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Toyota Offering U.S. Buyouts, Cuts In Pay, Reducing Shifts
 Automotive juggernaut, Toyota Motor Sales USA, are now offering buyout packages to 18,000 employees in the United States and have begun cutting bonuses for nearly 3,000 white collar workers. Toyota also halted production and reduced shifts at 14 plants which include ones in Indiana, Kentucky, and Texas. Executive pay was also cut by 5 percent. The massive reductions come as a blow to the company who have seen possibly the largest sales decline in the United States in their company's history.
Sources: Reuters & MSNBC
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| | Mahindra Diesel Pickup Trucks Coming Our Way, To Be Built Off Shore
 Indian Automaker, Mahindra & Mahindra, are planning to launch their light duty pickup truck in the Untied States by the fourth quarter of this year, however they will not be built at a plant in Ohio as planned and instead will be built off shore. The diesel powered pickups will be a first for the light duty segment, powered by a 2.2 liter four cylinder engine. The trucks themselves will be equipped with a 7.5 foot bed, have a max payload of 1.3 tons, and achieve a combined fuel economy rating of 30 miles per gallon.
Sources: Yahoo News & Autonews
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| Chrysler LLC and Nissan Halt Next Generation Titan Plans
 Chrysler LLC and Nissan both announced they are halting all plans and concepts of the next generation Nissan Titan "indefinitely", which was to be built by Chrysler. Based off of the Dodge Ram 1500 model, both companies cited the bad economy as a factor of the decision, "Due to the current economic conditions, Nissan and Chrysler leadership directed their teams working on the two projects to work together in the first quarter of 2009 to improve the financial objectives for both companies before the projects move further forward".
Currently Nissan's plans for the Titan are to end production late next year but no word was said as to the future of the half ton pickup truck.
Sources: Auto News & Wall Street Journal
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| | | Sirius XM Looking At Filing Chapter 11 Bankruptcy
 The stars aren't looking so bright for the newly merged Sirius XM Radio as the company begins staring at the papers for filing Chapter 11 bankruptcy. With over $5 billion dollars in assets, filing for bankruptcy would make Sirius XM Radio one of the largest casualties of the nations credit crisis.
Even if the company does file, it is believed that service will unlikely be interrupted but instead the company will have to remove large contracts with entertainment stars such as Howard Stern and Martha Stewart. The company has accumulated a debt of $3.25 billion dollar and has yet to turn a profit, even with 20 million subscribers.
Sources: New York Times via Gizmodo
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| | | | | | | | Nissan Posts First Loss In 9 Years, Cuts 20,000 Jobs
 The Detroit Big three are not the only automakers that are being hurt badly. Nissan have posted their first annual loss in nine years, at $2.9 billion dollars, and have also announced the cut of 20,000 jobs by March of 2010. Early retirement packages will be offered as well as dreaded layoffs and the cut of temporary worker positions.
Sources: Detroit News, Autonews
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General Motors Expected To Cut 5,000 More White Collar Jobs
 General Motors are planning to cut up to 5,000 additional salaried (white collar) jobs as part of their company wide restructuring plan that is due by February 17 to the Federal Government. GM have also offered their employees buyout packages which include $20,000 cash and $25,000 towards the purchase of a GM vehicle. GM's current workforce stands at 95,000 in North America and are looking to slash that number down to 65,000 within the next three years. More job losses to come.
Sources: Bloomberg via Autoblog, Autonews
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