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Keyword: gm

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  • GM boosting China production capacity to 5 million

    04/20/2014 10:35:27 AM PDT · by Olog-hai · 20 replies
    Associated Press ^ | Apr 20, 2014 10:49 AM EDT
    The president of General Motors said Sunday that the company and local partners are boosting production capacity for GM-brand vehicles in China to 5 million. Speaking at the Beijing auto show, Dan Ammann said the company also expects sales of its Cadillac luxury cars to double to 100,000 next year. General Motors Co. and its Chinese partners are in the midst of what the company has said is a $12 billion investment program through 2017. …
  • GM to ask bankruptcy court for lawsuit protection

    04/15/2014 9:57:47 PM PDT · by Olog-hai · 5 replies
    Associated Press ^ | Apr 15, 2014 11:07 PM EDT | Tom Krisher
    General Motors revealed in court filings late Tuesday that it will soon ask a federal bankruptcy judge to shield the company from legal claims for conduct that occurred before its 2009 bankruptcy. The automaker’s strategy is in a motion filed in a Corpus Christi, Texas, federal court case, and in other cases across the nation that involve the defective ignition switches that have led GM to recall 2.6 million small cars. The motion asks U.S. District Judge Nelva Gonzales Ramos to delay action on the lawsuit until the bankruptcy court rules and other federal courts decide if the case should...
  • The GM Scandal Is Worse Than You Think

    04/05/2014 8:44:43 AM PDT · by Kaslin · 29 replies
    Townhall.com ^ | April 4, 2014 | David Harsanyi
    Here's another reason government should never own a business. In February 2010, the Obama administration's transportation secretary, Ray LaHood, told America, without a shred of evidence, that Toyota automobiles were dangerous to drive. LaHood offered the remarks in front of the House subcommittee that was investigating reports of unintended-acceleration crashes. "My advice is, if anybody owns one of these vehicles, stop driving it," he said, sending the company's stock into a nose dive. Even at the time, LaHood's comments were reckless at best. Assailing the competition reeks of political opportunism and cronyism. It also illustrates one of the unavoidable predicaments...
  • Minding the Minders of G.M.

    04/05/2014 11:15:15 AM PDT · by jazusamo · 9 replies
    NY Times ^ | April 5, 2014 | Jackie Calmes
    There is a truism in Washington that was confirmed last week in Congress: Even less popular than government regulation is a regulator suspected of not doing its job. Not for the first time, the National Highway Traffic Safety Administration — or N.H.T.S.A. (pronounced NITZ-ah) — was forced to answer for failing to protect consumers. In this case, the failure involved a defective General Motors ignition switch implicated in 13 deaths. While G.M.’s new chief executive, Mary T. Barra, took most of the heat in two days of House and Senate hearings last week, she shared the grill with the safety...
  • Car dealer sues Fenton man over repair YouTube video

    04/03/2014 1:09:44 PM PDT · by Responsibility2nd · 39 replies
    Post Dispatch ^ | 04/02/2014 | By Jim Gallagher
    An online video complaining about car repair has sparked a legal battle between a Fenton man and a car dealership that wants to shut him up. Dwayne Cooney’s video complaint about Jim Butler Chevrolet became a minor hit on YouTube when he posted it in February. Thousands tuned in to see a dashboard camera video of mechanics working on his car and hear Cooney suggest that he’d been overcharged. Now he’s facing a defamation suit from the Fenton dealership. It’s turned into a tangle involving free speech as the dealership fights to have the video taken down and Cooney banned...
  • GM Attempted Ludicrous 'Fix' for Defective Ignitions in 2005

    04/03/2014 10:28:00 AM PDT · by jazusamo · 26 replies
    NLPC ^ | April 3, 2014 | Mark Modica
    General Motors' CEO, Mary Barra, testified this week at government hearings on the deadly recall delay that contributed to at least 13 deaths of motorists driving GM vehicles with defective ignition switches. During that testimony Ms. Barra discussed one of GM's ridiculous early "solutions" for problems with ignitions turning to the off position as vehicles were being driven. GM engineers designed an insert to be placed in the keys' holes in an attempt to limit how much key chains dangled. This "fix" saved the company a few dollars in labor costs that would have been charged if they recalled...
  • LeDuff: Don't just blame GM, blame the politicians too

