Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[REPORT: Pay czar planning up to 90% compensation cuts for top auto execs]]>http://www.autoblog.com/2009/10/22/report-pay-czar-planning-up-to-90-compensation-cuts-for-top-au/http://www.autoblog.com/2009/10/22/report-pay-czar-planning-up-to-90-compensation-cuts-for-top-au/http://www.autoblog.com/2009/10/22/report-pay-czar-planning-up-to-90-compensation-cuts-for-top-au/#commentsFiled under: ,



When General Motors and Chrysler took money from the U.S. government to prevent being consigned to history, the two storied domestic automakers had no choice but to put their fates in Uncle Sam's hands. After two very brief bankruptcies and billions in bailout cash, America's favorite bearded relative is looking to take its own pound of flesh.

Automotive News is reporting that the Obama administration and the Treasury Department are planning to announce pay cuts of up to 90% for the top 25 earners at GM, Chrysler, GMAC and Chrysler Financial. U.S. pay czar Kenneth Feinberg reportedly negotiated the pay arrangements with the companies during four months of negotiations.

The reported cuts will put a deep gash into the pay of executives like Fritz Henderson, who reportedly earned $1.3 million last year. There is no word at this time whether the bonuses of top auto execs will also be trimmed. GM and Chrysler aren't the only TARP recipients to get a big-time pay cut either, as top execs from AIG, Bank of America and Citigroup are also going to experience the economic downturn in a very real way. According to AN sources, pay cuts will average around 50% between the seven companies. The AN source claims that AIG execs, for example, will not receive compensation that surpasses $200,000. Companies that have already paid back TARP money, however, will not be affected by the government-mandated pay cuts.

[Source: Automotive News, sub. req'd | Source photo by JUNG YEON-JE/AFP/Getty]

REPORT: Pay czar planning up to 90% compensation cuts for top auto execs originally appeared on Autoblog on Thu, 22 Oct 2009 12:21:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>barack obamaBarackObamachryslergmkenneth feinbergKennethFeinbergobamapay cutspay czarPayCutsPayCzartarpThu, 22 Oct 2009 12:21:00 EST<![CDATA[Obama signs Cash-for-Clunkers bill into law, countdown to start begins]]>http://www.autoblog.com/2009/06/25/obama-signs-cash-for-clunkers-bill-into-law-countdown-to-start/http://www.autoblog.com/2009/06/25/obama-signs-cash-for-clunkers-bill-into-law-countdown-to-start/http://www.autoblog.com/2009/06/25/obama-signs-cash-for-clunkers-bill-into-law-countdown-to-start/#commentsFiled under: ,



President Obama has taken pen to paper and signed off on Cash-for-Clunkers, a law that could help the auto industry shake its year-long funk. The Transportation Department now has 30 days to determine the rules and regulations for Cash-for-Clunkers, placing the start of the program at the end of July.

The law as it was signed will give the power to decide which vehicles will be eligible for the program to the dealers. The dealers will also be in charge of scrapping the older vehicles, which must be less than 25 years old to be eligible for federal funds. Clunker-eligible cars must be also owned for at least one year to qualify for the program. Those eligible for Cash-for-Clunkers will receive up to $4,500 towards the purchase of a new, more fuel efficient vehicle. To get the full $4,500, those new cars must be at least 10 mpg more fuel efficient than the older model they replace, and trucks must be 5 mpg more efficient. Among the details of the law still being worked out is a plan to ensure that dealers are, in fact, scrapping the vehicles and not reselling them.

[Source: Automotive News, sub. req'd | Photo by MANDEL NGAN/AFP/Getty]

Obama signs Cash-for-Clunkers bill into law, countdown to start begins originally appeared on Autoblog on Thu, 25 Jun 2009 11:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>4500 rebate500Rebatebarack obamaBarackObamaCARScash for clunkerscash-for-clunkersCashForClunkersobamapresident obamaPresidentObamaThu, 25 Jun 2009 11:27:00 EST<![CDATA[REPORT: Obama to announce new CAFE standards tomorrow, require 34 mpg standard]]>http://www.autoblog.com/2009/05/18/report-obama-to-announce-new-cafe-standards-tomorrow/http://www.autoblog.com/2009/05/18/report-obama-to-announce-new-cafe-standards-tomorrow/http://www.autoblog.com/2009/05/18/report-obama-to-announce-new-cafe-standards-tomorrow/#commentsFiled under: ,



According to reports from both the New York Times and Politico, the Obama Administration plans to announce new CAFE regulations tomorrow that will finally reconcile both federal and state standards. The plan is expected to combine California's strict emission rules with the federal rule, raising the national fleet mileage to around 42 mpg for cars and approximately 26 mpg for light trucks by 2016 - an increase over the current standards of 27.5 mpg for cars and 24 mpg for trucks.

