BIG THREE AUTO BAILOUT

Sources and Notes


  1. "Auto Sales: Sales and Share of Total Market by Manufacturer," Wall Street Journal Markets Data Center, Nov. 3, 2008

  2. "U.S. New Car & Truck Market Shares by Company: 2002-2007," Plunkett Research, Ltd., Nov. 23, 2008

  3. Global Sales 2008 to date:
    1. GM: "Financial Results," General Motors Corporation profile, money.cnn.com (accessed Nov. 26, 2008)
    2. Ford: "Financial Results," Ford Motor Company profile, money.cnn.com (accessed Nov. 26, 2008)
    3. Chrysler: none found
    4. Toyota: 2008 Annual Report, "Financial Highlights," http://www.toyota.co.jp/en (accessed Nov. 24, 2008); Please note that Toyota operates on a fiscal year (FY) that runs Apr. 1 to Mar. 31.
    5. Honda: "Financial Results," Honda Motor Co., Ltd. profile, money.cnn.com (accessed Nov. 26, 2008)

  4. Global Sales 2007 (Total Net Sales and Revenues):
    1. GM: "Financial Highlights," GM 2007 Annual Report
    2. Ford: "Operating Highlights," Ford 2007 Annual Report
    3. Chrysler: none found
    4. Toyota: "Financial Results," Toyota Motor Corp profile, money.cnn.com (accessed Nov. 26, 2008)
    5. Honda: "Financial Results," Honda Motor Co., Ltd. profile, money.cnn.com (accessed Nov. 26, 2008)

  5. Global Cars Sold Through Sep. 2008:
    1. GM: "Q3 2008 Global Sales: Sales and Production Release," Oct. 29, 2008; "Q2 2008 Global Sales: Sales and Production Release," July 23, 2008; "Q1 2008 Global Sales: Sales and Production Release," Apr. 23, 2008, www.gm.com
    2. Ford: none found
    3. Chrysler: "Special Report: 2008 Chrysler LLC U.S. Sales Archive," media.chrysler.com, Nov. 3, 2008
    4. Toyota: 2008 Annual Report, "Financial Highlights," http://www.toyota.co.jp/en (accessed Nov. 24, 2008); Please note that Toyota operates on a fiscal year (FY) that runs Apr. 1 to Mar. 31.
    5. Honda: none found

  6. Global Cars Sold 2007 Total:
    1. GM: "GM Automotive Operations Financial Review," GM 2007 Annual Report
    2. Ford: "Operating Highlights," Ford 2007 Annual Report
    3. Chrysler: "Chrysler Corporate Overview," media.chrysler.com (accessed Dec. 3, 2008)
    4. Toyota: "Financial Highlights,"Toyota 2008 Annual Report; Please note that Toyota operates on a fiscal year (FY) that runs Apr. 1 to Mar. 31.
    5. Honda: "Financial Highlights," Honda 2007 Annual Report; 3.65 million automobiles sold, plus an additional 10,369 motorcycles

  7. Direct US Employees:
    1. GM: CEO Rick Wagoner, testimony to Congress, Nov. 18, 2008
    2. Ford: "Detroit Bailout: 7 Key Questions," CNNMoney.com, Nov. 25, 2008
    3. Chrysler: "Detroit Bailout: 7 Key Questions," CNNMoney.com, Nov. 25, 2008
    4. Toyota: "Our Business > Toyota In America > Our Numbers," toyota.com, Dec. 2007
    5. Honda: "Honda in America," corporate.honda.com (accessed Nov. 24, 2008)

  8. Indirect US Employees:
    1. GM: CEO Rick Wagoner, testimony to Congress, Nov. 18, 2008
    2. Big 3 Total: "The Impact on the US Economy of a Major Contraction of the Detroit Three Automakers," Center for Automotive Research, Nov. 4, 2008. Ford CEO Allan Mulally offered an alternative estimate in his Nov. 18, 2008 testimony before Congress, stating that the Big Three indirectly support more than 4.5 million US workers.