    04/02/2014 8:50:14 AM PDT · by RckyRaCoCo · 7 replies
    myfoxdetroit ^ | 04/01/2014 | Charlie LeDuff
    Government Motors. Remember that one? That's a huge, overlooked detail in this whole GM recall crisis - the federal government's oversight of a company they bought out of bankruptcy four years ago and, under their nose, that same company is hiding its deadly, dirty laundry. Charlie LeDuff caught up with California Democrat Henry Waxman, who was head of the United States House Committee on Oversight and Government Reform at the time of that purchase.
  • Chevrolet Volt Sales Flat In March

    04/01/2014 1:43:24 PM PDT · by lacrew · 10 replies
    InsideEvs ^ | 4-1-14 | Jay Cole
    After announcing a short delay “due to a computer systems issue that impacted dealer sales reporting”, General Motors announced that they sold 1,478 Chevy Volts in March – which is exactly the same number of cars they sold a year ago this month. Not the result we were hoping for, as the wind-down of California’s “green sticker” program this week spurred on sales of competitors (like the Toyota Prius – up 92%) to new highs for the year. This month also ‘kind-of ‘ stops a trend of 3 consecutive months (and 5 of 6 overall) of declining sales for the...
  • Remember When Obama Touted the Now-Recalled Chevy Cobalt?

    04/01/2014 11:50:48 AM PDT · by F15Eagle · 32 replies
    National Review Online ^ | April 1, 2014 10:25 AM | By Jim Geraghty
    President Obama, speaking at a GM plant in Lordstown, Ohio, September 15, 2009: “That program was good for automakers, consumers, and our environment,” Obama said of the Cash for Clunkers programs, “and the Chevy Cobalt that you build here was one of GM’s most sought-after cars under that program. Dealers across the country started running out of it and needed you to build more.” All Chevy Cobalts from 2005 to 2010 are being recalled because of fears the “ignition switch may move out of the “run” position, resulting in a partial loss of electrical power and turning off the engine....
  • Cobalts Were Seen as Lemons From Start, State Data Shows

    04/01/2014 11:26:16 AM PDT · by C19fan · 27 replies
    NY times ^ | March 31, 2014 | Danielle Ivory and Rebecca R. Ruiz
    Long before the Chevrolet Cobalt became known for having a deadly ignition defect, it was already seen as a lemon. Owners complained about power steering failures, locks inexplicably opening and closing, doors jamming shut in the rain — even windows falling out. Long before the Chevrolet Cobalt became known for having a deadly ignition defect, it was already seen as a lemon. Owners complained about power steering failures, locks inexplicably opening and closing, doors jamming shut in the rain — even windows falling out.
  • Power Steering Recall Could Cost GM Over $1.5 Billion

    04/01/2014 9:39:04 AM PDT · by jazusamo · 49 replies
    NLPC ^ | April 1, 2014 | Mark Modica/Peter Flaherty
    Almost two weeks after NLPC first requested that General Motors recall vehicles with defective power steering components , the company has agreed to the recall and finally remove the dangerous vehicles from the roads. Over 1.3 million Saturn Ions and related vehicles are included in the recall, bringing the total amount of GM vehicles recalled over the past month or so to over 6 million. The total cost to GM for the recalls will be in the billions of dollars with the latest recall probably accounting for over $1.5 billion on its own. The costs to GM's reputation are...
  • Michael Moore: General Motors 'criminals' deserve death

    04/01/2014 8:59:38 AM PDT · by ColdOne · 57 replies
    washingtonexaminer.com ^ | 4/1/14 | Charlie Spiering
    Liberal filmmaker Michael Moore believes that whoever was responsible at General Motors for failing to recall a faulty ignition switch deserves death. "I am opposed to the death penalty, but to every rule there is usually an exception, and in this case I hope the criminals at General Motors will be arrested and made to pay for their pre-meditated decision to take human lives for a lousy ten bucks," he wrote. Moore blamed former President George W. Bush's transportation Department for ignoring the problem in 2007 and praised new GM CEO Mary Barra for telling the truth about the problem.
  • Congress Must Ask Barra Why GM Hasn’t Recalled Saturn Ions with Power Steering Loss

    03/31/2014 8:32:12 AM PDT · by jazusamo · 16 replies
    NLPC ^ | March 31, 2014 | Mark Modica
    On Friday, General Motors expanded its recall of vehicles with an ignition switch defect, but Saturn Ions with a dangerous steering loss problem remain unrecalled, even though Chevy Cobalts and other models with the exact same defect were previously recalled. The two Congressional Committees holding hearings this week must directly ask GM CEO Mary Barra why these dangerous vehicles remain on the road. It has now been almost two weeks since we requested that Barra immediately order a recall of Saturn Ions (MY 2004 to 2007) with defective electric power steering systems. GM had previously recalled Chevy Cobalts and Pontiac...
  • An Engineer’s Eureka Moment With a G.M. Flaw

