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[GM asking Department of Energy for $2.6 billion to build hybrids?]]>http://www.autoblog.com/2009/04/02/gm-asking-department-of-energy-for-2-6-billion-to-build-hybrids/http://www.autoblog.com/2009/04/02/gm-asking-department-of-energy-for-2-6-billion-to-build-hybrids/http://www.autoblog.com/2009/04/02/gm-asking-department-of-energy-for-2-6-billion-to-build-hybrids/#commentsFiled under: , , , ,


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[UAW wants executive pay to be limited]]>http://www.autoblog.com/2008/12/01/uaw-wants-executive-pay-to-be-limited/http://www.autoblog.com/2008/12/01/uaw-wants-executive-pay-to-be-limited/http://www.autoblog.com/2008/12/01/uaw-wants-executive-pay-to-be-limited/#commentsFiled under: , , , , ,



The president of the United Auto Workers union, Ron Gettelfinger, said in a recent CNN interview that U.S. automakers need to tell Congress they will limit corporate pay, bonuses and severance packages in return for more government loans. Gettelfinger also said that the Detroit Three only need the loans to hold them over during these tough times. While the first statement from the union's top player seems like basic common sense, the second seems highly optimistic... especially when one considers the size of the industry and the depth of its issues. While no single event (or loan, for that matter) will likely turn around the downslide, all of those affected by the auto industry's potential demise will be interested in tomorrow's events. That's because Dec. 2 is the day House and Senate leaders told the automakers that they need to submit a "credible restructuring plan" that's convincing enough to get Congress to open its wallet when it reconvenes next week.

[Source: Reuters]

UAW wants executive pay to be limited originally appeared on Autoblog on Mon, 01 Dec 2008 12:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AutomakerBailoutBig ThreeBigThreeBillion dollarBillionDollarChrysler loanChryslerLoanDetroit 3Detroit ThreeDetroit3DetroitThreeFord loanFordLoanGM LoanGmLoanLoanUAWMon, 01 Dec 2008 12:32:00 EST<![CDATA[GM wants $10 billion in aid from the Feds to buy Chrysler]]>http://www.autoblog.com/2008/10/28/gm-wants-10-billion-in-aid-from-the-feds-to-buy-chrysler/http://www.autoblog.com/2008/10/28/gm-wants-10-billion-in-aid-from-the-feds-to-buy-chrysler/http://www.autoblog.com/2008/10/28/gm-wants-10-billion-in-aid-from-the-feds-to-buy-chrysler/#commentsFiled under: , , ,



In the latest development of The Incomprehensible Union, General Motors is reportedly asking the U.S. government for $10 billion -- on top of the $25 billion loan approved recently -- to help it merge with Chrysler. The supplemental infusion would give the government, i.e. you and me, a stake in the merged company in the form of preferred stock, would see the government taking over pension obligations and provide a credit line for operations.

The government is weighing the request since it's likely that no federal official wants to be on the watch that saw the instantaneous vaporizing of two American icons and hundreds of thousands of jobs. The government has asked that as many jobs as possible be spared, and GM said "Sure!" Yet for a merger where cost savings and redundancy elimination have been the headlines, we don't know why anyone believes GM-Chrysler wouldn't jettison a whole bunch of the 11 brands, 10,000 dealers, and 100,000 union jobs. And that's just for starters.

Which is one of the (many) reasons we still don't understand the GM-Chrysler union. The additional $10 billion we can swallow -- after all, the government spends much more than that on projects that could be considered far more dubious than trying to save an astronomical number of jobs and businesses. And we know what Cerberus gets from the deal. We'd like to find out what the GM guys see that makes this merger attractive... other than the fact that Chrysler has $11 billion in cash.

[Source: Reuters]

GM wants $10 billion in aid from the Feds to buy Chrysler originally appeared on Autoblog on Tue, 28 Oct 2008 16:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cerberuschryslerchrysler llcChryslerLlcgmgm chryslergm chrysler mergergm loanGmChryslerGmChryslerMergerGmLoangovernment bailoutgovernment loansGovernmentBailoutGovernmentLoansloansTue, 28 Oct 2008 16:01:00 EST<![CDATA[GM may use profits from China to float North American operations]]>http://www.autoblog.com/2008/10/24/gm-may-use-profits-from-china-to-float-north-american-operations/http://www.autoblog.com/2008/10/24/gm-may-use-profits-from-china-to-float-north-american-operations/http://www.autoblog.com/2008/10/24/gm-may-use-profits-from-china-to-float-north-american-operations/#commentsFiled under: , ,

Big Bob Lutz said that GM declaring bankruptcy is "out of the question." Of course, that was two years ago, when things like a $25 billion government loan would have sounded ludicrous. That was also before the auto industry mess got messier, and in order to stay true to those words today, GM is doing whatever it has to do to find money to stay in business. It heard Chrysler has an $11 billion piggy bank and a couple of jewels (Jeep and minivans) and GM said "Come here, girl! Lemme holla at you for a minute!"

Now GM is looking at its own international stable, and has its eye on China as a source of stopgap revenue for its North American operations. We've posted before on the fact that GM's international operations aren't doing too badly, and GM China sold 11.5 million vehicles last year -- more than any other manufacturer there. This year, it expects China sales volume to grow by 11- to 12-percent, and that means yuan in the bank.

Lutz said of the China move, "We do not rule out such a possibility under current conditions." These are hard times, but -- just like the good ones -- they're temporary, and GM just needs a little help to get to payday. Using money from one of your branches makes perfect sense to us. What doesn't make perfect sense is that China will get the Cruze the same time as Europe, in early '09, while we in the U.S. have to wait years in line for a car that we've been screaming for. Ah, GM, what are we going to do with you?

[Source: Gasgoo]

GM may use profits from China to float North American operations originally appeared on Autoblog on Fri, 24 Oct 2008 09:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auto salesAutoSaleschinaearningsfinancialsgmgm chinagm loanGmChinaGmLoanFri, 24 Oct 2008 09:02:00 EST<![CDATA[GM to dealers: There's a bonus in it for you if you don't lend them our money]]>http://www.autoblog.com/2008/10/16/gm-to-dealers-theres-a-bonus-in-it-for-you-if-you-dont-lend-t/http://www.autoblog.com/2008/10/16/gm-to-dealers-theres-a-bonus-in-it-for-you-if-you-dont-lend-t/http://www.autoblog.com/2008/10/16/gm-to-dealers-theres-a-bonus-in-it-for-you-if-you-dont-lend-t/#commentsFiled under: , ,



General Motors is telling its dealers that there's a shiny nickel or two in it for them if they can sell cars without getting the GMAC finance arm involved. For every sale closed with outside financing, salespeople and managers will each receive $100, with an additional $50 going to someone the dealer designates. GMAC has already cracked down on borrowers with FICO scores below 700, and this looks like another move to discourage putting GM on the hook for risky loans; let someone else take that chance, the automaker seems to be saying to its dealers. Not all dealerships are happy with the plan, but GM and Cerberus Capital, which owns 49 percent of GMAC, must take steps to reduce potential losses. We can imagine that GM might lose some business to the newly tightened lending criteria, though there are plenty of third party loans out there, many even halfway reputable.

[Source: Automotive News - Sub. Req. | Photo: Justin Sullivan/Getty]

GM to dealers: There's a bonus in it for you if you don't lend them our money originally appeared on Autoblog on Thu, 16 Oct 2008 17:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gm lendinggm loangmacgmac subprime credit exposuregmacfinancialgmacsubprimecreditexposureGmLendingGmLoanThu, 16 Oct 2008 17:31:00 EST