bailout

Chrysler Responds Positively to Federal Stance, Assistance
Chrysler Responds Positively to Federal Stance, Assistance

Chrysler CEO Bob Nardelli reacted positively to news of the Obama Administration, U.S. Treasury, and Auto Task Force's news of assistance as the automaker restructures and preps for an alliance with Italian automaker Fiat. Nardelli says he's been meeting weekly with the Auto Task Force team since...Read More»

Barack Obama
Gov't Gives GM 'Adequate Working Capital For Next 60 Days'

In an address from the White House Grand Foyer, President Obama said the U.S. Government has  no interest - or intention - of running GM and Chrysler. Rather, in lending GM enough capital to operate for 60 days, Chrysler enough to operate for 30 days, the additional money is intended to give the...Read More»

GM CEO Rick Wagoner
$700 Billion Rescue Fund Likely Source Of Auto Bailout Funds

"Dwindling reserves," of the $700 billion rescue fund, says Automotive News, will likely be the source for additional auto industry bailout money that the Obama Administration yesterday signaled will likely be going forward. Deadline for the formal announcement is March 31. They're turning to the...Read More»

Axle assembly
U.S. Treasury Department Extends $5 Billion To Parts Suppliers

Many are viewing the Treasury Deparment's $5 billion in aid for the auto parts supplier industry a signal that more aid - and no bankruptcy filings - are sure to follow for GM and Chrysler. Yesterday's announcement of parts supplier aid comes not much before the autos task force's decision (due...Read More»

Obama drives by Tesla, via Edmunds
Link Love From The Car Connection: Obama Waves At Tesla, Hyundai Gets Conceptual, Plus Videos For The Toyota Aygo And Electric Cars

Elon gets a drive-by -- President Obama loves electric cars--but apparently not quite enough to get out of his non-EV limo to look at 'em. [Edmunds, h/t John V] Meddling kid has mettle -- Who says today's kids are a bunch of slackers? Nicholas Stone just graduated from Detroit's College for...Read More»

Bob Nardelli speaks to CNBC
Link Love From The Car Connection: Nardelli Speaks To CNBC, Leno Speaks to eBay, And A Former Auto Employee Sings His Little Heart Out

A gentle reminder -- Yo, peeps: the clock is ticking on our 2010 Toyota Prius schwag giveaway. All you have to do is leave a comment on this post; we'll do the rest. So easy, even someone crunked up on another kind of swag bag can do it. Not so funny -- Remember that Jay Leno gig we told you...Read More»

Rick Wagoner 2007 Geneva
GM CEO Rick Wagoner Claims Bankruptcy = Liquidation

First GM was anti-bankruptcy because they said it would tarnish their image beyond repair. But this morning at a breakfast in D.C., CEO Rick Wagoner sounded the full Chapter 7 alarm. He claimed that filing for Chapter 11 bankruptcy protection would ultimately push the auto giant into liquidation...Read More»

Steve Rattner, via the New York Times
Steve Rattner To The Rescue

Yesterday was an important moment for domestic automakers: former investment banker and de facto head honcho of Obama's auto task force, Steve Rattner, had his first chat with the media. Reading through the reports, we have to admit that the guy makes a good impression. (Then again, he's got a...Read More»

GM chairman Richard Wagoner 2008
GM Advisers Present 'Best Chance' Plan For Restructuring

GM bondholder advisers claim they've presented a plan to both GM and Obama's autos task force that "provides GM's best chance for an out-of-court restructuring." They released a statement claiming that the plan, which would trade bondholders' stake in GM's spiraling debt for equity in the...Read More»

Opel Logo
Opel Assistance Deal Thin On Details Says German Gov't

Yesterday German Economy Minister Karl-Theodor zu Guttenberg, on his way from Germany to the U.S. for talks with GM and U.S. government officials, called upon more information from GM regarding its proposed solution for ailing Opel. He claims that GM's plan for Opel, its German division, is thin on...Read More»

Chrysler dumping Canada?
No, Canada: Chrysler Prepared To Take Toys, Go Home

Chrysler co-president Tom LaSorda hopped across the border to Canada yesterday. It was not a leisure trip. LaSorda paid a visit to the House of Commons in Ottawa, delivering some very grim news to those assembled. In a nutshell, he explained that Chrysler's sales in Canada are down by about 27%...Read More»

Jay Leno
Jay Leno To Perform Free Concert, Humiliate The Unemployed

Jay Leno is coming to Detroit with something called "Jay's Comedy Stimulus Plan". Sources indicate that this is a comedy concert and that it is, in fact, funny. TCC is unable to verify those allegations. The concert will take place on April 7 at The Palace of Auburn Hills, and Leno is offering free...Read More»

Barack Obama
Obama Task Force Balances Urgency, Deliberation with Detroit

The Obama administration's auto task force characterized yesterday's two-hour meeting between UAW union leaders, visit to GM's Technical Center, and tour of Dodge Ram assembly plant as "successful." But while the meeting itself may have increased understanding and communication between government...Read More»

Zoomi Monterey Electric Bicycle
Link Love From The Car Connection: Electric Bikes, iPhone Fun, And Gigolo Becomes Butt Of Soap-Dropping Jokes

Well, there's always Michael Moore -- Fellow PBS fans, the Big Three meltdown has a nasty surprise in store: to cut back on expenses, GM will no longer fund the films of Ken Burns. We understand the rationale; we just wish M. Night Shyamalan's backers would make the same move. Like, yesterday...Read More»

2011 Chevrolet Volt
Obama's Auto Task Force Drive Chevy Volt, Visit Ram Plant

Today members of President Obama's autos task force head to Detroit to scrutinize GM and Chrysler's viability plans. A test drive of the 2011 Chevrolet Volt and tour of the plant that assembles the 2009 Dodge Ram will provide a chance for the companies to prove they can use fed assistance to...Read More»

Ladies and gentlemen, the Unknown Comic
Wall Street Journal Lets 'Person Familiar With The Matter' Do The Talking For GM

From time to time, journalists rely on anonymous sources, who, for whatever reason, prefer not to identify themselves to the public. And that's fine. But for the Wall Street Journal to base a 1200-word article about one of America's major corporate players on the comments of "person familiar with...Read More»

Chrysler and Fiat logos
Fiat CEO Wants To 'Repay Every Single Dollar Of Taxpayer Funding'

So is it going to be Italy to the rescue of the American taxpayer? Fiat CEO Sergio Marchionne is still courting Chrysler, and he assured the U.S. auto task force yesterday that if the proposed Fiat/Chrysler alliance goes through, no U.S. taxpayer money used to help Chrysler will ever find its way...Read More»

GM faces the reaper
GM Is Fearing Reaper, Barreling Toward Bankruptcy

Between lackluster sales, the sagging economy, and all that bailout mishegas, things are rough at General Motors. For weeks, we've been waiting for signs of improvement, convinced that the situation can't get much worse. We hate it when we're wrong. GM's auditors at Deloitte & Touche have...Read More»

GM Protest
GM Woes = Opel Angst As German Workers Protest

Proving that GM's problems are far from contained to its U.S. operations, thousands of GM factory workers protested today outside the Adam Opel AG plant in Ruesselsheim, Germany. They demonstrated in hopes of saving their jobs, and elsewhere in Europe factory workers affected by threatened GM plant...Read More»

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