General Motors
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The CEOs of America's major carmakers, before the Senate Banking, Housing and Urban Affairs committee today, are acknowledging their past shortcomings but also projecting future strategies based on lessons learned. Lawmakers thus far appear to be more receptive to the idea of loans now that the wider implications of alternate paths - bankruptcy, liquidation, or worse - have been explored. Alternative solutions, involving federal guarantees on loans issued by private banks, have been suggested as a possible plan for funding the bridge loans sought by the carmakers. This semi-privatized scheme...
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GM CEO will head to Washington in a Chevrolet VoltPreviously we reported that GM CEO Rick Wagoner would be driving a Malibu hybrid to Washington for this week's auto industry bailout hearings, however it has come to light that he will actually be driving the company's much anticipated Chevrolet Volt plug-in hybrid. Wagoner will be driving a...
Ralph Hanson -
GM will decide Saab's fate quickly, Sweden willing to help, but not buy
Yesterday all three of America's major carmakers revealed their future plans to Congress, and a part of General Motors' was the possible sale of Saab. While the brand is still being reviewed, and no decisions have yet been made, GM says it will make the choice to keep or sell quickly. "We will work...
Nelson Ireson -
Cadillac Escalade ESV tops most stolen vehicle list
The Cadillac Escalade SUV is undoubtedly popular with a wide range of people, but especially so with car thieves, who made the 2007 Escalade ESV their number one choice for stealing this year. Meanwhile, the Mercedes Benz E-Class saloon was the least popular with thieves and was 15 times less...
James Martinez -
GM offers to cut brands, salaries and jobs in $12 billion restructuring plan
The Chevrolet Volt captured the mind of the public and the press when it was revealed during the company's 100th anniversary celebrations in September, though even then it was suspected that trouble was brewing for the company. Last month's announcement of an impending cash shortage and this...
Nelson Ireson -
Corvette ZR1 buyers receive free advanced driving course valued at $3,400
General Motors may be struggling for cash at the moment but that doesn't mean it’s skimping on the customer programs for its halo sports car, the Chevrolet Corvette ZR1. Every customer that purchases a ZR1 will receive a trip to the Bob Bondurant Driving School in Arizona to learn the finer...
James Martinez -
Markets outside the UK and Europe were unfortunately not made familiar with the rip-snorting Lotus Carlton - a heavily modified Vauxhall Carlton - during its short lifetime. Nevertheless, the utterly insane 177mph (285km/h) twin-turbocharged straight-six-powered sedan has grown to cult status since. The Vauxhall owners that chose the Carlton picked it over some heady competition, especially the more recent Monaro, which won the competition for the favorite Vauxhall of the last 5 years. But competing with the legendary Lotus Carlton is almost impossible. With statistics like peak power output...
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Ford considering Volvo sale, joins GM to ask Sweden for aid
General Motors has disavowed selling any of its brands but Hummer, but tough financial and market situations are bringing serious pressure to bear. Just this morning, Ford has announced it is opening up consideration of 'strategic options' for its Volvo brand, reversing repeated denials that the...
Alex Kaufmann -
Detroit 3 ready revised bailout proposals ahead of Tuesday's Congress hearing
The CEOs of the Detroit 3 will be returning to Washington this week to present new business plans to Congress, all in the hopes of garnering a $25 billion federal loan package to prevent them from collapsing under financial pressure. General Motors’ board has already met to discuss its plan...
James Martinez -
Opel Insignia by Steinmetz
German tuner Steinmetz is a specialist when it comes to modifying Opels, having worked with the brand for the past several decades and waiting more than five years to finally develop the new 2009 Insignia saloon. Not surprisingly, it's one of the first companies to work with the car, releasing a...
Jeremy Weber -
Report: GM may drop Saab, Saturn and Pontiac to appease Congress
Despite previous assurances made earlier this month by its CEO Rick Wagoner, General Motors is reportedly considering dropping the Saab, Saturn and Pontiac brands in order to improve its chances of garnering a federal government aid package. GM is currently readying a turnaround plan to present to...
James Martinez -
Volt moves onto next step in development, adopts global compact platform
Even as General Motors is caught in a desperate bid to secure loans in Washington, the Detroit based manufacturer is keen to continue development of a range of plug-in hybrid vehicles, focusing primarily on the Volt. Bob Lutz recently spent some time in the latest development vehicle and felt like...
