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Filed under: Government/Legal , Green , Chrysler, LLC. , Ford , GM , Earnings/Financials While the U.S. banking industry is still waiting for Congress to give it a $700 billion hand, President Bush signed into law last night the spending bill that gives U.S. automakers $25 billion in loans to get their collective act together. But unlike when a bank deems you worthy of their money, the Big Three won't be getting any cash for some time. Despite the companys' CEOs saying repeatedly how they were desperate for help and how automotive life as they know it would end if they didn't get financial help, there's at least a 60-day delay until they can cash this check. Written into the bill is a clause requiring the Energy Department to come up with regulations that will determine who gets what and when. The agency has 60 days to do this, but could take much longer, as much as 18 months according to a department spokesperson. Desperate or not, looks like GM, Ford and Chrysler are now...
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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM Last week, the House of Representatives passed a bill approving a $25 billion loan for the Detroit 3. Now the Senate, by a similar margin, has passed the bill, which means it needs George W. Bush's John Hancock in order for the automakers to see their funds. The process actually began last year when Congress put the language for the loan into an energy bill, but didn't allocate the money for it. Now that the actual sum has been "found" and approved, the details of the loan and repayment need to be sorted out. The energy department has 60 days to do the math once the loan becomes law, but the Energy Secretary said it could still take 18 months or more for GM, Ford, and Chrysler to get the money. Michigan Congressional reps have cried foul, especially because the bill also included $10 million for the Energy Department to hire outside consultants to speed things up. The department probably won't want to waste...
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Filed under: Etc. , Ford , GM , Humor Click above to enlarge Credit Ford with a classy move yesterday when it strategically left the blinds open in certain offices at its World Headquarters in Dearborn. The effect was a building-sized birthday card congratulating its cross-town competitor, General Motors, on making it 100 years in the automotive business. Ford celebrated its centennial a few years back, so knows how much fun the big 1-0-0 can be. And though they're technically competitors in this grueling business, both Ford and GM often find themselves in the same boat when it comes to battling imports for market share, appealing to the federal government for loans and generally doing their best not to make Detroit an embarrassment. Did you know that GM almost bought Ford back in the day? The man responsible for making GM what it is today, Billy Durant, made Henry Ford an offer of $8 million to buy his six-year-old car company on October 5, 1909... and Ford accepted. Unfortunately...
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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM The Detroit 3 are pushing hard for $50 billion in low interest loans to keep factories running, build new ones and create alternative powertrains. Presidential candidate Barak Obama has already endorsed $50 billion in loans and Republican nominee John McCain has signed on for $25 billion in loans already guaranteed in the 2007 energy bill. If Ralph Nader were elected to office (won't happen), he would be against such a loan. Nader told a group of supporters in the Detroit area that "tax payers should not be played for a sucker," and that decades of bad decisions by automakers means that no such government assistance is deserved. GM spokesman Greg Martin countered that Nader was basically a non-entity in the big picture, pointing out that the loan would help quickly get more fuel efficient vehicles on the road. U.S. Rep. Joe Knollenberg from Michigan remarked that Detroit automakers could be paying 15-20% in interest...
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Filed under: Government/Legal What's another $25 billion between friends? That's the argument General Motors, Chrysler and Ford's Congressional lobbyists will be making in the next few months for a $50 billion loan from the federal government. Originally, Detroit's Big Three were after $25 billion in loans from the Feds , but after lawmakers authorized a loan in last year's energy bill, the domestics now want Congress to grant loans up to $50 billion over the next three years. The loans would carry an interest rate of around four to five percent, with $25 billion being available in the first year, another $15 billion in the second year and the final $10 billion in the third. GM, Ford and Chrysler contend that the low-interest loans would be used to build more fuel-efficient vehicles, including hybrids and electrics, thus reducing the U.S.'s dependency on foreign oil, not to mention making all three automakers more competitive in a market that no longer favors big...
