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On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.
t. e. 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. The downturn also affected Canada by virtue of the Automotive Products ...
The final direct cost to the Treasury of the GM bailout was $11 [94]-12 billion ($10.5 billion for General Motors and $1.5 billion for former GM financing GMAC, now known as Ally). [95] Local tax incentives amounted to $1.7 billion, most of them in Michigan.
Looming over the United Auto Workers strike: Automakers’ continued migration to the anti-union South.. Beginning in the 1970s and 1980s, the auto industry began shifting South, a region long ...
The United Auto Workers union and Stellantis say they've reached a tentative agreement on a new contract, leaving General Motors as the only one of the Big Three automakers without a contract with ...
The United Auto Workers union on Friday rejected wage and benefit offers from all three Detroit automakers, raising tensions just six days before a strike deadline for 146,000 employees. Union ...
Effects of the 2008–2010 automotive industry crisis on Canada. The Canadian auto industry is closely linked to the U.S., due to the Automotive Products Trade Agreement and later the North American Free Trade Agreement (NAFTA), and is in similar trouble. Canada's 3,500 car dealers, which employ 140,000 people, told the federal and Ontario ...
A bruising 41-day strike at Ford is near an end as the United Auto Workers and its largest employer have reached a tentative deal to return 16,600 strikers to the job within days and pay workers ...