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 Now, it has withdrawn its application completely.
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.
We've all been there: uttering words you almost immediately regret. You feel like an absolute idiot. But the next time that kind of situation comes up – and come up it will – know that you're not alone. Because Sergio Marchionne has had a bit of backtracking to do himself.
GM was able to avoid bankruptcy court when it received billions in government loans, but Deutsche Bank automotive analyst Rod Lache feels GM will have a tough time getting concessions from bondholders, making bankruptcy far move likely. GM's deal with the government includes a stipulation that demands the General swaps a great deal of its $36 billion in outstanding debt for equity. Failure to do so means that GM will have to return the $13.4 billion given by the government.
GMAC is officially opening up lending to buyers with credit scores of 621 or higher after a $5 billion investment from the federal government. A credit score of 621 is considered by some lenders to be the Mendoza line that separates good borrowers from the subprime. The financing arm of General Motors, which is majority owned by Chrysler's sugar daddy, Cerberus Capital Management, had been crippling the automaker's ability to sell cars and trucks after declaring in October only customers with cr
Jaguar and Land Rover are having a Hell of a time trying to sell luxury vehicles in this armpit of a global economy, and parent company Tata Motors is looking for a big-time loan to keep the British Marquees afloat. In all, Tata is seeking £1 billion from the British government to to help pay the bills. That's a fairly large sum considering that it represents £67,000 to each of the British marquees 15,000 workers in the UK. Prime Minister Gordon Brown is said to be close to a decisio