    03/30/2014 1:19:58 PM PDT · by jazusamo · 46 replies
    New York Times ^ | March 28, 2014 | Bill Vlasic
    DETROIT — Somewhere inside the two-inch ignition switch from the 2005 Chevrolet Cobalt was the clue that Mark Hood was seeking. Mr. Hood, an engineer in Florida, had photographed, X-rayed and disassembled the device in the fall of 2012, focusing on the tiny plastic and metal switch that controlled the ignition. But even after hours of testing, Mr. Hood was at a loss to explain why the engine in Brooke Melton’s Cobalt had suddenly shut off, causing her fatal accident in 2010 in Georgia. It was no small matter to her family, which had hired Mr. Hood for their lawsuit...
  • General Motors recalls Chevrolet Cruzes, trucks and SUVs

    03/29/2014 11:04:05 AM PDT · by jazusamo · 17 replies
    Reuters ^ | March 29, 2014
    (Reuters) - General Motors Co is recalling certain Chevrolet Cruze models for possible axle fractures, and more than 490,000 trucks and SUVs for potential transmission cooler line issues, the company said in a statement late on Friday. These latest recalls come as the head of the country's biggest automaker, Chief Executive Mary Barra, faces Congress next week regarding who is to blame for faulty ignition switches linked to crashes and at least 12 deaths. The GM Cruze recall targets the 2013 and 2014 1.4L turbo gasoline powered model to replace a right front axle half shaft that can fracture without...
  • GM halts most Chevy Cruze sales

    03/28/2014 8:06:25 AM PDT · by McGruff · 45 replies
    CNN Money ^ | March 28, 2014
    General Motors has halted the sale of most of the Chevrolet Cruzes now on dealers' lots. The Cruze is GM's best selling U.S. car model. Spokesman Alan Adler confirmed that GM has ordered a halt to sales of models with the 1.4-liter turbo engine, the most popular version of the compact car. Adler did not give the reason for the halt, and said there hasn't been a recall issued on cars already sold. The news comes as GM deals with a damaging recall of 1.6 million small cars worldwide to deal with an ignition switch flaw that has been linked...
  • GM Response to Recall Delay Victims Anything BUT Compassionate

    03/25/2014 9:05:55 AM PDT · by jazusamo · 19 replies
    NLPC ^ | March 25, 2014 | Mark Modica
    Merriam-Webster.com defines compassion as, "a feeling of wanting to help someone who is sick, hungry, in trouble, etc." A Google search teaming the name Mary Barra with "compassionate" pulls up a host of articles fawning over General Motors' new CEO's handling of the company's botched recalls which seem to have cost at least 12 American lives. Contrary to the media's belief that GM is a compassionate entity working in the best interests of accident victims, the facts show that the response to defects in GM vehicles and subsequent recall delays has been anything BUT compassionate. The NY Times continued its...
  • GM Asked to Recall 382,000 Vehicles With Steering Loss Defect

    03/19/2014 11:09:16 AM PDT · by jazusamo · 9 replies
    NLPC ^ | March 19, 2014 | Peter Flaherty
    This letter is being sent today to GM CEO Mary Barra: We ask that General Motors (the Company) recall Saturn Ions for the model years 2004 through 2007 without further delay. These automobiles endanger the lives and safety of their drivers and passengers due to a loss of power steering, a serious problem of which the Company has been aware for several years. According to a summary of an ongoing investigation by the National Highway Traffic Safety Administration (NHTSA): ...GM indicated that the EPS (electric power steering) system used in the subject vehicles was the same as that used...
  • Questions Upton Committee MUST Ask GM About Recall Delay

    03/17/2014 1:00:51 PM PDT · by jazusamo
    NLPC ^ | March 16, 2014 | Peter Flaherty
    The following letter was sent today to Rep. Fred Upton (R-MI), Chairman of the House Energy and Commerce Committee: As your committee prepares for the upcoming House Energy and Commerce Committee hearing on the recent GM recall, I urge you to use every opportunity to examine what, if any, influence the U.S. government's ownership of GM has had on this troubling failure to address the dangerously flawed vehicles. In addition, we urge your committee to consider posing the following questions to panelists at your hearing: 1. In late 2009, GM sued supplier JTEKT North America for $30 million over faulty...
  • GM recall: Report 'links' faulty vehicles to 303 deaths

