tagged w/ General motors
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DETROIT - The U.S. government will release $4 billion in additional aid to General Motors Corp. and $3 billion to Chrysler LLC on Tuesday as planned, a White House official said, ahead of the deadline for the automakers to submit new survival plans.
GM was making progress Monday in concession talks with debtholders and its main union, but deals may not come until after the deadline passes, people briefed on the situation told The Associated Press.
Both GM and Chrysler LLC will pick up the second installment of their loans Tuesday, even as the Treasury Department begins to review the two automakers' restructuring plans, also to be submitted Tuesday. The plans are supposed to outline how they intend to again become viable and repay the government loans.
GM already has received $9.4 billion in government loans and Chrysler $4 billion. Under the loan agreement, GM will receive another $4 billion and Chrysler an additional $3 billion on Tuesday, said an Obama administration official, speaking to The Associated Press on condition of anonymity because he was not authorized to discuss the payments. The second installment of loan payments had been expected.
Two people briefed on the GM plan reported progress toward a deal with the United Auto Workers. Both spoke on condition of anonymity because the negotiations are private.
But UAW Legislative Director Alan Reuther said Monday he does not expect labor agreements in time for Tuesday's deadline.
One of the people briefed on GM's plan said some parts, such as bondholder and labor agreements, probably won't be complete by the time the plan is submitted to the Treasury Department late Tuesday. GM executives have said the company only has to show substantial progress by Tuesday, with the whole plan finalized by March 31.DETROIT - The U.S. government will release $4 billion in additional aid to General... more
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China's monthly vehicle sales surpassed those in the United States for the first time in January, moving this country closer to becoming the world's biggest auto market, data released Tuesday showed.
With its growing middle class and vast potential as a consumer market, China is vital for General Motors, Volkswagen and Toyota as they count on demand here to offset weakness in the U.S. and elsewhere.
But China's ascent in the global auto market has been hastened by the plunge in U.S. auto sales, which tumbled 37 percent in January to a 26-year low of 656,976 units.
Chinese vehicle sales also have cooled, but hardly as dramatically. In January, 735,000 vehicles were sold, down 14.4 percent from a monthly record 860,000 last January, the China Association of Automobile Manufacturers said.China's monthly vehicle sales surpassed those in the United States for the first... more
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UYUNI, Bolivia — In the rush to build the next generation of hybrid or electric cars, a sobering fact confronts both automakers and governments seeking to lower their reliance on foreign oil: almost half of the world’s lithium, the mineral needed to power the vehicles, is found here in Bolivia — a country that may not be willing to surrender it so easily.UYUNI, Bolivia — In the rush to build the next generation of hybrid or electric... more
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SAO PAULO -- General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.
According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."
Read and Discuss....SAO PAULO -- General Motors plans to invest $1 billion in Brazil to avoid the kind of... more
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The target date for General Motors Corp. to get its second installment of government loans passed last week, but a top company executive says he expects the money to arrive in the next several days.The target date for General Motors Corp. to get its second installment of government... more
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DETROIT — Chrysler LLC received its $4 billion low-interest federal loan Friday, helping the auto maker continue funding its operations.
“This initial loan will allow the company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy,” said Chairman and Chief Executive Robert Nardelli in a statement.
Undisclosed issues in Chrysler’s application process slowed the payout, which was slated to be made by the end of December. General Motors Corp. received a loan payment of $4 billion on Wednesday and is scheduled to receive more money during the next two months.
Chrysler has been hurt more than GM and Ford Motor Co. by the U.S. recession because it relies on North America for about 90% of its sales. Tight credit and a weak economy are keeping consumers away from showrooms.
Chrysler’s majority owner, Cerberus Capital Management LP, is interested in finding a partner for Chrysler.DETROIT — Chrysler LLC received its $4 billion low-interest federal loan Friday,... more
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A Hawaiian Chevrolet dealership setup a jacked-up Suburban to crush a vintage Honda Accord to send a message to anyone buying Japanese. The message became somewhat cluttered when the tiny Honda broke the SUV.
This was the best picture, and this is not even a Huge Media company who posted this news. What a coincidence? Maybe because all of the news media here in Hawai’i, are owned by large White American Controlled Corporations, whom censor many issues here in Hawai’i, many that do not make headlines like many other indigenous species around the world because of the Government and WACC (White American Controlled Corporations), just make that part up LoL? I just watched "The Big One" Michael Moore great documentary, This will make no difference and it is a stupid statement because America is the way it is because of corruption from the Office of the President to; The Federal, State, City, County, what ever form of entity you want to call it. Our Government allows MILLIONS OF JOBS to be outsourced to foreign countries. I BET this is what will happen next they get the money file for bankruptcies and move everything to CHINA, INDIA, MEXICO, and other third world countries possibly AFRICA and no it is POSSIBLE. Make a Change? Greed has crippled what’s left of America’s once Financial Dominance of the World, and cost its’ people countless disappointments.A Hawaiian Chevrolet dealership setup a jacked-up Suburban to crush a vintage Honda... more
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Kepano
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added this
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3 years ago
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The Treasury Department said Friday it's prepared to act to avoid any possible collapse of nation's three largest auto companies given that rescue efforts in Congress have failed.The Treasury Department said Friday it's prepared to act to avoid any possible... more
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A $14 billion rescue package for the nation's imperiled auto industry sped to approval in the House Wednesday night, but the emergency bailout was still in jeopardy from Republicans who were setting out roadblocks in the Senate.A $14 billion rescue package for the nation's imperiled auto industry sped to... more
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Officials say that congressional Democrats leaders and the White House have finalized a deal to spend $15 billion on emergency loans for struggling U.S. automakers.Officials say that congressional Democrats leaders and the White House have finalized... more
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I know we don't have any money to be handing out, but how can you bailout the financial district and let them take advantage of taxpayers while continuing their spa and resort trips, but not bailout the American Auto industry which employs over 33% of our nations workforce?
