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obama

  • 2000 GMC Yukon

    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 today, the money is official, and available to buyers that haven't yet cashed in their clunker. The additional funds come less than a week after confusing and conflicting messages about the program's possible termination from the White House and the Department of Transportation. The latest action by...

  • 2010 Mercedes-Benz S-Class
    Foreign luxury carmakers could get loophole in upcoming fuel regulations

    In May the White House unveiled a new fuel efficiency policy calling for 35.5mpg fleet averages by 2016, and almost immediately the carmakers began talking about how much it would cost them. But now it looks like the luxury carmakers in the U.S. - primarily foreign marques - could catch a break...

  • GM Detroit headquarters
    GM gets 5 new board members appointed by U.S., Canadian governments

    General Motors' recent bankruptcy proceedings have seen the company transformed as it leaves behind failing assets, and according to the company these changes have also been reflected through a restructured board of directors. Five new members have been added to the board following the bankruptcy...

  • x08ca xl005
    Car Czar Rattner Wants Cadillac Free, And Soon

    With General Motors setting a land-speed record in clearing bankruptcy court, the White House and de facto car czar Steven Rattner want out of General Motors, and quick. GM could exit bankruptcy as soon as tomorrow, now that a federal court has okayed the Section 363 sale of the "new GM" assets to...

  • GM Detroit headquarters
    Bankruptcy court approves GM asset sale

    General Motors is one step closer to emerging from bankruptcy, with a judge on Sunday approving an asset sale to allow the most profitable assets to exit bankruptcy protection under government ownership. Judge Robert Gerber of the U.S. bankruptcy court in Manhattan said the sale would "prevent the...

  • Los Angeles Smog
    EPA gives California and 13 other states waiver to regulate greenhouse gas emissions

    The U.S. Environmental Protection Agency this week granted California a long-anticipated Clean Air Act Waiver. Under the plan, California - along with 13 other states - will enforce its own emissions standards until the 2012 model year, when the federal government will begin phasing in new national...

  • 2000 GMC Yukon

    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 the signing today of the bill by President Barack Obama. The bill will now pass into a 30-day review period in which the federal government will prepare regulations for the program. The approval came as part of a larger $106 billion wartime spending proposal - out of this amount, just $1 billion was...

  • 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...

  • GM dealership
    GM plans major changes for remaining dealerships

    General Motors already has plans to slash hundreds of its dealers late next year, but for the dealers who make it through the cuts it won't just be a case of 'business as usual'. Instead, the struggling automaker will be modifying its contracts with the remaining 4,100 or so dealers in its network...

  • 2011 Jeep Grand Cherokee
    Supreme Court allows sale of Chrysler to Fiat

    The Supreme Court has approved the sale of substantially all of Chrysler's assets to Fiat, helping to finalize their alliance as well as the American automaker’s bankruptcy proceedings. Approval was given for the $2 billion sale of the assets to a new company that will be 68% controlled by a...

  • U.S. Capitol Hill
    Republicans and Democrats blame each other for GM collapse

    The collapse of General Motors has seen some of the most divergent views on both politics and the automotive industry appear in recent times, and even though the collapse of GM had been predicted for months, if not years, there is still arguing over who was responsible and what American consumers...

  • GM Cadillac dealer
    GM planning to cut hundreds of metro Cadillac dealers

    General Motors has already announced plans to slash hundreds of dealerships across its brand portfolio, and now it appears even high-end Cadillac dealers won’t be spared from the latest cull. Most of the cuts are expected to occur in metro areas and affected dealers will be informed by...

  • Rick Wagoner Alan Mulally George Bush

    Earlier this week General Motors formerly announced that it had filed for chapter 11 bankruptcy but the truth of the matter is that the struggling automaker’s downfall was predicted years ago and it has only managed to survive up until now on the back of government handouts. According to latest comments from former vice president Dick Cheney, the Bush administration was well aware of GM’s troubles and knew the automaker should have entered bankruptcy back when it was in power but decided to let the issue slide until after a new president was sworn in. During an interview on Fox...

