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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]
South Korea's fourth largest automaker, SsangYong Motor, owned by the Chinese automobile manufacturer SAIC (Shanghai Automotive Industry Corporation), is the worst affected company in this crisis as it manufactures mainly heavy petroleum consuming SUVs. The carmaker recorded its fourth straight quarterly losses by the end of 2008 with red ink ...
He also said that the problem facing the North American auto industry was borne equally by management and labor alike, criticizing labor for building up pay and benefits for themselves that was as unsustainable as it was enviable, while attacking management for its short-term strategy of selling gas-guzzling trucks and sales tactics (price cuts ...
At some point, Whiston said, the U.S. economy eventually will face a recession. Auto companies, he said, want the leanest possible cost structure that doesn’t jeopardize the need to reinvest in ...
They were joined by four Democratic politicians in support of tougher rules regarding the disclosure of automobile defects. [25] At the Capitol, they also said that their relatives had died "because they were a cost of doing business GM style." [26] The recall cost GM more than $3 billion in shareholders' value over four weeks. [27]
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 ...
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.
Nevertheless, some other economists mention urban decay and urban sprawl as a negative effect or cost of the automobile, when the city grows due to automobile dependency. [35] Most large cities currently require most of their food to be trucked in by motor vehicle. Historic Paris is a counterexample, using up to 1/6 of its landspace for growing ...