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: General Motor still on track for 2010 IPO]]>http://www.autoblog.com/2009/09/28/report-general-motor-still-on-track-for-2010-ipo/http://www.autoblog.com/2009/09/28/report-general-motor-still-on-track-for-2010-ipo/http://www.autoblog.com/2009/09/28/report-general-motor-still-on-track-for-2010-ipo/#commentsFiled under: , ,


While defending the government bailout of America's auto industry, Herb Allison (above), the Treasury Department's assistant secretary for financial stability, said that a General Motors initial public offering is still a go for next year. While Allison still believes it was essential to safeguard the security of our financial system, he claims that the deal to bail out the auto industry has always been seen as a temporary situation:
"Our investments in the automobile industry and other companies that have received exceptional assistance are limited and temporary. Chrysler Financial has already repaid its assistance, and an initial public offering for GM is expected next year," Allison said.
According to The Detroit News, the Treasury is getting things in place to begin selling off their 60.8% equity stake in GM. It will take several years to divest themselves of GM stock, but the IPO should happen sometime in 2010. An initial public offering for Chrysler is still a ways off.

[Source: The Detroit News | Image: Mandel Ngan/AFP/Getty Images]

REPORT: General Motor still on track for 2010 IPO originally appeared on Autoblog on Mon, 28 Sep 2009 16:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutbankruptbankruptcygeneral motorsgeneral motors corp.General Motors IPOGeneralMotorsGeneralMotorsCorp.GeneralMotorsIpogmgm bankruptcygm ipoGmBankruptcyGmIpoHerbert AllisonHerbertAllisonIPOreportMon, 28 Sep 2009 16:29:00 EST<![CDATA[REPORT: GM gets out from under its polluted sites scot-free]]>http://www.autoblog.com/2009/08/07/report-gm-gets-out-from-under-its-polluted-sites-scot-free/http://www.autoblog.com/2009/08/07/report-gm-gets-out-from-under-its-polluted-sites-scot-free/http://www.autoblog.com/2009/08/07/report-gm-gets-out-from-under-its-polluted-sites-scot-free/#commentsFiled under: , ,



Among those clamoring for attention and payouts from Motors Liquidation Co., the company that assumed General Motors' unwanted assets after its Chapter 11 filing, are the environmental and economic redevelopment departments of state governments. According to reports, when GM exited bankruptcy, its polluted factory and land sites were consumed by the Motor Liquidation, allowing the automaker to avoid the responsibility of cleaning up its mess, and state leaders fear there won't be any money to clean the locations.

Before bankruptcy, GM estimated it had $1.9 billion in environmental issues and litigation liabilites. Motors Liquidation Co., though, has only about $1.2 billion to manage the entire wind-down of its affairs -- and as one might expect, attorneys handling the matter are expected to get a huge chunk of that. The figure to clean up sites in places like Buick City (pictured, before the buildings were demolished), Michigan and Massena, New York has been pegged at $530 million. However, the way it's looking, there won't be anywhere near that much money to get the job done.

The affected areas are afraid they will have to pay for the clean ups or simply let the land go unused. The problem with that: those local governments don't have the money. And they can't expect a developer to spend millions to clean up an old mess. If not Motors Liquidation or GM, civic representatives want the government to foot the bill since the current administration orchestrated the deal. No one knows how it will -- or won't -- be resolved, but the EPA has said that it's in touch with states and Motors Liquidation to "identify any environmental cleanup requirements that existed at the time of bankruptcy."

[Source: Freep | Photo Credit: Plan59]

REPORT: GM gets out from under its polluted sites scot-free originally appeared on Autoblog on Fri, 07 Aug 2009 19:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>environmentenvironmentalfactoriesgeneral motorsGeneralMotorsgmgm bankruptcyGmBankruptcygovernmentlegalmichiganmotors liquidation coMotorsLiquidationConew yorkNewYorkplantspollutionFri, 07 Aug 2009 19:01:00 EST<![CDATA[REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM]]>http://www.autoblog.com/2009/08/04/report-new-gm-entitled-to-16-billion-in-federal-tax-breaks-cou/http://www.autoblog.com/2009/08/04/report-new-gm-entitled-to-16-billion-in-federal-tax-breaks-cou/http://www.autoblog.com/2009/08/04/report-new-gm-entitled-to-16-billion-in-federal-tax-breaks-cou/#commentsFiled under: , ,



Due to what appears to be a slight (additional) bending of the rules, the "new," post-bankruptcy General Motors has been allowed to carry the $16 billion net operating loss that was created by the "old" GM. That means that New GM will not have to pay taxes on its profits for a while, because the profits can be written off by the losses.

The issue is that the move, called a "tax-loss carry forward," isn't supposed to be available to the automaker. The tax code contains provisions that prohibit a profitable company from buying an unprofitable company for the sole purpose of claiming the unprofitable company's tax losses - and the type of bankruptcy GM went through should have precluded The General's ability to use the tax loss practice.

