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REPORT: January's Detroit Auto Show to be loaded up with political VIPs

After General Motors and Chrysler required a combined $80 billion in government assistance to keep their doors open, many speculated that Uncle Sam would want to keep a hand in the carmaking cookie jar. While it is debatable how much control (a lot) the White House and Congress have over the Detroit automakers, it certainly appears that our politicians have taken a keen interest in the nation's auto industry. One sign that our government is keeping an eye on our investment is the overwhelming amount of interest Washington is reportedly ... Read more →

STUDY: Cash for Clunkers helped Japanese way more than Detroit 3 Michael Harley

While there is no question that Obama's Cash-for-Clunkers program accelerated vehicle sales this summer, a new report by the University of Michigan's Transportation Research Institute shows the ...

REPORT: Pay czar planning up to 90% compensation cuts for top auto execs Chris Shunk

When General Motors and Chrysler took money from the U.S. government to prevent being consigned to history, the two storied domestic automakers had no choice but to put their fates in Uncle Sam's ...

REPORT: GM's CFO Ray Young likely to resign Chris Shunk

The last two chief financial officers at General Motors, Rick Wagoner and Fritz Henderson, eventually became CEO. Ray Young, who has been CFO at the General for less than a year and a half, likely ...

Cash for Clunkers: Dealers claim more than 316,000 "clunkers" for $1.33 billion [w/VIDEO] Jonny Lieberman

On Monday we reported that as of August 7, U.S. auto dealers had received 245,000 Clunkers worth $1.03 billion as of. Today is Wednesday, August 12 and those numbers have swelled by 71,000 cars ...

Dealers claim $1.03 billion worth of Cash for Clunkers 3 months ago on Autoblog

As of last Friday, August 7, US dealers submitted 245,384 Clunker claims totaling $1,030,000,000. That's an awful lot of government cheese, so to speak. According to data released by the Department of Transportation (DOT), claims were up an amazing 33% in two days since Wednesday, August 5. ...

House reportedly approves measure to restore dealerships despite bankruptcy blows 4 months ago on Autoblog

One of the more controversial parts of the Chrysler bankruptcy was the decision to cut 789 dealerships by June 9. The move made for a quick, painful end to dealerships that in some cases spanned several generations of family ownership. When General Motors entered bankruptcy, it said it would cut ...

BREAKING: Rattner reportedly quitting post as head of Auto Task Force 4 months ago on Autoblog

Steve Rattner, the former Wall Street executive who was tapped by the Obama Administration run point for the Auto Task Force, is reportedly stepping down after five months on the job. According to a statement from Treasury Secretary Timothy Geithner, Rattner (above, far right) will now "transition ...

Cash for Clunkers to officially begin July 23 4 months ago on Autoblog

When President Obama signed the Cash-for-Clunkers bill into law back on June 24, the Transportation Department was given 30 days to set the official rules and regulations for the program that will put the plan into motion. According to the official CARS (Car Allowance Rebate System) site, NHTSA ...

REPORT: Federal bankruptcy court expected to rule on "New GM" 4 months ago on Autoblog

According to Reuters, General Motors is on its way into bankruptcy court today in an effort to win approval and access to additional federal funding under its asset-split plan. The automaker filed for Chapter 11 protection just 30 days ago, but it will now go before Judge Robert Gerber to sell ...

Ford launches Cash-for-Clunkers eligibility calculator 4 months ago on Autoblog

In the coming weeks before the U.S. Department of Transportation finalizes the rules and regulations for the Car Allowance Rebate System (CARS), otherwise known as Cash-for-Clunkers, we expect every automaker who operates in this country to start promoting which vehicles they sell that meet the ...

Obama signs Cash-for-Clunkers bill into law, countdown to start begins 4 months ago on Autoblog

President Obama has taken pen to paper and signed off on Cash-for-Clunkers, a law that could help the auto industry shake its year-long funk. The Transportation Department now has 30 days to determine the rules and regulations for Cash-for-Clunkers, placing the start of the program at the end of ...

