GM Headed for Bankruptcy Again: Forbes Op-Ed

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GM Headed for Bankruptcy Again: Forbes Op-Ed
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Recently we reported that the auto bailout cost had increased to $25 billion, mostly due to General Motors‘ plummeting stock price. Things could, however, get worse for GM before they get any better – if they get any better. Continue Reading...

Auto Bailout Cost Increased to $25 Billion

Auto Bailout Cost Increased to $25 Billion
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The auto bailout has been debated time and time again, on whether it was worth American taxpayers’ money, despite saving a million jobs. A recent poll found that the majority of Americans still opposed the auto bailout, and a recent report that the cost has now been increased to $25 billion doesn’t help its cause. Continue Reading...

Majority of Americans Still Oppose Auto Bailout, Poll Finds

Majority of Americans Still Oppose Auto Bailout, Poll Finds
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Election season is upon us and that means one thing, more mudslinging than a figure-eight demolition derby. The auto industry bailout will certainly near the top of the many contentious issues Republican candidates vying for their party nomination will latch into. That desperate move by the government between 2008 and 2009 is still sparking hot debates and dividing opinion,… Continue Reading...

Fiat Pays U.S. Gov’t $560M For Final Stake in Chrysler

Fiat Pays U.S. Gov’t $560M For Final Stake in Chrysler
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Italian automaker Fiat purchased the U.S government’s remaining holdings in Chrysler today. Fiat paid $560 million to the Treasury Department for the government’s 98,000 shares. Fiat has run Chrysler since the American automaker emerged from bankruptcy protection in June 2009. The U.S government provided a total of $12.5 billion to Chrysler with the funds coming… Continue Reading...

GM Still Looking To Recoup Taxpayer Investment From Government

GM Still Looking To Recoup Taxpayer Investment From Government
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General Motors CEO Dan Akerson is looking forward to the day when he can relax on his yacht, sipping Mai Tais on the deck…and knowing full well that the federal government has finally sold its stake in GM, and has completely divulged itself from the company as it did with Chrysler. But it’s still a… Continue Reading...

White House Taking Credit For Auto Industry Recovery

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White House Taking Credit For Auto Industry Recovery
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A statement released today by the White House seemed to take credit for the resurgence of the American auto industry, with President Obama’s bailout plan credited as the driving force behind it. “When President Obama took office, the American automobile industry was on the brink of collapse,” said the National Economic Council, in a prepared statement. “Two years… Continue Reading...

Chrysler Announces Details of Government Loan Payback

Chrysler Announces Details of Government Loan Payback
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Two years after a government bailout and rescue by Italian automaker Fiat and Chrysler has announced detailed plans to repay its government loans. A new $3 billion term loan, combined with $3.2 billion in bonds and a $1.3 billion hand out from Fiat will be used to pay off the $7.5 billion it borrowed from… Continue Reading...

Chrysler To Re-Finance Debt, Pay Loans

Chrysler To Re-Finance Debt, Pay Loans
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Chrysler is preparing to pay back $6.6 billion on government loans, but the company will do so not from its own cash but by re-financing existing debt. Current terms of the government loans have Chrysler paying 12 percent interest per year. While Chrysler would not be out of debt, they would theoretically free themselves from… Continue Reading...

Fiat Looking To Increase Stake In Chrysler Ahead Of Possible IPO

Fiat Looking To Increase Stake In Chrysler Ahead Of Possible IPO
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Fiat is looking to up their stake in Chrysler from 20 percent to over 50 percent, according to reports in the Detroit News. Fiat was awarded a 20 percent stake in the company as part of Chrysler’s bankruptcy proceedings in 2009, and can increase its ownership as it passes a series of milestones. Marchionne also… Continue Reading...

Chevrolet Volt Costs $40,000 To Build: Former Car Czar

Chevrolet Volt Costs $40,000 To Build: Former Car Czar
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Steven Rattner, the man appointed by President Obama to oversee the auto industry bailout, claims that internal GM documents that were analyzed in the early days of the bailout pegged the cost of producing a Chevrolet Volt at $40,000 per car. “At least in the early years, each Volt would cost around $40,000 to manufacture… Continue Reading...

GM IPO Begins First Day Of Trading

GM IPO Begins First Day Of Trading
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General Motors long awaited IPO began trading on Thursday, and was up approximately $2 as of 12 noon, Thursday. Listed at $33 a share, the stock price quickly climbed to $35 a share, as GM’s CEO Dan Akerson rang the opening bell at the New York Stock Exchange. IPO’s are often volatile, with new startup… Continue Reading...

Car Czar: GM IPO Price Undervalued At $29

Car Czar: GM IPO Price Undervalued At $29
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Steve Rattner, who oversaw President Obama’s auto industry bailout, told Bloomberg News that GM’s Initial Public Offering share price was undervalued. “There is definitely a greater level of confidence in the ability of the carmakers to perform,” Rattner said at an Automotive Press Association event in Detroit. “That’s because of the profit numbers.” According to… Continue Reading...