    03/14/2014 11:23:51 AM PDT · by gooblah · 10 replies
    BBC ^ | 14 March 2014 Last updated at 13:41 ET
    A report has linked faulty airbags in two of the six models recalled by General Motors to 303 deaths. The study, commissioned by the Center for Auto Safety, reviewed US federal crash data for the models. GM has recalled nearly 1.6 million vehicles over faulty ignition switches which could turn off the engine, disabling the airbags. But it has disputed the number in the report, saying it only looked at raw data and did not evaluate the reasons. "Without rigorous analysis, it is pure speculation to attempt to draw any meaningful conclusions," the company said in a statement. "In contrast,...
  • 303 Deaths Seen in G.M. Cars With Failed Air Bags [Obama Motors KILLS PEOPLE!]

    03/14/2014 8:39:15 AM PDT · by SoFloFreeper · 26 replies
    New York Times ^ | 3/14/14 | DANIELLE IVORY and HILARY STOUT
    As lawmakers press General Motors and regulators over their decade-long failure to correct a defective ignition switch, a new review of federal crash data shows that 303 people died after the air bags failed to deploy on two of the models that were recalled last month. The review of the air bag failures from 2003 to 2012, by the Friedman Research Corporation, adds to the mounting reports of problems that went unheeded before General Motors announced last month that it was recalling more than 1.6 million cars worldwide because of the defective switch.
  • GM Recall Death Toll to Rise?; What Did Mary Barra Know and When Did She Know it?

    03/13/2014 10:35:45 AM PDT · by jazusamo · 57 replies
    NLPC ^ | March 13, 2014 | Marl Modica
    The New York Times hinted that the 11 year death toll for victims who drove defective General Motors' vehicles (that are just now being recalled) may rise from the current 12 confirmed fatalities. The Times reports, "Since 2003, GM has reported at least 78 deaths and 1,581 injuries involving the now-recalled cars, according to a review of agency records." It is not clear how many of the accidents involving one of the 1.6 million now-recalled vehicles were caused by the defect. The article does state that "the records mention potentially defective components" and "regulators appear to have overlooked disturbing...
  • G.M. Said to Face Criminal Inquiry on Safety Problems

    03/11/2014 4:35:29 PM PDT · by afraidfortherepublic · 4 replies
    NYT ^ | 3-11-14 | BILL VLASIC and BEN PROTESS
    The Justice Department has begun a criminal investigation into the decade-long failure by General Motors to address deadly safety problems in its some of its cars before announcing a massive recall last month, according to a person briefed on the matter. The preliminary inquiry by federal prosecutors in New York is expected to center on whether G.M., the nation’s largest automaker, failed to comply with laws requiring timely disclosure of vehicle defects. The probe is the latest in a widening series of investigations of G.M.'s handling of faulty ignition switches in its Chevrolet Cobalt sedan and other cars that the...
  • GM Doubles Down on Volt Failure; Sells Only 58 Electric Cadillac ELRs

    03/10/2014 9:09:24 AM PDT · by jazusamo · 25 replies
    NLPC ^ | March 10, 2014 | Mark Modica
    General Motors continues to double down on plug-in electric vehicles, now offering the Cadillac ELR, which is a gussied up version of the Chevy Volt at twice the price. The latest Cadillac ELR ad has stirred up a lot of debate regarding its pro-American capitalism message as General Motors spent roughly $100,000 for each of the commercials that it ran during the Sochi Olympics. Although the commercial garnered much attention, the heavy ad spending resulted in just 58 of the tax-subsidized (each affluent buyer gets a $7,500 federal tax credit) Cadillac ELRs being sold in February, three months into the...
  • Chevrolet Sells 1,210 Volts In February, Off 26% From 2013

    03/04/2014 12:31:32 PM PST · by lacrew · 17 replies
    InsideEVs ^ | 3-3-14 | Jay Cole
    After posting a fairly disappointing 918 Volt sales in January – the first time sales were under 4 digits in 2 years (603 - Jan 2012), the extended range Chevy bounced back a little in February notching 1,210 deliveries. Year-over-year, this February’s result was up against some fairly stiff competition as 1,626 were sold this month a year ago, meaning sales were off 25.6%. For the year to date, 2,128 Volts have been sold as compared to 2,766 – off 23.1% There just isn’t enough casr to even get the Volt a fighting chance as the General opted to produce...
  • Former NHTSA Head Criticizes GM for Deadly Recall Delay

