CANTON, MS-Nissan will retool its assembly plant here to make commercial trucks instead of pickups and SUVs. The Nissan Quest minivan, Armada and Infiniti QX56 SUVs will be phased out in 2010, when the Japanese automaker begins assembling a light commercial truck based on the Cummins-powered NV2500 concept vehicle. MORE
WASHINGTON-The Bush Administration said Friday it would consider using money from the Wall Street bailout to aid domestic carmakers.
“Given the current weakened state of the U.S. economy, we will consider other options if necessary-including use of the TARP program-to prevent a collapse of troubled automakers,” White House spokeswoman Dana Perino said in a written statement, referring to the Troubled Assets Relief Program, which has sent billions of dollars to troubled financial firms. MORE
WASHINGTON-Last-minute talks in Congress to save General Motors Corp. and Chrysler LLC from collapse fell apart late Thursday after Senate Republicans rejected a compromise $14 billion auto bailout deal.
With GM and Chrysler in danger of collapse within weeks, their only chance for survival may be the Bush administration, which could tap the remains of the $700 billion Wall Street bailout package, something the White House has previously rejected. About $15 billion remains in the first $350 billion in the fund. MORE
Volkswagen Group of America Inc. has picked three suppliers for the midsized sedan it will make at its Chattanooga assembly plant. Dräxlmaier Group will produce the cold-end exhaust system, and EMCON Technologies will produce wire harnesses. Saturn Electronics and Engineering Inc., a certified minority business enterprise, will build a solid-state electronics module for the vehicle. MORE
A Finland-based manufacturer of AC drives was awarded more than $500,000 in state assistance to build its North American headquarters in Chambersburg, PA. The facility is expected to create about 100 new jobs. MORE
Sypris Technologies Inc., a manufacturer of components for truck axles, will invest $25.4 million to expand its manufacturing facility in Morganton, NC, and add 203 jobs by the end of 2013. MORE
Embraer broke ground last week on its first U.S. aircraft assembly plant and customer center at Florida's Melbourne International Airport. Present at the ceremony were Florida Governor Charlie Crist, Melbourne City Mayor Harry Goode, and other distinguished State and local officials manning ceremonial shovels, along with Embraer President and CEO Frederico Fleury Curado.
The facility will be dedicated to the Brazilian planemaker’s executive jet business and is scheduled for completion in 2010. When full capacity is reached, the facility will produce up to eight Phenom business jets will be produced every month. MORE
WASHINGTON-Although negotiations are ongoing, the White House is saying that it and Congressional leaders have an agreement in principle regarding the proposed $15 billion bailout package for the Big Three automakers. MORE
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