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The downturn also affected Canada by virtue of the Automotive Products Trade Agreement. [1] The automotive industry was weakened by a substantial increase in the prices of automotive fuels [2] linked to the 2003–2008 energy crisis which discouraged purchases of sport utility vehicles (SUVs) and pickup trucks which have low fuel economy. [3]
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 ...
Automotive industry consultant Dennis DesRosiers said that General Motors had missed the chance to slash labour costs, [9] pointing out that bankruptcy was a looming threat, Ottawa and Queen's Park demanded cuts to the labour bill as a condition of the bailout, and that the deficit to the pension fund would prevent the CAW from striking. [2]
By KATHY BARKS HOFFMAN LANSING, Mich. -- Mitt Romney stood in front of an auto factory in his native Michigan during his 2008 presidential race and vowed to bring back jobs, a popular message that ...
General Motors Corp. (GM) and Chrysler have received $17.4 billion in U.S. funds (so far), which they received only after much congressional teeth gnashing. Meanwhile, American International Group ...
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The Saturn Corporation, also known as Saturn LLC, was an American automobile manufacturer, a registered trademark established on January 7, 1985, as a subsidiary of General Motors. [1] The company was an attempt by GM to compete directly with Japanese imports and transplants , initially in the US compact car market.
On June 5, 2009, GM announced that the Saturn brand would be sold to the Penske Automotive Group. [55] GM was to continue to build the Aura, Outlook and Vue for Penske for two years, however, as of September 30, 2009, the deal had fallen through. Penske had asked GM to extend the time it was to build Saturns until it could reach a deal with the ...