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  • Koenigsegg CCX supercar

    The sale is expected to close by the end of the third quarter.

  • 2000 GMC Yukon
    Obama signs $2 billion emergency funding for 'Clunker' program

    That was quick. Just a month after President Obama signed in the $1 billion ‘cash for clunkers’ bill, and less than a week of it running, the program has already run out of money once and received approval from both the House and Senate for another $2 billion. With Obama's signature...

  • 2000 GMC Yukon
    President Obama signs in Cash-for-Guzzlers bill

    The Cash-for-Guzzlers bill is just one of the incentives the government is trying to implement to bring the U.S. auto industry back to its pre-recession levels. Recently, the Cash-for-Guzzlers scheme garnered approval of both House and Senate negotiation teams, and now it has passed into law with...

  • Koenigsegg CCX supercar
    Saab buyer to be revealed this week, most likely Koenigsegg

    The ongoing tale of Saab's sale may be drawing to a close, as early reports out of Sweden today have General Motors and Swedish supercar maker Koenigsegg, along with a group of Norwegian investors, agreeing to the deal in a letter of intent. GM confirmed in its February viability plan that it would...

  • 2000 GMC Yukon
    House and Senate agree on Cash for Clunkers bill, mileage requirements revealed

    The Cash for Clunkers bill is just one of the incentives the government is trying to implement to bring the U.S. auto industry back to its pre-recession levels. Now, the Cash for Clunkers scheme has garnered the approval of both House and Senate negotiation teams, with the two sides reaching an...

  • White House
    White House promises no more bailouts for Detroit 3

    With accusations and hyperbole that the U.S. government's bailout of the Detroit 3 is a clear step towards socialism, President Barack Obama's automotive task force that has been charged with overseeing the restructuring of GM and Chrysler has promised that the government will not be putting any...

  • 2000 GMC Yukon

    Earlier this year the original ‘Cash for Clunkers’ bill was rejected by the Senate because of research that showed the program wouldn't have made much impact on auto sales or emissions. A revised version of that bill has since been presented to Congress and was approved by the House in a round of voting earlier today. Under the House bill, car owners could get a voucher worth $3,500 if they traded in a vehicle getting 18mpg or less for one getting at least 22mpg. The value of the voucher would grow to $4,500 if the mileage of the new car is 10mpg higher than the old vehicle...

  • 2009 Saab 9X Air Concept
    GM ties with Saab will remain in future models

    The future of Saab is starting to look much brighter, thanks in part to important concessions from General Motors to help it build and design its own range of cars in the future, as well as a likely extension from Swedish courts for its restructuring deadline. For a while it looked as though Saab...

  • Saab 9-3X
    Saab open to Fiat takeover

    The last thing we heard about Saab was that the struggling General Motors division had up to 20 interested buyers and a May 20 deadline to restructure under the guidance of Swedish courts. Now it’s been revealed that Saab is open to talks with Fiat, which is currently eyeing a takeover of...

  • GM American flag
    Bondholders consider increased debt-for-equity-swap as GM bankruptcy looms

    GM's decline over the course of this year wasn't enough to convince bondholders and the UAW to grant any concessions, but recent reports that the carmaker was in precautionary preparations for filing a Chapter 11 may have galvanized action on the part of the bondholders. Allowing GM to go to...

  • Capitol Hill
    Suppliers only allocated $3.5 billion in aid, not $5 billion

    In the first major sign that the U.S. government was keen on helping out the entire domestic auto industry and not just the Detroit 3 carmakers, the U.S. Treasury approved a $5 billion aid package last month for automotive parts suppliers. The aid is to come in the form of guarantees for...

  • GM American flag
    GM viability plan calls for $16.6 billion in additional aid, 47,000 job cuts

    Chrysler’s request for an additional $2 billion in government funded loans in its latest viability proposal looks trivial compared to the $16.6 billion requested by General Motors today in front of the U.S. Treasury. Without this funding GM says it could run out of money as early as next...

