tagged w/ Detroit Auto Makers
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The federal government will speed up its timetable for the purchase of roughly 17,600 fuel-efficient vehicles in an effort to help struggling domestic automakers, the White House announced Thursday.
The government will spend $285 million in stimulus funds to purchase the cars before June 1. The accelerated purchase order has been placed exclusively with General Motors, Chrysler and Ford.
"As a part of our commitment to the American auto industry, I charged my administration with using Recovery Act funds to purchase a new fleet of fuel-efficient government vehicles to increase demand for our American auto companies and stimulate the economy," President Obama said in a written statement.
The accelerated purchase "is only a first step, but I will continue to ensure that we are working to support the American auto industry during this difficult period of restructuring."
By April 15, 2,500 hybrid sedans are expected to be ordered, the largest one-time purchase of hybrid vehicles for the federal government's automotive fleet in history, according to the White House.
4/10 7:20 AM ET - ClipsFC - KenThe federal government will speed up its timetable for the purchase of roughly 17,600... more
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House GOP proposes auto-industry-funded insurance program
THe House GOP leadership Wednesday released an alternative plan to the Democrats' proposed $15 billion in loans to the auto makers. The plan is reminiscent of an loan-insurance-themed proposal that House Republicans pushed hard during the financial bailout debate. The plan would be industry funded.
During the financial debate, critics argued that the banks didn't have the capital to fund the insurance plan. It's likely that automakers would also claim they don't have the cash to fund the insurance program. Indeed, GM has said it might not have enough cash to continue operating for more than a few weeks.
"Rather than a taxpayer-funded government bailout that replaces private investment,," explains a leadership memo, "the House GOP plan proposes that the government provide insurance, funded by the participants with a modest FDIC-like fee, which would cover up to 50 percent of the losses of new investment in the case of default, helping to unlock immediate private investment."
The outline of the plan, and a statement from Minority Leader John Boehner (R-Ohio), after the jump...
Continued here:
http://www.politico.com/blogs/thecrypt/1208/House_GOP_proposes_autoindustryfunded_insurance_program.htmlHouse GOP proposes auto-industry-funded insurance program
THe House GOP leadership... more
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The CEO s of the big three auto makers are finding many skeptics in congress. This is after a two week break in talks over a now potential $15 billion bailout. Members of Congress in general are fatigued after much deliberation over the country's economic downturn. Would taxpayers be giving money to losers? Or really bailing out companies that have just come on rough times? It's obviously not that simple, but a decision--and lots of oversight--needs to be set.The CEO s of the big three auto makers are finding many skeptics in congress. This is... more
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This is unbelievable. Unions in this situation, have ruined the Big 3. God, I wish I would have gotten 95% for life when I was laid off!!! All I got was a pink slip and allowed to keep my job for 2 months while I looked for other work. As I write this, I hear that they may discontinue "Job Banks". Those workers may have to finally get a job somewhere. Oh, and they are paid over $30/hr. The gig is up, go to work now.
oh, and for you folks who dont believe any Fox source...you can go to www.uaw.org for same info.
What a "SWEET" deal, huh?This is unbelievable. Unions in this situation, have ruined the Big 3. God, I wish I... more
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Even as General Motors executives used the company’s boisterous 100th birthday bash today to pull the wraps off the production Chevrolet Volt, GM designers and engineers are quietly laying the foundation for what could become a full range of plug-in cars that the company refers to as Extended-Range Electric Vehicles, or E-REVs.
Scheduled to head for production in November 2010, the eagerly-awaited Volt is a cross between a pure electric vehicle and more conventional hybrids, such as the popular Toyota Prius. And like the Prius, Chevy’s new entry features a distinctive body. But under the skin, Volt shares much of its platform with GM’s global compact architecture, known as Delta. That means it has a lot in common with upcoming products like the new Chevy Cruze.
"The reason it’s on a global architecture is to make it possible to do other variants," said Bob Lutz, GM’s vice chairman and product chief.
Even as General Motors executives used the company’s boisterous 100th birthday... more
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