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Keyword: governmentmotors

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  • 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...
  • 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...
  • Senators accuse GM of trying to cover up defective switch tied to 13 deaths

    04/02/2014 3:35:15 PM PDT · by alloysteel · 34 replies
    Foxnews.com ^ | April 2, 2014 | AP release
    Members of a Senate subcommittee accused General Motors of trying to cover up problems with an ignition switch that is now tied to 13 deaths, and pressed CEO Mary Barra to commit to punishing anyone involved. Panel members also told Barra that GM should tell owners to stop driving all the 2.6 million cars being recalled for the faulty switch until they are repaired. GM is currently telling owners the cars, mainly Chevrolet Cobalts and Saturn Ions, are fine to drive as long as nothing is placed on the key chain.
  • 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.
  • Democratic Senator Tells GM Car Owners to Stop Driving Immediately

    04/01/2014 1:29:18 PM PDT · by Sub-Driver · 22 replies
    April 1, 2014 3:54 PM Democratic Senator Tells GM Car Owners to Stop Driving Immediately By Jim Geraghty A reader sends this in and quips, “Blumenthal to Michigan: Drop Dead!” CBS Connecticut: “Connecticut Senator Richard Blumenthal is among those calling for GM to make a stronger statement and tell owners to stop driving their cars immediately. Blumenthal believes GM made a decision to hide the defect of ignition switches.” Considering the risk from the switches, Blumenthal’s advice isn’t the most outlandish conclusion in the world. If an owner of one of the recalled cars wants to drive it at all,...
  • 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.
  • 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...
  • 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...
  • 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...
  • 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...
  • 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...
  • 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>
  • GM to stop making cars in Australia by 2017

    12/11/2013 2:15:01 AM PST · by Olog-hai · 13 replies
    Associated Press ^ | Dec 11, 2013 4:07 AM EST | Rod McGuirk
    General Motors Co. said Wednesday it will stop making cars and engines in Australia by the end of 2017, with nearly 2,900 jobs to be lost, because of high production costs and competition. The decision could spell the end of car manufacturing in Australia as the industry will be too small for supporting businesses such as parts makers to remain economic. Toyota Motor Corp. announced it is reassessing its future in Australia. A union said 50,000 jobs in the auto industry are in jeopardy. GM’s Australian subsidiary Holden once dominated Australian auto sales, but lost market share to imported cars....
  • GM Names Mary Barra as First Female CEO

    12/10/2013 7:32:00 AM PST · by jimbo123 · 40 replies
    Fox Business ^ | 12/10/13 | Matt Egan
    General Motors (GM) tapped products chief Mary Barra to become the auto maker's first female CEO, taking the keys from current chief Dan Akerson who will step down ahead of schedule in January. The promotion of Barra instantly makes her the most powerful woman in Detroit and one of the most influential in corporate America. The move comes just hours after the Treasury Department exited its ownership of GM following the auto bailouts of 2008 and 2009.
  • GM's Balance Sheet Not as Healthy as it Looks

    12/09/2013 2:48:05 PM PST · by jazusamo · 12 replies
    NLPC ^ | December 9, 2013 | Mark Modica
    One of the major architects of the General Motors bankruptcy process, Harry Wilson, recently gave a very optimistic outlook for GM future share price. Mr. Wilson was a member of President Obama's Auto Task Force, and was an instrumental player in seeing that UAW interests were put ahead of other creditors, like old GM bondholders. Automotive News now reports that Mr. Wilson feels that GM may be a target for activists because of their "huge" cash hoard. According to the piece: "Any company that isn't efficient about capital allocation is a target for activists," said Wilson, who is now a...
  • Auto bailout saved 2.6m jobs,$105b in potential lost taxes(No joke,saying this w/ a straight face)

    12/09/2013 2:07:59 PM PST · by bestintxas · 14 replies
    wash examiner ^ | // | p beddard
    Washington’s $49.5 billion bailout of General Motors saved at least 1.2 million jobs, protected hundreds of thousands of pensions and earned about $40 billion in tax collections, turning what some have dubbed a poor investment into a whopping bang for Uncle Sam, according to a new report. The bottom line, according to the Center for Automotive Research study heralded by GM: When the full picture of what was at stake is considered, including the potential for millions to be put out of work, the government actually made out big time. And when bailed-out Chrysler is included, the study found that...
  • Chevrolet Malibu Turns 50!

