Since Chrysler closed its Newark assembly plant in December, hundreds of autoworkers have grappled with an uncertain future in a job market that many are ill-prepared to enter. It's a scenario that will be repeated when General Motors Corp. closes its Boxwood Road plant near Newport next month, idling 450 hourly workers."When Chrysler closed, that was disheartening enough," said Deborah Armstrong, a liaison between United Way of Delaware and local labor groups, who has worked with the Local 1183 since the plant closing. "It was a crisis, and now it's a disaster."
GM has about 12 potential buyers of the endangered Saturn brand, which could include an asking price and a list of assets that might be included in the sale.
In what sounds like the closest step yet to a Manhattan Project for the auto industry, General Motors and the University of Michigan on Thursday announced the formation of the Institute of Automotive Research and Education. Priorities include helping to improve fuel economy, speeding electric vehicles to market and studying smart materials that will replace mechanically operated vehicle components.
Ford Motor Co., the only U.S. automaker operating without federal bailout loans, burned through $3.7 billion in cash during the first quarter in posting its fourth straight quarterly loss.
General Motors lost $6 billion in the first quarter and its revenue fell by nearly half as car buyers worldwide steered clear of showrooms out of fear that the wounded auto giant may go bankrupt and stop honoring its warranties.