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Pete Bigelow · Ford, Chrysler And General Motors All In The News Today
December 8th, 2011
Today’s news cycle has prominently featured the U.S. auto industry. Here’s a quick roundup of three stories about Detroit’s Big Three making news this afternoon:
Photo by Slobodan Stojkovic via Flickr.
1. Ford Reinstating Dividends. Ford will reinstate its quarterly dividends in 2012, the company announced Thursday. “We have made tremendous progress in reducing debt and generating consistent positive earns and cash flow,” Bill Ford, executive chairman, said in a statement. Ford will pay five cents per share to holders of Class B and common stock as of Jan. 31, 2012. Payments will be made on March 1. Ford had suspended its dividend payments more than five years ago, as the company grappled with the recession. Now, it has posted 10 consecutive profitable quarters, according to the Los Angeles Times.
2. GM Chief Shakes Up Detroit. For generations, executives at the Big Three adhered to a code of conformity and predictability. More recently, that culture has been shaken up by outsiders. None are having a more dramatic impact than General Motors CEO Dan Akerson, according to Bill Vlasic of The New York Times, who profiles the senior executive today. Vlasic examines Akerson’s handling of the recent federal investigation into the Chevrolet Volt plug-in hybrid. By offering to buy back Volts from concerned owners, Akerson adopted an “aggressive – and potentially risky – strategy,” said one analyst. Akerson saw the company’s reponse to the crisis as a potential defining moment, Vlasic writes.
3. Detroit Comeback Featured In Time. The comeback of the American auto industry has reached the front page of Time Magazine. The lead story of an issue that hits newsstands tomorrow examines the resurgence of a domestic industry that faced extinction only three years ago. Specifically, the weekly news mag looks at Chrysler and the role of CEO Sergio Marchionne in boosting sales 23 percent in October 2011 year over year. The headline: “How America Started Selling Cars Again.”
