Reuters reported that South Koreas Hyundai Motor Co has denied its interest in Chryslers assets. It said that it had no capacity for a new acquisition as it focused on completing construction of overseas plants.

Mr Jake Jang spokesman of Hyundai Motor said that "We have no interest in whatsoever in acquiring Chrysler, including Jeep and have not engaged in any discussions with Cerberus on this matter."

The emergence of Hyundai Motor as a potential bidder for at least part of Chrysler came on the same day as General Motors Corporation said it shelved its own pursuit of an acquisition of... // SteelGuru

Tehran Times (Enlarge photo)

New calls for Treasury to help carmakers

WASHINGTON (Reuters) -– There were fresh calls on Sunday for the Bush administration to help stalled U.S. automakers, but Democratic and Republican officials said taxpayers cannot repeatedly support business rescues.

Republican Sen. Mel Martinez of Florida delivered important backing for those urging the Bush administration to use a recently launched $700 billion corporate bailout program to rescue General Motors Corp, Ford Motor Co. and Chrysler LLC with desperately needed cash.

""Within the authority of that package, I think it's possible for the secretary of the treasury to direct a loan to that -- to those entities,"" Martinez said.

Martinez is a member of the Banking Committee, which oversees administration of the financing... // Tehran Times

Hyundai Motor stock down on trade fears, Chrysler

SEOUL (Reuters) - Shares in South Korea’s Hyundai Motor fell on Monday as investors worried the United States may harden its stance on car trade and on talk, denied by Hyundai, that it may target parts of money-losing Chrysler.

Hyundai, the country’s 10th biggest company in market value and the world’s No. 5 car maker along with affiliate Kia Motors Corp., dived as much as 8.4 percent on Monday before stabilizing a little. The shares were down 5.1 percent at 51,800 won by 0239 GMT.

Analysts said U.S. President-elect Barack Obama’s focus on the importance of helping the U.S. auto industry may have spooked investors.

Obama, who has said he opposes a 2007 free-trade deal with South Korea unless it is... // Tehran Times

While GM's talks were about absorbing Chrysler as a whole, it's rumored that Hyundai is interested mostly in Chrysler for the Jeep portfolio.  Although it's possible that brand could be sold off to an interested party, Chrysler's overseers at Cerberus Capital Management have repeatedly said they're not looking to sell off the company in part.

Hyundai, which currently sells two subcompact cars and a micro-truck as Dodges in Mexico, is said to be a better merger partner than GM was.  Should a merger occur,... // Automobile Magazine

General Motors is putting acquisition talks with Chrysler on hold
while it sorts out its own financial problems. That could force
privately-held Chrysler to file for bankruptcy protection, or break
itself up into pieces and sell them off. GM reported a $2.5 billion
third-quarter loss and warned it may run out of cash this year if
it doesn't get government aid. Without specifically naming
Chrysler, GM also said it was setting aside... // WLNS

New York/Detroit - South Korea's Hyundai Motor Co has had talks with Chrysler LLC owner Cerberus Capital Management about a potential acquisition of the US automaker's Jeep brand and possibly other assets, people with knowledge of the talks said on Friday.

The emergence of Korea's largest automaker as a potential bidder for at least part of Chrysler came on the same day General Motors Corp said it shelved its own pursuit of an acquisition of its cross-town rival.

Cerberus also plans to restart talks with other potential partners for Chrysler, including Renault-Nissan, the sources said.

Hyundai has expressed interest in Chrysler's Jeep brand, but Cerberus would prefer to sell all of Chrysler rather than split off assets through a series of deals that would break up the company, the... // Wheels24.co.za

US carmaker GM has reported a third quarter operating loss of $4.2bn (£2.66bn) after Ford announced it lost $2.98bn during the same period.

GM said it would run out of cash in the first half of 2009 if economic and market conditions did not improve.

GM said it would cut jobs and costs and has also suspended merger talks with Chrysler to focus on current issues.

It says about 3,600 workers will be laid off indefinitely early next year as production is slowed at 10 plants.

Ford meanwhile said it would cut salary-related expenses in North America by another 10%. GM and Ford burned though $14.6bn in cash between them in the quarter.

