If you have a hate on for automakers that take government money then it may be time to upwardly revise your feelings towards Chrysler. The pentastar brand had originally sought up to $7 billion from the Advanced Technology Vehicles Manufacturing (ATVM) loan program, though since its original request in 2007, it had reduced that amount downward to a more reasonable $3.5 billion. Now, it has withdrawn its application completely.
Advanced Technology Vehicles Manufacturing
On Tuesday, the House Appropriations Committee approved the FY12 Homeland Security Appropriations bill (pdf). As part of this bill, the Committee pushed through an amendment that adds $1 billion in funding for the Federal Emergency Management Agency's (FEMA) disaster relief fund.
Yesterday, General Motors finally submitted its S-1 document to the Securities and Exchange Commission as the first official step towards becoming a publicly traded company again. As we found when Tesla went down this path earlier this year, an IPO means a company has to outline the potential pitfalls it faces going forward in addition to all of the positive moves it plans to make.
When officials from the U.S. Department of Energy were first evaluating the applications for the Advanced Technology Vehicle Manufacturing program a year ago, General Motors and Chrysler were deemed unworthy. To be eligible for the low interest loan program for retooling plants to build new more efficient vehicles, the applicants have to demonstrate financial viability.
Vice President Joe Biden will be delivering a speech on the economic recovery efforts that have been implemented thus far at the NextEnergy Center in Detroit on Wednesday. The Detroit News is reporting that Biden will be using the occasion to announce the first round of battery research grants from a $2 billion program that was part of the stimulus package passed earlier this year.
The other day, Sue Cischke, Ford group vice president of sustainability, environment and safety engineering, said, "If they (the DOE) raise the appropriations from the $25 billion to the $50 billion, we qualify." At the time, we hadn't heard about any plans to increase funding for the Advanced Technology Vehicles Manufacturing program. Of course, as we wrote when Cischke made those remarks, never say never.
Since it was announced that the highly quotable Bob Lutz would be departing from his General Motors management spotlight, automotive bloggers and reporters everywhere have been mourning the loss of an executive with such an exquisite way with words. Now it appears that the pining may have been premature, thanks to the emergence of another top management type with the brass, it seems, to freely speak his mind in public.
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