The administration set a self-imposed deadline of June 30 to grant California's request to impose the state's standard to the federal CAFÉ regulations, and according to the NYT, the auto industry isn't expected to challenge the new rules as they finally set both a definitive time table and a national standard. Politico is reporting that the Obama Administration sat down with several states and a number of domestic and foreign automakers to discuss the standard, including Chrysler, Ford, General Motors, BMW and others. California Governor Arnold Schwarzenegger is expected to attend the announcement on Tuesday, at which point all the hard details will be released.

[Sources: NYT, Politico | Image Source: Alex Wong/Getty]

REPORT: Obama to announce new CAFE standards tomorrow, require 34 mpg standard originally appeared on Autoblog on Mon, 18 May 2009 13:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>arnold schwarzeneggerArnoldSchwarzeneggerbarack obamaBarackObamacafecafe regulationsCafeRegulationscaliforniaobamaMon, 18 May 2009 13:59:00 EST<![CDATA[REPORT: Obama planning to announce Chrysler bankruptcy tomorrow]]>http://www.autoblog.com/2009/04/29/report-obama-planning-to-announce-chrysler-bankruptcy-tomorrow/http://www.autoblog.com/2009/04/29/report-obama-planning-to-announce-chrysler-bankruptcy-tomorrow/http://www.autoblog.com/2009/04/29/report-obama-planning-to-announce-chrysler-bankruptcy-tomorrow/#commentsFiled under: , ,



According to a report by Bloomberg citing the usual unnamed sources, President Obama will announce tomorrow that Chrysler will file for Chapter 11 bankruptcy while continuing to work on its alliance with Fiat.

Bloomberg's source made it clear that the there are still several loose ends and the plan "is not finished yet," but it will likely involve Chrysler's strongest assets being bundled and sold to a new entity. In that scenario, Fiat would become a 20% owner of the Auburn Hills-based automaker, the UAW retiree health-care trust would take a 55% percent stake and the government would gobble up the rest. Essentially, it's the same out-of-court deal initially proposed, but now, with all the benefits (and hurdles) of bankruptcy protection.

No surprise then that Fiat's CEO, Sergio Marchionne, was right in his assessment (see below), nor is it a shocker to anyone that's been following Chrysler's trials and tribulations over the last week and beyond.

[Source: Bloomberg | Image Source: Bill Pugliano/Getty]

REPORT: Obama planning to announce Chrysler bankruptcy tomorrow originally appeared on Autoblog on Wed, 29 Apr 2009 17:09:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybarack obamaBarackObamabreakingbreakingnewschryslerchrysler bankruptchrysler bankruptcychrysler fiatChryslerBankruptChryslerBankruptcyChryslerFiatfiatobamapresident obamaPresidentObamaWed, 29 Apr 2009 17:09:00 EST<![CDATA[LIVEBLOG: President Obama's press conference on the Auto Industry]]>http://www.autoblog.com/2009/03/30/liveblog-president-obamas-press-conference-on-the-auto-industr/http://www.autoblog.com/2009/03/30/liveblog-president-obamas-press-conference-on-the-auto-industr/http://www.autoblog.com/2009/03/30/liveblog-president-obamas-press-conference-on-the-auto-industr/#commentsFiled under: , ,



President Obama is scheduled to give a press conference today at 11:00 AM EST today in which he'll officially reveal his plans for the U.S. auto industry. Stay tuned and keep hitting refresh on your browser to learn the latest.

Hightlights - Follow the jump for full liveblog

- Gov't will give GM adequate working capital to survive next 60 days

- Working capital up to $6 billion will be provided to Chrysler for next 30 days, during which time an acceptable deal with Fiat must be struck

- Chapter 11 bankruptcy still an option

- NEW TAX BENEFIT (for vehicle's purchased between 2/16 and end of year): Deduct cost of any sales tax or excise tax.

- Cash for Clunkers incentive (get money to trade in old car and buy new one): Obama wants to make this happen and make it retroactive, work with Congress to carve out funds from Recovery Act to pay for it.

