Keyword: governmentmotors

Brevity: Headers | « Text »
  • Opel closes flagship Bochum factory (GM Germany)

    12/05/2014 10:03:29 PM PST · by Olog-hai · 17 replies
    TheLocal.de ^ | 05 Dec 2014 08:56 GMT+01:00 | (DPA/The Local)
    It’s the end of an era as the last car rolls off the production line at Opel’s Bochum factory, making Friday a bitter day for the city and the factory’s 3,000 workers. […] The last vehicle made in Bochum, an Opel Zafira compact van, will not be sold but will be dedicated to social work with details expected to be announced by the company on Friday. Opel, a subsidiary of General Motors, is shutting down its former flagship factory due to overcapacity. In its heyday, the Bochum plant employed 22,000 people. Now, it will only employ 700 to make auto...
  • GM stops sales of new pickups, recalls 524K cars

    10/04/2014 7:56:47 PM PDT · by 2ndDivisionVet · 37 replies
    CNN Money ^ | October 3, 2014 | Chris Isidore
    General Motors told dealers to stop selling its 2015 Chevrolet Colorado and GMC Canyon mid-sized pickups on Friday. The trucks have only recently started rolling off assembly lines. GM says a wiring problem with the trucks' airbags could keep the airbags from deploying properly when needed. The trucks are so new that only few of them are currently in customers' possession, GM said in a statement. The vast majority are still at the factory and were about to be shipped to dealers. A few more are sitting on dealer lots....
  • GM reports 1.2 percent August sales decline

    09/06/2014 10:56:41 AM PDT · by Olog-hai · 12 replies
    Associated Press ^ | Sep. 3, 2014 9:47 AM EDT
    General Motors says its U.S. sales fell 1.2 percent last month as rising truck and SUV sales couldn’t offset falling car sales. Three of GM’s four brands reported declines for the month. GMC, which sells only trucks and SUVs, reported a 10 percent increase. …
  • GM Will Make Cars With Motion Sensors to Keep Your Eyes on the Road

    09/02/2014 10:53:15 AM PDT · by shove_it · 51 replies
    TimeCom ^ | 2 Sep 2014 | Dan Kedmey
    Eye and head tracking sensors will make it harder to text while driving General Motors is reportedly installing sensors in its next generation of cars that will detect drivers’ eye and head motions and alert drivers to prolonged moments of distraction...
  • Chevy Volt Resale Values Plunge as Lease Returns Hit Market

    08/08/2014 9:06:15 AM PDT · by jazusamo · 46 replies
    NLPC ^ | August 8, 2014 | Mark Modica
    It has been two years since General Motors admitted that there was little demand for the Chevy Volt (as reported here)due to there being "no plug-in market." Their answer was to "create market" to drive sales for the politically popular but economically-nonviable Volt. GM manipulated sales for the Volt through the use of subsidized leases at a time when President Obama's favorite, green wonder-car was being criticized for low sales as it failed to live up to the early hype. GM was able to use taxpayer money in the form of electric vehicle tax credits to help drive down...
  • GM to debut next version of slow-selling Volt hybrid in January

    08/07/2014 12:41:23 PM PDT · by Oldeconomybuyer · 28 replies
    Reuters ^ | August 7, 2014 | by Bernadette Baum
    General Motors Co said Thursday it will show the next-generation of its slow-selling Chevrolet Volt hybrid electric car in January. The current Volt is priced just under $35,000 and has a driving range of almost 40 miles on its electric charge. Nevertheless, sales so far this year through July fell almost 9 percent from a year earlier to 10,635 vehicles. The Cadillac version of the Volt, the ELR coupe, has also failed to catch on as GM has sold only 578 during the seven-month period. GM said it would spend almost $400 million to upgrade tooling and equipment at the...
  • GM Replacing Ignition Switch Kits With Faulty Tabs [Recalling a recall!]

