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October 15, 2007
Chalk up this past week as a big win for the home team, Detroit's three automakers, writes Tom Walsh of the Detroit Free Press.
General Motors workers ratified a new labor contract by a ratio of nearly 2-1.
Chrysler and the UAW forged a new tentative pact with only a hiccup of a 6-hour work stoppage.
Ford Motor Co. lured marketing hotshot Jim Farley away from Toyota Motor.
GM stock surged past $40 a share for the first time in more than two years, closing at $42.64, up 11.6% on the week. Ford shares rose 10% to $9.20.
If it's too early for Detroit to declare victory over automotive competitors from Japan, Korea and Europe -- and yes, it is too early -- we can at least enjoy this spate of good fortune for our much-maligned home team.
Still skeptical? OK, but have a listen to Maryann Keller, a relentless critic of Detroit's auto industry for the past three decades as a Wall Street analyst, author, consultant and now a director of two auto-related companies, Lithia Motors and Dollar Thrifty Automotive.
"For the first time in 30 years I think that Detroit is going to finally turn around," Walsh said Keller told him Friday.
"The cars are better, the management is smarter and the costs are down with these new contracts. The UAW and Big 3 have finally figured out how to save each other and create a headache for the Japanese."
Posted by Peter C. T. Elsworth 
at 11:51 AM to Auto industry
, Chrysler
, Ford
, GM
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