Except for the fact that GM was bought by the government, and since the government writes the tax code and collects said taxes, it can decide how it wants to handle the companies it owns. General Motors says the move will bolster its "cash position to the benefit of all parties." Critics, on the other hand, say that GM got a $16 billion unfair head start on Ford. Hat tip to Adrian.

[Source: The Wall Street Journal | Image: Jim Watson/AFP/Getty]

REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM originally appeared on Autoblog on Tue, 04 Aug 2009 08:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptbankruptcychapter 11Chapter11earningsfinancialsgeneral motorsGeneralMotorsgmgm bankruptcyGmBankruptcygovernmentlegaltaxesuawunionsTue, 04 Aug 2009 08:27:00 EST<![CDATA[Paging Captain Obvious: Liquidation Motors reportedly tanks in trading]]>http://www.autoblog.com/2009/07/16/paging-captain-obvious-liquidation-motors-reportedly-tanks-in-t/http://www.autoblog.com/2009/07/16/paging-captain-obvious-liquidation-motors-reportedly-tanks-in-t/http://www.autoblog.com/2009/07/16/paging-captain-obvious-liquidation-motors-reportedly-tanks-in-t/#commentsFiled under: , ,



The short version: old General Motors is worthless, new General Motors is... well, less worthless. The Securities and Exchange Commission has already warned us that Motors Liquidation Company, the new name for the leftover scraps of GM, is not expected to return any value to stockholders. Despite this, the stock still has a fractional dollar value assigned to it, and some investors are still trading it. Yesterday, shares dipped 52%, closing at 55 cents.

The newly created "good" GM emerged from bankruptcy less than a week ago, and what's left at Motors Liquidation, still publicly traded, is highly unlikely to return any value, as Motors Liquidation will still be underwater after Chapter 11 fire sales are over. Bloomberg reports that this shell of the former company has 16 shuttered plants to sell off, as well as a nine hole golf course in New Jersey (we're as confused as you are), and of course, it is still beholden to unsecured creditors and also still holds the bag for lawsuit liabilities, too. Warnings are being clearly stated and more and more investors appear to be cottoning on to the reality that MLC stock doesn't hold much water, which explains the stock's precipitous decline.

[Source: Bloomberg via STLtoday]

Paging Captain Obvious: Liquidation Motors reportedly tanks in trading originally appeared on Autoblog on Thu, 16 Jul 2009 09:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsgeneral motors bankruptcygeneral motors corp.general motors gmGeneralMotorsGeneralMotorsBankruptcyGeneralMotorsCorp.GeneralMotorsGmgm bankruptcyGmBankruptcymotors liquidationmotors liquidation corporationMotorsLiquidationMotorsLiquidationCorporationThu, 16 Jul 2009 09:57:00 EST<![CDATA[Autoblog Podcast #135]]>http://www.autoblog.com/2009/07/09/autoblog-podcast-135/http://www.autoblog.com/2009/07/09/autoblog-podcast-135/http://www.autoblog.com/2009/07/09/autoblog-podcast-135/#commentsFiled under: , , ,


Click above for the Autoblog Podcast in iTunes, RSS or listen now!

Episode #135 of the Autoblog Podcast is here. Chris, Sam and Dan took time out to chat about GM's fast-moving reorganization, Smart's dubious $99/month deal, raising gas taxes as a better way to increase fuel economy, and Shunk's new car dilemma. To wrap up, we hit a question, and that's it - a nice, tidy 65-minute affair. Tell us how we're doing by filling out our survey, if you haven't already, and we'll see you next week. In the meantime, you can drop us a note at Podcast at Autoblog dot com. Thanks for listening!

Continue reading Autoblog Podcast #135

Autoblog Podcast #135 originally appeared on Autoblog on Thu, 09 Jul 2009 11:41:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>autoblog podcastautoblog podcast 135AutoblogPodcastAutoblogPodcast135featuredgeneral motorsGeneralMotorsgm bankruptcyGmBankruptcypodcastpodcast 135Podcast135smartsmart carsmart fortwoSmartCarSmartFortwowall street journalwall street journal cafeWallStreetJournalWallStreetJournalCafewsjThu, 09 Jul 2009 11:41:00 ESTAutoblog Podcast #135Autoblog65:00autoblog podcast, podcast, <![CDATA[The Greenwash to End All Greenwashing? GM reportedly pondering changing logo color]]>http://www.autoblog.com/2009/07/09/the-greenwash-to-end-all-greenwashing-gm-reportedly-pondering-c/http://www.autoblog.com/2009/07/09/the-greenwash-to-end-all-greenwashing-gm-reportedly-pondering-c/http://www.autoblog.com/2009/07/09/the-greenwash-to-end-all-greenwashing-gm-reportedly-pondering-c/#commentsFiled under: , ,


2010 Chevy Spark - Click above for high-res image gallery

General Motors has certainly been pumping out a greener message for the last few years, but, on the eve of its likely emergence from bankruptcy, it looks like it might be ridiculously difficult to miss the company's shift to a new and very public eco-mindset: The General's traditional blue square logo could become green. No, really.