- Designating a new Director of Recovery for Auto Communities and Workers

Continue reading LIVEBLOG: President Obama's press conference on the Auto Industry

LIVEBLOG: President Obama's press conference on the Auto Industry originally appeared on Autoblog on Mon, 30 Mar 2009 11:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto recoveryAutoRecoverybarack obamaBarackObamabreakingobama speechObamaSpeechpresident obamaPresidentObamaMon, 30 Mar 2009 11:02:00 EST<![CDATA[President Obama announces $2.4 billion for electric vehicles ]]>http://www.autoblog.com/2009/03/20/president-obama-announces-2-4-billion-for-electric-vehicles/http://www.autoblog.com/2009/03/20/president-obama-announces-2-4-billion-for-electric-vehicles/http://www.autoblog.com/2009/03/20/president-obama-announces-2-4-billion-for-electric-vehicles/#commentsFiled under: , ,



In the message-appropriate setting of the Southern California Edison Electric Vehicle Technical Center, President Obama announced yesterday the availability of $2.4 billion to aid the development of plug-in cars and the infrastructure required to keep them charged. The money will come from the American Recovery and Reinvestment Act of 2009 (ARRA) and is divided into 3 parts.

  • $1.5 billion for U.S.-based manufacturers to produce batteries and components
  • $500 million to help produce other electric vehicle (EV) components such as electric motors
  • $400 million to demonstrate and evaluate plug-in hybrids and other electric infrastructure concepts which could include charging stations, electric rail and training for technicians to build and repair EVs

The announcement was the center piece of a speech that focused on energy and the economy. The President stressed the need for more renewable sources for electricity and less dependence on imported oil, noting that the SUV of today gets worse mileage than the Model T of 100 years ago. While perhaps not the most even of vehicular match-ups, the point was subtextually made that gains in efficiency can be a source of prosperity. Hit the jump for video of the speech (in two parts) as well as the press release from the Department of Energy (DOE) about the announcement.

[Source: White House blog / DOE / YouTube, Photo by MANDEL NGAN/AFP/Getty ]

Continue reading President Obama announces $2.4 billion for electric vehicles

President Obama announces $2.4 billion for electric vehicles originally appeared on Autoblog on Fri, 20 Mar 2009 13:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>American Recovery and Reinvestment Act of 2009 ARRAAmericanRecoveryAndReinvestmentActOf2009ArraBarack ObamaBarackObamaDepartment of Energy DOEDepartmentOfEnergyDoeelectric vehicle investmentElectricVehicleInvestmentPOTUSSouthern California Edison Electric Vehicle Technical CenterSouthernCaliforniaEdisonElectricVehicleTechnicalCenterFri, 20 Mar 2009 13:59:00 EST<![CDATA[Illinois to offer temporary Barack Obama license plates]]>http://www.autoblog.com/2009/02/14/illinois-to-offer-temporary-barack-obama-license-plates/http://www.autoblog.com/2009/02/14/illinois-to-offer-temporary-barack-obama-license-plates/http://www.autoblog.com/2009/02/14/illinois-to-offer-temporary-barack-obama-license-plates/#commentsFiled under: , ,



The cult of personality (and associated merchandising onslaught) surrounding the 44th President of the United States now extends to Illinois residents' automobiles. For a mere $50, Illinois motorists can acquire special-edition temporary license plates that further shows their ardor for President Barack Obama (beyond the usual assortment of Hope/Change/Etc. bumper stickers). Proceeds from the sale of the license plates (which you can buy at the Chicago Auto Show next week) benefit the Illinois Library Association.

The tags are valid between February 17 and April 17, 2009, at which point they will undoubtedly appear, en masse, on eBay. Hat tip to Michael D. for the heads-up.

[Source: ChicagoBreakingNews.com]

Illinois to offer temporary Barack Obama license plates originally appeared on Autoblog on Sat, 14 Feb 2009 13:38:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>44th president44thPresidentbarack obamaBarackObamacommemorative plateCommemorativePlateillinoislibrary associationLibraryAssociationlicence platteLicencePlattetemporary platestemporary tagsTemporaryPlatesTemporaryTagsSat, 14 Feb 2009 13:38:00 EST<![CDATA[Obama faces immediate challenges with Detroit]]>http://www.autoblog.com/2009/01/23/obama-faces-immediate-challenges-with-detroit-3/http://www.autoblog.com/2009/01/23/obama-faces-immediate-challenges-with-detroit-3/http://www.autoblog.com/2009/01/23/obama-faces-immediate-challenges-with-detroit-3/#commentsFiled under:

To be fair, the new president faces a lot of immediate challenges. But when it comes to the auto industry, the biggest four challenges could be the bridge loans, fuel economy mandates, the EPA vs The California 14, and the board of czars that will oversee the fortunes of GM and Chrysler. The similarity between these challenges and others on the domestic and global agenda: he doesn't have a lot of time to get them right.

