Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[GM will increase Volt production by 50% - to 45,000 units - in 2012]]>http://www.autoblog.com/2010/07/30/gm-will-increase-volt-production-by-50-to-45-000-units-in-2/http://www.autoblog.com/2010/07/30/gm-will-increase-volt-production-by-50-to-45-000-units-in-2/http://www.autoblog.com/2010/07/30/gm-will-increase-volt-production-by-50-to-45-000-units-in-2/#comments
President Obama toured the General Motors' Detroit-Hamtramck facility where the automaker will build (can we say "is building" yet?) the Chevrolet Volt today, and as any good PR person will surely agree, you can't let an opportunity like that go by without making an announcement of some sort. So, GM has something to say and it's big news, too: GM will increase Volt production capacity by 50 percent in 2012.

Details are as follows: Instead of making 30,000 Volts in the U.S. in 2012, GM will now make 45,000. These numbers are lower than production numbers we heard rumors of in years past, but they're good news for fans of plug-in vehicles. Is the increase a response to positive reaction to the Volt's $33,500 after-tax-rebate price tag? Maybe, GM said in a statement that, "In the past few weeks, more than 25,000 people have joined the Chevrolet Volt enthusiast list."

The news is good for the President, too, since the White House is pushing The American Auto Industry: A Comeback Story message this week. Part of that is an interactive version of the White House map showing places where the government has supported automakers, which you can find here.


Gallery: 2011 Chevrolet Volt


[Sources: General Motors, WhiteHouse.gov]

Continue reading GM will increase Volt production by 50% - to 45,000 units - in 2012

GM will increase Volt production by 50% - to 45,000 units - in 2012 originally appeared on Autoblog on Fri, 30 Jul 2010 14:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto bailoutauto bailoutsAutoBailoutAutoBailoutsbreakingchevy voltchevy volt productionChevyVoltChevyVoltProductionchrysler bailoutChryslerBailoute-reverevgmgm bailoutGmBailouthamtramckHamtramck detroit gmhamtramck voltHamtramckDetroitGmHamtramckVoltobamaObama AdministrationObamaAdministrationvoltvolt evvolt hybridvolt productionVoltEvVoltHybridVoltProductionFri, 30 Jul 2010 14:29:00 EST http://www.autoblog.com/feed/19575378/article-comments.xml http://www.autoblog.com/feed/2010/07/30/gm-will-increase-volt-production-by-50-to-45-000-units-in-2/19575378/article-detail.xml 19575378 http://www.blogcdn.com/www.autoblog.com/media/2010/07/auto-industry-future-map-630_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/07/auto-industry-future-map-630.jpg <![CDATA[Report: GM's planned purchase of AmeriCredit questioned by senator]]>http://www.autoblog.com/2010/07/26/report-gms-planned-purchase-of-americredit-questioned-by-senat/http://www.autoblog.com/2010/07/26/report-gms-planned-purchase-of-americredit-questioned-by-senat/http://www.autoblog.com/2010/07/26/report-gms-planned-purchase-of-americredit-questioned-by-senat/#commentsFiled under: , , ,

We've decided to stop trying to guess what General Motors will do before its IPO - which might come next month or later this year or early next year. What we do know is that GM has wanted to secure a captive finance arm before an IPO, a process that looked unlikely, then fell off the radar entirely, and then, BAM!, GM whips out $3.5 billion to buy AmeriCredit. That has made at least one senator do a double-take, asking whether spending that much money and loaning to the subprime market is the best thing for the Detroit automaker to do.

Republican Charles Grassley is quoted by Bloomberg as saying, "If GM has $3.5 billion in cash to buy a financial institution, it seems like it should have paid back taxpayers first," adding that The General should remain "clear of repeating its effort to make high-risk car loans." He has written a letter to the inspector general of the TARP program seeking an inquiry into the purchase.

Grassley has little hope of scuttling the purchase, however. As long as GM stands by the terms of the bailout, it can do just about anything it wants, which includes buying a bank. The move is also explained, of course, as a way to bolster GM's bottom line, something everyone wants. Company CFO Chris Lidell notes that if GM can add just one more percent to the number of buyers - people with credit scores between 500 and 650 - that's a "significant" benefit, as well as the additional leasing it can offer. And that one additional percent of subprime purchasers would still leave it in-line with the industry average.