While no official decision has yet been made, insiders are saying that the background color change is being considered, "in an effort to show consumers that it is leaner and greener, more focused on fuel efficiency and better able to make quick decisions," says MSNBC.

The fuel efficiency meaning of a possible new green logo is easy to understand and the "quick decisions" part reflects a new GM that will likely have 35 percent fewer executives to go along with fewer employees overall. More announcements on these issues and the fate of the Spark minicar could come tomorrow, when GM is expected to emerge from bankruptcy.

The real color change that GM needs to make, of course, is a shift from red to black - but that's significantly harder than swapping pixels in a logo.


Gallery: Geneva 2009: Chevy Spark


[Source: MSNBC | Logo Image: Adam Morath/AOL]

The Greenwash to End All Greenwashing? GM reportedly pondering changing logo color originally appeared on Autoblog on Thu, 09 Jul 2009 10:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>emblemgeneral motors green logogeneral motors logoGeneralMotorsGreenLogoGeneralMotorsLogogmgm bankruptcygm greengm green logogm logoGmBankruptcyGmGreenGmGreenLogoGmLogogreen gmgreen logo goGreenGmGreenLogoGoiconographylogonew gmNewGmThu, 09 Jul 2009 10:27:00 EST<![CDATA[WSJ Column: Higher gas taxes better strategy than CAFE to save GM]]>http://www.autoblog.com/2009/07/06/wsj-higher-gas-taxes-much-better-than-cafe-to-save-gm/http://www.autoblog.com/2009/07/06/wsj-higher-gas-taxes-much-better-than-cafe-to-save-gm/http://www.autoblog.com/2009/07/06/wsj-higher-gas-taxes-much-better-than-cafe-to-save-gm/#commentsFiled under:


2009 Chevrolet Cruze - Click above for high-res image gallery

Ford Executive Chairman Bill Ford and AutoNation CEO Mike Jackson were just two voices that spoke out in favor of a higher gas tax earlier this year. While we took the Cato Institute's Alan Reynolds to task for muddying the waters of the "Toyota-licensed hybrid Fusion", there's reason to look deeper at his argument (published in The Wall Street Journal) which maintains that a higher gas tax isn't just a good way to encourage sensible car purchases, it also stands to be helpful in saving troubled domestic automakers like General Motors. Reynolds writes:
The federal fuel tax is highest on the most efficient fuel (diesel) and below zero on the least efficient fuel (ethanol). Cars get about 30% better mileage on diesel than on gasoline, and cars running mainly on gasoline get about 30% better mileage than they would using 85% ethanol.

To stop distorting consumer choices, simply apply the same 24-cent-a-gallon federal tax to gasoline and ethanol as we do to diesel. This would add funds to the depleted federal highway trust. More importantly, it would remove an irrational tax penalty on buying diesel-powered cars -- arguably the most cost-effective way to improve mileage without reducing car size or performance.
Since GM, already on the government dole, sells (proportionally) so many large vehicles, it will need to sell more smaller or diesel-powered vehicles to offset its truck fleet and to meet upcoming CAFE standards. Reynolds doesn't think CAFE is a good idea, and claims there's a better way to make sure GM survives. Reynolds says that a higher gas tax would allow the Detroit automaker to keep building the cars it builds best ("midsize and large sedans, sports cars, pickup trucks and SUVs"). Only by upping the gas tax and totally scrapping CAFE, Reynolds says, will GM not be forced to take even more money to survive - and to pay the CAFE fines it's sure to acquire. Doing so would also allow The General to not waste "more taxpayer money on 'retooling' to produce unwanted and unprofitable subcompacts and electric cars."


Gallery: Paris 2008: Chevrolet Cruze


[Source: Wall Street Journal]

WSJ Column: Higher gas taxes better strategy than CAFE to save GM originally appeared on Autoblog on Mon, 06 Jul 2009 18:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gas taxgas taxesGasTaxGasTaxesgmgm bankruptcyGmBankruptcyMon, 06 Jul 2009 18:30:00 EST<![CDATA[Autoblog Podcast #133]]>http://www.autoblog.com/2009/06/24/autoblog-podcast-133/http://www.autoblog.com/2009/06/24/autoblog-podcast-133/http://www.autoblog.com/2009/06/24/autoblog-podcast-133/#commentsFiled under: , , , , , , , ,


Click above for the Autoblog Podcast in iTunes, RSS or listen now!


