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With plenty of rumors and a few decision changes by the folks at GM, Chevy confirmed at the Detroit Auto Show that the tiny Spark model will be offered in the United States in 2011. Originally shown as the Beat concept at the New York Auto Show back in 2007, the car has evolved slowly and last year launched in Europe.
It’s not known what engine will power the Spark, but in Europe the largest engine offered is a 1.2-liter 4-cylinder with 81-hp and 82 ft-lbs of torque, which likely won’t be enough to satisfy North American consumers. Neither will the car’s 12.1 second 0-62 mph time. That engine does, however, get 46 mpg.
The Spark will join Chevy’s new small car offerings, the compact Cruze and sub-compact Aveo (due in 2011). The Spark itself is also expected to launch in the U.S. in 2011.
“The decision to add the Spark to Chevrolet’s portfolio reflects the brand’s commitment to being a fuel efficiency leader in the industry,” said Troy Clarke, president of GM North America. “Chevrolet Spark will bring great style, roominess and versatility to the segment of extremely fuel-efficient small cars in the U.S.”
GALLERY: Chevrolet Spark
Official release after the jump:
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 all their stocks when a trading window opened.
The move signifies that GM will most likely file for Chapter 11 and while it does seem unjust that these executives are permitted to jump ship, smart investors will see this as a sign. (You know what they say when the rats start to leave a ship).
GM’s Vice Chairman Bob Lutz (pictured above) sold off all of is 81,360 shares at $1.61 each, cashing in on $130, 969.60. The North American President of GM, Troy Clarke, dumped his 21,380 shares for just $1.45 each for a total of $31,001.
The remaining executives involved in the sell-off were VP Thomas Stephens, as well as Group VPs Gary Cowger, Carl-Peter Forster and Ralph Szygenda.
The move prompted the stocks to continue their slide, dropping 17 cents (or 11 percent) to just $1.44 by days end. In the past year GM’s stock value has declined by 92 percent.
General Motors is facing a June 1st restructuring deadline by the Obama administration or else the federal government will pull the funding plug on the automaker. As it stands a bankruptcy scenario seems unavoidable.