The car companies aren't the ones who got us into this mess, but the financial district and all the corruption did. Yet we give them handouts of 700Billion, and therefore can't afford to bailout American car makers. Does this not make sense to anybody else???I know we don't have any money to be handing out, but how can you bailout the... more
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The White House Tuesday demanded that Detroit automakers prove their “long-term viability” in return for a 15-billion-dollar rescue bailout but said a deal with Congress was in sight.
President George W. Bush’s administration is making “good progress” in its talks with congressional leaders over legislation to shore up General Motors, Ford and Chrysler, White House spokeswoman Dana Perino told reporters.
“We are still working through a number of issues, some of them just small and technical, and other ones a little bit more meaty in scope, but, all in all, making sure we’re headed in the right direction,” she said.
But Perino stressed: “Our insistence that long-term viability be reflected in the legislation is something that we have held very strong feelings about, and that has not changed.
“There will not be long-term financing if they cannot prove long-term viability.”
Short-term loans of 15 billion dollars are meant to sustain the car giants through March, allowing president-elect Barack Obama time to address their crisis after he takes office on January 20.
GM and Chrysler are first in line after warning they are fast running out of cash. Ford, though equally hampered by slumping sales, says it faces no immediate liquidity crisis but wants a nine-billion-dollar line of credit.The White House Tuesday demanded that Detroit automakers prove their “long-term... more
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General Motors Corp on Monday unveiled an unusually frank advertisement acknowledging it had "disappointed" and sometimes even "betrayed" American consumers as it lobbies to clinch the federal aid it needs to stay afloat into next month.
The print advertisement marked a sharp break from GM's public stance of just several weeks ago when it sought to justify its bid for a U.S. government on the grounds that the credit crisis had undermined its business in ways executives could never have foreseen.
It also came as Chief Executive Rick Wagoner, who has led the automaker since 2000, faces new pressure to step aside as GM seeks up to $18 billion in federal funding.
"While we're still the U.S. sales leader, we acknowledge we have disappointed you," the ad said. "At times we violated your trust by letting our quality fall below industry standards and our designs became lackluster."
The unsigned open letter, entitled "GM's Commitment to the American People" ran in the trade journal Automotive News, which is widely read by industry executives, lobbyists and other insiders.
In the ad, GM admits to other strategic missteps analysts and critics have said hastened its recent decline.
"We have proliferated our brands and dealer network to the point where we lost adequate focus on the core U.S. market," the ad said. "We also biased our product mix toward pick-up trucks and SUVs."
But GM also says in the ad that it was hit by forces beyond its control as it tried to complete a restructuring earlier this year.
"Despite moving quickly to reduce our planned spending by over $20 billion, GM finds itself precariously and frighteningly close to running out of cash," the ad says.
A failure of GM would deepen the current recession and put "millions of job at risk," according to the ad, which also highlights the automaker's pledged restructuring and intention to begin repaying taxpayers in 2011.
GM spokesman Greg Martin said the ad was an attempt by the automaker to present "a pledge directly to the public."
"We believe we need to deliver this commitment unfiltered since quite a bit of media commentary has not kept pace with our actual progress to transform the company," Martin said.
Senate Banking Committee Chairman Christopher Dodd, a Democrat from Connecticut who is central to the effort to craft an auto bailout bill, on Sunday said GM should replace Wagoner.
GM says Wagoner has the support of the company's board.
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Well, you can't have the people there that created the problem trying to fix it, now can you?General Motors Corp on Monday unveiled an unusually frank advertisement acknowledging... more
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"...automobiles made overseas are stacking up at ports and parking lots around the United States as supplies far outstrip demand amid the nation's worst auto market in more than 25 years.""...automobiles made overseas are stacking up at ports and parking lots around... more
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General Motors Corp. says it will lay off about 2,000 more factory workers early next year as the U.S. auto sales slump continues to wreak havoc on domestic automakers.General Motors Corp. says it will lay off about 2,000 more factory workers early next... more
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U.S. automakers are returning to Congress for high-stakes hearings they hope will persuade skeptical lawmakers to save their troubled industry with $34 billion in emergency aid, but a top Senate Democrat wants to hand their problem to the Federal Reserve.U.S. automakers are returning to Congress for high-stakes hearings they hope will... more
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A top executive of General Motors Corp. said Wednesday bankruptcy isn't a viable option, as the United Auto Workers braced for a decision on contract concessions to the endangered Big Three.A top executive of General Motors Corp. said Wednesday bankruptcy isn't a viable... more
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In during bad times, bankrupt companies can no longer make Tiger richer...
They've also pulled out their sponsership endorsements across all industries as well, the Oscars and Emmys among them...
If Congress doesn't bail out GM and own them, maybe Tiger can?In during bad times, bankrupt companies can no longer make Tiger richer...... more
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kozeki
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added this
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3 years ago
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The Obamobile will look like a Cadillac but is built like a tank. It is thought to be based on a GMC 2500 truck that gets less than 10 miles to the gallon.
There are hybrid four-wheel drives on the market, such as Ford’s Mercury Mariner, which some critics believe could have been adapted for the president.The Obamobile will look like a Cadillac but is built like a tank. It is thought to be... more
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U.S. auto executives warned Congress on Tuesday that their industry was teetering on the brink of disaster as they pleaded for a $25 billion aid package despite political opposition to another multibillion-dollar government bailout.U.S. auto executives warned Congress on Tuesday that their industry was teetering on... more
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