The dynamic duo of Chris and Sam carry off Episode #133 of the Autoblog Podcast without a hitch. Though down a man, the pair didn't cheap out on topics or duration, it's the same podcast goodness. It kicks off with Hyundai's impressive showing in the recently released Initial Quality Survey results. From there, they hit Chrysler's RWD/FWD dilemma with its Sebring/Avenger replacement, the rumor that Mustangs could have had IRS for $100 per car, and reports of an Ecotec engine for the Buick LaCrosse. Keeping it on the Buick tip, spyshots of a Tri-Shield variant of the new 2010 Astra get mentioned. The nullification of all pre-bankruptcy liability claims against GM and Chrysler is next before talk settles briefly on Hyundai's 2010-on lineup and then turns to your questions. It almost seems like the Chris and Sam show is a juggernaut without that other guy. Thanks for listening, and please, keep your questions and comments rolling in to Podcast at Autoblog dot com.

In our ongoing efforts to promote and direct the Podcast, please fill out our quick survey so we can snag the best sponsors for your favorite listening experience!

Continue reading Autoblog Podcast #133

Autoblog Podcast #133 originally appeared on Autoblog on Wed, 24 Jun 2009 13:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>autoblog podcastautoblog podcast 133AutoblogPodcastAutoblogPodcast133buick astrabuick ecotecbuick lacrosseBuickAstraBuickEcotecBuickLacrossechryslerchrysler 200cchrysler bankruptchrysler bankruptcychrysler bankruptcy approvedchrysler liabilitychrysler sebringChrysler200cChryslerBankruptChryslerBankruptcyChryslerBankruptcyApprovedChryslerLiabilityChryslerSebringfeaturedgm bankruptcygm liabilityGmBankruptcyGmLiabilityhyundaihyundai 2011hyundai iqshyundai lineuphyundai qualityhyundai sonataHyundai2011HyundaiIqsHyundaiLineupHyundaiQualityHyundaiSonatapodcastpodcast 133Podcast133podcastsWed, 24 Jun 2009 13:29:00 ESTAutoblog Podcast #133Autoblog64:00autoblog, autoblog podcast, podcast, autoblog podcast 133<![CDATA[BREAKING: Swedish TV reports Koenigsegg buying Saab]]>http://www.autoblog.com/2009/06/11/breaking-swedish-tv-reports-koenigsegg-buying-saab/http://www.autoblog.com/2009/06/11/breaking-swedish-tv-reports-koenigsegg-buying-saab/http://www.autoblog.com/2009/06/11/breaking-swedish-tv-reports-koenigsegg-buying-saab/#commentsFiled under: ,



We don't have much to go on yet, but Swedish television is reportedly claiming that Koenigsegg, makers of ultra high-performance exotic supercars, and a group of Norwegian investors have signed a letter of intent with Saab to take over the brand from General Motors. Final negotiations will reportedly take place in the coming months.

Along with Saturn and Hummer, Saab was put up for sale by GM before the automaker filed for Chapter 11 bankruptcy. Many companies and investor groups from all over the world, including China, were reportedly interested in the Swedish brand, and despite how crazy it sounds, Koenigsegg was thrown into the list of finalists late last month. What we thought was crazy has reportedly come to pass.

Do you think Koenigsegg and Saab, two automotive brands that share a home country and sell completely different kinds of cars, will work well together? Let us know in the poll below and we'll keep you updated as the story unfolds.

View Poll



[Source: Reuters, SVT (translated)]

BREAKING: Swedish TV reports Koenigsegg buying Saab originally appeared on Autoblog on Thu, 11 Jun 2009 11:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>breakinggeneral motorsGeneralMotorsgmgm bankruptcyGmBankruptcykoenigseggkoenigsegg saabKoenigseggSaabsaabsaab boughtSaabBoughtThu, 11 Jun 2009 11:32:00 EST<![CDATA[GM grants reprieve to 30 dealers, reviewing more]]>http://www.autoblog.com/2009/06/11/gm-grants-reprieve-to-30-dealers-reviewing-more/http://www.autoblog.com/2009/06/11/gm-grants-reprieve-to-30-dealers-reviewing-more/http://www.autoblog.com/2009/06/11/gm-grants-reprieve-to-30-dealers-reviewing-more/#commentsFiled under: ,



General Motors wants to shrink its dealer network by around 2,500 outlets and has sent closure notices to more than a thousand already. Still, the General has left a door open that allows affected dealers to appeal the decision and show proof of why they should not be cut from the herd.

According to reports, almost the entire affected body of dealers appealed, and 500 of those appeals are still pending. Thirty dealers have had their sentences overturned and will be allowed to stay open. It is good news for the dealers... and yet the math remains the math: strorefronts have got to go.