[Source: Bloomberg]

Report: GM's planned purchase of AmeriCredit questioned by senator originally appeared on Autoblog on Mon, 26 Jul 2010 09:31:00 EST. Please see our terms for use of feeds.

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A little more than a year ago, General Motors had in excess of 6,000 dealerships across the country. In the viability plan GM submitted to Congress the automaker stated it would shut down 400 dealerships every year, shedding 1,600 of them by 2012. The General said it eventually wanted to get down to 4,000 showrooms at some point in the future. According the the latest reports, GM is well ahead of its own schedule: it will have just 4,500 dealership by the end of this year, a 1,650-site drop from last year.

Those are the most recent words of Mark Reuss, GM's head of North America. And while his assessment includes the latest round of arbitration hearings with dealers who didn't want their agreements terminated, there are still pending arbitration cases. Reuss' estimate is meant to take those into account, but since the original spread was anywhere from 4,100 to 5,300 dealers, his number could go up or down.

Even if GM ended up with 5,300 dealers at year's end it would be an 850-dealer drop from last year, more than doubling GM's original goal. Yes, it remains far more than the number of storefronts run by mass-market Toyota, which only has about 1,500. But it's a start.

[Source: Detroit News | Image: Mark Wilson/Getty]

GM eliminates 2,000 dealers, will end year with 4,500 showrooms originally appeared on Autoblog on Wed, 07 Jul 2010 07:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>dealer arbitrationDealerArbitrationdealersdealershipgeneral motorsGeneralMotorsgm bailoutgm bankruptcygm dealershipsGmBailoutGmBankruptcyGmDealershipsWed, 07 Jul 2010 07:27:00 EST http://www.autoblog.com/feed/19536028/article-comments.xml http://www.autoblog.com/feed/2010/07/07/gm-eliminates-2-000-dealers-will-end-year-with-4-500-showrooms/19536028/article-detail.xml 19536028 http://www.blogcdn.com/www.autoblog.com/media/2010/07/gyi0058121150-630op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/07/gyi0058121150-630op.jpg <![CDATA[White House: Auto bailout worked, but we'll still lose money]]>http://www.autoblog.com/2010/04/23/white-house-auto-bailout-worked-but-well-still-lose-money/http://www.autoblog.com/2010/04/23/white-house-auto-bailout-worked-but-well-still-lose-money/http://www.autoblog.com/2010/04/23/white-house-auto-bailout-worked-but-well-still-lose-money/#commentsFiled under: , ,



One year ago, the U.S. auto industry was at the weakest point in its history. To make matters worse for the both the industry and the Obama Administration, the majority of Americans wanted nothing to do with a bailout, having just undertaken an even pricier propping up of the country's lending institutions. But President Obama and the Auto Task Force made the difficult decision to push General Motors and Chrysler through bankruptcy while providing $50 billion in loans to keep the doors open at the two companies. The administration estimates that the move staved off an estimated 1.1 million lost jobs, but the political and fiscal cost was high.

Last year, the Congressional Budget Office and the Treasury Department estimated that the U.S. government would likely lose $30 billion in the long term. The Detroit News reports that one year later there is a lot more optimism at the White House about the industry and our money. A five-page report released by the Obama Administration points to Chrysler's first quarter operating profit and the fact that GM paid off its government loans early shows that the auto bailout was a success. The report adds that "the contrast between where these companies, and the American auto industry, are today and the situation President Obama faced when he took office is stark." And that projected $30 billion loss? The latest projections by the Treasury Department and the DOT are for a much smaller loss of $8 billion.

The next step towards the U.S. government getting our money back comes when GM executes its initial public offering, which is rumored to be happening as soon as this June. Uncle Sam currently owns 60.8 percent of The General.

[Source: The Detroit News | Image: Jeff Swensen/Getty Images]

White House: Auto bailout worked, but we'll still lose money originally appeared on Autoblog on Fri, 23 Apr 2010 19:22:00 EST. Please see our terms for use of feeds.

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According to The Detroit News, General Motors will announce that it is fully repaying the federal loans it received last summer from both the United States and Canadian governments. In total, General Motors will have paid back about $6.7 billion ($2 billion of which has already been returned) of the $50 billion it received from the U.S., the majority of which was recovered by acquiring a 61-percent share of the automaker.

