 billion in assistance for retooling. In addition, Detroit's new diety claimed he plans to make additional policy options to help U.S. automakers create fuel-efficient cars a "high priority" for the transition team. That's good news for Detroit given today's bad ...err... awful ... news. Although after Wagoner's remarks earlier, we're hoping there will be an industry to save after he's inaugurated. Full remarks from Detroit's personal Jesus below: The news coming out of the auto industry this week reminds...
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Barack Obama made his first visit to the Motor City on Monday, telling a crowd gathered at Joe Louis Arena that, "We are going to build the cars of the future right here in Detroit, right here in Michigan, right here in America." The Detroit metro area has one of the highest rates of both unemployment and foreclosure, so Obama's message found a receptive audience. Popular Mechanics is expected to post a sketch of Obama's "car of the future" later today, including an artist's depiction of its flight capabilities. Sen. Obama continued with a message of alternative energy development, an industry for which many experts say Southeast Michigan's workforce is ideal. "We're going to create alternative fuels for our plug-in hybrids," he said. "We are going to help the auto companies. If you are ready for change, we are going to create a brighter energy future right here in America." [ MLive ]
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Through the end of April, Chrysler had dropped fleet sales by 45,000 vehicles, a 17% decline from a year earlier, GM reduced its fleet sales by approximately 40,000 vehicles, a 14% drop and Ford posted a 9% decline in fleet sales, translating to 25,000 vehicles. Yes friends, Detroit automakers are avoiding the temptation to suckle at the teat of fleet sales, even in the face of significant sales drops. While the sales reductions will appear as another negative on an already battered sales report, fewer fleet sales — especially to daily rental fleets — should improve residual values for the "Detroit 3" in the long run. And we're all for the hometown folks taking a longer-term view of things for once — but the rental sales aren't the only part of the automakers non-retail strategy. While daily rental fleet sales have dropped, corporate and government fleet sales remain an important part of domestic automakers' business strategy. Chrysler spokesperson...
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British Airways thumbs nose at Detroit , cancels direct Detroit-to- London route due to lack of "any possible upswing" in auto sector. Bloody 'ell! [ Marketwatch ]
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