Search results
Results from the WOW.Com Content Network
The 2008–2010 automotive industry crisis formed part of the 2007–2008 financial crisis and the resulting Great Recession. The crisis affected European and Asian automobile manufacturers, but it was primarily felt in the American automobile manufacturing industry .
A combination of several years of declining automobile sales and scarce availability of credit led to a more widespread crisis in the United States auto industry in the years of 2008 and 2009. Following dramatic drops in automobile sales throughout 2008, two of the " Big Three " U.S. automakers – General Motors (GM), and Chrysler ...
The 2023 United Auto Workers strike was a labor strike ... result of the 2007–2008 financial crisis, ... auto parts plant in the Detroit suburb of ...
The auto crisis during the Great Recession also took a toll on Black workers. Between 2007 and 2008, 20,000 Black auto workers had lost their jobs, a 13.9% drop, one study found. The General ...
The entire auto industry felt the pain of the recession -- U.S. car sales dropped from an average 16 million a year in 2005 to 11 million in 2009. GM was especially hard hit, forcing it to cut ...
A second-tier wage of $14.50 an hour, which applies only to newly hired workers, is lower than the average wage in non-union auto companies in the Deep South. [47] One of the benefits negotiated by the United Auto Workers was the former jobs bank program, under which laid-off members once received 95 percent of their take-home pay and benefits.
General Motors was financially vulnerable before the automotive industry crisis of 2008–2010. In 2005, the company posted a loss of US$10.6 billion (~$15.9 billion in 2023). [17] In 2006, its attempts to obtain U.S. government financing to support its pension liabilities and also to form commercial alliances with Nissan and Renault failed.
If value investors take a close look at the Detroit automotive industry, one company seems to stand out among the competition.