obama

  • 2010 Toyota Prius

    Toyota, Nissan and Honda all build cars in the U.S. General Motors, Chrysler and Ford all build cars in Mexico and Canada in addition to within the U.S. It's hard to know which car is built where as a consumer, and the American International Automobile Dealer's Association (AIADA) is upset over President Barack Obama's 'buy American' message in during the Chrysler bankruptcy announcement yesterday. The organization, which represents the 11,000 foreign nameplate car dealerships in the U.S., thinks the 'American' distinction is irrelevant. "In today’s globalized economy ’buying...

  • 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...

  • GM and Chrysler headquarters
    Auto industry task force rejects GM and Chrysler viability plan

    The Obama administration auto industry task force has rejected viability plans for General Motors and Chrysler and threatened that both may be forced into bankruptcy unless further sacrifices are made. The task force has consistently stated that its goal is to solve the industry's problems rather...

  • GM CEO Rick Wagoner
    GM CEO Rick Wagoner resigns, Fritz Henderson takes the reigns

    General Motors has confirmed that CEO Rick Wagoner will resign at the behest of President Barack Obama and his auto industry task force. Wagoner is stepping down from the top spot, effective immediately, and will be replaced by the company’s current COO Fritz Henderson. Wagoner confirmed that...

  • 2010 Ford Fusion Hybrid
    U.S. raises fuel economy floor to 27.3mpg for 2011

    You might disagree with his methods, but you can't deny President Obama's determination to improve the U.S. car industry's situation and to remedy the nation's current energy policy. Part of both plans is a rise in the fuel economy requirements to 27.3mpg fleet-wide by 2011. It's actually a step...

  • President Barack Obama
    Obama, task force want to offer more help to U.S. industry

    No one really knows what to make of the auto market right now, least of all the industry itself. Fiat is forecasting blue skies, GM is on the brink of failing to meet a restructuring deadline, and Ford is still chartering private jets - but President Obama and the task force on the industry are...

  • President Barack Obama

    For some time now the American environmental movement, especially in regards to CO2 emissions from cars, has been held back by state-specific legislation that makes it difficult to demand uniform change across the nation. A new proposal from the Environmental Protection Agency (EPA), however, calling for the declaration of CO2 and other greenhouse gases as a 'public danger' may be the first step in creating a national emissions framework. The EPA submitted the proposal to the White House on Friday, and in an interview with The Detroit News government spokesman Robert Gibbs said president...

  • Chrysler and GM Detroit headquarters
    Chrysler: We’re a safer bet than GM

    If asked whether General Motors or Chrysler were in a better financial position, many of us would conclude that GM looks better. However, Chrysler's chief financial officer Ron Kolka has come out boasting that Chrysler, "on a pure-business basis," is more viable. The reasoning behind the claims is...

  • Jay Leno and the Chevrolet Camaro
    Jay Leno poking fun at Detroit with ‘Comedy Stimulus Plan’

    On last night’s episode of The Tonight Show Jay Leno announced his plan for stimulating America with what he does best – telling jokes. Leno will make an appearance in Detroit early next month to perform his standup act and hopefully cheer up many of the employees (both current and...

  • 2011 Chevrolet Volt test mule
    Chevrolet Volt driving day planned for Obama’s auto industry task force

    They did it in the nation’s capital at the first round of viability meetings and tomorrow in Detroit government officials will once again be able to drive a prototype for the upcoming Chevrolet Volt plug-in hybrid. This time around the officials will include the Obama administration’s...

  • 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...

  • The White House
    White House: GM, Chrysler to get another $7 billion today

    Detroit's carmakers are due to submit their latest viability plans to the government later today, but already a White House source has leaked that General Motors and Chrysler will both be getting new loan funds. GM's $4 billion loan and Chrysler's $3 billion will bring the total amount handed out...

  • President Barack Obama

    President Barack Obama has made no bones about his commitment to using the government to help prop up the ailing automotive industry, but his earlier plans to instate a ‘car czar’ to oversee the industry’s restructuring have reportedly been dropped. The original bill passed for the Detroit 3 bailout actually called for multiple overseers to administer the funds, and whose job would also be to prohibit a carmaker merger or sale, inspect financial records of any carmaker or majority shareholder accepting funds, and to periodically evaluate the carmaker’s efforts and...

  • 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...

  • President Barack Obama
    Obama caps executive salaries for firms accepting loan money

    President Barack Obama today tied another string to the money received by GM and Chrysler, setting a cap of $500,000 on executive salaries for companies in receipt of taxpayer funds. The move is likely to prove popular with the public, which often perceives corporate executives as overpaid. The...

  • 2009 Saab 9-3
    Report: GM has no plans for non-core brands

    General Motors has made it clear that it intends to focus most of its resources on just four core brands in North America but has left much doubt about the long-term viability of its other brands. The Buick, Chevrolet, Cadillac and GMC brands accounted for 83% of GM's total sales volume in the U.S...

  • President Barack Obama
    Automakers, legislators to meet concerning EPA emissions waivers

    President Barack Obama this week kept a campaign promise that could potentially allow California and other states to set their own fuel economy and vehicle emissions standards by signing a memorandum to the Environmental Protection Agency requiring it to reconsider California's application for a...

  • U.S. Capitol Building

    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 offset the unemployment attendant to the industry's contraction. The new funds are proposed as part of the $825 billion stimulus spending package the White House is already planning to submit to Congress, reports the Detroit Free Press. If all goes as planned, that bill could pass through both houses...

  • The White House
    Bush administration defers CAFE decision to Obama

    In a reversal on Bush's prior commitment to make a decision on the issue of Corporate Average Fuel Economy (CAFE) standards, the U.S. Department of Transportation (DOT) today revealed it will not make a decision before President-Elect Barack Obama takes office later this month. Proposed CAFE...

  • Detroit 3 CEOs
    Obama and Dodd tell Detroit CEOs to move on

    A senior Democratic Senator has demanded that the CEOs of the Detroit 3 step down if they want their companies to be given federal aid. Senator Christopher Dodd of Connecticut singled out General Motors’ chief Rick Wagoner as someone that "has to move on". President-elect Barack Obama was not...

  • Barack Obama on the campaign trail, 2008
    Obama reaffirms commitment to auto industry aid

    During his campaign for U.S. President, Barack Obama repeatedly declared his support for the auto industry and indicated he would support it against the tide of the economic downturn. Today President-Elect Obama reaffirmed that commitment with a speech on the economy delivered in Chicago, noting...

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