It was clear that the $17.4 billion granted to GM and Chrysler was just the beginning of a process needing a well thought out and long term endgame. Part of that endgame involved the two automakers coming up with viability plans, which are due on February 17. Then Congress and the president will need to decide, based on those plans, whether the car companies should receive more money.

Should the carmakers get more money, the necessary car czar position is looking like a body-of-car-oligarchs instead, which sounds like a more reasonable idea. One name that has popped up to head the group is Steven Rattner, a former NYT reporter turned private equity fund founder. What hasn't been explained yet is how this board of overseers is meant to work with the car companies.

On the issue of fuel economy, some of Obama's campaign pledges might cause additional consternation. He had said he wanted to double the CAFE standard in 18 years, which would mean a 50 mpg average by 2027. He has backed off of that to the more generic "I want to raise fuel economy standards." His other campaign trail pledge was to review the EPA not granting California and 13 other states a waiver to set their own emission standards. His EPA designee has said one of her first priorities will be to review that decision, and she sounds like she intends to overturn if she can. If that happens, as the Obama administration lifts up the industry with one hand, the industry will probably feel itself being choked by the other hand.

[Source: Detroit News]

Obama faces immediate challenges with Detroit originally appeared on Autoblog on Fri, 23 Jan 2009 15:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auto industryAutoIndustrybarack obamaBarackObamabridge loansBridgeLoanscaliforniacar czarcarbCarCzaremissionsenvironmentepagovernmentlegalobamaFri, 23 Jan 2009 15:29:00 EST<![CDATA[President Obama takes inaugural ride in Presidential Limousine]]>http://www.autoblog.com/2009/01/21/president-obama-takes-inaugural-ride-in-presidential-limousine/http://www.autoblog.com/2009/01/21/president-obama-takes-inaugural-ride-in-presidential-limousine/http://www.autoblog.com/2009/01/21/president-obama-takes-inaugural-ride-in-presidential-limousine/#commentsFiled under: , , , ,


Click above for high-res image gallery of Obama's inaugural ride in Presidential Limousine

Inauguration Day for President Obama has come and gone, and while our freshly minted Commander in Chief was probably most interested in making his title official, we like to believe the high point of his day was taking the inaugural ride in his new Presidential Limousine. Secrete Service agents have reportedly begun calling Obama's new whip the "Beast" for reasons that are readily apparent. General Motors released images of the new Cadillac-based limo last week, but were of course not permitted to reveal the car's specifications. We're still in the dark on most everything about the new Presidential Limo, but new images from yesterday's inauguration reveal its true scale and capabilities.

First of all, notice the roof height compared to a Secret Service agent walking next to the car. Though it has the basic proportions of a very long-wheelbase sedan, this thing is nearly as tall as a Tahoe. The sidewalls of the tires are enormous, kind of like the front tires on a semi-truck, which suggests a level of puncture resistance far beyond your average run flat. The increased ground clearance and large fender flares also suggest this car can go off-roading when the need arises, like if an ICBM takes out the road ahead. Lastly, this image of an agent holding the car door open for Obama while he enters the vehicle shows the true thickness of its doors. Based on that, we imagine the new Presidential Limo would score 50 stars if crash tested by the NHTSA. Check out more pics below of the Obama family taking their first ride in the Presidential Limousine.

Gallery: President Obama Inauguration Limo Ride


[Photos: Getty Images]

President Obama takes inaugural ride in Presidential Limousine originally appeared on Autoblog on Wed, 21 Jan 2009 14:55:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>barack obamaBarackObamaobama limoObamaLimopresidential limopresidential limousinePresidentialLimoPresidentialLimousinethe beastTheBeastWed, 21 Jan 2009 14:55:00 EST<![CDATA[Cadillac One: Details on president-elect Obama's new limo]]>http://www.autoblog.com/2009/01/07/cadillac-one-details-on-president-elect-obamas-new-limo/http://www.autoblog.com/2009/01/07/cadillac-one-details-on-president-elect-obamas-new-limo/http://www.autoblog.com/2009/01/07/cadillac-one-details-on-president-elect-obamas-new-limo/#commentsFiled under: , ,

One of the perks of being the Commander-in-Chief is getting to ride in the back of a presidential limousine. And while certain presidents have had hand-me-down chariots, President-Elect Barack Obama is set to get a brand-new, high-tech model.

Looking much like a standard Cadillac DTS stretched to the limits, Obama's new ride is an altogether different beast, with the highest levels of protection, technology and luxury a presidential limo has ever seen. Described as "a rolling tank with windows," word is that the limo is actually not a Cadillac, but rather something built on a medium-duty truck chassis.

