bailout

The Bailout, One Year Later: Where Are They Now?
The Bailout, One Year Later: Where Are They Now?

One year ago, America's auto industry was going through very tough times. Caught in the quagmire of recession, two of Detroit's Big Three had filed for bankruptcy, and they'd brought a few of their pals along for the ride. Americans were mixed about the federal government's bailout of the sector...Read More»

2011 Jeep Grand Cherokee
It Looks Like The Big Three Are Back

There's no denying that Detroit automakers have had a rough couple of years. It was about this time in 2008 that gas prices began climbing toward $4 a gallon, which brought about a dramatic change in vehicle demand and explains why there are so many hybrids and compacts in the pipeline these days...Read More»

2010 Chrysler Sebring sedan
Chrysler To Set Caps, Send Fewer Cars To Rental Fleets

Chrysler, at least for a time earlier this year, was sending nearly three out of every five of its new vehicles to commercial and government fleets. According to Automotive News, citing information from the company, Chrysler sent a jaw-dropping 58 percent of its vehicles to fleets just in February...Read More»

Screencap from GM ad featuring Ed Whitacre
Video: Ed Whitacre And His Drawl Want To Restore Your Faith In GM

Yesterday, General Motors finished paying back nearly $7 billion in loans from the U.S. government -- with interest, ahead of schedule. On the off chance you didn't hear about that, CEO Ed Whitacre is here to fill you in. Whitacre and his folksy, Texas drawl star in a new, 60-second spot that...Read More»

General Motors Renaissance Center, Detroit, Michigan
Bailout Successes? GM Pays Off Loans, Chrysler Loses Less

Both General Motors and Chrysler are working as hard as they can to take advantage of the last-ditch bailouts provided last year by the U.S. government. This morning, each issued a separate sign of its progress. GM chief executive officer Ed Whitacre is expected to announce that the company will...Read More»

Tesla Roadster right-hand drive
Tesla CEO Repeatedly Used Private Jet To Visit DC, Make Case For DOE Loans

According to FAA records, the private jet of Tesla CEO and PayPal co-founder Elon Musk has made at least 12 trips to Washington, D.C. since the first of 2009. That in itself isn't a problem; many executives with Musk's resources own private aircraft. The problem is that (a) the operating cost of...Read More»

Guillotine, from Amnesty International's Flickr stream
Bailed-Out U.S. Automakers Give Thanks They're Not French

Lots of people, including Teamsters Union members and Tea Party protesters, seem to have a beef with last spring's bailout and restructuring of the two bankrupt U.S. automakers, General Motors and Chrysler. As our colleague Bengt Halvorson notes, the automakers themselves aren't complaining...Read More»

Cobo Hall, Detroit, Michigan
Teamsters, Tea Party Protest Some Of The Same Things At Detroit

At two places during the Detroit auto show—first circulating on a Cobo Hall press-room table, then later slipped under my hotel-room door—I found a leaflet entitled: "Toyota: A Danger to America," carrying the footer, "I ain't dying for a Toyota." Wearing the language and design earmarks of...Read More»

Sergio Marchionne and Martin Winterkorn
Video, Weekend Reading For VW and Chrysler/Fiat Fans

It's been a very long week here at TCC: our inboxes are packed with press releases and publicity photos from NAIAS, and we're so behind on our news feeds that we'll be lucky to catch up before the Geneva Motor Show in March. At the top of our to-read list, though, are two intriguing profiles of...Read More»

Audi e-tron Concept for 2010 Detroit Auto Show
2010 Detroit Auto Show: From The Outside Looking In

We don't use the word "I" very much in our writing at TCC, but this time, I suppose I'll have to: I'm going to give my take on the 2010 Detroit Auto Show from the vantage point of my office, which lies -- inconveniently -- about 1,000 miles to the south. What can I add to the discussion from here...Read More»

Kenneth Feinberg
Feds May Lift The $500k Salary Cap For Top-Tier Talent

Back in February, the federal government set a limit of $500,000 on executive salaries at any company that received bailout dollars. Of that total, only 45% could be in cash, with the remaining 55% made up of cash incentives, paid over two years. Now, Kenneth Feinberg, the U.S. paymaster for...Read More»

Bob Lutz
MORE: Another Day, Another Shakeup at GM: Lutz Reassigned

UPDATE: Following this morning's 9 am conference call for GM employees, further details have emerged on the latest shakeup at General Motors. “I want to give people responsibility and authority deeper in the organization, and then hold them accountable," said chairman of the board Ed Whitacre. To...Read More»

Fritz Henderson, GM CEO
GM CEO Henderson Resigns, Board Chair Whitacre to Serve Temporarily

At 4:45 pm this afternoon, General Motors Chairman of the Board Ed Whitacre announced that the Board of Directors had accepted the resignation of chief executive officer Fritz Henderson. Whitacre will serve as the acting CEO until a successor is hired. Henderson had been on the job less than a year...Read More»

General Motors Renaissance Center, Detroit, Michigan
GM Gives The Feds An Early Holiday Gift: $140 Million

Just last week, General Motors announced plans to speed up repayment of billions in loans from the U.S. government. Technically, the company's fast-track, $1 billion-per-quarter payback schedule doesn't kick in until December, but GM is getting a head start on things by returning $140 million right...Read More»

McCain at GM 7-18-05
McCain Hasn't Met Anyone Who Thinks Chrysler Will Survive

The first time John McCain ran for the U.S. presidency, his aggressive, occasionally angry style didn't sit well with voters. As we saw in 2008, he's managed to dial it down a bit during public debates, but the senator is still as feisty as ever. Yesterday, he told the press that Chrysler is...Read More»

Fritz Henderson, GM CEO
General Motors Announces Q3 Results, Speedy Loan Repayment

It's been a busy day for General Motors CEO Fritz Henderson. Not only did he reveal GM's third quarter financials, but he also announced the company's souped-up plan to repay $6.7 billion in loans from the U.S. government. While the financial report was reasonably upbeat (the company ended Q3 $1.2...Read More»

Saab 9-3
Koenigsegg To Trim 81 Dealers From Saab Network

General Motors may be looking to expand its (formerly) shrinking U.S. network, but the soon-to-be owner of GM's orphaned Saab is sticking with a leaner, meaner game plan: Koenigsegg intends to nix 81 Saab dealers from the company's current network, leaving just 137 outlets in the U.S. Of course...Read More»

Chevrolet dealership
GM Adding New Dealerships, Frustrating Old Ones

When Chrysler and GM underwent restructuring earlier this year, they took the opportunity to thin out their dealer networks. As you might recall, that resulted in substantial consternation among dealers, lobbying groups, and elected officials. But while threats of litigation and offers of mediation...Read More»

Edward E. 'Ed' Whitacre, Jr.
GM Chairman Ed Whitacre And The Salary Cap Flap

General Motors chairman Ed Whitacre isn't much of a wallflower -- but then, no one earns a resume like his by staying quiet. In keeping with his outspoken personality, yesterday Whitacre came out swinging against the $500,000 salary cap imposed by the U.S. government on executives at companies that...Read More»

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