    07/10/2014 1:01:35 PM PDT · by Spktyr · 11 replies
    autoevolution ^ | July 10, 2014 | Mircea Panait
    What the hell is going on over at General Motors? First the manufacturer announced on February 7th that a defect relating to 619,122 cars was identified, but that figure hiked to 25.7 million vehicles to date. As if that wasn't enough of a handful, the carmaker gets utterly ridiculous because of 542 redesigned ignition switches recalled in view of a faulty tab. According to an official statement, those 542 badly designed replacement ignition switch kits will be brought back to the Delphi Automotive plant in Mexico, disposed of and replaced with better built ones. Furthermore, this botchy mess "convinced" Delphi...
  • Advertisers Come Out Of The Closet, Openly Courting Gay Consumers

    06/29/2014 9:53:04 AM PDT · by Oliviaforever · 78 replies
    NPR ^ | 6/29/14 | Sonari Glinton
    A recent Chevrolet ad made its LGBT-friendly message clear: Against a montage of different families, including single and same-sex parents, a voice-over intones, "While what it means to be family hasn't changed, what a family looks like has."
  • Congress to scrutinize GM’s corporate culture

    06/16/2014 12:56:36 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 16, 2014 3:38 PM EDT | Ivan Moreno
    U.S. Rep. Diana DeGette wants General Motors to explain how it plans to fix what’s been described as a lax corporate culture and how the company plans to compensate victims of crashes tied to faulty ignition switches. The Colorado Democrat on Monday outlined questions she’ll pose to new GM CEO Mary Barra during a congressional hearing Wednesday. DeGette, the ranking member of the House committee investigating GM’s recall of 2.6 million small cars, noted a company-commissioned report released this month that showed “the GM corporate culture was so siloed that they were unable to catch some of the safety problems...
  • GM apologizes for sending recall notices to victims' families

    06/04/2014 7:38:45 AM PDT · by Responsibility2nd · 8 replies
    Reuters ^ | 06/03/2014 | By Marilyn Thompson and Paul Lienert
    (Reuters) - General Motors on Tuesday apologized to families of accident victims who have been notified to bring in cars for replacement of defective ignition switches. "We are deeply sorry to those families who received a recall notice," said GM spokesman Greg Martin in response to questions from Reuters. GM has recalled 2.6 million of its most popular models to replace a defective switch that it has linked to 13 fatalities. Some families who lost loved ones in fatal crashes have complained that GM should not have sent them notices to bring in cars for repairs. Terri DiBattista, who lost...
  • Did the Bailout Ruin GM?

    05/28/2014 1:39:14 AM PDT · by grundle · 56 replies
    National Review ^ | May 28, 2014 | Jim Geraghty
    The recalls are multiplying, and the bailout stigma remains. You may have noticed that General Motors recalled a lot of vehicles lately. You may not have noticed just how many separate recalls the company announced, 30 since January 1, or just how many vehicles are being recalled — 13.79 million vehicles in the U.S. For perspective, consider that GM sold roughly 2.6 million vehicles in 2012. ... consumer-data research indicates that pickup-truck buyers skew Republican by a margin five to one, according to a 2008 survey. Whether GM wants to admit it or not, the “Government Motors” label did serious...
  • Hybrid Cadillac inventory sits on dealer lots

    05/23/2014 6:54:20 AM PDT · by Oldeconomybuyer · 63 replies
    MarketWatch ^ | May 23, 2014 | By Jay Ramey
    The Cadillac ELR has been on sale for just five months, but General Motors is now offering dealers a $5,000 incentive to offer test drives in the Chevrolet Volt-based plug-in hybrid. To receive the incentive, dealers have until June 2 to designate ELRs in their current inventory as test vehicles, after which each test car has to log a minimum of 750 test-drive miles. The incentives could be because 1,700 ELR coupes remained unsold in dealer inventories at the end of April. At current sales rates, that’s a 725-day supply, which is almost exactly two years’ worth of cars.
  • GM to recall another 2.4 million vehicles