Spy shooters have captured the limo testing alongside a pair of GMC Topkick pickups, and keen observers have noted that the wheels and rubber appear to be dimensionally identical to those found on the big trucks (the limo sports 19.5-inch Goodyear Regional RHS tires). Bystanders even contend that a the limo sounds like its sporting a diesel engine underhood.

The exterior is an amalgamation of various Cadillac bits, with Escalade headlights flanked by Caddy's corporate grille and a set of taillights pulled from the STS. It's doubtful that all this kit -- and the massive fender flares -- will find their way onto the model bound for the White House car port, but the ultra-thick doors should provide a presidential-sized barrier between POTUS and the outside world. The only question left is whether Obama's code name (Renegade) will carry over when he moves into Pennsylvania Ave. on the 20th, or if it the Secret Service will change it to Caddyman.

Hit the jump to view a video of Obama's new ride in action.

Continue reading Cadillac One: Details on president-elect Obama's new limo

Cadillac One: Details on president-elect Obama's new limo originally appeared on Autoblog on Wed, 07 Jan 2009 11:33:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>barackbarack obamabarack obama limoBarackObamaBarackObamaLimocadillaclimolimousineobamaWed, 07 Jan 2009 11:33:00 EST<![CDATA[eBay Find of the Day: Obama's old Chrysler 300C]]>http://www.autoblog.com/2008/12/09/ebay-find-of-the-day-obamas-old-chrysler-300c/http://www.autoblog.com/2008/12/09/ebay-find-of-the-day-obamas-old-chrysler-300c/http://www.autoblog.com/2008/12/09/ebay-find-of-the-day-obamas-old-chrysler-300c/#commentsFiled under: , ,


Click above for image gallery of Obama's 300C

Back when Barack Obama was still vying for the official Democratic presidential nod, the now President-elect made a well-publicized switch from a HEMI-powered Chrysler 300C to a Ford Escape Hybrid. The issue, of course, was that the HEMI is seen as a gas swiller (15 mpg city / 23 highway) and an obvious target for those looking to point a finger at the junior senator's green credentials. So, out went the 300C and in came the defacto mode of transportation for image conscious politicians: a Ford Escape Hybrid. The trade made headlines a while before everybody moved on to more important issues. Or have they? Obama's old 300C is back in the news and currently up for auction on eBay Motors.

Just how much would it cost to park Obama's old whip in your driveway? We'll know for sure in about a week, but the opening bid is a rather staggering $100,000. Even a low mileage 2005 300C (this one has racked up just 20,000 miles) isn't worth more than about $17,000 or so on the open market. Is it really worth an extra $80,000 (and probably much more) to drive the next President's ex-car? If so, the bidding is now open.

Gallery: Obama's 300C on eBay


[Source: eBay Motors]

eBay Find of the Day: Obama's old Chrysler 300C originally appeared on Autoblog on Tue, 09 Dec 2008 13:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>barack obamaBarackObamaebay find of the dayebay motorsEbayFindOfTheDayEbayMotorsobamaobama 300cObama300cTue, 09 Dec 2008 13:27:00 EST<![CDATA[Obama agrees with need to view Detroit 3 reorganization plans]]>http://www.autoblog.com/2008/11/24/obama-agrees-with-need-to-view-detroit-3-reorganization-plans/http://www.autoblog.com/2008/11/24/obama-agrees-with-need-to-view-detroit-3-reorganization-plans/http://www.autoblog.com/2008/11/24/obama-agrees-with-need-to-view-detroit-3-reorganization-plans/#commentsFiled under: , , ,



President-Elect Barack Obama has been in favor of assisting Detroit automakers, but the soon-to-be Commander in Chief agrees with a Congressional demand to see concrete plans before any checks are signed. Obama's Cheif of Staff, David Axelrod, was all over the boob tube Sunday sharing the President Elect's thoughts on what the industry needs to do, saying a real plan to "retool and rationalize" is needed. Without a solid plan, Axelrod said there is little taxpayer dollars can do to fix the problem. House Speaker Nancy Pelosi added that she hopes the automakers have "gotten the message" about the need for a plan, which is due to Congress by December 2nd.

Axelrod also took a bit of a shot at the Detroit execs when he said that they need to "take a commercial flight" to discuss the plan on December 8th. We'd take that a step further and suggest that the three automakers get in their most fuel efficient vehicles and take a drive to our nation's capital.