    11/23/2013 9:02:32 PM PST · by Impala64ssa · 44 replies
    Super Chevy ^ | Stephanie Davies
    The Chevy Malibu, which first appeared in 1964, has grown and improved immensely throughout its lifetime. Now, in its 50th year, it is offered with a standard 2.5L four-cylinder engine and also features stop/start technology, numerous safety features, and plenty of comfort and connectivity - a far cry from its predecessor. It has gained about 14 percent fuel economy in the city (25 mpg) and 6 percent highway (36 mph) since the 2013 model alone, and delivers 65 percent more horsepower than the '64 Malibu's 3.2L six-cylinder. When it debuted in 1964, dubbed Chevy's first "intermediate" car, it was one...
  • U.S. plans to exit GM stake by year-end, may lose $10 billion

    11/21/2013 9:31:58 AM PST · by mandaladon · 36 replies
    Yahoo News ^ | 21 Nov 2013
    WASHINGTON (Reuters) - The U.S. Treasury Department said it expected to sell its remaining shares of General Motors Co by the end of the year, a plan that may leave taxpayers with a shortfall of about $10 billion on the automaker's 2009 bailout. Treasury on Thursday said it had completed the sale of 70.2 million shares of GM stock and to date had recouped $38.4 billion from the $49.5 billion taxpayer-funded rescue of the Detroit company. At current prices, Treasury would recoup another $1.2 billion from its remaining stake, bringing its total recovery to $39.6 billion. "Our goal was never...
  • GM to recall nearly 60,000 Chevy Malibus

    11/15/2013 7:52:55 AM PST · by Olog-hai · 7 replies
    Associated Press ^ | Nov 15, 2013 10:42 AM EST
    General Motors is recalling nearly 60,000 Chevy Malibu midsize cars to fix window defrosters that may not work and power seat wiring that can catch fire. … GM dealers will reprogram the computer at no cost to customers. The company says it doesn’t know of any crashes or injuries from the problem. …
  • U.S. Takes $9.7 Bil Hit in GM Bailout

    10/29/2013 1:29:52 PM PDT · by jazusamo · 21 replies
    Judicial Watch ^ | October 29, 2013
    President Obama loves taking credit for saving the American auto industry and this week a federal audit reveals that the rescue effort has fleeced U.S. taxpayers out of an astounding $9.7 billion. While this may seem inconceivable to most, the numbers don’t lie. The United States Treasury has recorded a $9.7 billion loss on its $49.5 billion bailout of General Motors, according to a report released this week by the Special Inspector General for the Troubled Asset Relief Program (TARP). Remember the $700 billion boondoggle created to help stabilize the nation’s financial system during the 2008 crisis by purchasing “toxic...
  • GM Dealers Say Low Demand, Not Lack of Supply Explain Poor Truck Sales

    10/28/2013 11:27:01 AM PDT · by jazusamo · 51 replies
    NLPC ^ | October 28, 2013 | Mar Modica
    The past month has brought much confusion and concern for General Motors' shareholders regarding the most important and profitable segment of sales for the company. As the company prepares to report earnings for the third quarter this week, media reports are still unclear on just what is going on with GM's new truck lineup; specifically pertaining to the reasons behind the disappointing sales figures that were reported for the month of September when Ford's truck offerings left them in the dust. While GM's Obama-appointed management spun the story ( claiming supply could not keep up with demand ) to some...
  • Are Truck Buyers Avoiding GM Because of Bailout?