Detroit-based GM posted a third-quarter net loss of $2.5bn, compared with a loss from continuing operations of $42.5bn a year ago. Revenue fell to $37.9bn... // The Post

Detroit, Michigan - In separate statements, General Motors and Chrysler have confirmed that the companies have set aside merger talks that could have seen the two automakers combined.

In a statement, General Motors said that it “has recently explored the possibility of a strategic acquisition that it believed would generate significant cost reduction synergies and substantially strengthen GM’s financial position in the medium and long term, while being neutral or modestly positive to cash flow even in the near term. While the acqusition could potentially have provided significant benefits, the company has concluded that it is more important at the present time to focus on its immediate liquidity challenges and, accordingly, considerations of such a transaction as a near-term priority... // CanadianDriver

Motor Report (Enlarge photo)

A deal of any sort with ailing automotive manufacturer Chrysler is beginning to look like a hot potato. We recently reported that talks with Nissan-Renault had ceased , as Cerberus Capital Management (Chryslers current owners) felt GM had more to offer.

However, a merger with General Motors may now be equally doubtful with GM - having just posted a third quarter USD$2.5 billion loss ( Q3 financial report ) - now expected to have its work cut... // Motor Report

Flaherty sees delayed benefits of weaker Canadian dollar

TORONTO (Reuters) - Canadian manufacturers will eventually benefit from a sharp drop in Canada's dollar by encouraging exports to the United States, Finance Minister Jim Flaherty said, but in the short term, the volatility will disrupt planning by businesses. Flagging U.S. demand means auto-related businesses and other manufacturers in Ontario and Quebec will not immediately reap the benefits of the weakened Canadian dollar, Flaherty said in an interview with Bloomberg News that appeared on its website late Saturday.

Oil up $2 at above $63 on China stimulus, G20 moves

PERTH (Reuters) - Oil leapt over $2 to above $63 a barrel on Monday, lifted by hopes that China's massive $600 billion stimulus package and proposals from world's... // ReportonBusiness.com

WASHINGTON, Nov 9 (Reuters) - There were fresh calls on Sunday for the Bush administration to help stalled U.S. automakers, but Democratic and Republican officials said taxpayers cannot repeatedly support business rescues.

Republican Sen. Mel Martinez of Florida delivered important backing for those urging the Bush administration to use a recently launched $700 billion corporate bailout program to rescue General Motors Corp (nyse: GM - news - people ), Ford Motor Co (nyse: F - news - people ) and Chrysler LLC with desperately needed cash.

'Within the authority of that package, I think it's possible for the secretary of the treasury to direct a loan to that -- to those entities,' Martinez said.

Martinez is a member of the Banking Committee, which oversees administration of the... // Forbes

The two biggest carmakers in North America report heavy losses.

General Motors lost $US4.2 billion in the September quarter and says it will run out of cash in the first half of next year if economic and market conditions do not improve.

GM will cut jobs and costs and has also suspended merger talks with Chrysler to focus on current issues.

It says about 3,600 workers will be laid off indefinitely early next year as production is slowed at 10 plants.

Meanwhile, Ford lost $US2.98 billion during the same period, and intends to cut salary-related expenses in North America by another 10%.

GM and Ford burned through $US14.6 billion in cash... // Radio New Zealand

Flaherty sees delayed benefits of weaker Canadian dollar

TORONTO (Reuters) - Canadian manufacturers will eventually benefit from a sharp drop in Canada's dollar by encouraging exports to the United States, Finance Minister Jim Flaherty said, but in the short term, the volatility will disrupt planning by businesses. Flagging U.S. demand means auto-related businesses and other manufacturers in Ontario and Quebec will not immediately reap the benefits of the weakened Canadian dollar, Flaherty said in an interview with Bloomberg News that appeared on its website late Saturday.

GM to temporarily cut 500 jobs at Ontario plant

TORONTO (Reuters) - General Motors of Canada said on Friday it will temporarily lay off 500 workers at its Oshawa, Ontario, car plant as the U.S. economic slowdown... // ReportonBusiness.com

GM had been pursuing a deal to acquire Chrysler while also asking for help from the federal government to weather the financial turmoil roiling the auto industry.