[Source: Automotive News - subs req'd | Image: Bill Pugliano/Getty]

Obama agrees with need to view Detroit 3 reorganization plans originally appeared on Autoblog on Mon, 24 Nov 2008 08:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutbarack obamaBarackObamachryslerfordgmgovernment loansGovernmentLoansMon, 24 Nov 2008 08:28:00 EST<![CDATA[Obama talks oil addiction in first post-election TV interview]]>http://www.autoblog.com/2008/11/17/obama-talks-oil-addiction-in-first-tv-interview-post-election/http://www.autoblog.com/2008/11/17/obama-talks-oil-addiction-in-first-tv-interview-post-election/http://www.autoblog.com/2008/11/17/obama-talks-oil-addiction-in-first-tv-interview-post-election/#commentsFiled under: , ,



President-Elect Barack Obama thinks we have an oil addiction and he wants to do something about it. That something is developing a plan for energy independence. While that might have seemed easier to discuss when oil was at $147 a barrel, Obama thinks it's even more important to talk about now, with oil hovering around $60. "It may be a little harder politically, but it's more important," Obama told 60 Minutes in his first post-election interview. Obama explained that our addiction to oil causes a mental transition from "shock to trance." As oil and gas prices go up, it creates "a flurry of activity." When the prices go back down, however, people seemingly forget, and "we act like it's not important. And, as a consequence, we never make any progress." He considers it an addiction and knows it needs to be broken. Our next top executive thinks now is the time to break it.

Along with energy independence, Obama also addressed the auto industry bailout, and GM's situation in particular. Acknowledging that a complete collapse would be "a disaster in this kind of environment," but he's not in favor of handing the industry a blank check. He feels that discussions with the Detroit Three should be focused on figuring out what a sustainable U.S. auto industry will look like so that the bridge loans the government is offering lead to a definable goal rather than being open-ended. Unlike some critics, Obama doesn't think the country would be better off if General Motors was allowed to go into bankruptcy. Unlike the situation with the airlines where they could restructure and reorganize and still operate during that process, GM could be cut off completely if it isn't helped out, potentially preventing it from continuing on.

You can read the transcript of the complete interview and watch the video here.

[Source: CBS News]

Obama talks oil addiction in first post-election TV interview originally appeared on Autoblog on Mon, 17 Nov 2008 18:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>barack obamaBarackObamaenergy independenceEnergyIndependencegas pricesGasPricesoil pricesOilPricespresident-elect obamaPresident-electObamaMon, 17 Nov 2008 18:58:00 EST<![CDATA[GM to Obama: Welcome, now show me the money!]]>http://www.autoblog.com/2008/11/05/gm-to-obama-welcome-now-show-me-the-money/http://www.autoblog.com/2008/11/05/gm-to-obama-welcome-now-show-me-the-money/http://www.autoblog.com/2008/11/05/gm-to-obama-welcome-now-show-me-the-money/#commentsFiled under: ,



General Motors issued a statement today congratulating President Elect Obama on his win yesterday in the 2008 Presidential Election. Oh, and just in case our nation's soon-to-be 44th president forgot, he made some statements during the campaign pledging support for the auto industry, and GM's not going to let him forget it. In GM's own words, the struggling automaker says it "welcomes President-elect Obama's pledge to support our nation's domestic auto industry in its ongoing efforts to transform its business and develop new technologies." If you read between the lines, GM is actually saying it wants Obama to get to work securing an aid package for the ailing auto industry that includes speeding up the distribution of $25 billion worth of low interest loans and securing additional monies to facilitate a GM/Chrysler merger. At least that's what we saw between the lines. Automotive News reports that Obama told NBC News anchor Brian Williams last week that he would meet with the Detroit 3 ASAP if elected. Rick Wagoner is no doubt waiting by the phone as we speak. Check out the full statement after the jump.

[Source: General Motors, Photo by EMMANUEL DUNAND/AFP/Getty]

Continue reading GM to Obama: Welcome, now show me the money!

GM to Obama: Welcome, now show me the money! originally appeared on Autoblog on Wed, 05 Nov 2008 15:22:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>barack obamaBarackObamageneral motors obamaGeneralMotorsObamaobamaobama wagonerObamaWagonerWed, 05 Nov 2008 15:22:00 EST<![CDATA[Obama a BMW, McCain a Ford]]>http://www.autoblog.com/2008/10/24/obama-a-bmw-mccain-a-ford/http://www.autoblog.com/2008/10/24/obama-a-bmw-mccain-a-ford/http://www.autoblog.com/2008/10/24/obama-a-bmw-mccain-a-ford/#commentsFiled under: , ,



Being a Democrat or Republican is like being a Ford fan or Chevy supporter. While there are undecideds who might choose a Mustang or Camaro based on their spec sheets alone, most us already know where our allegiance lies and will defend our choice regardless. The analogy between your political party and pony car preference just got a little more interesting thanks to a study by Landor Associates and research firm Penn, Schoen and Berland. They issued a survey asking respondents to compare the top two political contenders with brands in the marketplace, and the results weren't shocking so much as reflective of the prevailing perceptions of each candidate.

