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Click above for high-res image gallery of the 2011 Chevy Volt

General Motors released an updated business plan to Congress on Wednesday, and one of the main points of interest surrounds the automaker's request of an additional $2.6 billion for the production of the Chevrolet Volt and two additional variants based on the same Voltec powertrain architecture.

The report doesn't spell out what the two new Volt-like models would be, but there's speculation a production model based on the Cadillac Converj concept (possibly as a 4-door sedan) might be in the works. Offering the Volt's high-tech and expensive powertrain at a Caddy-level price point makes plenty of sense as it would allow GM to subsidize the cost of its development and lower the price of production.

These funds would reportedly come from the Department of Energy's $25 billion Advanced Technology Vehicle Manufacturing Program and is separate from - and in addition to - the ongoing negotiations for bailout funds between General Motors, Chrysler and the U.S. government. The total amount GM has requested under the D.O.E. program now stands at $10.3 billion.


Gallery: 2011 Chevy Volt


[Source: Reuters]

GM asking Department of Energy for $2.6 billion to build hybrids? originally appeared on Autoblog on Thu, 02 Apr 2009 15:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutChevroletChevychevy voltChevyVoltD.O.E.Department of EnergyDepartmentOfEnergydoe loandoe loansDoeLoanDoeLoansgm bailoutgm loangm loansGmBailoutGmLoanGmLoansgreengreen car fundgreen car loanGreenCarFundGreenCarLoanVoltThu, 02 Apr 2009 15:20:00 EST<![CDATA[GM requests $16.6 billion more in Viability Plan, Saturn and Saab futures bleak]]>http://www.autoblog.com/2009/02/17/gm-viability-plan-requests-up-to-16-6-billion-more-govt-loans/http://www.autoblog.com/2009/02/17/gm-viability-plan-requests-up-to-16-6-billion-more-govt-loans/http://www.autoblog.com/2009/02/17/gm-viability-plan-requests-up-to-16-6-billion-more-govt-loans/#commentsFiled under: , , , , ,



General Motors has just revealed its Viability Plan that was due today to the U.S. Treasury Department under the loan agreement signed back on December 31, 2008. Just like Chrysler, GM is requesting more money than it was initially loaned due to domestic and global industry sales that were historically low in December and January. Today the company received the remainder of $13.4 billion in loans it was granted earlier, but is requesting an additional $16.6 billion to bring the total amount of money lent or available as a revolving line of credit to $30 billion.

The extra money is divided up into an immediate request for an extra $4.6 billion, another $4.5 billion to repay a revolving line of credit that's due in late 2011 and another $7.5 billion revolving line of credit if the industry experiences sales of 9.5 million units in 2009 and 11.5 million in 2010. On the plus side, GM expects to start repaying those loans in 2012 if things go according to plan.

The GM Viability Plan also addresses the fate of HUMMER, Saturn and Saab. The company says it expects to make a decision on whether to sell or phase out HUMMER by March 31. GM has also requested support from the Swedish government before it sells Saab, otherwise the quirky brand will be forced to file for bankruptcy protection in Sweden by the end of this month if an agreement isn't reached. As for Saturn, GM says it will phase out the brand at the end of its current life cycle, about three years from now. The only way Saturn might be saved is if its dealers or investors come up with a way to spin-off or sell it. Going forward, GM will mainly focus on its core brands of Chevrolet, Cadillac, Buick and GMC, while Pontiac will become a niche brand with fewer models.

Click here to download the complete GM Viability Plan in PDF format.

[Source: GM | Photo by Bill Pugliano/Getty]

Continue reading GM requests $16.6 billion more in Viability Plan, Saturn and Saab futures bleak

GM requests $16.6 billion more in Viability Plan, Saturn and Saab futures bleak originally appeared on Autoblog on Tue, 17 Feb 2009 19:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>breakinggm bailoutgm loansgm viability planGmBailoutGmLoansGmViabilityPlanTue, 17 Feb 2009 19:30:00 EST<![CDATA[GM asks Congress to kickstart its heart with ambitious plan]]>http://www.autoblog.com/2008/12/02/gm-asks-congress-to-kickstart-its-heart-with-ambitious-plan/http://www.autoblog.com/2008/12/02/gm-asks-congress-to-kickstart-its-heart-with-ambitious-plan/http://www.autoblog.com/2008/12/02/gm-asks-congress-to-kickstart-its-heart-with-ambitious-plan/#commentsFiled under: ,

General Motors has just revealed the plan it has submitted to Congress today, and the details show just how far the largest U.S. automaker is willing to go in order to secure bridge loans from the federal government. The plan includes selling Saab, possibly killing Saturn and scaling back Pontiac, as well as reducing dealers and shedding more workers, among other things. Here's the breakdown...

  • Focus on "core brands": Chevrolet, Buick, GMC and Cadillac
  • Launch predominately high mileage, energy-efficient cars and crossovers
  • Sell Saab, HUMMER
  • Sell or kill Saturn
  • Reduce Pontiac to a "niche" brand
  • Trim dealerships from 6,450 to 4,700
  • Reopen talks with UAW to cut manufacturing costs further
  • Reduce total workforce from 96,000 to 65-75,000
  • Negotiate with lenders, remove $35.6 billion in debt
To do all this, GM is asking for a total of $18 billion in loans, which is considerably more than the $10-12 billion that CEO Rick Wagoner requested in front of Congress a few weeks ago. It needs $12 billion in loans by the end of next March to make it through the rest of 2009 and another $6 billion in revolving credit if conditions don't begin to improve by then. The troubled automaker also states that it needs $4 billion by the end of this month to continue operating and intends to start repaying the loans by 2011.

In exchange for government loans, GM is also open to a government oversight board that would monitor how the money is used, as well as giving taxpayers a stake in the company. Also, not only would Rick Wagoner get his salary dropped to $1, a number of other unnamed senior execs would get pay cuts, too.

Is it all enough? Sound off in the comments after reading the official press release from GM after the jump.

[Source: GM, Automotive News - sub. req'd]

Continue reading GM asks Congress to kickstart its heart with ambitious plan

GM asks Congress to kickstart its heart with ambitious plan originally appeared on Autoblog on Tue, 02 Dec 2008 16:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bailoutbreakinggmgm bailoutgm congressgm federal loansgm government loansgm loansgm plan to congressGmBailoutGmCongressGmFederalLoansGmGovernmentLoansGmLoansGmPlanToCongressTue, 02 Dec 2008 16:29:00 EST