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

GM grants reprieve to 30 dealers, reviewing more originally appeared on Autoblog on Thu, 11 Jun 2009 10:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcydealerdealersdealershipdealershipsfinancialsgeneral motorsGeneralMotorsgmgm bankruptcyGmBankruptcyThu, 11 Jun 2009 10:29:00 EST<![CDATA[REPORT: Cheney says Bush left GM bankruptcy for the next guy]]>http://www.autoblog.com/2009/06/09/cheney-bush-left-gm-bankruptcy-for-the-next-guy/http://www.autoblog.com/2009/06/09/cheney-bush-left-gm-bankruptcy-for-the-next-guy/http://www.autoblog.com/2009/06/09/cheney-bush-left-gm-bankruptcy-for-the-next-guy/#commentsFiled under: , ,



The writing's been on the wall for years: GM would have to declare bankruptcy if it had any hope of restructuring in order to survive in the long-term. And though the Obama administration's effective take-over of General Motors was hardly the first case of the government nationalizing a private company, President George W. Bush didn't want to be the one to do it.

This, according to former vice-president Dick Cheney, who reportedly admitted in a recent interview on Fox News that the Bush administration floated the $17.4 billion auto industry bailout package in order to give the outgoing administration enough time to exit and for the next administration to settle in before the house of cards in Detroit came tumbling down. According to Cheney, President Bush "decided that he did not want to be the one who pulled the plug just before he left office."

[Source: Motor Authority | Image: Mark Wilson/Getty]

REPORT: Cheney says Bush left GM bankruptcy for the next guy originally appeared on Autoblog on Tue, 09 Jun 2009 08:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bushbush administrationbush gm bankruptcyBushAdministrationBushGmBankruptcycheneydick cheneyDickCheneygeorge w bushGeorgeWBushgm bankruptgm bankruptcyGmBankruptGmBankruptcyobama administrationObamaAdministrationpresident bushpresident george w bushPresidentBushPresidentGeorgeWBushTue, 09 Jun 2009 08:27:00 EST<![CDATA[Meet Brian Deese, the 31-year-old in charge of breaking up GM]]>http://www.autoblog.com/2009/06/05/meet-brian-deese-the-31-year-old-in-charge-of-breaking-up-gm/http://www.autoblog.com/2009/06/05/meet-brian-deese-the-31-year-old-in-charge-of-breaking-up-gm/http://www.autoblog.com/2009/06/05/meet-brian-deese-the-31-year-old-in-charge-of-breaking-up-gm/#commentsFiled under: ,



Many of us ABers being in our early- to mid-30s, we're less amazed that another of our ilk has risen to a decisive government position. We are, after all, a generation on the rise. The surprising part about Brian Deese's story is that he's been instrumental in shaping the Obama administration's moves to save General Motors, and this is his first official tour of duty in Washington. What qualifies a guy who hasn't even finished his Yale Law degree to steer President's automotive task force around? From what's been said about Mr. Deese, his quick ability to boil down the often competing economic and political aspects of any given issue.

Deese piped up in favor of Fiat's rescue of Chrysler, pointing out with a memo that a fire sale of the ailing automaker would send unforseen ripples out into the economy as a whole. Speaking out in such an influential manner is definitely unusual considering Deese doesn't appear to be an auto enthusiast or business propeller-head with his nose buried in studies and reports about the car industry. A childhood spent in the Boston suburb of Belmont, Massachusetts under the parentage of a college professor an an engineer, Deese did his undergraduate time at Middlebury College in Vermont before heading to Washington to work for Nancy Birdsall on international aid. A turn with former Clinton policy wonk Gene Sperling before the move to Yale, Hillary Clinton's bid for nomination brought Deese back to DC. With friends in Washington, Deese found himself hooked into the Obama team, and from there he's been running busily around our nation's capital.

If General Motors can successfully navigate Chapter 11, we'll all get to see just how well Brian Deese has done digesting the thorny chestnut that is saving our domestic auto industry.

[Source: The New York Times, Image: Maxhawkins - CC2.0]

Meet Brian Deese, the 31-year-old in charge of breaking up GM originally appeared on Autoblog on Fri, 05 Jun 2009 10:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>brian deesebrian deese carbrian deese carmakerbrian deese detroitbrian deese gmbrian deese obamaBrianDeeseBrianDeeseCarBrianDeeseCarmakerBrianDeeseDetroitBrianDeeseGmBrianDeeseObamachryslerchrysler llcchryslerbankruptcyChryslerLlcgm bailoutgm bankrupgm bankruptcygm bankruptcy june 1GmBailoutGmBankrupGmBankruptcyGmBankruptcyJune1obama administationobama administrationobama automaker bailoutobama gmObamaAdministationObamaAdministrationObamaAutomakerBailoutObamaGmFri, 05 Jun 2009 10:31:00 EST<![CDATA[Top 7 Good Cars From "Bad GM"]]>http://www.autoblog.com/2009/06/03/top-7-good-cars-from-bad-gm/http://www.autoblog.com/2009/06/03/top-7-good-cars-from-bad-gm/http://www.autoblog.com/2009/06/03/top-7-good-cars-from-bad-gm/#commentsFiled under: , , , , , , , , , , ,



General Motors makes more than a few world-class automobiles. As true as that statement may be, that alone wasn't enough to stall the automaker's steady decline - fueled as it may have been by the global economic downturn - into Chapter 11 bankruptcy. To expedite GM's return to viability, the Obama Administration plans to split the giant automaker into two parts, a so-called "Good GM" made up of GM's best assets and "Bad GM," which is what we're examining in today's Top Ten list.