Barack Obama, for instance, was associated with brands like Google, James Bond and Target, while John McCain was linked to AOL, Jack Bauer and Wal-Mart. When it came to auto brands, Obama was buddied up with BMW and McCain paired with Ford. We would have gone a bit more granular and pegged Obama as an M3 and McCain a Shelby GT500, as that would certainly be a race more exciting than the one we're watching now.

[Source: Adweek]

Obama a BMW, McCain a Ford originally appeared on Autoblog on Fri, 24 Oct 2008 15:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>barack obamaBarackObamajohn mccainJohnMccainmccainmccain fordMccainFordobamaobama bmwObamaBmwFri, 24 Oct 2008 15:59:00 EST<![CDATA[Barack Obama billboards spotted in Xbox 360's Burnout Paradise]]>http://www.autoblog.com/2008/10/14/barack-obama-billboards-spotted-in-xbox-360s-burnout-paradise/http://www.autoblog.com/2008/10/14/barack-obama-billboards-spotted-in-xbox-360s-burnout-paradise/http://www.autoblog.com/2008/10/14/barack-obama-billboards-spotted-in-xbox-360s-burnout-paradise/#commentsFiled under: ,



Reports of Barack Obama sightings in Burnout Paradise on the XBox 360 have been pouring in. It seems the Presidential hopeful has purchased virtual billboard space from Electronic Arts, the makers of the game. EA has confirmed the ad buy adding that it takes advertising from any credible source for placement in its video games. The ad itself shows Obama next to a message directing voters to voteforchange.com, a site that gives voters information about how to register and where to vote. Too bad Obama has cited video games as an obstacle to a good education as recently as yesterday, and there's no confirmation yet to the rumor that McCain is looking to buy spots on the Monopoly board.

[Source: Joystiq]

Barack Obama billboards spotted in Xbox 360's Burnout Paradise originally appeared on Autoblog on Tue, 14 Oct 2008 12:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>barack obamaBarackObamaburnout paradiseBurnoutParadisexbox 360Xbox360Tue, 14 Oct 2008 12:31:00 EST<![CDATA[Obama pledges $4b in aid for Detroit automakers]]>http://www.autoblog.com/2008/07/23/obama-pledges-4b-in-aid-for-detroit-automakers/http://www.autoblog.com/2008/07/23/obama-pledges-4b-in-aid-for-detroit-automakers/http://www.autoblog.com/2008/07/23/obama-pledges-4b-in-aid-for-detroit-automakers/#commentsFiled under: , , ,



After nearly eight years of getting little or no attention from the White House, it seems as though Detroit's automakers will be a major focus the 2008 Election. With the economy looking worse by the day, lawmakers in Washington have been kicking around the idea of a second economic stimulus package to get people shopping again, and Mowtown's lawmakers want in on the money. Michigan's two Democratic senators are attempting to use the prospect of such a bill to include federally-backed loans to help automakers and suppliers build new factories and engineer new models. The $4B would be used to offset the costs associated with the Treasury Department giving automakers $25B in loans at a discounted rate. Automakers have been against such a loan in the past, but with worsening conditions and tighter lending practices the idea is likely to sound much more exciting this time around.

Presumed Democratic Presidential candidate Barack Obama told the UAW in a letter that he supports the $4B in federal aid, stating that he would "provide real solutions necessary to help this industry compete and win in the global economy." Obama also promised tax breaks for consumers that purchase ultra fuel efficient vehicles and tax credits for automakers as well. Presumed Republican nominee John McCain opposes the idea of federally backed loans, but he does support tax breaks to those that purchase fuel efficient vehicles and a $300M in prize money for electric battery powered vehicles

[Source: Detroit Free Press, Image: Bill Pugliano/Getty]

Obama pledges $4b in aid for Detroit automakers originally appeared on Autoblog on Wed, 23 Jul 2008 07:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutBarack ObamaBarackObamachryslerfederal aidFederalAidfordgmWed, 23 Jul 2008 07:02:00 EST<![CDATA[If GM's situation worsens, McCain open to "every option"]]>http://www.autoblog.com/2008/07/18/if-gms-situation-worsens-mccain-open-to-every-option/http://www.autoblog.com/2008/07/18/if-gms-situation-worsens-mccain-open-to-every-option/http://www.autoblog.com/2008/07/18/if-gms-situation-worsens-mccain-open-to-every-option/#commentsFiled under: , , ,



In the wake of GM's Tuesday press conference detailing its plans to have enough cash on hand through 2009, politicians have been eager to voice their thoughts regarding the possibility of a government bailout. President Bush gave the possibility a strong no, but the two guys in line for his job have taken a different route.

