Daily Auto News
Though congress has voted to send a life preserver (in the form of a $25 billion loan program) to the drowning U.S. automotive industry, the effort might be too late. The Washington Post reports, “A $25 billion loan program rushed through Congress to revive the nation’s ailing domestic auto industry may not deliver any money to Detroit for more than a year, federal officials said, prompting concern that the cash may come too late to prop up one of the country’s most important manufacturing sectors..
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Daily Auto News
Yeah, we know David Hasselhoff has little to do with the new Knight Rider, and in the new series KITT has gone from being a Trans Am to a Ford Mustang with a serious body kit addiction, but that hasn’t stopped NBC from ordering a full season of the show. Jalopnik says the decision means “a complete season of awful green-screen effects, lackluster writing, unimaginative story arcs and blatant male demographic pandering..
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Daily Auto News
The rumors of a Chrysler/GM merger may be the best thing Ford has heard in a while, as they’ve largely drowned out the news that the big blue oval is losing one of its biggest investors. Edmunds Inside Line reports “Kirk Kerkorian, the billionaire investor and gaming magnate who has dabbled for years in the stocks of U.S. automakers, said Tuesday that his Tracinda Corporation has begun dumping its shares of Ford Motor Company.” Under the headline, “Kerkorian’s Ford Stake Goes the Way of the Pinto,” the New York Post adds, “The surprise slap hit the legendary investor after he hopped onto a beat-up Ford this spring – his third recent big gamble on an automaker – in hopes of shaking more cash from a Detroit money tree. Instead, he lost his shirt..
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