    10/07/2013 9:07:10 AM PDT · by jazusamo · 112 replies
    NLPC ^ | October 7, 2013 | Mark Modica
    Chevy Silverado: "Strong" Commercial | Chevrolet 1:03 minute One of the most disappointing aspects of last week's sales results from General Motors was the underperformance of the much-hyped new truck offerings from the company. While the industry-leading Ford F-Series saw sales increase about 10 percent to around 60,500 vehicles for the month, GM's combined sales for its competing Chevy Silverado and GMC Sierra fell approximately 8 percent to about 46,000 units. GM's Obama-appointed management's performance in trying to explain the declining sales was as lame as the sales results. Amongst the excuses for disappointing truck sales, GM did not include...
  • Gov’t sells more GM shares, cuts stake to 7 pct.

    09/26/2013 10:49:47 AM PDT · by Olog-hai
    Associated Press ^ | Sep 26, 2013 1:15 PM EDT | Tom Krisher
    The U.S. government is starting another phase of selling off its General Motors stock after cutting its stake in the automaker to just over 7 percent. The Treasury Department says it still owns 101.3 million GM shares. It got 912 million shares, a 60.8 percent stake in the company, in exchange for a $49.5 billion bailout of GM in 2009. So far taxpayers have recovered about $36 billion. That means they’re still around $13.5 billion in the hole. …
  • GM working on 200-mile electric car, exec says

    09/16/2013 8:16:43 PM PDT · by Olog-hai · 51 replies
    Associated Press ^ | Sep 16, 2013 4:57 PM EDT | Tom Krisher
    As automakers race to make cheaper electric cars with greater battery range, General Motors is working on one that can go 200 miles per charge at a cost of about $30,000, a top company executive said. Vice President of Global Product Development Doug Parks wouldn’t say when or if such a car will be built, however. … The 200-mile car would cost about the same as the current Volt, and it would match the range and be far cheaper than Tesla Motors’ $71,000, all-electric Model S. The Model S can go up to 265 miles on a single charge. …
  • Canada sells part of its GM stake for about $1.1 billon

    09/10/2013 5:38:18 PM PDT · by Oldeconomybuyer · 10 replies
    Reuters ^ | September 10, 2013 | By Jeffrey Hodgson
    The Canadian government said on Tuesday it had a deal to sell nearly a quarter of its common shares in General Motors Corp (GM.N), part of a longer-term plan to shed the stake it acquired when it helped bail out the automaker. It said the shares were sold at the closing market price on Tuesday, minus a small discount. GM shares finished the session at $37, putting the value of the stake at about $1.11 billion. The governments of Canada and the province of Ontario, the heartland of the country's auto sector, became shareholders of GM in 2009 when they...
  • Tesla Model S scores highest marks ever on U.S. crash testing

    08/20/2013 9:10:28 PM PDT · by grundle · 62 replies
    yahoo.com ^ | August 20, 2013 | Justin Hyde
    As much as electric car builders hail their vehicles as the future of transportation, one question they couldn't answer fully was just how well their vehicles would withstand a crash. Automakers have spent decades finessing their chassis; what happened when an engine-less vehicle went head-on into a barrier wasn't clear, and as the post crash-test smoldering of a Chevy Volt demonstrated, the batteries posed new challenges. Leave it to Tesla to provide the first hard evidence — with data from U.S. government tests showing the Model S sedan may be the most crash-proof passenger vehicle on the road today. Normally,...
  • Detroit: The Shape Of Things To Come

    07/19/2013 9:19:20 AM PDT · by SatinDoll · 24 replies
    The Market-ticker ^ | July 18, 2013 | Karl Denninger
    Listen up folks, after you read the bankruptcy filing for Detroit. 1. Right now, the City cannot meet its basic obligations to its citizens. 2. Right now, the City cannot meet its basic obligations to its creditors. 3. The failure of the City to meet its obligations to its citizens is the primary cause of its inability to meet its obligations to its creditors. 4. The only feasible path to ensuring the City will be able to meet obligations in the future is to have a successful restructuring via the bankruptcy process that recognizes the fundamental importance of ensuring the...
  • Snyder: Some Detroit Creditors May Never Be Paid