In case you're not aware, Bad GM happens to include the entire lines from HUMMER, Pontiac, Saab and Saturn. Instead of dwelling on the oft ignored, underdeveloped and stagnant vehicles in Bad GM's lineup, we're taking a look at the best that Bad GM has to offer. Try as we might to make this into a true Top Ten list, we were only able to come up with seven suitable vehicles to lament - which admittedly does tell us something. Some were obvious, a few not so much. That said, follow along as we pick the Top 7 Good Cars from Bad GM.

Top 7 Good Cars From "Bad GM" originally appeared on Autoblog on Wed, 03 Jun 2009 12:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bad gmBadGmfeaturedgeneral motorsgeneral motors bankruptcyGeneralMotorsGeneralMotorsBankruptcygm bankruptcyGmBankruptcytop 7top 7 good cars from bad gmtop seventop tenTop7Top7GoodCarsFromBadGmTopSevenTopTenWed, 03 Jun 2009 12:30:00 EST<![CDATA[Autoblog Podcast #130]]>http://www.autoblog.com/2009/06/02/autoblog-podcast-130/http://www.autoblog.com/2009/06/02/autoblog-podcast-130/http://www.autoblog.com/2009/06/02/autoblog-podcast-130/#commentsFiled under: , , , , , , , , ,


Click above for the Autoblog Podcast in iTunes, RSS or listen now!

Episode #130 of the Autoblog Podcast sees Chris, Sam, and Dan kibbitzing over the obvious news, but it's not an All-GM-Bankruptcy show. Starting with General Motors (after all, it's a huge event) we move on to Magna's deal with Opel (and GM, coincidentally). Volvo's clever implementation of a diesel hybrid in its wagon comes next before talk turns to Fiat-based Chryslers. It all wraps up at about an hour and a half after we polish off some of your questions. Thanks for listening, hit us up at Podcast at autoblog dot com with questions/comments/praise/scorn.

Follow the jump to subscribe to the Autoblog Podcast in iTunes, add the show to your RSS aggregator... or listen to it right now!

Continue reading Autoblog Podcast #130

Autoblog Podcast #130 originally appeared on Autoblog on Tue, 02 Jun 2009 16:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>autoblog podcastAutoblogPodcastchryslerchrysler fiatchrysler fiat alliancechrysler fiat dealchrysler fiat partnerchrysler fiat partnershipchrysler llcchryslerbankruptcyChryslerFiatChryslerFiatAllianceChryslerFiatDealChryslerFiatPartnerChryslerFiatPartnershipChryslerLlcfeaturedgm bankrupgm bankruptgm bankruptcygm bankruptcy commercialgm bankruptcy june 1GmBankrupGmBankruptGmBankruptcyGmBankruptcyCommercialGmBankruptcyJune1magnamagna opelMagnaOpelpodcastpodcast 130podcast episodePodcast130PodcastEpisodevolvovolvo hybridvolvo hybrid wagonvolvo wagonVolvoHybridVolvoHybridWagonVolvoWagonTue, 02 Jun 2009 16:45:00 ESTAutoblog Podcast #130Autoblog98:00<![CDATA[Top 10 Talking Points To Sound Smart About GM Bankruptcy]]>http://www.autoblog.com/2009/06/02/top-10-talking-points-to-sound-smart-about-gm-bankruptcy/http://www.autoblog.com/2009/06/02/top-10-talking-points-to-sound-smart-about-gm-bankruptcy/http://www.autoblog.com/2009/06/02/top-10-talking-points-to-sound-smart-about-gm-bankruptcy/#commentsFiled under:



Look, you're a car person, I'm a car person... we're car people. As such, friends, family and the watercooler crowd are depending on us to explain what the hell is going on with General Motors filing for Chapter 11 bankruptcy. So that we don't all end up regurgitating the five-second sound bites from TV newscasts, we've assembled the Top 10 talking points you need to know. Remember these tips and the ignorant masses will see you as wise as a cable news show pundit. For everything else, you're on your own.

Top 10 Talking Points To Sound Smart About GM Bankruptcy originally appeared on Autoblog on Tue, 02 Jun 2009 12:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsGeneralMotorsgmgm bankruptcyGmBankruptcyTue, 02 Jun 2009 12:29:00 EST<![CDATA[VIDEO: Explaining the "New GM" to America in commercial form]]>http://www.autoblog.com/2009/06/01/video-gm-explains-new-gm-in-new-commercial/http://www.autoblog.com/2009/06/01/video-gm-explains-new-gm-in-new-commercial/http://www.autoblog.com/2009/06/01/video-gm-explains-new-gm-in-new-commercial/#commentsFiled under: ,


GM explains "New GM" in new commercial - Click above to watch video after the jump

There are lots of places you can find official information about what's happening to General Motors right now. In addition to www.gm.com/restructuring, GM has also launched a new website called re:invention. Already stocked with announcements and explanations regarding the company's filing for Chapter 11 bankruptcy this morning, the website also features a handy, dandy commercial that boils down the essentials to bite-sized, bumper sticker slogans.

