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The auto industry is a key component of the U.S. economy. Economists used 2007–2008 data to build estimates of what a shutdown would cost in summer 2008, in order to set benchmarks to help policy makers understand the impact of bankruptcies. Such estimates were widely discussed among policy makers in late 2008. [40]
The U.S. auto industry was profitable in every year since 1955, except those years following U.S. recessions and involvement in wars. U.S. auto industry profits suffered from 1971 to 1973 during the Vietnam War, during the recession in the late 1970s which impacted auto industry profits from 1981 to 1983, during and after the Gulf War when ...
The labor union United Auto Workers (UAW) represents approximately 145,000 automobile workers employed at Ford Motor Company, General Motors, and Stellantis. [14] To achieve its goals, UAW has engaged in strike action; from November 1945 to March 1946, UAW went on strike against General Motors.
GM’s archrival, Ford, is coming off a good sales year too. But all has not been well for the Dearborn, Mich.-based automaker. The company had to scale back its profit outlook for 2024 due to ...
The auto industry argued that loan guarantees and other help would try to save tens of thousands of Canadian jobs threatened by the sudden drop in North American car sales. Chrysler Canada has asked for $1 billion in aid, making it the only Canadian arm of the Big Three to make a specific dollar request.
Marketed as a radically different new car, the Edsel failed to impress the buying public – despite containing new features such as self-adjusting brakes and automatic lubrication, which would later be adopted across the automotive industry – as it mainly consisted of Ford and Mercury components already used in other vehicles.
Car dealerships across North America have faced major disruptions this week. CDK Global, a company that provides software for thousands of auto dealers in the U.S. and Canada, was hit by back-to ...
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...