POLL: 54% of Americans against Cash for Clunkers, 59% expect GM quality to dip under gov't. ownership 5 months ago on Autoblog

America's "Cash for Clunkers" bill is on the cusp of being signed by President Obama, but according to a new survey by Rasmussen Reports, a majority of U.S. citizens aren't in favor of the plan. According to the telephone survey, fully 54% of those queried are against the measure, while 35 aren't ...

Analysts: There's no guarantee that Cash-for-Clunkers will really drive car sales 5 months ago on Autoblog

Now that the so-called Cash-for-Clunkers bill is ready for President Obama's signature, attention is turning to how much of an impact the negotiated bill will actually have on U.S. car sales. There are a lot of positive stories about the bill floating around – headlines hopefully implore that ...

WSJ: Obama nixes auto suppliers' request for aid 5 months ago on Autoblog

According to The Wall Street Journal, President Obama has taken a pass on granting auto parts suppliers' request for $10 billion in aid, leaving the financially-strapped companies to seek succor from Congress instead. While the president's administration says it will keep a wary eye on the state of ...

Auto Task Force says no more money for auto bailouts... probably 5 months ago on Autoblog

To date, the U.S. government has reportedly given General Motors, Chrysler, their financial institutions and various industry suppliers about $80 billion in taxpayer money, and Congress wants to know when we're going to get that money back. The Senate Banking, Housing and Urban Affairs Committee ...

REPORT: Chrysler's sale to Fiat put on hold temporarily to hear debtor objections 5 months ago on Autoblog

The state of Indiana has a big problem with Chrysler's bankruptcy proceedings. Indiana state treasurer Richard Mourdock explained that "Indiana retirees and Indiana taxpayers have suffered losses because of unprecedented and illegal acts of the federal government." The home of the Indianapolis 500 ...

REPORT: Detroit execs grilled on dealer cuts by Congress, Henderson agrees to cough up closure list 5 months ago on Autoblog

When it comes to dealership closings, there is a big divide between what General Motors, Chrysler and President Obama's auto task force want and what dealers and Congress want. The bankrupt Detroit automakers say that closing dealerships will save money, streamline vehicle delivery, improve brand ...

President Obama addresses nation on GM bankruptcy 5 months ago on Autoblog

Just before noon EST, President Obama gave a press conference concerning this morning's General Motors Chapter 11 bankruptcy filing. The man who made hope cool again tried to put as positive a spin as possible on the automaker's decision to file, claiming a "viable, achievable plan" is in place ...

Officially, Official: GM files for Chapter 11 bankruptcy 5 months ago on Autoblog

The die is cast: General Motors has filed for bankruptcy. As expected, the automotive giant filed for Chapter 11 bankruptcy protection this morning in a New York court, listing $82 billion in assets and $172 billion in debts. As we told you earlier, the century-old company will gain extensive ...

REPORT: GM to declare bankruptcy before markets open, chief restructuring officer named 5 months ago on Autoblog

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 ...

BREAKING: GM lurches toward bankruptcy as bondholder offer fails 5 months ago on Autoblog

General Motors is teetering ever closer to the brink of bankruptcy today, as the automaker's exchange offer for its outstanding debt fell "substantially" short of the necessary take-rate. GM had offered some $27.2 billion of its unsecured public notes to its bondholders, but the offer expired at ...

BREAKING: Gov't. reportedly gearing up to push GM into bankruptcy as early as next week 6 months ago on Autoblog

According to The Washington Post, the White House is readying General Motors for a bankruptcy filing that could come as early as the end of next week. According to the paper, the proceedings would likely grant GM nearly $30 billion in additional federal loans, bringing taxpayer investments into the ...

REPORT: New CAFE standard has 'loopholes big enough to drive an SUV through' 6 months ago on Autoblog

There are miles per gallon... and then there are miles per gallon. How do you tell the difference? One is labeled "CAFE mpg" and the other is labeled "EPA mpg." What's the difference? Well, Edmunds is taking pains to illuminate the large discrepancy that exists between the two figures: the issue, ...

