Tagged: auto industry

In a speech Monday in front of employees from Redford Township’s Detroit Diesel engine factory, President Barack Obama weighed in on Michigan’s impending right-to-work legislation.

About halfway through the President’s address, intended to promote his plan for averting the fiscal cliff, Obama took up the issue of right-to-work, the Detroit Free Press Reports:

China continues to be the world’s largest automotive market.

However, Chinese car manufacturers are still several years away from putting their products in the U.S. market, according to Michael Dunne.

Dunne is the president of Dunne and Company, a strategic marketing group helping auto companies expand in Asia.

Dunne addressed the status of China’s car industry, citing economic tensions with Japan.

Labor unions have suffered something of an image crisis over the past decade.

People blame their presence for convoluting many political and economic conversations.

But, according to Harley Shaiken, the unions’ place in society is far from extinct.

Shaiken is a professor of education and geography at University of California, Berkeley.

He addressed the problems currently facing labor unions as well as their past triumphs.

“Overall the public opinion polls are favorable when people are asked if they would join a union,” said Shaiken.

According to Shaiken, the economic gloom of states’ economies cannot entirely be blamed on labor unions.

GM shares were up Wednesday on the back of a stronger-than-expected third-quarter earnings report.

The automaker reported a net income of $1.48 billion, down just 14.5 percent from last year despite major losses in Europe.

As a result, GM stock had increased by 9.66 percent to $25.53 a share by 2:20 p.m.

Melissa Burden with the Detroit News has more:

Ford is cutting 5,700 jobs in the U.K. and Belgium as it tries to return to profitability in Europe.

The company is expecting annual losses of over $1.5 billion in Europe.

Alisa Priddle of the Detroit Free Press has more:

The actions will cut capacity by 18% or 355,000 vehicles a year which should result in annual savings of $450 million to $500 million, the company said today.

Tuesday’s bankruptcy announcement by A123 Systems Inc. has many taking another look at the prospects of the electric car.

Conservative commentators have taken the opportunity to bash the Obama administration for its green energy investments.

In 2009, A123 received a $249 million grant from the Department of Energy.