    03/04/2014 9:32:30 AM PST · by jazusamo · 12 replies
    NLPC ^ | March 3, 2014 | Mark Modica
    Former head of the National Highway Traffic Safety Administration (NHTSA), Joan Claybrook, has weighed in on the deadly delay by General Motors on a recall for a defect that is alleged to have resulted in 13 deaths and 33 accidents. Ms. Claybrook appeared on the Cavuto Show on Fox Business where she blasted both GM and NHTSA for waiting 10 years to recall the defective models and went as far as saying that there should be criminal charges brought against GM by the Justice Department. Congress was questioned for its response (or lack thereof) as Cavuto started the segment by...
  • In General Motors Recalls, Inaction and Trail of Fatal Crashes

    03/03/2014 9:47:51 AM PST · by jazusamo · 14 replies
    NY Times ^ | March 2, 2014 | Christopher Jensen
    For Laura Christian, July 29, 2005, was the worst kind of anniversary. One year earlier, Ms. Christian had been reunited with Amber Marie Rose, the daughter she gave up for adoption at birth. But Ms. Christian did not get to call her daughter a year later. In the predawn hours that day, Amber, 16, died after her 2005 Chevrolet Cobalt crashed and the air bag failed to deploy. Now, nearly nine years later, Ms. Christian knows that the air bag’s failure was the result of a defective car part. General Motors has recalled nearly 1.4 million cars in the United...
  • Did NHTSA Drag Its Feet on GM's Deadly Recall Delay?

    02/27/2014 10:16:33 AM PST · by jazusamo · 4 replies
    NLPC ^ | February 27, 2014 | Mark Modica
    The National Highway Traffic Safety Administration (NHTSA) is opening an investigation into General Motors' response to an ignition-switch defect that has been linked to 13 deaths, prompting a recall of 1.6 million vehicles. As I have previously reported, the ignition-switch problem has been known for years. What took NHTSA so long? NHTSA is an executive branch agency, part of the Transportation Department. According to its website, NHTSA "is dedicated to achieving the highest standards of excellence in motor vehicle and highway safety. It works daily [emphasis added] to help prevent crashes and their attendant costs, both human and financial." Five...
  • General Motors expands “igniton recall,” cites 13 deaths

    02/25/2014 9:03:11 PM PST · by BenLurkin · 23 replies
    fox ^ | updated on: 08:06pm, February 25, 2014
    The recall now affects 1.37 million vehicles built between 2003 and 2007. In addition to 778,000 Chevrolet Cobalts and Pontiac G5 cars recalled earlier this month, GM is also recalling Saturn Ions, Chevrolet HHRs, Pontiac Solstices and Saturn Sky models for the same issue. GM says the ignition on the vehicles recalled can accidentally switch out of the “Run” position while the car is being driven. When that happens, the car’s engine shuts off, rendering power brakes, power steering and airbags not operational. Originally, GM said there had been six fatalities among front-seat passengers as a result of this problem....
  • Evidence Mounts that GM Delayed Recall with Deadly Results

    02/21/2014 2:58:14 PM PST · by jazusamo · 51 replies
    NLPC ^ | February 21, 2014 | Mark Modica
    New evidence is surfacing that General Motors has known for years about the deadly defects in its vehicles ( as I suggested here last week) that are just now being recalled. The defects have led to the deaths of at least six people and are the basis of an ongoing lawsuit against GM. The deadly recall delay by GM has garnered the attention of Mainstream Media as usually GM-friendly sources like USA Today, The New York Times, CNN Money and even CBS Evening News have rightfully decided that the accusations of deplorable behavior by GM deserve to be shared...
  • Did GM Delay Recall With Deadly Results? Problems Reported Years Ago

    02/14/2014 9:10:08 AM PST · by jazusamo · 30 replies
    NLPC ^ | February 14, 2014 | Mark Modica
    General Motors recently recalled close to a million vehicles for a deadly problem that resulted in six deaths. The models involved were Chevy Cobalts and Pontiac G5s from the 2005 through 2007 model years. The question is, why did NHTSA and GM wait so long to recall vehicles with a dangerous defect when the problems surfaced years ago? Scouring the internet reveals many reported stalling incidents for the models in question. My particular Google search went back to 2009 and unearthed disturbing evidence that GM did not properly address issues with faulty vehicles. While the vehicles were manufactured by...
  • General Motors CEO (female) Barra to earn $14.4 million in 2014 (60% more than her predecessor)