    07/19/2013 11:02:55 AM PDT · by Biggirl · 19 replies
    Associated Press ^ | July 19, 2013l | Dave Eggert,Corey Williams
    DETROIT (AP) -- Michigan Gov. Rick Snyder says some Detroit creditors are not sure they will be repaid. Snyder was speaking Friday, a day after Emergency Financial Manager Kevyn Orr made Detroit the biggest ever U.S. city to file for bankruptcy.
  • Judge Rules That Detroit Bankruptcy Filing Is Unconstitutional

    07/19/2013 2:23:28 PM PDT · by SeekAndFind · 142 replies
    Mediaite ^ | 07/19/2013 | Josh Feldman
    A Michigan judge ruled today that Detroit filing for chapter 9 bankruptcy on Thursday was unconstitutional. Ingham County Circuit Judge Rosemarie Aquilina said the filing must be withdrawn and that, according to the Detroit Free Press, the governor and city emergency manager “must take no further actions that threaten to diminish the pension benefits of City of Detroit retirees.”The reduction in those particular benefits is at issue here, due to a portion of the Michigan Constitution that reads [PDF]: “The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a...
  • Judge Rules That Detroit's Bankruptcy Is Unconstitutional, Ruling That It "Dishonors" Obama

    07/19/2013 2:04:04 PM PDT · by Perdogg · 149 replies
    What are you going to say? Nothin', that's what. What is there to say? This is just the socialists attempting to avoid the natural consequences of the monstrosity they have birthed and called "the New America."
  • Government Motors Is Alive And Detroit Is Dead

    07/19/2013 3:38:40 PM PDT · by raptor22 · 28 replies
    Investor's Business Daily ^ | July 19, 2013 | IBD EDITORIALS
    Bankruptcy: The fundamental transformation of Detroit is complete, as socialism's theme park succumbs to government run amok, a reminder that government isn't the solution to our problems but their cause. The wisdom of President Reagan's words have been lost under an administration that believes government is the entity from which all blessings flow. So has Margaret Thatcher's observation that the problem with socialism is that eventually you run out of other people's money. Last Oct. 13, President Obama boasted in a weekly address about the bailed-out auto industry that, "We refused to throw in the towel and do nothing. We...
  • Nissan Leaf races ahead of Chevy Volt in May

    06/04/2013 5:39:08 AM PDT · by Oldeconomybuyer · 11 replies
    Christian Science Monitor ^ | June 3, 2013 | By David J. Unger
    Electric car sales hummed along in May amid a solid month for the auto industry. But the surprise story this year was May's strong full-size pickup truck sales – not exactly a sign an endorsement of efficiency and alternative fuels. Nissan sold 2,138 Leafs in May, up 319 percent over last year. In March, the company sold a record 2,236 units of its all-electric vehicle. General Motors sold 1,607 Volts in May, down 4.3 percent from a year ago. In the first five months of 2013, the company sold only 100 more Volts than during the same period last year.
  • Chevy Volt Inventory Build – Time for Another Production Halt?

    05/22/2013 8:52:22 AM PDT · by jazusamo · 21 replies
    NLPC ^ | May 22, 2013 | Mark Modica
    A recent search for new Chevy Volts on cars.com unearthed 9,254 vehicles currently at dealerships for sale. There were another 258 late-model, used Volts available. About half of those had less than 5,000 miles on them. Considering the abysmal sales rate for the self-proclaimed electric wonder-car (1,306 in April for those keeping track), the unofficial inventory numbers point to about a seven month supply of Volts available. Ideal inventory levels are considered to be in the two month range. It may be near time for General Motors to halt production, yet again, for the floundering Volt. The inventory numbers for...
  • Hold Off on Buying That Chevy Volt; Price to Drop $10,000 in Face of Dismal Sales