  9. Direct Global Employees:
    1. GM: "Company Profile," www.gm.com (accessed Dec. 9, 2008)
    2. Ford: "Our Operations," www.ford.com (accessed Dec. 8, 2008)
    3. Chrysler: none found
    4. Toyota: Total number of consolidated employees, "Company Profile: Overview," www.toyota.co.jp (accessed Dec. 11, 2008)
    5. Honda: Total number of consolidated employees, "Company Overview," world.honda.com (accessed Dec. 11, 2008)

  10. Revenue per Employee:
    1. GM, Ford, Toyota, and Honda obtained from company profiles on an investment information website, Advanced Financial Network (ADVFN), www.advfn.com (accessed Nov. 25, 2008)
    2. Chrysler: "Ford Motor Company--Company Profile," datamonitor.com, Nov. 3, 2008

  11. Average Hourly Compensation 2006 (US Wage and Benefits):
    1. Average wage per hour of the automakers compares with the $19.12 national average wage per hour; "Employer Costs for Employee Compensation, September 2006," US Bureau of Labor and Statistics website, Dec. 14, 2006
    2. GM: "Other Benefits," Media Handbook, www.media.gm.com/manufacturing/handbook (accessed Jan. 6, 2009)
    3. Ford: "Hourly Labor Cost," 2007 UAW-Ford National Negotiations Media Fact Book, available at media.ford.com/pdf/07_UAW_Negotiations.pdf
    4. Chrysler: 2007 Media Briefing Book, chryslerlabortalks07.com/Media_Briefing_Book.pdf
    5. "Toyota Sees No U.S. Wage Cuts Ahead," USA Today, June 22, 2007
    6. Click here for a chart and statements detailing auto employee wages and benefits in 2006

  12. "Unions Get No Traction at Japanese U.S. Carmakers," Japan Times, Mar. 31, 2007; an article titled "In Kentucky, Toyota Faces Union Rumblings," published May 26, 2007 in the Washington Post stated that the United Auto Workers (UAW) has never succeeded in organizing a foreign auto assembly plant in the US.

    However, a 2008 UAW document titled "2008 Vehicles Built by Union Members in the United States & Canada" included the following footnote: "The Toyota Corolla...is made in the United States by UAW members, but the Canadian model is made in a nonunion plant and other models are imported from a third country."

  13. Annual Union Dues per Employee:
    1. ProCon.org estimated UAW's annual dues by multiplying the average hourly wage of each auto company employee by two (two hours pay per month), then multiplying that number by 12 (12 months)
    2. "Dues," United Auto Workers (UAW) website, www.uaw.org/about/works/dues.html (accessed Jan. 12, 2009)
    3. Unions Get No Traction at Japanese U.S. Carmakers,"Japan Times, Mar. 31, 2007
    4. "Give Your Union a Dues Checkup," LaborNotes.org (accessed Jan. 12, 2009)
    5. Click here for a chart and statements detailing annual union dues.

  14. Legacy Employees: A Legacy employee is considered to be a former employee for whom a company is still paying medical or pension benefits. Although we were unable to find substantive data of the number and cost of legacy employees, we do have a selection of statements to help provide context about legacy employees at the Big Three and Honda and Toyota.

  15. Legacy Costs: Although we were unable to find substantive data of the number and cost of legacy employees, we do have a selection of statements to help provide context about legacy employees at the Big Three and Honda and Toyota.

  16. CEO:
    1. GM: "2007 Annual Report," www.gm.com (accessed Nov. 23, 2008)
    2. Ford: "2007 Annual Report," www.ford.com (accessed Nov. 23, 2008)
    3. Chrysler: "Robert Nardelli Named CEO of Chrysler," CNNMoney.com, Aug. 6, 2007
    4. Toyota: "Talking with Toyota's Top Man," Business Week, Mar. 5, 2007
    5. Honda: "2007 Annual Report," world.honda.com (accessed Nov. 23, 2008)