General Motors Ready To Repay U.S. Treasury $2.1 Billion

General Motors Ready To Repay U.S. Treasury $2.1 Billion
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General Motors will buy $2.1 billion worth of preferred stock as part of a move to pay off its $49.5 billion in federal bailout loans.  GM will also launch a series of measures to reduce its debt by $11 billion. GM will make contributions to the UAW pension fund, to the tune of $6 billion, and secure… Continue Reading...

General Motors to Announce Complete Loan Payback Today

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General Motors to Announce Complete Loan Payback Today
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General Motors CEO Ed Whitacre is expected to announce today that the automaker has already paid off all of its $6.7 billion in loans to the U.S. and Canadian governments. Back in November, GM announced it would begin paying back the loans and today Whitacre is scheduled to make the announcement that the remaining $5.8… Continue Reading...

Report: Pontiac Reaches its Inglorious End As Last U.S.-Market Car Rolls off the Line

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Report: Pontiac Reaches its Inglorious End As Last U.S.-Market Car Rolls off the Line
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Earlier this week General Motors produced its last Pontiac for the U.S. market, ending the brand’s 82 year run. The final vehicle to roll off the assembly line at 12:45 p.m. on Wednesday, November 25th at the Orion Township plant was a rather unspectacular white G6 sedan which is scheduled to be sold to a… Continue Reading...

General Motors Bankruptcy Official

General Motors Bankruptcy Official
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While President Obama and General Motors CEO Fritz Henderson are both expected to hold press conferences today, officially GM has already filed for Chapter 11 Bankruptcy Protection. Once the world’s largest automaker and a symbol of the success of free market economics, GM is now a symbol of failure. In the 1950s it employed over… Continue Reading...

Chrysler/UAW Agreement Gives Union 55 Percent Share of Automaker

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Chrysler/UAW Agreement Gives Union 55 Percent Share of Automaker
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  Less than a day after the UAW, Chrysler and Fiat agreed upon the terms of a contract that would keep the struggling U.S. automaker afloat, details of the agreement have surfaced in which the union will take a controlling share in Chrysler. At first it seemed almost too good to be true that all… Continue Reading...

Car Scrappage Plan and Auto Tax Deductions Coming says Obama

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Car Scrappage Plan and Auto Tax Deductions Coming says Obama
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Photo Courtesy whitehouse.gov While President Barak Obama’s press conference on what his administration is doing to solve the crisis in the U.S. auto industry focused mostly on helping out General Motors and Chrysler, he did give brief mention of a few initiatives aimed at jump-starting car sales at the consumer level. Two main programs were… Continue Reading...

General Motors CEO Rick Wagoner Quits: Restructuring FAIL

General Motors CEO Rick Wagoner Quits: Restructuring FAIL
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General Motors CEO Rick Wagoner will be stepping down as the head of the deeply troubled American auto giant by the end of the month – this according to several reports including CNBC and GMInsideNews. Wagoner apparently did not come to the decision on his own and while he was not “forced” he was apparently… Continue Reading...

Obama Will Set Bankruptcy Deadline for GM and Chrysler on Monday

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Obama Will Set Bankruptcy Deadline for GM and Chrysler on Monday
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According to the reliable folks over at GMInsideNews, on Monday the Obama Administration will announce a bankruptcy deadline for both General Motors and Chrysler.  It has been rumored that the government will release more details about its aid for the U.S. auto industry on Monday, but now it appears the announcement will include this strong-arm… Continue Reading...

Ford Canada Asks for Government “Scrappage” Plan

Ford Canada Asks for Government “Scrappage” Plan
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Ford Canada is asking the Canadian government to put in place a vehicle scrappage plan like the one currently in effect in Germany. Ford Canada CEO David Mondragon told a parliamentary committee that Ford isn’t looking for a bailout and instead suggested a plan that would include $350 million ($270 million U.S.) for a scrappage… Continue Reading...

GM Delays New 25 MPG Diesel Engine for Silverado and Sierra

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GM Delays New 25 MPG Diesel Engine for Silverado and Sierra
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General Motors has announced that it is putting a hold on a plan to bring a new 4.5-liter V8 diesel engine to market. The new engine would have been used in the light-duty Silverado and Sierra pickup trucks and estimates have it rated at anywhere from the mid-20s to the high-20s in miles per gallon…. Continue Reading...

GM to Spin-Off Opel & Vauxhall Brands

GM to Spin-Off Opel & Vauxhall Brands
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General Motors has just announced that it’s European operations, including brands Opel and Vauxhall will split-off from GM. The deal would see anywhere from 25 to 50 percent of of GM Europe sold off to private investors, however, GM would continue to hold a majority stake in the company. (Call us crazy, but who would… Continue Reading...

GM Posts $5.2 Billion Fourth Quarter Loss

GM Posts $5.2 Billion Fourth Quarter Loss
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General Motors has just released its fourth quarter “earnings” and they are anything but. GM posted a net loss of $9.6 billion, with an operating loss of $5.9 billion. The loss is the sixth consecutive quarterly loss by the struggling automaker, and is considerably worse than the $1.5 billion the company lost in Q4 last… Continue Reading...
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