    05/20/2014 9:36:30 AM PDT · by Oldeconomybuyer · 10 replies
    Market Watch ^ | May 20, 2014 | By George Stahl
    As a result of the latest recalls, GM GM -1.83% expects to take $200 million more in recall-related charges in the second quarter, bringing the period’s total to $400 million. The latest recalled cars include: --1,339,355 Buick Enclave, Chevrolet Traverse, GMC Acadia full-size crossovers. --1,075,102 of the previous generation 4-speed automatic transmission Chevrolet Malibu from the 2004-2008 model years and Pontiac G6. --1,402 Cadillac Escalades and Escalade ESVs .
  • Plug-In Electric Car Sales In April: Leaf Widens Lead, Volt Flat Again

    05/01/2014 5:05:40 PM PDT · by Oldeconomybuyer · 34 replies
    Green Car Reports ^ | May 1, 2014 | by John Voelcker
    Sales of plug-in electric cars last month appear to be staying level with last month's, based on early figures from Nissan, Chevrolet, and Toyota. The Nissan Leaf battery-electric hatchback continued the stronger sales trend from March: 2,088 Leafs found new owners. And it widens the Leaf's lead over the Chevy Volt which logged 1,548 deliveries, bringing its total for the first four months of 2014 to 5,154. That's less than last year's 5,550 during the same period. Together, the 2014 sales figures so far may be an indicator that sales of the mainstream plug-in Chevy will remain flat again this...
  • U.S. Government Says It Lost $11.2 Billion On GM Bailout

    04/30/2014 10:27:47 AM PDT · by SeekAndFind · 49 replies
    Fox Business News ^ | 04/30/2014
    The U.S. government lost $11.2 billion on its bailout of General Motors Co, more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday. The $11.2 billion loss includes a write-off in March of the government's remaining $826 million investment in "old" GM, the quarterly report by a Treasury watchdog said.
  • UAW official nominated for seat on GM board

    04/25/2014 1:26:30 PM PDT · by Olog-hai · 12 replies
    Associated Press ^ | Apr 25, 2014 3:32 PM EDT | Tom Krisher
    For the first time, General Motors Co. could have an official of the United Auto Workers union on its board of directors. UAW Vice President Joe Ashton was nominated to a board seat controlled by a UAW trust fund that pays retiree health care bills. He plans to retire from his union post in June. The move, which would be considered common in Europe, is a first for General Motors, and a sign of how the relationship between the company and the union has changed in the past decade. Before that, the UAW battled with the company over wages, benefits...
  • Toyota sells 2.58 million vehicles, outselling GM

    04/22/2014 11:13:20 PM PDT · by Olog-hai · 14 replies
    Associated Press ^ | Apr 23, 2014 1:24 AM EDT
    … Toyota Motor Corp. said Wednesday that it sold 2.583 million vehicles in the January-March period, ahead of Detroit-based GM at 2.42 million and Volkswagen of Germany at 2.4 million. The Japanese automaker’s first quarter sales rose by more than 6 percent from the same period the previous year. GM’s sales grew 2 percent, while Volkswagen’s added nearly 6 percent. …
  • GM boosting China production capacity to 5 million

    04/20/2014 10:35:27 AM PDT · by Olog-hai · 22 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 invest $12 billion in China and plans more plants

    04/20/2014 6:59:48 AM PDT · by Oldeconomybuyer · 15 replies
    Reuters ^ | April 20, 2014 | by Norihiko Shirouzu
    U.S. car giant General Motors Corp (GM) (GM.N) plans to invest $12 billion in China from 2014 to 2017 and build more plants next year as it steps up its presence to compete with aggressive rivals in the world's largest auto market. GM plans to build five more plants in China next year, as part of its efforts to ramp up manufacturing capacity there by 65 percent by 2020, executives said on Sunday. The five plants will be in Wuhan, Chongqing, Jinqiao and Shenyang. Four of those will be vehicle assembly plants, while the fifth one will be an engine...
  • 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...
  • 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...