For those keeping track of such things and assuming this report is accurate, GM will have paid the entire amount agreed upon with the U.S. Treasury a full two months earlier than anticipated. This accelerated schedule is said to be seen as good news by both the automaker and the federal government. We'd guess that this is also a sign that GM is likely still on track for an initial public offering sometime this year.

GM CEO Ed Whitacre is expected to make the announcement on Wednesday when he makes a speech at a GM plant in Kansas. Later that day, Whitacre will make his first appearance at Capitol Hill since taking over at the head of the company in January. For what it's worth, the automaker has also called a press conference on Wednesday that we'll be attending. Stay tuned.

[Source: Detroit News | Image: Bill Pugliano/Getty]

Report: GM to announce repayment of federal loans in full on Wednesday originally appeared on Autoblog on Mon, 19 Apr 2010 18:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsGeneralMotorsgmgm bailoutgm bankruptcygm loanGM loan paymentgm loansgm paymentgm repay loansgm repaymentgm treasuryGmBailoutGmBankruptcyGmLoanGmLoanPaymentGmLoansGmPaymentGmRepayLoansGmRepaymentGmTreasuryrepay loansRepayLoansus treasuryUsTreasuryMon, 19 Apr 2010 18:00:00 EST http://www.autoblog.com/feed/19445911/article-comments.xml http://www.autoblog.com/feed/2010/04/19/report-gm-to-announce-repayment-of-federal-loans-in-full-on-wed/19445911/article-detail.xml 19445911 http://www.blogcdn.com/www.autoblog.com/media/2009/11/88005399-630op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/11/88005399-630op.jpg <![CDATA[Christmas List 2010: Rattner's book to debut in time for next Christmas]]>http://www.autoblog.com/2009/12/18/christmas-list-2010-rattners-book-to-debut-in-time-for-next-ch/http://www.autoblog.com/2009/12/18/christmas-list-2010-rattners-book-to-debut-in-time-for-next-ch/http://www.autoblog.com/2009/12/18/christmas-list-2010-rattners-book-to-debut-in-time-for-next-ch/#commentsFiled under: , , , ,



Planning for the future is perhaps an alien concept to big business - even automakers, with their protracted product development cycles. Take a cue of what not to do from them, then, and start planning now for next Christmas. May we suggest that your 2010 wishlist starts with what's destined to be a hotly-anticipated tome: Steven Rattner's memoir of his spearheading the bailout of General Motors and Chrysler. Tentatively titled "Overhaul," the cloyingly-named book will tell the story of the quick-rinse bankruptcies Rattner presided over.

A fascinating piece that Rattner wrote for Fortune Magazine back in October gave us a glimpse of how riveting such a seemingly-dry subject can be. The book is on track for a debut in the fall of 2010, and might be even more interesting in a year depending on how Rattner's deals work out. The hardest part is going to be behaving well enough for an entire year so this thing gets stuffed in our stocking.

[Source: The Detroit News | Image: Neilson Barnard/Getty]

Christmas List 2010: Rattner's book to debut in time for next Christmas originally appeared on Autoblog on Fri, 18 Dec 2009 10:03:00 EST. Please see our terms for use of feeds.

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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.

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After two weeks of intense negotiations, General Motors Canada and the Canadian Auto Workers (CAW) union have reached a deal that will help the automaker cut costs, allowing it to meet the terms for additional government loans. Ken Lewenza, head of the CAW, said it was "a struggle" to reach a deal with GM, but he added that the union had done the best it could under the circumstances, saying: "we have protected most of our core benefits."

Wages, pensions and most benefits were preserved, although restructured in some instances. The union's pension rates will be frozen until 2015, for instance. The deal also keeps GM's plants in Oshawa, St. Catharines and Woodstock open for the foreseeable future. In total, it is believed that the new deal will result in $15 to $16 hourly wage savings on average. The announcement comes a day after the UAW reached a deal of its own with GM.

Although a different agreement was signed with the CAW in March, it had been rejected by the provincial and federal governments who wanted more cost-cutting to avoid bankruptcy. Although GM now appears to be heading in the same direction as Chrysler, hopefully there will be enough progress before the June 1 deadline to keep Chapter 11 a viable option. All told, the recent deals mean that 16 GM factories will close and an additional 21,000 hourly workers will be out of a job.

