By Caroline Salas

June 20 (Bloomberg) — General Motors Corp., Ford Motor Co. and Chrysler LLC credit ratings may be lowered by Standard & Poor’s as higher gas prices inflict “financial damage” on the auto industry.

S&P placed the carmakers’ credit ratings, already five levels below investment grade, on CreditWatch negative, according to a statement today. New York-based S&P, a unit of McGraw-Hill Cos., said it may also downgrade their financing arms. While the carmakers will be able to pay their debts this year, their cash may shrink to “undesirable levels” by the end of 2009, S&P said.
READ MORE

PTS hauls for most North American automakers

Andrew Grossman
Automotive News
June 9, 2008 - 10:11 am ET
UPDATED: 6/9/08 2:34 p.m. EDT

A Teamsters strike against the nation’s second-largest vehicle hauler won’t immediately affect deliveries to dealers of General Motors and Ford Motor Co. vehicles, say spokespeople for the two automakers.

Teamsters drivers went on strike against Performance Transportation Services Inc. this morning. Performance Transportation, of suburban Detroit, hauls light vehicles for almost all of the major automakers that sell vehicles in the United States, according to the company’s Web site.

Detroit 3, Toyota all post lower monthly sales

GM cuts truck production, considers selling Hummer brand

Auto union at Canada plant slams GM ‘betrayal’

Surging steel prices shock auto industry

Shareholders blast pay of GM chief executive

UAW official: Half of striking workers will take buyouts

Two American Axle forging plants likely to close
DETROIT — The outgoing president of a key UAW local at American Axle & Manufacturing Holdings Inc. said today that he expects at least half of the 3,650 striking workers at the axle maker to take a buyout once a contract is completed.
Adrian King, president of UAW Local 235 representing workers at American Axle’s Detroit complex, said talks probably will last beyond the weekend. He said it … story Published: May 2 4:17 pm U.S. Eastern time [REG]

Ford to launch more UAW buyouts

DETROIT — Ford Motor Co. will offer more buyouts to hourly workers at assembly plants in Chicago and Louisville, Ky.
Mark Fields, Ford President of the Americas, confirmed in an interview with Automotive News that those two plants will be part of another round of buyouts the automaker is about to begin. The new round will target only certain plants, and the offers have not gone out, … story

DEARBORN, Mich. (AP) — Despite a surprise profit of $100 million for the first quarter, Ford Motor Co. said Thursday that it still expects to lose money this year as the U.S. auto market deteriorates.

But the company’s stock surged nearly 12 percent as CEO Alan Mulally reiterated his promise that restructuring will return Ford to black ink for 2009.The profit, Ford’s first since the second quarter of last year, came even during a time when concerns about the U.S. economy kept many car buyers away from showrooms. Ford sales were off about 9 percent for the quarter, and the trend away from trucks and sport utility vehicles accelerated, hurting its bottom line.

READ MORE 

This just In

Rumor has it Ford will announce an Indefinite Layoff starting April 1

Combined with GM’S Axle Strike things couldn’t get any worse for the carhaul Industry

We are losing more drops as reported by Automotive news

Ford Motor dealer count dropped by 214 in 2007

Ford Motor Co. trimmed 214 domestic-brand dealerships in 2007 as part of ongoing efforts to cut dealers. Ford accelerated the pace of closings in the second year of its dealership consolidation program, according to numbers Ford provided to Automotive News.