Investors have had enough of Ecotality, Inc., and are taking legal action. The Rosen Law Firm, PA, has filed a lawsuit on behalf of Ecotality stockholders in New York and the Law Offices of Howard G. Smith, based in Bensalem, PA
Alongside the positive news in the recent shareholder call that Tesla Motors held recently, there is this bit of news that will help us understand the company's financial picture: the company confirmed that the first Advanced Technology Vehicle Manufacturing program loan payment is due in December and hinted the first payment might come early. The company pr
The Detroit News reports Chrysler is walking away from the company's pursuit of low-interest Department of Energy loans. The automaker originally applied for an $8.55 billion loan when it was still under Cerberus Capital Management, though the figure had since shrunk to $3.5 billion. The DOE, meanwhile, said i
Bright Automotive Chief Operating Officer Mike Donoughe invoked President Barack Obama's recent call for U.S. companies to create American jobs while developing alternative energy sources for transportation by requesting that Congress speed up the company's federal loan process.
General Motors announced today that it's taking a pass on $2 billion in loans that were previously requested last year for the month of March. The automaker cites "company-wide cost reduction efforts as well as pro-active deferrals of spending previously anticipated in January and February" as the reasons for why it's withdrawing the request for money. GM advised the President's Task Force on the Auto Industry of the development this week and revealed the news today at the bottom of a press rele
Now that the domestic industry is in dire need of cash, the American taxpayer is being bombarded with facts and figures purporting to show just how vital the industry is for the health of the overall economy. Hundreds of thousands of jobs at the automakers, millions more from suppliers and dealers -- the numbers seem to change each time, but they're always substantial. Problem is, it seems only GM and Ford ever get quoted, so Chrysler went ahead and whipped up its own little video. Hit the jump
The U.S. Senate on Saturday passed a continuing resolution that keeps funding federal government operations at current levels for several more months and also includes funding for low interest loans for U.S. automakers. The bill is expected to be signed by president Bush by Tuesday when the current fiscal year and budget expires. Since the Congress has failed again to finish all the appropriations bills for the new fiscal year, an interim spending bill was needed to prevent a government shutdown
The John McCain presidential campaign has started running a new TV ad in Michigan that simultaneously tries to pander to everyone. Earlier this year, while campaigning in the primaries, he told voters in Michigan and Ohio that "those (manufacturing) jobs aren't coming back." In that bygone era of six months ago, McCain was opposed to any kind of protection for American businesses f
The Detroit 3 are pushing hard for $50 billion in low interest loans to keep factories running, build new ones and create alternative powertrains. Presidential candidate Barak Obama has already endorsed $50 billion in loans and Republican nominee John McCain has signed on for $25 billion in loans already guaranteed in the 2007 energy bill. If Ralph Nader were elected to office (won't h
What's another $25 billion between friends? That's the argument General Motors, Chrysler and Ford's Congressional lobbyists will be making in the next few months for a $50 billion loan from the federal government.