The minute-long commercial, which can be viewed after the jump, admits right off the bat that "No company wants to go through this," and goes on to frame the situation like this: "GM needs to start over in order to get stronger." Amidst a siezure-inducing barrage of scenes from Americana, the narrator explains in a nutshell that the old way wasn't working and the new way will be "Leaner, Greener, Faster, Smarter."

Follow the jump to view the video for yourself and let us know if it gets the right message across about "New GM".

[Source: re:invention]

Continue reading VIDEO: Explaining the "New GM" to America in commercial form

VIDEO: Explaining the "New GM" to America in commercial form originally appeared on Autoblog on Mon, 01 Jun 2009 15:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gmgm bankruptcygm bankruptcy commercialGmBankruptcyGmBankruptcyCommercialMon, 01 Jun 2009 15:00:00 EST<![CDATA[President Obama addresses nation on GM bankruptcy]]>http://www.autoblog.com/2009/06/01/president-obama-addresses-nation-on-gm-bankruptcy/http://www.autoblog.com/2009/06/01/president-obama-addresses-nation-on-gm-bankruptcy/http://www.autoblog.com/2009/06/01/president-obama-addresses-nation-on-gm-bankruptcy/#commentsFiled under: , ,



Just before noon EST, President Obama gave a press conference concerning this morning's General Motors Chapter 11 bankruptcy filing. The man who made hope cool again tried to put as positive a spin as possible on the automaker's decision to file, claiming a "viable, achievable plan" is in place that will make the "New GM" a competitive, profitable business going forward. He highlighted specific points of the plan including GM's intention to produce a larger share of its vehicles in the U.S. In fact, if that happens, it would be the first increase in this country's share of GM's production in three decades.

The President also acknowledged the key players who made sacrifices to give GM's reorganization a chance at success. They include the United Auto Workers union (which has accepted further cuts in compensation and retiree health benefits), the shareholders, bondholders, as well as those creditors who own the majority of GM's debt. The latter group will get a fraction of what their owed, but the President pointed out that whatever they get will be more than if GM were liquidated through a Chapter 7 bankruptcy filing.

The President also had some explaining to do after making the U.S. government and all its taxpayers a 60% owner of the New GM. He called the government's role one of a "reluctant shareholder" and remarked that it would not exercise any control over how the company is run on a daily basis. In addition to the $20 billion in loans that GM has already received from the U.S. government (all of which will be forgiven), the government has pledged another $30 billion to get the automaker through this 60-90 day bankruptcy process.

We'll add the video of Obama's press conference as soon as it becomes available.

UPDATE 1: No video available yet, but the President's full remarks have been added after the jump.

[Image: Spencer Platt/Getty]

Continue reading President Obama addresses nation on GM bankruptcy

President Obama addresses nation on GM bankruptcy originally appeared on Autoblog on Mon, 01 Jun 2009 12:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>General MotorsGeneralMotorsgmgm bankruptcyGmBankruptcyobamaobama gmObamaGmMon, 01 Jun 2009 12:59:00 EST<![CDATA[REPORT: GM preparing to give more dealerships the axe]]>http://www.autoblog.com/2009/05/29/report-gm-preparing-to-give-more-dealerships-the-axe/http://www.autoblog.com/2009/05/29/report-gm-preparing-to-give-more-dealerships-the-axe/http://www.autoblog.com/2009/05/29/report-gm-preparing-to-give-more-dealerships-the-axe/#commentsFiled under: , , , ,



On top of the 1,124 General Motors dealers that will be closed next year, the ailing automaker is reportedly going to announce another round of dealer closings on Monday when its bankruptcy declaration is expected. According to two Automotive News sources, 450 dealers will not see their dealer franchises renewed. For his part, Mark LaNeve, GM's VP of North American sales, said the number would be "less than half that."

No matter the number, it's more of the same bad-yet-necessary news being spread around. LaNeve notes that the dealers who won't be renewed "have very specific issues" including "specific performance issues." Among them are supposed to be some stores that are skewed exclusively or heavily Pontiac. These dealers will be shutting up shop when their franchise agreements expire in October 2010.

