8 Articles
Report: GM, Opel agree to restructuring, clearing the way for German loans

To the German government authorities who think General Motors is financially sound enough to pay for Opel's restructuring without loan-guarantee assistance, Opel CEO Nick Reilly says that's not the case. "You need to remember that GM is first of all founded by U.S. taxpayers," Reilly was quoted as saying. "Frankly, GM needs the money it has got."

Treasury reportedly says GM properly used escrow to repay loans

General Motors didn't use another government loan to pay off the much-celebrated $4.7 billion portion of its federal debt. According to a spokesperson with the Treasury Department cited by Bloomberg, the Detroit-based carmaker properly used funds from an escrow account to do the deed. The funds were available for the automaker to use in the event that it ran across any extraordinary expenses, but since the manufacturer decided i

Autoblog Podcast #176 - Beijing, Bailout and Bucks (profits, that is)

Click above for the Autoblog Podcast in iTunes, RSS or listen now!

Report: GM to announce repayment of federal loans in full on Wednesday

According to The Detroit News, General Motors will announce that it is fully repaying the federal loans it received last summer from both the United States and Canadian governments. In total, General Motors will have paid back about $6.7 billion ($2 billion of which has already been returned) of the $50 billion it received from the U.S., the majority of which was recovered by acquiring a 61-percent share of the automaker.

GM asking Department of Energy for $2.6 billion to build hybrids?

Click above for high-res image gallery of the 2011 Chevy Volt

GM wants $10 billion in aid from the Feds to buy Chrysler

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 the merged company in the form of preferred stock, would see the government taking over pension ob

GM may use profits from China to float North American operations

Big Bob Lutz said that GM declaring bankruptcy is "out of the question." Of course, that was two years ago, when things like a $25 billion government loan would have sounded ludicrous. That was also before the auto industry mess got messier, and in order to stay true to those words today, GM is doing whatever it has to do to find money to stay in business. It heard Chrysler has an $11 billion piggy ban

GM to dealers: There's a bonus in it for you if you don't lend them our money

General Motors is telling its dealers that there's a shiny nickel or two in it for them if they can sell cars without getting the GMAC finance arm involved. For every sale closed with outside financing, salespeople and managers will each receive $100, with an additional $50 going to someone the dealer designates. GMAC has already cracked down on borrowers with FICO scores below 700, and this looks like another move to discourage putting GM on the hook for risky loans; let someone else take that