GM's decision opens the door for other automakers to look at a deal for Chrysler -- with Renault-Nissan potentially reemerging in that scenario -- although Renault-Nissan's chief executive has indicated a reluctance to spend in this economic climate.

GM announced Friday that it burned through $6.9 billion in cash during the third quarter, leaving its reserves critically low. Overall, the world's largest automaker has lost $21.3 billion over the first nine months of this year.

"While the acquisition could potentially have provided significant benefits," GM said in a statement, "the company has concluded that it is more... // Detroit Free Press

In a financial report released Friday, GM said it posted a loss of $2.629 billion in the third quarter. In the statement, Wagoner said the government's effort to thaw frozen credit markets was "an essential first step."

"But, further strong action is required," he said.

GM's net losses amounted to $4.45 per share, while Ford Motor Co. (NYSE:F), which reported a net third quarter deficit of $129 million Friday, lost $0.06 per share.

At GM, third quarter revenues fell from $43.7 billion in 2007 to $37.9 billion in 2008. The company expended $6.9 billion in cash during the... // Post Chronicle

GM to temporarily cut 500 jobs at Ontario plant

TORONTO (Reuters) - General Motors of Canada said on Friday it will temporarily lay off 500 workers at its Oshawa, Ontario, car plant as the U.S. economic slowdown slashes sales of cars and trucks. "Because of the tough U.S. market, what we're doing is slowing the line rate of the Impala line at the Oshawa car plant, and that impacts 500 people that will go on temporary layoff until we have recovery in the U.S. economy," GM Canada spokesman Stew Low told Reuters.

Hyundai Motor denies interest in Chrysler assets

SEOUL (Reuters) - South Korea's Hyundai Motor Co 005380.KS on Saturday denied its interest in Chrysler's assets, adding it had no capacity for a new acquisition as it focused on completing construction of overseas plants. On... // ReportonBusiness.com

DETROIT (Reuters) - General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday and said their rate of cash burn had accelerated, as an extended slump in car sales raised questions about the future of the U.S. auto industry.

Both companies said they would take aggressive steps to cut costs further. The two largest U.S. automakers reported third-quarter results after the world's No. 1 automaker, Toyota Motor Corp, slashed its profit forecast for the year.

President-elect Barack Obama said on Friday that help for the U.S. auto industry was a high priority and urged the Bush administration to do "everything it can" to accelerate disbursement of $25 billion of loans to the industry previously approved to make fuel economy improvements.

"I have made... // Daily Journal

US carmaker GM has reported a third quarter operating loss of $4.2bn (£2.66bn) after Ford announced it lost $2.98bn during the same period.

GM said it would run out of cash in the first half of 2009 if economic and market conditions did not improve.

GM said it would cut jobs and costs and has also suspended merger talks with Chrysler to focus on current issues.

It says about 3,600 workers will be laid off indefinitely early next year as production is slowed at 10 plants.

Ford meanwhile said it would cut salary-related expenses in North America by another 10%.

GM and Ford burned though $14.6bn in cash between them in the quarter.

Detroit-based GM posted a third-quarter net loss of $2.5bn, compared with a loss from continuing operations of $42.5bn a year ago. Revenue fell to $37.9bn... // The Post

The Money Times (Enlarge photo)

November 8, Detroit : The two largest US automakers, General Motors Corp. and Ford Motor Co. announced huge losses at the official release of their third quarter financial results on Friday.

In the announcement, companies also acknowledged a steep rise in their rate of cash burn, as a result of the collapsing car sales amidst the current economic meltdown.

Amounting to a collective total of $14.6 billion cash depletion, General Motors Corp., individually ran through $6.9 billion of cash while Ford Motor Co. exhausted about $7.7 billion. "The cash burn was quite a bit higher than what would be a normal cash burn," said Ford CEO, Alan Mulally.

As for the stock market holdings, GM shares fell 64 cents or 13 percent, to $4.16. followed by a resultant fall of 5 cents or 2.5 percent, to... // The Money Times