    02/10/2014 12:35:55 PM PST · by Red in Blue PA · 35 replies
    DETROIT, Feb 10 (Reuters) - General Motors Co's Mary Barra, the auto industry's first female chief executive officer, will be paid $14.4 million in cash and stock this year, 60 percent more than her predecessor, the automaker disclosed on Monday. GM had previously said Barra, 52, would receive up to $4.4 million in cash and stock compensation this year, but that amount did not include what she would receive under the company's long-term compensation plan, which totals $10 million.
  • Chevrolet Showcases Gay Families In Olympics Opening Ceremony Ad

    02/07/2014 2:40:03 PM PST · by LonelyCon · 80 replies
    NBC News ^ | 2/8/2014 | Ben Popken
    Coming just a week after Coke made waves when it aired the first Super Bowl ad to showcase a set of same-sex parents, the car-maker's new campaign is called "The New Us" and portrays a series of wide-ranging families. "And while what it means to be a family hasn't changed," intones the Chevrolet narration over clips that include nuclear families, mixed race couples, adoptive parents, gay and lesbian parents, combinations of the above, and others, "what a family looks like, has. This is the new us." The games have been criticized for taking place in Russia, which has made "gay...
  • GM’s Debt Rises as Earnings Disappoint; Warns on First Quarter

    02/06/2014 9:49:20 AM PST · by jazusamo · 23 replies
    NLPC ^ | February 6, 2014 | Mark Modica
    General Motors announced disappointing earnings results today and issued a warning that first quarter results will underwhelm as well. The reasons behind the earnings' miss are surely going to be explained away by pundits and proponents of the company still known as Government Motors to many. Sorting through the smoke and mirrors can lead to some important and simple explanations as to what is going on at GM. Before looking at the reasons why GM has drastically underperformed the broader markets since the Obama-orchestrated bankruptcy process of 2009, let's take a look at one of the most critical takeaways from...
  • GM 4Q Profit Widely Misses Expectations

    02/06/2014 5:40:32 AM PST · by mykroar · 9 replies
    FoxBusiness.com ^ | 2/6/14 | Reuters
    <p>General Motors Co posted a weaker-than-expected fourth-quarter profit on Thursday as results in North America, Asia and South America disappointed.</p> <p>Net income rose to $913 million, or 57 cents a share, from $892 million, or 54 cents a share, in the year-earlier quarter.</p>
  • FULL DOCUMENTARY: Bankrupt – How Cronyism and Corruption Brought Down Detroit

    01/31/2014 8:55:24 PM PST · by absentee · 14 replies
    The Right Scoop ^ | 1/31/2014 | Caleb Howe
    Detroit was one of America’s great jewels. A center for industry, innovation, ingenuity, and the American can-do spirt. A shining example of the capitalist tide lifting all boats. Today, Detroit rests in shadow. It is a husk, a decaying testament to what can go wrong when government and bad policy intersect with bad business. What happened? Bankrupt is the new documentary that will lead you through the brambles and reveal what went wrong. What’s more, it answers the question of what there is to learn from the story of the rise and fall of America’s auto empire, and what it...
  • Obama/Barra Embrace Shows GM is Still Government Motors

    01/30/2014 1:49:56 PM PST · by jazusamo · 10 replies
    NLPC ^ | January 30, 2014 | Mark Modica
    The Obama Administration may have sold the last of the taxpayers' shares in General Motors, but it appears that politics will continue to play a powerful role in the management of the company. New GM CEO Mary Barra did not seem too concerned about appearances when she attended the State of the Union as Obama's guest. Her predecessor Dan Akerson in previous months had gone to great lengths to distance GM from the federal government. With President Obama praising Ms. Barra in front of the nation, the field is once again set for GM to take the stage during upcoming...
  • Curious Timing for GM Dividend Announcement

    01/16/2014 1:58:52 PM PST · by jazusamo · 4 replies
    NLPC ^ | January 16, 2014 | Mark Modica
    The internet was ablaze Tuesday evening with stories presenting a perceived positive move by General Motors' outgoing government-appointed management. All hail! "General Motors to pay first dividend since 2008," trumpeted the headlines. GM shares immediately spiked up in after-hours trading with shares rising about $1.60 or 4% on the news. Unfortunately for those duped by the proclamation, GM followed the story hours later with a profit warning. For the time being, the bad news outweighed the good with GM shares reversing course and ending the day Wednesday with a loss of over one and a half percent on a day...
  • Dismal Chevy Spark EV Sales Make the Volt Look Good