  • Meet the new GM...not quite the same as the old GM
    GM appoints Detroit turnaround expert Al Koch to oversee bad assets

    In times of trouble, companies need a solid leader to help turn their fortunes around. You only need to look at what Fiat has achieved in the past few years with Sergio Marchionne at the helm to understand the benefit of appointing a turnaround expert. To help facilitate GM's turnaround, the...

  • GM American flag
    Official: GM files for Chapter 11 bankruptcy

    General Motors today announced that it has filed for Chapter 11 bankruptcy following an agreement reached with the U.S. Treasury and the governments of Canada and Ontario to accelerate its reinvention and create a leaner and stronger "New GM". The filing is the third-largest in U.S. history and the...

  • GM Detroit headquarters
    U.S. government pledges $30 billion in GM bankruptcy financing

    It's been expected for a long time but it finally appears as though General Motors’ bankruptcy is upon us, and with it the federal government is set to bring the struggling automaker out of its eventual Chapter 11 filing with over $30 billion in financing. The news comes from White House...

  • GM Cadillac dealer
    Another round of dealer cuts imminent at GM

    Just a couple of weeks ago General Motors revealed that it would be cutting ties with over 1,100 dealerships, and the bad news keeps coming for dealers as the struggling automaker is expected to cut a further 450 dealerships in the coming months. Many dealerships are under franchise agreements with...

  • Meet the new GM...not quite the same as the old GM
    GM bondholders agree to take 25% of new company, U.S. Treasury gets 72.5% ownership

    As General Motors prepares for a bankruptcy announcement on June 1, the U.S. Treasury is helping to pave the way by releasing a new deal that leaves GM's bondholders with 25% of the restructured company, and the government as a 72.5% 'inactive' stakeholder. Winning the support of the bondholders...

  • GM American flag

    General Motors received an additional $4 billion in loans from the U.S. Treasury late on Friday, while also reaching a cost-cutting agreement with the Canadian Auto Workers union ahead of a rumored Chapter 11 bankruptcy filing expected next week. This is in addition to the $19.4 billion already loaned to GM by the government since the start of the year, yet the struggling carmaker predicts the total amount loaned to increased to $27 billion after the June 1 restructuring deadline. On top of that, GM has also reached tentative agreements with unions in Canada and the U.S., which will see...

  • A UAW worker assembling a Hummer H3T
    GM and UAW reach tentative deal

    The U.S. Treasury, General Motors and the United Auto Workers have reached a tentative bargain on how they'll deal with changes to the current agreement in the face of the industry's problems and GM's increasingly probably bankruptcy. The details of the deal are being kept quiet until the local...

  • Los Angeles
    California already working on tougher fuel standards

    President Barack Obama may have just taken the wraps off his new national fuel policy, but according to the state of California it’s not too soon to already begin work on the next stage of clean car regulations. The infamous California Air Resources Board (CARB) is known for being passionate...

  • President Barack Obama
    Obama unveils new national fuel efficiency policy, 35.5mpg by 2016

    Carmakers are already fretting at the thought of achieving the new 35mpg CAFE standards imposed by the U.S. government by the current 2020 deadline, but an announcement by President Barack Obama today revealed the plan to get the standard up to 35.5mpg by 2016. The plan requires a gain of over 5%...

  • GM dealership
    GM reveals more details on 1,124 dealer cutback

    Cutting back production and right-sizing brands and lineups is just one aspect of the restructuring underway at the hands of the U.S. federal government. Earlier this week hard cuts in both labor and dealership numbers were discussed, foreshadowing the next steps to come, and just yesterday a...

  • 2009 Honda FCX Clarity fuel-cell vehicle
    Obama kills the hydrogen car by slashing research funding

    There may be debate over who killed the electric car, but we can now say with some certainty that the culprit behind killing the hydrogen car is none other than President Barack Obama. In his new budget, the President has eliminated funding to develop hydrogen fuel-cell cars, scrapping a $1.2...

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