[Source: CTV]

REPORT: GM reaches deal with Canadian Auto Workers union originally appeared on Autoblog on Fri, 22 May 2009 15:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>canadian auto workersCanadianAutoWorkerscawgeneral motorsGeneralMotorsgmgm bailoutgm bankruptcyGmBailoutGmBankruptcyKen LewenzaKenLewenzauawFri, 22 May 2009 15:58:00 EST http://www.autoblog.com/feed/1554087/article-comments.xml http://www.autoblog.com/feed/2009/05/22/report-gm-reaches-deal-with-canadian-auto-workers-union/1554087/article-detail.xml 1554087 http://www.blogcdn.com/www.autoblog.com/media/2009/05/caw_colour_logo_web_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/05/caw_colour_logo_web.jpg <![CDATA[REPORT: GM hedges bets, plans to miss $1B debt payment deadline]]>http://www.autoblog.com/2009/04/22/report-gm-hedges-bets-plans-to-miss-1b-debt-payment-deadline/http://www.autoblog.com/2009/04/22/report-gm-hedges-bets-plans-to-miss-1b-debt-payment-deadline/http://www.autoblog.com/2009/04/22/report-gm-hedges-bets-plans-to-miss-1b-debt-payment-deadline/#commentsFiled under: , ,



The familiar expression goes "Better the devil you know," meaning it's preferable to deal with the nasty things you don't like but are at least familiar with. General Motors, however, doesn't seem to think so. The troubled automaker appears more ready to take its chances with bankruptcy than continue to fight the weight of monumental debt and the demands of restructuring it.

GM has a $1 billion payment due on June 1, the same day as the government-imposed deadline for having its financial house cleaned up. The company's chief financial officer has just gone on record as saying that GM does not intend to make that payment. The General will attempt another round of debt-for-equity swaps (DFE) with its bondholders, and if it succeeds - and also succeeds in restructuring $20 billion in UAW healthcare obligations - it will get money from the government to continue without bankruptcy. If the DFE doesn't meets its goals, then GM is set to go into government-backed Chapter 11, court protection and what will likely be a nearly clean slate to restart its debt negotiations.

Last week, bondholders said they were preparing a response to GM's most recent offer. The automaker says that it will do what needs to be done "in court or out of court," which means that unless the bondholders' response is "Yes," bankruptcy is a fait accompli.

[Source: Wall Street Journal | Image: Bill Pugliano/Getty]

REPORT: GM hedges bets, plans to miss $1B debt payment deadline originally appeared on Autoblog on Wed, 22 Apr 2009 15:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybondholdersearningsfinancialsgmgm bailoutgm bankruptcygm bondholdersgm bridge loanGmBailoutGmBankruptcyGmBondholdersGmBridgeLoangovernmentWed, 22 Apr 2009 15:57:00 EST http://www.autoblog.com/feed/1524929/article-comments.xml http://www.autoblog.com/feed/2009/04/22/report-gm-hedges-bets-plans-to-miss-1b-debt-payment-deadline/1524929/article-detail.xml 1524929 http://www.blogcdn.com/www.autoblog.com/media/2009/04/gm-cloudy-rencen-getty-pugliano_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/04/gm-cloudy-rencen-getty-pugliano.jpg <![CDATA[Ford counting on the "B" word to score conquest sales]]>http://www.autoblog.com/2009/04/17/ford-counting-on-the-b-word-to-score-conquest-sales/http://www.autoblog.com/2009/04/17/ford-counting-on-the-b-word-to-score-conquest-sales/http://www.autoblog.com/2009/04/17/ford-counting-on-the-b-word-to-score-conquest-sales/#commentsFiled under: , , , , , , , ,



Is that 'B' as in bankruptcy or 'B' as in bailout? Probably 'B' as in both. Regardless of the buzzword you choose to slap on the respective situations General Motors and Chrysler find themselves in, it's not good, and Ford realizes this fact just as clearly as the rest of us. In response, the Blue Oval has embarked on a new plan to pick up as much market share as possible.

In an internal memo sent to Ford dealers in New York, the automaker laid out a new incentive that would pay current owners of Dodge, Chrysler or Jeep vehicles an extra $1,000 - in addition to whatever Customer Cash, Bonus Cash and 0% APR is already available - to trade in their current rides for a new SUV, pickup or crossover from Ford.