    05/09/2013 11:24:40 AM PDT · by jazusamo · 40 replies
    NLPC ^ | May 9, 2013 | Mark Modica
    Great news for consumers who are considering buying General Motors' green wonder car, the Chevy Volt. I know how excited those environmentally conscientious Volt enthusiasts can get, but a little patience can pay off big time if potential buyers hold off for a year or so on their purchase. According to GM CEO Dan Akerson and following another dismal month of Volt sales (1,306 in April), the car that defies logic will soon be available for up to $10,000 less money. The good news extends to shareholders of GM as the next generation of the Volt will supposedly be profitable...
  • Nissan Leaf has second-best sales month, Chevy Volt declines again, slightly

    05/03/2013 4:28:48 PM PDT · by Oldeconomybuyer · 9 replies
    Green Autoblog ^ | May 1, 2013 | By Sebastian Blanco
    Starting production of the all-electric Leaf in Tennessee helped Nissan sell more Leafs in the US in March 2013 than in any other month. April wasn't quite as sunny, but the 1,937 Leafs sold last month were still good enough for second place. Ever. April also marked the second month in a row that the Leaf beat the Chevrolet Volt. It's not that General Motors had a bad month. The 1,306 Volts sold last month were roughly in line with March and February (but it's a downward trending line, with 1,626 sold in February and 1,478 in March).
  • Will GM Earnings Report be Driven by Channel Stuffing?

    04/18/2013 10:25:02 AM PDT · by jazusamo · 4 replies
    NLPC ^ | April 18, 2013 | Mark Modica
    Earlier this year, I reviewed General Motors' first quarter earnings report and annual results . My take-away from the report was that GM relied upon shady accounting techniques and a build-up of US dealer inventories to produce some rosy-looking results. Channel stuffing to the tune of an over 20% increase in inventory from year end 2011 provided for GM's revenue growth. The trend continues as GM has further pumped-up inventory for quarter one. The reason that dealer inventory figures are so important is that automakers record revenue when vehicles are shipped to dealerships, not when they are actually sold to...
  • GM says diesel Chevrolet Cruze gets 46 mpg

    04/18/2013 2:25:41 AM PDT · by Olog-hai · 52 replies
    Associated Press ^ | Apr 18, 2013 12:13 AM EDT
    General Motors Co. says the new diesel version of the Chevrolet Cruze gets 46 miles per gallon on the highway, making it more efficient than some hybrids. … It starts at $25,695. That’s $7,755 more than the base price on a gas-powered Cruze. …
  • General Motors to invest €4 billion in Opel (and Vauxhall)

    04/11/2013 5:36:45 PM PDT · by Olog-hai · 14 replies
    TheLocal.de ^ | 04/11/2013 | (AFP/mb)
    General Motors will invest €4 billion ($5.2 billion) in its troubled German subsidiary Opel and its British sister brand Vauxhall by 2016, the US auto giant has announced. “As a global automotive company, GM needs a strong presence in Europe, in terms of design and development as well as manufacturing and sales,” GM chairman and chief executive Dan Akerson said at Opel headquarters in Rüsselsheim near Frankfurt late on Wednesday. … The German car maker has been making losses for years as it has been slow to react to the crisis in demand for cars in Europe, by far its...
  • Chevy Volt Battery Technology Questioned After Billions Wasted

    04/11/2013 10:11:49 AM PDT · by jazusamo · 15 replies
    NLPC ^ | April 11, 2013 | Mark Modica
    It appears that the Mainstream Media folks may finally be starting to expose one of the worst cases of taxpayer abuse that this country has ever seen. Kudos to Deepa Seetharaman who wrote a piece for Reuters which questions the feasibility of the government-subsidized, lithium-ion based battery technology behind electric vehicles (EVs) like the Chevy Volt. While Seetharaman acknowledges the limitations of lithium-ion batteries, what remains unchallenged is the continued waste of billions of taxpayer dollars to support the failing, pseudo-green technology. The evidence that the Obama Administration's EV subsidization has been a costly fiasco (particularly regarding the Chevy Volt...
  • Sarah Palin Attacks American Car Companies, Calls Them 'Losers' (She speaks truth, they deny)

