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AGMA NewsBrief
March 31, 2009
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GM Chief Rick Wagoner Steps Down
from Bloomberg
General Motors Corp. Chief Executive Officer Rick Wagoner has stepped down after more than eight years running the largest U.S. automaker, people familiar with the situation said. The Obama administration asked Wagoner, 56, to leave the company and he agreed, said an administration official who declined to be identified before the move was announced. More

ALD Holcroft

U.S. Auto Rescues Skid, Europe Helps Weak Lenders
from Reuters
The United States rejected rescues for General Motors and Chrysler, rekindling concern the automakers could go bankrupt, while three European governments were forced to help struggling lenders. A White House task force rejected restructuring plans and pleas for billions in funding from the two automakers on Monday, calling for GM Chief Executive Rick Wagoner to step down, which he did. More

Peugeot Ousts Chief Executive
from The Associated Press via The Wall Street Journal
France's biggest carmaker, PSA Peugeot-Citroen, says it has ousted CEO Christian Streiff because new management is needed to confront "exceptional difficulties" facing the auto industry. Mr. Streiff is to be replaced by Philippe Varin on June 1. More

Ford, Las Vegas Sands Buy Back Loans as Prices Plunge
from The International Business Times
Ford said a tender offer for its term loans, in which it is offering to pay 47 cents on the dollar, was oversubscribed. It doubled the cash available for the offer to $1 billion. Declining earnings are causing many companies to bump up against terms in their loan agreements that limit the amount of debt they can have relative to their earnings, or breach other credit ratios. More

If You Build It, Toyota Might Not Come
from The Globe and Mail
American auto industry - the first assembly plant for the Toyota Prius outside Asia. From the outside, the massive complex looks nearly ready to start cranking out thousands of the popular, gas-miserly hybrids. But looks can be deceiving. More

Fuel Economy Standards Raised
from AutoWeek
Fuel-economy standards for all light vehicles will rise 8 percent, to an average of 27.3 mpg for the 2011 model year, under new U.S. rules. The regulations will use a new system that sets standards for individual models based on their size. Cars will be required to travel an average of 30.2 miles on each gallon of fuel, up from 27.5 mpg, and light truck standards will increase by 1 mpg to 24.1 mpg, the National Highway Traffic Safety Administration said. The combined fleet average will go up by 2 mpg. More

DOD Acquisition Work Force Insufficient
from Aviation Week
The Defense Department is facing critical gaps in its acquisition work force, potentially affecting its national security mission, according to the U.S. Government Accountability Office (GAO). Released March 25, GAOís report assesses DODís ability to determine whether it has a sufficient acquisition work force, initiatives to improve and manage oversight of its existing work force and best practices that could help DOD make positive changes. More

Wind Power Industry Expects Slowdown to be Temporary
from McClatchy
Despite the hurdles, manufacturers in the wind business sense opportunity. "We're creating an industry we can manufacture here," said Michael Medwid, 63, who started as a 19-year-old apprentice to his uncle's tool and die business and began his own company in Detroit in 1971 supplying the auto industry. More






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