[Source: Automotive News -sub req'd | Image: Mark Ralston/Getty]

REPORT: GM preparing to give more dealerships the axe originally appeared on Autoblog on Fri, 29 May 2009 18:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcycar salesCarSalesdealerdealersdealershipdealershipsgeneral motorsGeneralMotorsgmgm bankruptcygm dealersGmBankruptcyGmDealerspontiacshowroomFri, 29 May 2009 18:29:00 EST<![CDATA[REPORT: GM bondholders give go-ahead to revamped deal, bankruptcy still expected]]>http://www.autoblog.com/2009/05/28/report-gm-bondholders-give-go-ahead-to-revamped-deal-bankruptc/http://www.autoblog.com/2009/05/28/report-gm-bondholders-give-go-ahead-to-revamped-deal-bankruptc/http://www.autoblog.com/2009/05/28/report-gm-bondholders-give-go-ahead-to-revamped-deal-bankruptc/#commentsFiled under: , ,



Yesterday, General Motors and its bondholders had officially called it quits, and GM was headed for a certain and certain-to-be-rocky bankruptcy. Today, according to a company filing, The General and the necessary chunk of its bondholders have come to an agreement, and the company looks to be headed to a slightly less rocky bankruptcy.

CNN explains that GM's bondholders with $27 billion in GM debt had been offered 10% of the company in exchange for their paper. A major group of bondholders with 20% of that debt, roughly $5.5 billion, is said to have preliminarily approved the deal. One of the sweeteners that finally got them to swallow the medicine was offering all bondholders the chance to buy another 15% of the new, post-bankruptcy company "at a low price."

The other: GM won't have to repay any of the government loans it has received or that it will receive in bankruptcy, with the government taking a 72.5% stake in the company instead. The relief to the balance sheet also helped sway the bondholders. In the interim, the UAW will get a 17.5% stake, with the bondholders getting the rest. The bondholders had to agree not to fight the bankruptcy in court. Bondholders have until Saturday afternoon to officially declare their acceptance of the deal.

It has been presented up to now that the lack of a bondholder agreement is what kept GM headed toward bankruptcy. Yet even though GM supposedly has an agreement, it is still widely expected to declare bankruptcy next week. The company needs to shed its anchors and barnacles quickly - and it appears it will still take a BK will do that.

[Source: CNN]

REPORT: GM bondholders give go-ahead to revamped deal, bankruptcy still expected originally appeared on Autoblog on Thu, 28 May 2009 14:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankrupctybondholdersfinancialsgeneral motorsGeneralMotorsgmgm bankruptcygm bondholdersGmBankruptcyGmBondholdersgovernmentThu, 28 May 2009 14:00:00 EST<![CDATA[GM and Chrysler CEOs called to D.C. to explain dealer closings]]>http://www.autoblog.com/2009/05/26/gm-and-chrysler-ceos-called-to-d-c-to-explain-dealer-closings/http://www.autoblog.com/2009/05/26/gm-and-chrysler-ceos-called-to-d-c-to-explain-dealer-closings/http://www.autoblog.com/2009/05/26/gm-and-chrysler-ceos-called-to-d-c-to-explain-dealer-closings/#commentsFiled under: , , ,



The situations with GM and Chrysler are beginning to look like what happens after a fumble in an NFL game: a dozen men pile on top of each other all trying to get the ball. The difference in the case of GM and Chrysler is there are far more than two teams struggling for the prize. The latest to hop on and shove a hand in is the Senate Commerce Committee, which wants the CEOs to testify "early next month" regarding the planned dealership closings.

Chrysler's sent 789 dealers eviction notices, GM is out to dispatch 1,124 dealers in the US and about 245 in Canada. The GM dealers won't have their franchises renewed as of October 2010, and are said to be staying in operation until they sell the last of their inventory. Chrysler dealers are expected to board up the windows by June 9, although Jim Press recently gave assurances that there will still be help given to those dealers after that date. The Commerce Committee isn't moved by either proposal, citing what it calls "the short and insufficient transition period given to dealerships for franchise terminations."

The hearings would be chaired by Senators John Rockefeller and Kay Bailey Hutchison, and will address what happens to dealer inventory and jobs and consumer needs like warranties and servicing. Hutchison was working on legislation to force automakers to give dealers 60 days notice before closing their franchises (which GM has done) or else go without government help. That legislation was put on hold after Press' letter, but now Nardelli and Henderson will need to go explain things to the principal in person.

For GM it's just one more thing to lump into the impending bankruptcy in-box. For Chrysler, every additional delay in sorting out its business situation only gives Fiat more of those pre-wedding jitters.

[Source: Automotive News - Sub. Req.]

GM and Chrysler CEOs called to D.C. to explain dealer closings originally appeared on Autoblog on Tue, 26 May 2009 08:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcychryslerchrysler bankruptcyChryslerBankruptcydealersdealershipdealershipsfinancialsgeneral motorsGeneralMotorsgmgm bankruptcyGmBankruptcygovernmentkay bailey hutchinsonKayBaileyHutchinsonsenatesenate commerce committeeSenateCommerceCommitteeTue, 26 May 2009 08:29:00 EST