    01/10/2014 1:28:22 PM PST · by jazusamo · 31 replies
    NLPC ^ | January 10, 2014 | Mark Modica
    The final tallies for 2013 sales are in for the Chevy Volt and its little sister, the Chevy Spark EV. The results are ugly. While the Volt relies on both a gas engine and electric power, the Spark is actually an electric-only vehicle, assumedly designed to compete with the all-electric Nissan Leaf which had sales of 22,610 for the year. The Spark EV did not compete well, with sales for 2013 coming in at only 589 for the seven months in which it was offered. Chevy Volt sales for the year also disappointed, coming in at 23,094 and down from...
  • Buick Sells Four Times As Many Cars In China As In U.S

    01/09/2014 3:09:27 PM PST · by lbryce · 50 replies
    Yahoo News ^ | January 8, 2014 | Anthony Ingram
    For the second time in its 110-year history, Buick has topped one million sales in a year--and set a new overall record in the process. Last year saw the marque shift 1,032,056 vehicles, beating the company's last million-sale year in 1984, when it sold 1,003,345 cars. Whereas that 1984 volume was largely down to North America, Buick's current prosperity is largely influenced by a different country: China. Of those million-plus sales, a full 809,918 cars were sold in the Chinese market, nearly four times as many cars as the 205,509 units sold in the U.S. market. Buick is just one...
  • Chevy Volt Electric Range Drops to 20 Miles in Cold

    01/03/2014 9:55:59 AM PST · by jazusamo · 49 replies
    NLPC ^ | January 1, 2014 | Mark Modica
    A recent study by fleetcarma.com unveils yet another drawback of General Motors' much-hyped Chevy Volt. It appears that the environmentally-conscientious, affluent owners of the vehicles who drive in cold weather will get about half of the electric range, on average, of those who drive in warmer climates. Fleetcarma charted real-world data displaying an average electric range of approximately 20 miles for Volts driven during temperatures of about 25 degrees Fahrenheit. The owners of President Obama's favorite car who were under the impression that they would be helping Mother Earth by saving less than one gallon of gas a day at...
  • Obamacare Pork to UAW Rolled Out Without a Glitch

    12/26/2013 2:42:24 PM PST · by jazusamo · 9 replies
    NLPC ^ | December 23, 2013 | Mark Modica
    While the Obama Administration is still pumping resources and taxpayer money into the implementation of Obamacare, the initial disbursement of pork included in the bill was successfully doled out almost a full two years ago. And the main recipient of taxpayer largess was, once again, the UAW. The Obamacare pork came in the form of a program called the Early Retiree Reinsurance Program or ERRP. $5 billion of taxpayer money was allocated to help pay for healthcare costs to retirees between the age of 55 and 65 . Number one on the union-dominated list of recipients was the UAW, which...
  • GM Spends $1.3 Billion to “Create or Retain” 1,000 Jobs

    12/18/2013 9:02:41 AM PST · by jazusamo · 22 replies
    NLPC ^ | December 18, 2013 | Mark Modica
    Just days after the US government announced their exit from General Motors, the company announced a move that sounds like it could have come directly out of the Obama Administration playbook. GM is boasting about "creating or retaining" roughly a thousand jobs at the cost of approximately $1.3 million per job in a move that could only be viewed as a positive from a political point of view. The heavy spending to preserve union jobs did not go unrecognized by the Obama-friendly UAW. UAW Vice President Joe Ashton stated: Today's announcement is a win for American workers. The UAW is...
  • Dana Milbank's Hack Journalism

    12/17/2013 1:54:46 PM PST · by jazusamo · 14 replies
    National Legal & Policy Center ^ | December 17, 2013 | Peter Flaherty
    Yesterday, I confronted outgoing General Motors CEO Dan Akerson, the speaker at a National Press Club luncheon. At a press conference beforehand, and through the first question at the conclusion of his remarks, I requested that GM repay taxpayers the $10 billion in direct GM bailout costs. Akerson's refusal dominated much of the media coverage of the event. This was clearly not the story line that Akerson intended. In short, we happily stepped all over his message that the bailout is a success and that GM is back. The USA Today/Detroit Free Press story is headlined. "GM's CEO rejects repaying...
  • Sorry Dan Akerson, GM Bailout is Failure