Senator Obama has said that he supports automaker's attempts to restructure without outside help, but says he's willing to work with the companies on fuel saving tech. Republican Senator John McCain took an even stronger pro-automaker stance, saying "if it looks like it is approaching that, everyone has to consider every option." The Arizona Senator and presumed Republican nominee has stated in the past that he wouldn't support a buyout, but would instead provide tax breaks and infrastructure support to create more fuel efficient vehicles. McCain's "every option" comment may not sit well with his party, but it could sound good to Detroit automakers. McCain is visiting the GM tech center today. Both presidential candidates are working hard to woo Michigan voters, which will be a key state to win in the November election. Even though GM has stated it isn't looking for a handout, Michigan residents would love to know that the automaker would get one if it really needed it.

[Source: CNN Money, Image: Getty/Bill Pugliano]

If GM's situation worsens, McCain open to "every option" originally appeared on Autoblog on Fri, 18 Jul 2008 13:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>barack obamaBarackObamabushChryslerFordGMmccainFri, 18 Jul 2008 13:32:00 EST<![CDATA[Obama calls GM a "sobering reminder" of U.S. economy woes]]>http://www.autoblog.com/2008/07/15/obama-calls-gm-a-sobering-reminder-of-u-s-economy-woes/http://www.autoblog.com/2008/07/15/obama-calls-gm-a-sobering-reminder-of-u-s-economy-woes/http://www.autoblog.com/2008/07/15/obama-calls-gm-a-sobering-reminder-of-u-s-economy-woes/#commentsFiled under: , ,

A quick glance at today's announcements from America's largest automaker is an easy indicator that the U.S. auto market, at the very least, is under as strong as recession as could be imagined. According to Presidential hopeful Barack Obama, the entire industry as a whole is facing a "perfect storm" of "record gas prices, rising steel prices, a credit market contraction that has made it more difficult for consumers to purchase autos, and a weakening economy that has shed jobs for six straight months."

As the auto industry goes, so go the livelihoods of countless workers -- both directly employed by the Detroit 3 and indirectly supported by suppliers, dealers and the like -- making today's announcements from GM a "sobering reminder" of the current state of the U.S. economy. Still, Obama holds out hope that the right Federal policies could dig the industry out of the hole it currently finds itself in. What it likely doesn't mean, though, is a bailout, according to Obama's likely opponent, John McCain, and U.S. Secretary of Commerce Carlos Gutierrez.

[Sources: The Detroit Free Press, The Detroit News]

Obama calls GM a "sobering reminder" of U.S. economy woes originally appeared on Autoblog on Tue, 15 Jul 2008 17:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>american economyAmericanEconomybarack obamaBarackObamageneral motorsGeneralMotorsgmu.s. economyU.s.Economyus economyUsEconomyTue, 15 Jul 2008 17:01:00 EST<![CDATA[Obama promises more meetings with automakers if president]]>http://www.autoblog.com/2008/06/17/obama-promises-more-meetings-with-automakers-if-president/http://www.autoblog.com/2008/06/17/obama-promises-more-meetings-with-automakers-if-president/http://www.autoblog.com/2008/06/17/obama-promises-more-meetings-with-automakers-if-president/#commentsFiled under: , , ,


Barack Obama has been less than friendly with Detroit automakers in the past, but he's promised to meet with them both during his campaign and afterwards if he makes it into the Oval Office. The presumed Democratic nominee told a crowd in Flint, MI that he would meet with executives to discuss how "we're going to build the cars of the future right here in Michigan." Obama also criticized President Bush not meeting with automakers until his sixth year in office, which actually isn't true. President Bush met with automakers in 2003, though his second meeting with industry execs was delayed several times in 2006.

Obama has also promised to deliver $150 billion in funding over 10 years and 5 million jobs in the "green sector." Some of the money is being promised to automakers to retool older plants for plug-in electric vehicle production, which would be welcome news to the financially struggling automakers. It's typical of politicians to promise the moon and stars while on the stump, so we're sure automakers are listening with a skeptical ear and taking notes. Time will tell if actions will take the place of words.

[Source: The Detroit News, Photo by Mark Wilson/Getty]

Obama promises more meetings with automakers if president originally appeared on Autoblog on Tue, 17 Jun 2008 13:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Barack ObamaBarackObamaChryslerFordGMPresident BushPresidentBushTue, 17 Jun 2008 13:29:00 EST