As pointed out by Detroit News columnist Daniel Howes, this tactic is a bit of a slippery slope for Ford. Although the Dearborn-based automaker has yet to seek out or accept any financial assistance from the government, a bankruptcy at either General Motors or Chrysler could put a major dent in Ford's own perilous financial footing. Still, Ford will take all the sales it can get.

[Source: Detroit News]

Ford counting on the "B" word to score conquest sales originally appeared on Autoblog on Fri, 17 Apr 2009 10:57:00 EST. Please see our terms for use of feeds.

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When the president tells you to sharpen your pencil and improve your last-ditch survival effort, it's time to grab the big eraser. According to reports, General Motors may ditch its GMC and Pontiac brands to demonstrate just how serious it is. If the auto lines go, GM would be pared back to Chevrolet, Buick and Cadillac, a mere shadow of its former self, but the nameplates might become more clearly defined with the added breathing room. Ford's got its trifecta of Ford, Mercury and Lincoln, so GM would match that setup should it unload Pontiac and GMC in some way, as well as carry through with its ongoing process of shedding Saturn, Saab and Hummer.

While Pontiac actually has some unique offerings, GMC is rumored to stand a better chance of sticking around. It still wouldn't be cheap to do away with the brands. There are dealers who will not go quietly into the night, meaning GM will be looking at the possibility of finding a buyer for yet another piece of its puzzle. Of course, everyone's keeping mum about the possibility of life without Pontiac or GMC.

UPDATE: According to General Motors' sales chief Mark LaNeve, the automaker has no intentions of killing off Pontiac or GMC. LaNeve admits that GM is continuing to tweak its strategy, but reports that "GMC is going away are just unfounded, unsubstantiated and untrue."

[Source: Bloomberg]

REPORT: Pontiac and GMC may get axe... you knew this was coming originally appeared on Autoblog on Thu, 16 Apr 2009 09:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gm bailoutgm bankruptcygm brandsgm bridge loangm gmcgm pontiacGmBailoutGmBankruptcyGmBrandsGmBridgeLoangmc pontiacgmc saleGmcPontiacGmcSaleGmGmcGmPontiacpontiac gmcpontiac salePontiacGmcPontiacSaleThu, 16 Apr 2009 09:27:00 EST http://www.autoblog.com/feed/1518564/article-comments.xml http://www.autoblog.com/feed/2009/04/16/pontiac-and-gmc-may-get-ax-you-knew-this-was-coming/1518564/article-detail.xml 1518564 http://www.blogcdn.com/www.autoblog.com/media/2009/04/pontiac_gmc_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/04/pontiac_gmc.jpg <![CDATA[GM and AIG: Why bondholders might want bankruptcy]]>http://www.autoblog.com/2009/04/03/gm-and-aig-why-bondholders-might-want-bankruptcy/http://www.autoblog.com/2009/04/03/gm-and-aig-why-bondholders-might-want-bankruptcy/http://www.autoblog.com/2009/04/03/gm-and-aig-why-bondholders-might-want-bankruptcy/#commentsFiled under: , ,



Before we begin, let us state clearly that this is speculation by Karl Denninger at The Market Ticker. Examining the various stakeholders' interests in General Motors, Denninger has come up with a scenario that supposes GM's bondholders might actually want the automaker to file for bankruptcy.

The bondholders appear to be the biggest obstacle to restructuring. They're not allowing GM to reach its government-mandated target for debt reduction because they would lose much of their investment in the process. According to Denninger, however, the biggest and most savvy of those bondholders could get 100% of their investment back if GM files for bankruptcy. Those bondholders would have had their bonds backed by credit default swaps (CDS), which Denninger supposes would have been written in large part by insurance giant AIG. If that's the case, then we the taxpayers are on the hook to repay 100% of those bonds because the government has agreed to fulfill AIG's CDS collateral obligations.

Follow the jump for more.