Kenneth Hall -
Barack Obama has backed Congress' decision to delay a decision on additional auto industry loans, urging the carmakers to have a clear plan when they return to Capitol Hill in December, and the carmakers are already reportedly planning to show up in dramatic style, forming a caravan of Detroit's most efficient cars as exemplars of the work the industry's been doing to make strides forward in recent years. Another angle for the parade of parsimonious people-movers is the humanizing aspect - putting a face and a sense of perspective to the issue of the auto industry's importance to the U.S...
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GM creates backup plan in case it doesn't get federal aid
The current financial woes of General Motors are no secret these days, with the Detroit 3 carmaker admitting recently that it will run out of cash early next year without the help of a federal loan. Despite the seriousness of the situation, as well as new polls that show the public is in favor of...
James Martinez -
Report: GM directors consider Chapter 11 bankruptcy filing
General Motors directors are reportedly considering a Chapter 11 bankruptcy filing and seeking court protection in an attempt to cope with the ailing carmaker’s dwindling cash reserves. According to people familiar with situation, the plans go directly against CEO Rick Wagoner’s claims...
James Martinez -
Fisker picks GM Ecotec engine for Karma plug-in hybrid
The Fisker plug-in hybrid saloon has officially been revealed. Click here for all the details and images. Fisker announced today that it will be using General Motors' engines in its upcoming Karma plug-in hybrid vehicle, which will have a 50-mile electric-only range before the internal combustion...
James Martinez -
German solar power company makes surprise bid for Opel
The struggling auto industry is feeling the pressure of slow sales and a tough global economy in many markets. Rumors of bankruptcy and pleas for government aid are the norm - but in Germany today a solar power group called SolarWorld surprised the market by making a takeover bid for Opel, General...
Alex Kaufmann -
Leaked patents reveal GM was considering second Saab-Subaru model
Images of what appears to be a patent application by General Motors for a new Saab SUV have leaked onto the Internet, revealing that a Subaru Tribeca-based SUV may have at one point been in the pipeline for the struggling Swedish brand. If the images turn out to be authentic, this would be the...
Kenneth Hall -
General Motors' Kappa platform has been widely praised for its performance characteristics (if also found somewhat lacking in ergonomics), so its choice as the basis of a custom V8-swap is in many ways unsurprising. It is, however, sure to be inspiring with a 400hp Corvette engine under the hood of the 3,100lb (1,400kg) roadster. Breckland's Beira V8, as the car is called, was revealed earlier this year, but now serial sales of the heavily modified sports car are beginning to get underway. A few changes to the car's design have been made in the interim, reports Sweden's Auto Motor & Sport...
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Pontiac enhances G6 lineup with mid-year updates
The L.A. Auto Show is just days away, and as it draws near more models, updates and reveals are coming to light. Pontiac will be bringing a revised family of G6 coupes, convertibles and sedans to the L.A. Auto Show despite General Motors' widely publicized pull-out of its featured show vehicles...
Nelson Ireson -
Germany holding aid talks with Opel
Germany on Monday confirmed it would be holding talks with Opel, General Motors' primary European brand, to discuss the topic of aid for the company should GM cease supplying cash. The concern on Opel's part is very real considering the state of GM's U.S. and global operations, and Opel's...
Nelson Ireson -
GM sells remaining 3% stake in Suzuki
As a direct response to liquidity concerns, General Motors has sold its remaining 3% stake in Japan’s Suzuki, earning roughly $230 million for the parcel of shares on the open Tokyo stock market. Suzuki has responded with an announcement today, claiming it was a mutual agreement to continue...
Ralph Hanson -
Hummer is the only GM brand for sale, says CEO Wagoner
Saab's slowing sales and delayed models from parent company GM have previously sparked rumors that the Swedish brand could be sold off by General Motors to raise some much needed cash for its operations. Today, GM's CEO, Rick Wagoner, said that the General is not looking to sell any of its brands...
Ralph Hanson -
Saab 9-3 Special Edition commemorates 25 years of convertibles
General Motors' withdrawal from press activities at the Los Angeles Auto Show made waves yesterday, but it turns out the General won't be completely without new models out west. In addition to the production Volt and two-mode hybrids on display, Saab is planning a Special Edition 9-3 Convertible to...
Ralph Hanson