Obama: CAFE increase to unified national standard of 35.5 mpg by 2016 6 months ago on Autoblog

Aside from the Daimler-Tesla announcement earlier today, the big green car news for May 19 is the increase in CAFE standards that President Obama made just a short while ago, joined by Governors Jennifer Granholm (MI), Deval Patrick (MA) and Arnold Schwarzenegger (CA), members of Congress and Ron ...

Auto Alliance comes out in favor of new federal fuel economy proposals 6 months ago on Autoblog

After years of fighting fuel economy and emissions rules at both the federal and state levels, the Alliance of Automobile Manufacturers is finally coming out in favor of the new regulatory framework that will be announced by President Obama tomorrow. The biggest sticking point in recent years has ...

REPORT: Obama to announce new CAFE standards tomorrow, require 34 mpg standard 6 months ago on Autoblog

According to reports from both the New York Times and Politico, the Obama Administration plans to announce new CAFE regulations tomorrow that will finally reconcile both federal and state standards. The plan is expected to combine California's strict emission rules with the federal rule, raising ...

Experts call GM bankruptcy 'almost inevitable' [w/POLL] 6 months ago on Autoblog

To stave off bankruptcy, General Motors must rework its union contracts, drastically cut its capacity, workforce and dealer networks – and convince creditors to take 10 cents on the dollar on $27 billion in unsecured debt. In two months. That's a herculean task for any company, much less for ...

AP: Chrysler definitely filing for bankruptcy after debt talks "crumbled overnight" 6 months ago on Autoblog

Building on speculation that first leaked yesterday is word this morning that a pair of Obama administration officials have told The Associated Press that Chrysler will indeed file for bankruptcy. The decision was apparently reached after debtor negotiations with hedge funds "crumbled overnight." ...

REPORT: Obama planning to announce Chrysler bankruptcy tomorrow 6 months ago on Autoblog

According to a report by Bloomberg citing the usual unnamed sources, President Obama will announce tomorrow that Chrysler will file for Chapter 11 bankruptcy while continuing to work on its alliance with Fiat. Bloomberg's source made it clear that the there are still several loose ends and the plan ...

GM future hinges on success of new debt-for-equity swap offers 6 months ago on Autoblog

In addition to announcing the shuttering of Pontiac, General Motors has put forth a new offer to its bondholders to exchange $27 billion in claims for equity in the struggling automaker. As part of the plan, GM is offering its bondholders a 10% equity stake in the company, but worryingly, if 90 ...

REPORT: Bill Ford, Jr. "shocked" at Wagoner's ousting 7 months ago on Autoblog

Bill Ford, Jr., executive chairman of the Ford Motor Company, admits he was surprised at former General Motors CEO Rick Wagoner being asked to step down by the Obama administration. Even as Ford applauded the White House, saying "One of the things we've never had in the past is an administration ...

Group sues Obama administration over weak MPG standards 7 months ago on Autoblog

When the next step in the road to 35 mpg by 2020 CAFE standards was announced recently, those in the know made it clear that the Obama administration's upcoming goal of 27.3 mpg by 2011 would not be hard for automakers to meet. In fact, the 2007 average was already 31.3, so the 2011 goal would not ...

GM and AIG: Why bondholders might want bankruptcy 7 months ago on Autoblog

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 ...

Cerberus to reportedly lose stake in Chrysler as part of bailout deal 7 months ago on Autoblog

According to The Wall Street Journal, Cerberus Capital Management is set to shed its stake in Chrysler as part of the conditions surrounding the company's bailout arrangement with the U.S. government. According to the article, the financial paper cites an anonymous source within the Obama ...

Autoline on Autoblog with John McElroy 7 months ago on Autoblog

WHY OBAMA AXED WAGONER Rick Wagoner is no longer CEO of General Motors for two reasons. First, he failed to come up with a plan that satisfied the government that GM would be viable going forward. Two, President Obama needed political cover before he poured more money into the auto industry, a ...

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Autoblog Podcast #153: With Phil Berg

Phil Berg puts his reputation on the line and hangs with the podcast crew.

 
 

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