Continue reading GM and AIG: Why bondholders might want bankruptcy

GM and AIG: Why bondholders might want bankruptcy originally appeared on Autoblog on Fri, 03 Apr 2009 11:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>aigaig bailoutAigBailoutauto industryAutoIndustrybankruptcycredit default swapsCreditDefaultSwapsearningsetcfinancialsgmgm bailoutgm bankruptcyGmBailoutGmBankruptcyobamaFri, 03 Apr 2009 11:29:00 EST http://www.autoblog.com/feed/1506740/article-comments.xml http://www.autoblog.com/feed/2009/04/03/gm-and-aig-why-bondholders-might-want-bankruptcy/1506740/article-detail.xml 1506740 http://www.blogcdn.com/www.autoblog.com/media/2009/04/aig_gm_bktheory_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/04/aig_gm_bktheory.jpg <![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 Chevrolet 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 http://www.autoblog.com/feed/1506138/article-comments.xml http://www.autoblog.com/feed/2009/04/02/gm-asking-department-of-energy-for-2-6-billion-to-build-hybrids/1506138/article-detail.xml 1506138 http://www.blogcdn.com/www.autoblog.com/media/2009/01/004chevyvolt2011_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/01/004chevyvolt2011_opt.jpg <![CDATA[STUDY: 76% of Americans believe economy can survive without GM]]>http://www.autoblog.com/2009/04/02/study-76-of-americans-believe-economy-can-survive-without-gm/http://www.autoblog.com/2009/04/02/study-76-of-americans-believe-economy-can-survive-without-gm/http://www.autoblog.com/2009/04/02/study-76-of-americans-believe-economy-can-survive-without-gm/#commentsFiled under: , ,



According to The Detroit Free Press, Rasmussen Reports called 1,000 people and asked them if they believed "the economy could recover without General Motors in business." The results were clear: 76% of respondents said "Yes, it can." The sentiment against any more taxpayer money being used to assist automakers was clear as well: 62% said neither GM nor Chrysler should receive any more loans.

Just as interestingly, the public appears to expect failure from one of the two companies: Fully 59% said that it was "very likely" or "somewhat likely" that GM or Chrysler will go out of business in the next few years.

Yet while the results of this survey are clear, it could be that the first question itself is slightly misleading: The economy could recover without a lot of companies, including AIG and Citibank. After all, you can't really kill an economy as long as there are people left to exchange goods and services, right? The real issue is whether people are prepared and willing to deal with the fallout from such companies going out of business.

[Source: Detroit Free Press]

STUDY: 76% of Americans believe economy can survive without GM originally appeared on Autoblog on Thu, 02 Apr 2009 12:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>earningsfinancialsgmgm bailoutgm bankruptcygm bridge loanGmBailoutGmBankruptcyGmBridgeLoanpollsurveyThu, 02 Apr 2009 12:59:00 EST http://www.autoblog.com/feed/1505413/article-comments.xml http://www.autoblog.com/feed/2009/04/02/study-76-of-americans-believe-economy-can-survive-without-gm/1505413/article-detail.xml 1505413 http://www.blogcdn.com/www.autoblog.com/media/2009/04/gm_bk_ok_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/04/gm_bk_ok.jpg <![CDATA[Autoblog Podcast #121]]>http://www.autoblog.com/2009/04/01/autoblog-podcast-121/http://www.autoblog.com/2009/04/01/autoblog-podcast-121/http://www.autoblog.com/2009/04/01/autoblog-podcast-121/#commentsFiled under: , ,


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

We reluctantly skipped last week's podcast, so it's only appropriate we're back with a vengeance this week. Alex Nunez makes a rare appearance, joining Chris and Dan, and bringing rapier wit and incisive analysis to the podcast party. We really meant to cover more subjects, but it was impossible to avoid jabbering on for an hour and a half about the situation with GM and Chrysler. We went on tangents, we occasionally talked over each other, and there's even a few chuckles thrown in for good measure. Thanks for listening, and as always, drop us a line at podcast at autoblog dot com, and hit our Twitter feed, too.

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 #121

Autoblog Podcast #121 originally appeared on Autoblog on Wed, 01 Apr 2009 17:10:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>121autoblog podcasat 121autoblog podcastautoblog podcast 121AutoblogPodcasat121AutoblogPodcastAutoblogPodcast121bailoutchrysler bailoutChryslerBailoutgm bailoutgm chrysler bailoutgm takeoverGmBailoutGmChryslerBailoutGmTakeoverobama autoobama bailoutObamaAutoObamaBailoutpodcast 121Podcast121Wed, 01 Apr 2009 17:10:00 ESTAutoblog Podcast #121Autoblog90:00 http://www.autoblog.com/feed/1504395/article-comments.xml http://www.autoblog.com/feed/2009/04/01/autoblog-podcast-121/1504395/article-detail.xml 1504395 http://www.blogcdn.com/www.autoblog.com/media/2008/07/autoblog-podcast_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/07/autoblog-podcast.jpg <![CDATA[Gov't rejects automaker restructuring plans, new deadlines set]]>http://www.autoblog.com/2009/03/30/govt-rejects-automaker-restructuring-plans-new-deadlines-set/http://www.autoblog.com/2009/03/30/govt-rejects-automaker-restructuring-plans-new-deadlines-set/http://www.autoblog.com/2009/03/30/govt-rejects-automaker-restructuring-plans-new-deadlines-set/#comments