  17. CEO Compensation:
    1. GM: "General Motors Company--Company Profile," datamonitor.com, June 12, 2008
    2. Ford: "Ford Motor Company--Company Profile," datamonitor.com, Nov. 3, 2008
    3. Chrysler: "Robert Nardelli Named CEO of Chrysler," CNNMoney.com, Aug. 6, 2007 (salary of Robert Nardelli reported to be $1 while full compensation is reported to be based on the company's performance but is not required to be disclosed)
    4. Toyota: Toyota CEO compensation in 2006 estimated to be $903,000. "Union Questions Auto Execs' Pay Packages," USA Today, Oct. 10, 2007
    5. Honda: Japanese companies are not required to disclose individual executive pay, but the top 26 top executives were paid a combined ¥940 million, or US$8.27 million, in 2006. "Shakers: Marks & Spencer Rewards Executives," International Herald Tribune, June 9, 2006

  18. # Plants:
    1. GM: "Map of GM Plants" www.gmdynamic.com (accessed Dec. 3, 2008); there are 75 US facilities per the map of plants, but the GM website lists 21 US plants in its Nov. 2008 "Production Results by Plant," available at www.gm.com under "Investor Information > Sales and Production" (accessed Dec. 3, 2008)
    2. Ford: "Facilities," media.ford.com (accessed Dec. 3, 2008)
    3. Chrysler: "Plant Fact Sheets," media.chrysler.com (accessed Dec. 3, 2008)
    4. Toyota: "Home > Our Business > Operations > Operations Map USA," www.toyota.com (accessed Nov. 27, 2008)
    5. Honda: "Major U.S. Facilities List," corporate.honda.com (accessed Nov. 24, 2008)

  19. # Brands:
    1. GM: "Global Operations > North America > U.S.A.," www.gm.com (accessed Nov. 24, 2008)
    2. Ford: "Vehicle Showroom," www.ford.com (accessed Nov. 24, 2008)
    3. Chrysler: "Homepage," www.chrysler.com (accessed Nov. 24, 2008)
    4. Toyota: "Automotive," www.toyota.co.jp/en (accessed Nov. 24, 2008)
    5. Honda: "Remarks by Takeo Fukui, President and CEO of Honda at the North American International Auto Show," world.honda.com, Jan. 8, 2006

  20. 2007 Income Before Tax:
    1. GM: "Financial Results," General Motors Corporation profile, money.cnn.com (accessed Nov. 26, 2008)
    2. Ford: "Operating Highlights," Ford 2007 Annual Report
    3. Chrysler: none found
    4. Toyota: "Financial Results," Toyota Motor Corp profile, money.cnn.com (accessed Nov. 26, 2008)
    5. Honda: "Financial Results," Honda Motor Co., Ltd. profile, money.cnn.com (accessed Nov. 26, 2008)

  21. Federal Income Taxes: See #18 for information

  22. Net Profit or Loss:
    1. GM: "Financial Highlights," GM 2007 Annual Report
    2. Ford: "Operating Highlights," Ford 2007 Annual Report
    3. Chrysler: none found
    4. Toyota: "Financial Highlights," Toyota 2007 Annual Report
    5. Honda: none found

  23. 2007 Annual Reports
    1. GM: available from company website
    2. Ford: available from company website
    3. Chrysler: obtained from Chrysler by email request
    4. Toyota: available from company website
    5. Honda: available from company website

  24. SEC filings available on the US Securities and Exchange Commission website. US companies file quarterly 10-Q and annual 10-K reports; foreign companies file 6-K and annual 20-F reports.
    1. GM filings
    2. Ford filings
    3. Chrysler filings (Please note that limited information is available for Chrysler because it is the only privately-owned auto company discussed on this site. Private equity firm Cerberus Capital Management acquired 80.1% of Chrysler in Aug. 2007, and German automaker Daimler AG retained a 19.9% stake. As a private company, Cerberus is not required to make public information related to company sales, executive compensation, and more. Links to Daimler's reports are provided because they contain some information about Chrysler.)
    4. Toyota filings
    5. Honda filings

  25. See #23 for information




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