    12/16/2013 2:33:04 PM PST · by jazusamo · 11 replies
    NLPC ^ | December 16, 2013 | Peter Flaherty
    I made these remarks today at the National Press Club in Washington, DC before the luncheon speech of outgoing General Motors CEO Dan Akerson: President Obama justified the auto bailout by predicting it would make money for the taxpayer. With Treasury now selling its remaining shares, the direct loss is about $10 billion. So on its most fundamental level, the auto bailout is a failure. But that $10 billion figure dramatically understates the true cost. There were separate multibillion dollar bailouts of Ally Financial, formerly know as GMAC, and Delphi and other suppliers. There was cash for clunkers, the government...
  • GM Asked to Pay Back $10 Billion Bailout Costs

    12/16/2013 8:56:12 AM PST · by jazusamo · 19 replies
    NLPC ^ | December 16, 2013 | Staff
    Peter Flaherty, president of the National Legal and Policy Center (NLPC), today posed key questions to the General Motors leadership at a National Press Club press conference, including whether the company will repay to taxpayers the $10 billion direct cost of the GM bailout. News that the U.S. Treasury Department has sold its remaining stake and that Mary Barra will take over as GM's new CEO have put the spotlight on the company and its future. GM executives have pointed to GM's $26.8 billion in cash as evidence of its improved financial position. Analysts have raised the possibility that the...
  • Cadillac ELR: Mary Barra’s First Embarrassment?

    12/12/2013 10:11:40 AM PST · by jazusamo · 45 replies
    NLPC ^ | December 12, 2013 | Mark Modica
    General Motors has announced that Mary Barra will be replacing Dan Akerson as CEO as of mid-January. Ms. Barra was previously the head of global product development. As such, she already has to take partial responsibility for the over-hyped and low-selling Chevy Volt along with the upcoming Cadillac version of the car. With Consumer Reports now stating that the new Cadillac ELR (a glorified Chevy Volt) gave them "sticker shock," will the ELR be the first major embarrassment for Ms. Barra? Anyone who has followed the Chevy Volt story could have guessed at what the prospects for a gussied up...
  • Gov’t Motors: Obama fudges math on auto bailout, $10.5 billion loss for taxpayers

    12/11/2013 7:02:44 AM PST · by bestintxas · 6 replies
    wash times ^ | 10/11/13 | d boyer
    <p>With final losses from the auto industry bailout near $15 billion, President Obama is using fuzzy math to claim that taxpayers lost no money on his administration’s portion of the rescue program, analysts say.</p> <p>On the heels of the Treasury Department’s announcement Monday that it was selling its final shares of General Motors Co. acquired during the 2008-09 bailout, Mr. Obama seems more intent on claiming credit and avoiding blame than providing taxpayers with a final accounting of the bailout that also included Chrysler LLC and GM’s financing arm, Ally Financial.</p>
  • Merry Christmas? Detroit's Emergency Manager Weighs Pension-Fund Takeover (20 Cents On The Dollar)

    12/10/2013 8:45:38 AM PST · by whitedog57 · 4 replies
    Confounded Interest ^ | 12/10/2013 | Anthony B. Sanders
    Kevyn Orr, Detroit’s emergency manager, is threatening to take over one of Detroit’s pension funds after a report found that retirees received extra payments while the funds lost value. Mr. Orr proposed for Detroit to pay 20 cents on the dollar for the $3.5 billion that the city says it owes its two pension funds, one for 20,500 nonuniformed retirees and one for 12,700 retired police and firefighters. Detroit, of course, is the largest municipal bankruptcy in U.S. history, although New York City and Cleveland came close. This comes after another Detroit-area fiscal meltdown, the infamous General Motors bailout. Treasury...
  • U.S. exits GM stake in $10 billon loss for taxpayers

    12/09/2013 7:41:48 PM PST · by Innovative · 30 replies
    Yahoo News/Reuters ^ | Dec 9, 2013 | Jason Lange
    The U.S. government sold its last shares of automaker General Motors Co (GM) on Monday, marking an end to a historic bailout of one of America's most storied companies. The sale leaves taxpayers short about $10 billion of the funds that the Treasury sank into the automaker in 2009. GM recorded a profit of $4.3 billion for the first nine months of this year. The bailout was hugely controversial. During the 2012 presidential campaign, Republican presidential candidate Mitt Romney called it "crony capitalism."