President Obama has just finished his press conference on the government's determination of the viability of General Motors and Chrysler, and the gist is that both automakers have failed to convince the feds that their business plans deserve further investment. Obama and his task force will give GM enough working capital to survive another 60 days and prove its viability, though no dollar amount was given. Chrysler, meanwhile, is being given another 30 days and working capital up to $6 billion to finalize a partnership deal with Fiat. If a deal can't be made and another partner is not found, Chrysler will get no more federal aid. Also, Fiat won't be allowed to take a majority stake in Chrysler until the automaker repays all the money it has borrowed from the government so far.

Perhaps the biggest news from the press conference is that the U.S. government will now fully back the warranties on vehicles sold by General Motors and Chrysler in the hopes that buyers will continue to consider their products amidst these tumultuous restructuring efforts. Also, the President has pledged to work with Congress to find funds to pay for a U.S.-version of the Cash for Clunkers program that has been so successful in Germany.

Follow the jump to take our poll and for official responses to the President's speech by both General Motors and Chrysler.

The Truth About Cars has also compiled all of the government's official documents on today's announcements.
[Photo by JIM WATSON/AFP/Getty]

Continue reading Gov't rejects automaker restructuring plans, new deadlines set

Gov't rejects automaker restructuring plans, new deadlines set originally appeared on Autoblog on Mon, 30 Mar 2009 12:25:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto bailoutAutoBailoutchrysler bailoutChryslerBailoutgm bailoutGmBailoutobamapresident obamaPresidentObamaMon, 30 Mar 2009 12:25:00 EST http://www.autoblog.com/feed/1502438/article-comments.xml http://www.autoblog.com/feed/2009/03/30/govt-rejects-automaker-restructuring-plans-new-deadlines-set/1502438/article-detail.xml 1502438 http://www.blogcdn.com/www.autoblog.com/media/2009/03/85702835_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/03/85702835_opt.jpg <![CDATA[Rumormill: Obama will set a deadline for GM and Chrysler to address issues or enter Chapter 11]]>http://www.autoblog.com/2009/03/29/rumormill-obama-will-set-a-deadline-for-gm-and-chrysler-to-addr/http://www.autoblog.com/2009/03/29/rumormill-obama-will-set-a-deadline-for-gm-and-chrysler-to-addr/http://www.autoblog.com/2009/03/29/rumormill-obama-will-set-a-deadline-for-gm-and-chrysler-to-addr/#commentsFiled under: , ,



GM and Chrysler have until Tuesday to complete the financial restructuring demanded by the government under the terms of the bridge loans. It is unlikely that they will make that target. The sticking point for GM is unwillingness on the part of bondholders to agree to what's being asked: GM needs to transform $27 billion of debt into liquidity, and that means a serious dilution of bondholder equity.

GM Inside News reports that, possibly as a move to prod bondholders, the Obama administration and the Auto Task Force will announce on Monday a deadline for GM and Chrysler to have their stakeholder agreements in order. If they have not met the terms of the loans after that new, hard deadline, they'll be put into a pre-packaged, government-backed Chapter 11 bankruptcy.

It goes on to say that if GM is placed into Chapter 11 then the government and the UAW would have the most voting power. The government's loans are asset-backed, and although the UAW VEBA obligation debt is unsecured, it forms 60% of GM's total unsecured debt. Bondholders would, in turn, get something close to bupkis, and it is hoped that the thought of "zero return" will earn more concessions.

[Source: GM Inside News]

Rumormill: Obama will set a deadline for GM and Chrysler to address issues or enter Chapter 11 originally appeared on Autoblog on Sun, 29 Mar 2009 14:45:00 EST. Please see our terms for use of feeds.

