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...
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Due to the overall turmoil at General Motors these days a lot of projects have been put on hold. Included in that list is the replacement for the current Aveo. A new Aveo, code named the T300, was due out in April of 2010, but now that product has been delayed until January of 2011…. Continue Reading...
Just days after President Obama proposed new legislation that would see fleet fuel-economy standards rise considerably in the U.S., Subaru has said it will explore the possibility of bringing a hybrid to market in order to reduce its fleet average. Ikuo Mori, the CEO of Subaru’s parent company Fuji Heavy Industries told a group of… Continue Reading...
Yesterday President Obama announced a new proposal being put forward to increase fuel-economy standards across the board. If enacted, the legislation would see the fleet average for passenger vehicles rise to 35.5 mpg by 2016. Currently automakers are facing an 8 percent increase in fuel-economy standards that would see fleet averages for light-vehicles (cars and… Continue Reading...
GM Vice Chair Bob Lutz Kisses a Saturn Astra. Recently he kissed-goodbye to all his stock in the company. In a move that should probably be illegal (but isn’t) six General Motors executives recently sold off all their shares in the company. That’s right, those same guys who helped drive GM into bankruptcy traded in… Continue Reading...
Our team over at GMInsideNews is reporting that the judge overseeing the Chrysler bankruptcy proceedings has thrown out the arguments made by the hold-out bondholders. By removing the only objection to the process, the bankruptcy proceedings can now be fast-tracked and the Fiat merger can go ahead. During President Obama’s press conference last week, when… Continue Reading...
The Democrats have proposed an incentive program to help-out potential car buyers and the U.S. auto industry. The only problem is, the gas-for-guzzlers legislation isn’t aimed at boosting car sales in the general sense. The bill would provide up to $4,500 for people who trade in low mpg cars and trucks, to spend on a… Continue Reading...
The German government’s incentive plan to get its citizens buying cars continues to be a success with sales of new vehicles up 19 percent over the same period last year. In total 380,000 units were sold, as people cashed-in on the government’s scrappage plan that provides 2,500 Euros (or roughly $3,200) towards a new vehicle… Continue Reading...
The All-American Impala: Made in Canada During President Obama’s press conference last week when he announced that Chrylser would file for Chapter 11, he asked Americans that if they were looking to buy a car, to look at American cars. The “buy American” philosophy drew harsh criticism from the American International Automobile Dealers Association (AIADA),… Continue Reading...
At a mid-day press conference President Barak Obama made the official announcement that Chrysler will in fact file for Chapter 11 bankruptcy protection. Included in the announcement was the news that Chrysler has also reached an agreement with Fiat. “I can report that the necessary steps have been taken to give one of America’s most… Continue Reading...
President Obama is expected to announce tomorrow that Chrysler will in fact file for bankruptcy; according to a report by Bloomberg. The Wall Street Journal, however, says that Obama currently has two speeches drafted for tomorrow’s press conference: one if the struggling automaker files for Chapter 11, and one if it doesn’t. The Chapter 11… Continue Reading...
As we reported last week, General Motors has indeed made the decision to kill the Pontiac brand. The news comes as a part of a new viability plan (yes… another one) submitted to the federal government today. The new plan will see Pontiac eliminated by the end of 2010, but that’s not all… not by… Continue Reading...
Chrysler Canada Headquarters in Windsor, Ontario While President Obama outlined his plan yesterday for General Motors and Chrysler, the Canadian government was forced into some more immediate action. Chrysler Canada, which is currently threatening to remove all of it’s manufacturing facilities from the country if the Canadian Auto Workers (CAW) union cannot make concessions, made… Continue Reading...
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...