government loans


REPORT: GMAC likely to get more cash soon from federal government

GMAC has received $12.5 billion in U.S. Treasury loans since last December, but that sizable amount of cash may not be the last of government assistance. The Detroit News is reporting that General Motors' finance arm could receive between $4 billion to $5.6 billion by November 9 in order to satisfy more stringent government mandates to have sufficient cash on hand in the event of a prolonged recession. GM's financing arm said in May that it was attempting to obtain the additional cash by means other than the federal government, but private ... Read more →

REPORT: Porsche facing dire times, actually skirted bankruptcy in March Chris Shunk

These are some confusing times in the automotive world. For the past few years, it seemed as though Porsche was primed to rule the world. It was selling plenty of product, and more importantly, it ...

REPORT: Unsigned waivers to blame for Chrysler Financial rejection of gov't cash Frank Filipponio

Over the past two days, we've told you what we've heard about the latest short-term federal aid coming to Chrysler and GM. According to the latest reports, it will be $5B to the latter and $500M to ...

GM Bondholders not digging restructuring plan Chris Shunk

General Motors submitted a restructuring plan on February 17 that included 47,000 job cuts, 14 plant closings by 2012 and the sale, dismantling, or shrinking of four brands. It sounds like a big ...

Fiat CEO tells U.S. Treasury it can help Chrysler repay loans Chris Shunk

General Motors and Chrysler have been in meetings with the U.S. Treasury this week to discuss how and when the Detroit automakers can again become viable. Both companies are asking for additional ...

Big Shift: Poll says just 25% of Americans now favor automaker aid 9 months ago on Autoblog

During his state of the economy speech on Capitol Hill, President Obama was passionate in stating his commitment to saving the domestic auto industry. While domestic automakers have the President's support, the general public may be less receptive to more government loans. A recent USA Today poll ...

Chrysler still thinks merging with GM a good idea 9 months ago on Autoblog

General Motors may have put a merger with Chrysler in its rear view mirror, but the Pentastar apparently thinks a tie-up might still be a good idea. Chrysler called a potential pairing with the General the "best option" for the Auburn Hills, MI-based automaker, saying that it would reap five times ...

CAW ready to talk with Detroit 3 before gov't deadline, willing to deal 9 months ago on Autoblog

Detroit automakers are frantically working to cut costs in an effort to stay out of bankruptcy court. A very big piece of the puzzle is labor, and leaders from the Canadian Auto Workers Union are reportedly ready and willing to make concessions. Talks are set to begin next week in advance of a ...

REPORT: French government calls for auto execs to forego bonuses 10 months ago on Autoblog

The French government has put €6 billion ($7.79 billion USD) on the table for car companies. And as part of the effort to make sure that every drop of the money goes toward maximizing performance and retaining jobs, the French government has asked that Peugeot/Citroen and Renault company bosses ...

BMW cuts 26,000 workers, may apply for state aid 10 months ago on Autoblog

BMW builds terrific cars and crossovers, but even Germany's finest is struggling to tread water in a brutal automotive climate. Lagging demand has forced BMW to cut 26,000 workers for the months of February and March and BMW's factories in Dingolfing and Regensburg will be effected by the ...

Chrysler scraps dealer awards meeting in Mexico 10 months ago on Autoblog

Every year, Chrysler rewards its top dealers with an all-expenses paid trip to some exotic location. But with the financial situation at the privately-owned automaker in the crapper, the Pentastar decided to cancel this year's excursion. Chrysler spokesman Stuart Schorr told the Detroit News that ...

GM to taxpayers: Sorry we had to ask, but thanks for the money 11 months ago on Autoblog

The last few weeks may have been some of the worst in GM's 100-year history. Sales have tanked, CEO Rick Wagoner faced a firing squad in Washington -- twice -- and a CNN poll showed that 61% of Americans didn't want the automakers to get federal loans. It appears Congress is on the verge of ...

BREAKING: Automakers to get $15 billion in federal loans 11 months ago on Autoblog

It's taken two rounds of Congressional hearings, some major pride swallowing and three detailed business plans, but it looks as if the Detroit 3 will be getting the federal loans they need, though not as much they asked for. A deal was reportedly reached between Democratic leaders and the White ...

Wagoner arrives for Senate hearing in Volt mule 11 months ago on Autoblog

General Motors CEO Rick Wagoner has arrived in Washington to deliver testimony at Senate hearings scheduled for today and tomorrow, and as we reported late yesterday, his transportation this time was not a private jet, but rather a series hybrid Chevy Volt mule in the body of a Chevy Cruze. Ford ...

GM has "Plan B" in the works if Feds don't come through with cash 1 year ago on Autoblog

Detroit automakers are busy putting the final touches on its Congress-bound revitalization plans, but all three automakers are also making plans in the event government loans are turned down. GM has a back-up plan, and it reportedly includes more factory closures, white-collar cutbacks, further ...

Obama agrees with need to view Detroit 3 reorganization plans 1 year ago on Autoblog

President-Elect Barack Obama has been in favor of assisting Detroit automakers, but the soon-to-be Commander in Chief agrees with a Congressional demand to see concrete plans before any checks are signed. Obama's Cheif of Staff, David Axelrod, was all over the boob tube Sunday sharing the President ...

GM wants $10 billion in aid from the Feds to buy Chrysler 1 year ago on Autoblog

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 ...

Detroit Three pass credit check, $25 billion in gov't loans approved 1 year ago on Autoblog

While the U.S. banking industry is still waiting for Congress to give it a $700 billion hand, President Bush signed into law last night the spending bill that gives U.S. automakers $25 billion in loans to get their collective act together. But unlike when a bank deems you worthy of their money, the ...

VIDEO: Wagoner attempts to explain gov't loans to automakers 1 year ago on Autoblog

Over the past few weeks, we've heard how badly Detroit automakers needed $25 billion in government-backed loans, but very few of us know exactly who gets the money. GM CEO Rick Wagoner got in front of a camera to answer some of those questions, and to talk about some of the challenges the General ...






Autoblog Podcast #154: Gobbling up the News

Chris, Sam, and Dan kick out a podcast just in time for the long holiday drive.

 
 

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