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Filed under: Sedans/Saloons , Sports/GTs , Ford , GM , Holden , Australia , FPV , HSV FPV vs. HSV is basically Australian for "Ford vs. Chevy," but on steroids. The two performance divisions have elevated the production of the muscle sedan to an art form, with audacious looks and big power ruling the day. It's as if the original American muscle car era never ended, but got a passport and moved Down Under. Granted, we in the States don't have much to complain about lately, with Aussie muscle now available in a Pontiac wrapper, as well as the 21st century editions of Camaro, Challenger and Mustang waiting to wreak havoc at stoplights. Still, the sweetest fruit is that which is forbidden, so you might be interested in the Motoring Channel's super acronym showdown: FPV GT-P vs. HSV GTS. The FPV is based on the new Ford FG Falcon, which arrived earlier this year, while the HSV's Holden Zeta platform underpinnings are now a couple years old. Both have V8s, both look...
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Filed under: Gadgets , CES , Cadillac , Ford , GM Looks like the biggest gadget convention on Earth is becoming the place for big automotive announcements. You'll remember that two years ago at the Consumer Electronics Show, Ford and Microsoft announced their partnership on Ford's SYNC system, and last January General Motor's CEO Rick Wagoner chose Las Vegas to unveil the all-electric Cadillac Provoq concept . It was the first time in the convention's 40-year history an automaker had revealed a concept car to the world there. This year it's Ford's turn again at CES, with CEO Alan Mulally taking the keynote spot. CES runs January 8-11 next year, but there's no word yet on what day Mulally will make his appearance. There's also no word on what he'll be saying or revealing to the thousands of people gathered in that Vegas ballroom. New SYNC features are a given, but will Ford also choose CES to roll out its plug-in hybrid project? Stay tuned for full coverage...
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Filed under: Coupes , Sports/GTs , Chevrolet , Dodge , Ford , GM Credit goes to our friends at Jalopnik for orchestrating the shot you see above, which took some quick planning and a lot of luck. General Motors recently held a sneak peak media drive for the Chevy Camaro V6 out in San Diego, and unfortunately only the biggest buff books and Edmunds Inside Line were invited (tsk, tsk). Jalopnik decided to crash the party the best way they know how - by showing up driving the Camaro's two biggest competitors, the Ford Mustang and Dodge Challenger. Classic Jalopnik, and how they managed to find two black ones we'll never know. This is the first published picture of all three modern muscle cars together, at least that we know of. Jalopnik EIC Ray Wert and his team weathered an extremely miffed GM PR person to get it, and word is we'll have video later of the heated exchange. What GM got miffed about is unknown, since last we checked San Diego had no laws against driving your car...
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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM , Earnings/Financials No matter how you slice it, a proposed $25 billion loan from the Feds is a bailout, and that's exactly what Detroit's Big Three automakers are after, according to a report by the Wall Street Journal. Lobbyists for General Motors, Chrysler and Ford have met with White House officials, Rep. John Dingell and a smattering of Michigan Democrats to discuss the loan, with plans to unveil the proposal after Labor Day. The plan includes lending $25 billion to automakers in its first year at an interest rate of 4.5 percent (about one-third of what the companies are currently paying), with the government having the option to defer any payment for up to five years. Details are scarce, and naturally, GM, Ford and Chrysler reps aren't saying much, but if the automakers and the Feds are serious, expect more information to leak out before the proposal is officially announced. [Source: WSJ , Photo by Tracy O | CC2...
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Filed under: Chrysler, LLC. , Ford , GM After years of incremental improvement in customer satisfaction, a study from the University of Michigan shows that overall, Detroit automakers have declined versus their Japanese and German rivals. The study, which polls customers with six-month-old to three-year-old vehicles, shows that U.S. automakers have stalled in their quest to improve satisfaction. The problem? Rising gas prices have made truck and SUV customers very unhappy with their vehicles, which reflects negatively in the overall score. The Chevrolet brand was hit hardest, with scores dropping 3.7% versus last year's score. The bow tie brand was ahead of only Dodge and Jeep. The news isn't all bad for General Motors, though, as truck and SUV-less Saturn posted the industry's largest gain of 4.9 points to get within one point of Toyota and Honda's score of 86. Buick and Cadillac also performed very well in the survey, with each GM brand scoring an 85. Ford was flat year...