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It's the General Motors and Chrysler merger saga, take three. A few months ago, GM said "No can do" to the union, taking off its ring and walking out of church. Now GM's bondholders may be contemplating a shotgun wedding, forcing The General back to the altar over the debt-equity swap the automaker needs to conclude to have a chance at more government financing.

GM needs to shed $18 billion in unsecured public debt, but the bondholders have so far been complaining about the equity they're being offered. According to an outside analyst, if bondholders think a merged GM-Chrysler will save the combined company from $6 billion to $8 billion dollars, the bondholder might only agree to the debt-equity swap if GM merges with Chrysler. GM hasn't shared its exchange plan with the bondholders yet, so the stakeholders could change their minds once they have the information.

Of course, the problems with the merger possibility don't appear to be any different than they were last time, and while it might seem appealing to "collapse two problems into one," critics say that one combined problem could be a bigger hassle for the government than the two together. The merged company would still need funding, on top of which it would need billions to simply complete the merger. In short, this deal still doesn't look like it makes sense. Hat tip to Dan.

[Source: Financial Post]

REPORT: GM bondholders could still spur Chrysler merger originally appeared on Autoblog on Wed, 25 Feb 2009 12:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>chrylserchrysler bailoutChryslerBailoutfinancialsgmgm bailoutgm chrysler mergerGmBailoutGmChryslerMergergovernmentmergermergersWed, 25 Feb 2009 12:29:00 EST http://www.autoblog.com/feed/1469522/article-comments.xml http://www.autoblog.com/feed/2009/02/25/report-gm-bondholders-could-still-spur-chrysler-merger/1469522/article-detail.xml 1469522 http://www.blogcdn.com/www.autoblog.com/media/2009/02/gm_chrysler_merger4_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/02/gm_chrysler_merger4.jpg <![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 http://www.autoblog.com/feed/1463559/article-comments.xml http://www.autoblog.com/feed/2009/02/17/gm-viability-plan-requests-up-to-16-6-billion-more-govt-loans/1463559/article-detail.xml 1463559 http://www.blogcdn.com/www.autoblog.com/media/2009/02/84840705_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/02/84840705_opt.jpg <![CDATA[REPORT: GM lobbying Congress for $7B in tax relief]]>http://www.autoblog.com/2009/02/02/report-gm-lobbying-congress-for-7b-in-tax-relief/http://www.autoblog.com/2009/02/02/report-gm-lobbying-congress-for-7b-in-tax-relief/http://www.autoblog.com/2009/02/02/report-gm-lobbying-congress-for-7b-in-tax-relief/#commentsFiled under: , , ,

Ask for a little help from the government, and the next thing you know you're asking for the government to protect you from the very help it's giving you. General Motors is restructuring its debt load by offering equity shares instead of cash to debt holders, namely the government and the UAW. The UAW transaction concerns the VEBA health care fund in that GM wants to pay its obligation to the fund with shares.

The issue is that this transaction is a debt-asset swap and comes with a distressed asset tax (DAT) of $7 billion. The DAT was codified in 1986 to prevent companies from buying money-losing companies just to avoid paying taxes. In GM's case, the debt-asset swap counts as corporate income, but GM can claim it's 2008 losses against that income, greatly reducing its tax bill.

If the tax isn't waived, GM will need to immediately return $7 billion of the money it was just given. It is talking to the Treasury Department, but so far it's been no dice. GM has been lobbying to have a waiver provision put in the economic stimulus bill currently being wrangled over in the Senate, yet there's also been no movement there, either. It's almost inconceivable that the government will demand GM pay the tax. It's equally hard to believe that this is even taking place.

[Source: Detroit News via Market Watch]

REPORT: GM lobbying Congress for $7B in tax relief originally appeared on Autoblog on Mon, 02 Feb 2009 10:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bridge loanBridgeLoanearningsfinancialsgmgm bailoutgm bridge loanGmBailoutGmBridgeLoangovernmenttaxuawMon, 02 Feb 2009 10:59:00 EST http://www.autoblog.com/feed/1447123/article-comments.xml http://www.autoblog.com/feed/2009/02/02/report-gm-lobbying-congress-for-7b-in-tax-relief/1447123/article-detail.xml 1447123 http://www.blogcdn.com/www.autoblog.com/media/2009/02/gm_taxbill2_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/02/gm_taxbill2.jpg -1 2