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Obama vows to help rebuild industry to compete, win

President Barack Obama on Tuesday vowed to hold U.S. automakers accountable for "bad practices" but promised to help create a "retooled, re-imagined auto industry." In remarks to a joint session of Congress, Obama gave a sobering assessment of the nation's ills--mainly economic--but said: "We will rebuild, we will recover, and the United States of America will emerge stronger than before." About midway through the speech, the president said: "As for our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not, and will not, protect them from their own bad practices.

Recalls and stop-sale orders leave GM cars sidelined at dealers

Memorial Day weekend is one of the busiest times of the year for car dealers around the country, but the recent spate of recalls and stop-sale orders for GM vehicles will be putting the brakes on a lot of potential sales. Specifically, Chevrolet, Buick, Cadillac and GMC dealers will be unable to deliver tens of thousands of large SUVs and crossovers, a segment that has seen a lot of demand in recent months because of unavailable parts for recalled cars, Automotive News reports. When it comes to large crossovers, the recall of 1.3 million examples of the GMC Acadia, Buick Enclave, and Chevrolet Traverse vehicles from the 2009-2014 model years is likely to hit dealers hard.

Nissan to slash jobs, production after forecasting $2.9 billion loss

Reversing his profit forecast to a loss, Nissan Motor Co. CEO Carlos Ghosn entered crisis mode on Monday. Ghosn announced plans to slash 20,000 jobs, cut production by 20 percent, scale back model launches and delay new factories.