Apparently, the cost of the US Treasury's bailout of General Motors is still being calculated. A new report from the Special Inspector General for the Troubled Asset Relief Program, which oversees the TARP initiative, found that the US government has lost more money on its investment than previously believed.
The United States Treasury has shuffled another 135 to 137 million shares of General Motors stock as it continues its exit from the Detroit-based manufacturer. According to The Detroit News, the July sale netted the government $876.9 million, which was valued between $34 and $37 per share.
Wanxiang Group's acquisition of lithium-ion battery maker A123 Systems has been approved by the US government, according to a statement from the Chinese auto parts maker. Wanxiang's US unit had agreed to pay $257 million for A123's automotive battery business and related assets in a bankruptcy auction.
True to its word, the US Treasury Department has taken steps today to rid itself of its remaining 300-million shares of General Motors stock. The Treasury has engaged both JP Morgan and Citigroup Global Markets to handle the sale of the remaining shares, reports the Detroit Free Press.
digg_url = 'http://www.autoblog.com/2009/11/16/breaking-gm-to-begin-repaying-6-7-billion-in-us-loans-next-mon/'; General Motors will announce later today plans to repay the U.S. government some $6.7 billion in loans ahead of its initial due date of July 2015. The payments are expected to begin as early as next month, with $1 billion paid each quarter until the full sum is paid – although that doesn't cover the total $50 billion the taxpayers have "invested" in the automaker after it decl
With the threat of a President Bush veto looming overhead, Congressional Democrats are letting the ban on offshore drilling expire next week. The hot button topic has been debated since Mr. Bush lifted the presidential ban back in July, leaving only House Democrats to stand between big oil and U.S. shorelines. Democrats countered that the environment was more important than expensive gasoline, and although Dems have a majority in both the House and Senate, they don't have enough votes to trump a
The Lamborghini Countach was everywhere in the 1980s. It was so often presented as the ultimate car, photographed with celebrities, and generally placed in the spotlight that even your grandmother could've recognized it. Because of its vaunted status, the Countach is an aspirational car that you might purchase to celebrate a milestone in your life. Oregonian Marlowe Treit spent two years tracking down the perfect Countach as a way of marking 60 years on the planet.
For the first time in more than 20 years, the US Government is changing the way they calculate the estimated fuel mileage on window stickers. The changes will be seen starting with 2008 model year cars in the form of a newly styled window sticker and a new test procedure to better reflect the actual mileage customers can hope to achieve.
The political alliances in the Motor City have historically been rather black-and-white, with the UAW lining up alongside Democrats and management favoring the Republicans. Yes, one can find exception to these stereotypes, but the above comes as close as one can to describing 40-some years of voting behavior in one sentence. But the times are changing, and traditional alliances between the political parties and their supporters in the auto industry are increasingly stressed.
Four US Senators took to the microphone yesterday to accuse Detroit of "stonewalling" and "getting into a bunker mentality" when it comes to providing vehicles with better fuel economy. Dianne Feinstein, Dick Durbin, Olympia Snowe, and Lincoln Chafee are sponsoring a bill they call "Ten in Ten" that would call for increasing the fleetwide Corporate Average Fuel Economy (CAFE) to 37 MPG by 2017 - trucks and all. Also included is a requirement for on-board mileage displays by 2013.