How the mighty have fallen. After Marussia and Caterham both went bankrupt, the revised entry list for the 2015 Formula One World Championship lists the once-formidable Lotus team as "subject to confirmation," raising questions over the now-independent team's viability.
The many fans of 1987's The Princess Bride will recall Billy Crystal's Miracle Max character optimistically referring to the protagonist Westley as "mostly dead." It looks like National Electric Vehicle Sweden (NEVS), the company that now owns the Saab brand, fits that description. Of course, Westley does end up surviving and getting the girl.
Times are tough for coachbuilders these days. Karmann shut down a few years ago. Pininfarina only returned to profitability a year ago for the first time in nearly a decade. Italdesign Giugiaro has been subsumed into the Volkswagen Group (and not a moment too early). Fisker shifted from rebodying German two-doors to making its own luxury hybrids, and that hasn't worked out so well...
One distributor of ChargePoint electric-vehicle charging stations is making an offer some owners of Ecotality's Blink stations may not be able to refuse. National Car Charging will offer dual-port Blink station owners a $2,200 trade-in credit for ChargePoint's new CT400 station and a $1,200 trade-in credit for single-port Blink station owners, according to the website Dontblinknow.biz. ChargePoint was formerly known as Coulomb Technologies and started selling the CT400 this summer, which feature
Think of it as a plug-in pu pu platter, albeit a rather depressing one. That's the option cash-heavy investors with an eye for electrified light-duty vehicles had as charging-station maker Ecotality joined Fisker Automotive among entities whose assets were up for auction last week.
Times are tough in Europe right now, and that unfortunately has reaped disastrous consequences for some of its smallest niche automakers. Gumpert, Wiesmann, Artega and Lola have all filed for bankruptcy this year, and it appears that tuners are not immune to the tough times, either.
The pending production schedule for the Fisker Karma is pretty much at the mercy of US regulators, as the California-based maker of the extended-range plug-in won't start things up again until the ownership issue of bankrupt battery-maker A123 Systems is settled, Automotive News reports.
And in the "one hand didn't know what the other hand was doing" department, we have this. Lithium-ion battery-pack maker A123 Systems received almost $1 million in federal funding the day it filed for bankruptcy, Reuters reports, citing a letter the company sent to Republican Senators John Thune and Chuck Grassley.
Remember when the U.S. capital of RV production, Elkhart, IN was going to escape the doldrums that the decline of the motor home industry brought on by shifting over to building electric cars? Not so fast. As NPR reports, rising demand for RVs has helped boost employment in Elkhart, IN, while the number of workers at the factory building Think electric vehicles has dwindled to just two.
The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just one of several debtors seeking money from the company -- for an overdue loan originally in the amount of $4.5 million. Two foreclosure lawsuits in DeKalb County, Indiana, are pending. One is for $6.5 m
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.
With General Motors in bankruptcy, it was only a matter of time before pensions came under scrutiny. The Detroit News is reporting that GM CEO Fritz Henderson has confirmed that executive pensions beyond $100,000 per year will be cut by two-thirds. Recently defenestrated boss Rick Wagoner will likely take the biggest hit of all – he was supposed to receive $22 million over five years as part of his retirement package, but that number will reportedly drop by up to $15 million.
General Motors' bankruptcy endgame appears to be at hand, with word coming out that the automaker will indeed file for Chapter 11 protection early on Monday morning, which in turn is expected to trigger $30.1 billion in U.S. government loans. That funding will arrive on the heels of the $19.4 billion GM has already received since late last year, and Canada is expected to chip in an additional $9.5 billion. In exchange for that $30.1 billion in financing, Capitol Hill will receive a 60% share of