  • Chrysler CEO Bob Nardelli

    Building a foundation for the reconstruction of the industry, General Motors and Chrysler are required to submit new plans for viability today as part of the loan agreement established late last year. GM has yet to unveil their reworked plan, but Chrysler has just released the key details of its new strategy. The original viability plan, detailed by Chrysler last December, called for $7 billion in emergency loans. The plan sent to Congress today adds another $2 billion on top of that requirement, bringing the total to $9 billion in taxpayer money. Chrysler says the extra funds are needed due...

  • New vehicles rolling off the assembly line
    Analyst: tax breaks on new cars could spark up to 100,000 new sales

    A lot of hullabaloo on the topic of the need (or lack thereof) to act quickly and decisively on the economy, and to help kick-start the car industry in particular, has been flying about living rooms, bars, offices and Houses of Congress lately. To help give some life to the debate, the analysts at...

  • President Barack Obama
    Obama to auto industry: "Get me a plan that works"

    President Obama and his administration has made much political hay over the impending disaster that could befall the U.S. economy barring swift action. Today Obama called directly on the American auto industry for a clear plan for viability so the government could step up its aid. Speaking with...

  • U.S. Capitol Building
    U.S. Senate passes tax break for new car buyers

    No one at this point doubts the country's, or the world's, economic woes, most especially those within the car industry. So the passage today of a Senate bill allowing the deduction of sales tax and interest paid on new car purchases made between November 12, 2008 and the end of 2009 comes as a...

  • U.S. Capitol Building
    Michigan representatives ask for $25B in new loans for auto industry

    The first $13.4 billion in auto industry loan funds have been disbursed to General Motors and Chrysler, but already Michigan's congressional representatives are seeking another $25 billion in industry loans. The funds would be targeted at suppliers and carmakers, with some funds set aside to help...

  • The White House
    Bush says $15 billion TARP alternative not ready yet

    In a stunning development, the Bush administration released a statement late Friday stating that it was strongly considering using some of the money set aside for the $700 billion financial system bailout to help prop up America's ailing automotive industry. Despite working through the weekend...

  • U.S. Capitol Building

    The U.S. Senate rejected an emergency bill to provide billions of dollars of aid to the Detroit 3 carmakers late on Thursday, dashing the hopes of General Motors and Chrysler, both of which may run out of cash by the end of the year. "We have not been able to get this over the finish line," Senate Majority Leader Harry Reid said after 10 pm, following day-long negotiations to broker a deal among lawmakers, carmakers, unions and other interest groups. Earlier this week the White House and Congress reached an agreement on most major points of the planned $14 billion rescue package, with only...

  • U.S. Senate session chambers
    Auto loan bill could stall in Senate

    The $14 billion auto loan bill passed by the House late yesterday may stall out in the U.S. Senate under fire from Republican opposition. The GOP wants more concessions from the UAW and more concrete reforms by the carmakers before money is handed out, among other changes. A counter-proposal by...

  • 2011 Chevrolet Volt
    Volt development costing GM $750 million

    As set out in Maslow's hierarchy of needs, basic survival must first be established before one can move on to worry about the esoteric concerns of philosophy, morality or ethics. In an odd twist of logic, however, America's car companies have been forced to premise their immediate survival on their...

  • GM CEO Rick Wagoner
    Iacocca, Lutz speak out on possible Wagoner ousting

    Rick Wagoner could be spending his final few days as CEO of General Motors if Senator Chris Dodd of Connecticut and his supporters have their way. Already speculation as to which of the world's proven corporate leaders could take Wagoner's place at the helm of the struggling automotive giant has...

  • The White House
    White House voices concern over bailout plan

    The Bush administration and congressional Democrats have made a tentative agreement for a $15 billion emergency loan for the Detroit 3, but there remains concern in the White House that the carmakers may still not survive. President George W. Bush has reportedly questioned the ability of the...

  • The U.S. Capitol Building
    Detroit 3 bailout likely to come with 'car czar'

    With the legislation for a loan package to secure the immediate futures of the Detroit 3 is reaching the 'discussion draft' stage today, talk of an overseer to administer the funds has begun. The bill actually stipulates that there may be multiple overseers, raising the possibility of an oversight...

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