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Filed under: Plants/Manufacturing , Ford , GM In a move that will help both ailing automakers, General Motors and Ford are holding discussions about sharing engine and powertrain technologies. Although neither company will officially acknowledge the liaisons, the meetings have been going on for more than a month, according to sources. Engine and powertrain development costs are significant -- an entirely new engine could cost $1 billion, while a transmission could cost upwards of $800 million -- so splitting those costs offers substantial savings to both companies. In addition to the financial incentives, technology sharing would open doors that otherwise would have remained shut (e.g., GM sharing Volt technology with Ford). This wouldn't be the first time the two competitors have climbed in the sack together... years ago, they successfully partnered on a six-speed automatic transmission that is widely used by both companies today. This rumor definitely makes for a fun what-if game...
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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM After nearly eight years of getting little or no attention from the White House, it seems as though Detroit's automakers will be a major focus the 2008 Election. With the economy looking worse by the day, lawmakers in Washington have been kicking around the idea of a second economic stimulus package to get people shopping again, and Mowtown's lawmakers want in on the money. Michigan's two Democratic senators are attempting to use the prospect of such a bill to include federally-backed loans to help automakers and suppliers build new factories and engineer new models. The $4B would be used to offset the costs associated with the Treasury Department giving automakers $25B in loans at a discounted rate. Automakers have been against such a loan in the past, but with worsening conditions and tighter lending practices the idea is likely to sound much more exciting this time around. Presumed Democratic Presidential candidate...
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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM In the wake of GM's Tuesday press conference detailing its plans to have enough cash on hand through 2009, politicians have been eager to voice their thoughts regarding the possibility of a government bailout. President Bush gave the possibility a strong no , but the two guys in line for his job have taken a different route. Senator Obama has said that he supports automaker's attempts to restructure without outside help, but says he's willing to work with the companies on fuel saving tech. Republican Senator John McCain took an even stronger pro-automaker stance, saying "if it looks like it is approaching that, everyone has to consider every option." The Arizona Senator and presumed Republican nominee has stated in the past that he wouldn't support a buyout, but would instead provide tax breaks and infrastructure support to create more fuel efficient vehicles. McCain's "every option" comment...
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Filed under: Car Buying , Podcasts , Chrysler, LLC. , Dodge , Ford , GM , Mazda , Toyota , Earnings/Financials We busted our humps getting to Podcast #100, and then promptly slacked off. Chris Shunk and Dan Roth make the effort this week to get Autoblog Podcast #101 out the door while the rest of the team remains difficult to corral. The usual banter about what's been in the Autoblog Garage starts us off before we dive headlong into the pithy GM news from earlier this week. Love it? Hate it? Send your comments, suggestions, or anything else to podcast at autoblog daht kahm. Thanks for listening! SUBSCRIBE to the Autoblog Podcast in iTunes ADD the Autoblog Podcast feed to your RSS aggregator DOWNLOAD the show now Permalink | Email this | Comments
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Filed under: Government/Legal , GM In the wake of GM's restructuring announcement , some observers are beginning to talk about government assistance to get automakers through tough times. President Bush has quickly shot down the idea of assitance for US automakers, saying that the government shouldn't be "bailing out companies." GM spokesman Greg Martin said the General isn't looking for a free pass from Uncle Sam, instead insisting the company is going to take care of itself. While it's nice to see GM taking care of its own problems, there really isn't much else the Detroit automaker can say. Admitting that it needs help would be an admission of doom, which would further deplete its stock while signaling to customers that bankruptcy is near. A company in bankruptcy protection can go under, and companies that expire don't (theoretically) honor warranties or have parts available for repair. As for President Bush's comments, it deserves noting that few...
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