    04/07/2013 7:22:21 PM PDT · by 2ndDivisionVet · 48 replies
    Opposing Views ^ | April 7, 2013 | Michael Allen,
    Former half-term Alaska Governor Sarah Palin, who often attacks Democrats for hurting small businesses, slammed American automakers Tesla Motors and Fisker Automotive for being "losers" on her Facebook page. Palin attacked Fisker Automotive for laying off 75 percent of its employees last Friday, reports the Los Angeles Times. Palin also accused the Obama administration for supposedly attempting "to pick 'winners and losers' in the free market," but did not mention that for decades the federal government has made loans to businesses. She showed additional contempt for hybrid electric cars by slamming General Motors' Volt, which tripled its sales in 2012,...
  • Chevy Volt Sales Plunge – Obama’s Flagship EV a Failure

    04/03/2013 10:39:46 AM PDT · by jazusamo · 39 replies
    NLPC ^ | April 3, 2013 | Mark Modica
    The Chevy Volt has inarguably been the poster child for President Obama's push to electrify America's auto fleet. Billions of taxpayer dollars have been spent to produce and subsidize the plug-in electric car. For years we have heard about the supposedly amazing technology for the Volt which would lead America to energy independence, be a "game-changer" for General Motors and provide a multitude of new green jobs. Proclamations were made that supply for the wonder-car could not keep up with the demand. Well, March's sales figures are in and give further confirmation that the lofty claims were all lies. March's...
  • Will Politics or Law Govern Upcoming Ruling on GM Creditor Case?

    03/28/2013 9:20:59 AM PDT · by jazusamo · 11 replies
    NLPC ^ | March 28, 2013 | Mark Modica
    There has been an important story brewing over the past several months regarding General Motors' flawed bankruptcy process that has been widely ignored by the media. GM may have to readdress its 2009 bankruptcy settlement due to a lawsuit by a group of GM creditors against hedge funds over a settlement involving the company's Nova Scotia debt. The creditors brought to light the fact that the company did not have its ducks in a row at the time of its 2009 bankruptcy filing and allege that GM was still in the middle of backroom negotiations with hedge funds beyond the...
  • Government Sells $490 Million of GM Stock

    03/20/2013 12:53:02 PM PDT · by Red Badger · 17 replies
    www.ttnews.com ^ | 3/18/2013 11:00:00 AM | Staff
    The U.S. government has sold another chunk of its stake in General Motors Co., the Associated Press reported. The Treasury Department said in its February report to Congress that it sold $489.9 million worth of GM common stock last month. The report said the government has recovered about $29.8 billion of its $49.5 billion bailout of the Detroit automaker. That means the government has yet to recover $19.7 billion of its investment in the automaker, AP said. That means it still owns about 277 million shares. Those would have to sell for around $71 each for the government to break...
  • Bailed-Out Ally Financial Only Bank to Fail Stress Test

    03/08/2013 1:36:25 PM PST · by jazusamo · 4 replies
    NLPC ^ | March 8, 2013 | Mark Modica
    The Federal Reserve's latest round of stress tests for the banking industry showed only one bank remaining on a shaky financial foundation . That bank was government-owned Ally Financial (the bailed-out company formerly known as GMAC), which also happens to be General Motors' prime source for financing. GM divested itself of GMAC so that the struggling lender could be classified as a bank holding company and receive billions of taxpayer dollars. In a move to distance itself from GM, the company was renamed Ally Financial. The government maintains majority ownership of Ally Financial, which in turn has helped GM by...
  • GM Recovery in Reverse as Earnings Disappoint

    02/21/2013 5:06:11 PM PST · by jazusamo · 12 replies
    NLPC ^ | February 21, 2013 | Mark Modica
    General Motors released its disappointing earnings report last week to the sound of crickets. While financial TV news networks (along with most analysts and journalists) ignored the negative aspects of the release, share price has fallen over 5% in less than a week since the news hit. The earnings release and subsequent SEC 10K (annual report) expose the fact that GM's recovery is not the success that the Obama Administration and media portray. The lack of the fanfare that typically comes with GM earnings releases is as good an indication of the meaning behind the numbers as is the decline...