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Filed under: Government/Legal , Chrysler, LLC. , Earnings/Financials We've already seen GM and Ford issue their pleas for government loans, and now it's Chrysler's turn. The only privately-owned automaker of the three released a 13-page document outlining the aid it seeks from the Feds and how it plans on spending our hard-earned cash. If you want to read the full text, it's available after the jump. But the condensed version follows. Chrysler is requesting a $7 billion "secured working capital bridge loan" by December 31st, citing the collapse of the light-duty vehicle market, the U.S. financial crisis and the global downturn in the economy as reasons it needs cash. It estimates by the end of the year it will only have $2.5 billion in working capital in the bank and that's not enough to keep the lights on through January. The Cerberus crew is touting its partnerships, including those forged between Nissan, along with future plans to share platforms, components...
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Filed under: Government/Legal , Earnings/Financials CNBC is reporting that four U.S. senators have reached a bipartisan agreement on a bill to help the Big 3 automakers in Detroit. Those senators include Michigan Democrats Carl Levin and Debbie Stabenow, Ohio Republican George Voinovich and Missouri Republican Christopher Bond. Details of the bill are not yet available, but a news conference is scheduled for 2:30PM EST, at which time we should learn more. It will likely be some compromise between the Democrats' wish for taking an extra $25 billion out of the $700 billion financial bailout fund and the plan supported by the White House that would allow automakers to use the already approved $25 billion in low interest loans for anything they wanted rather than just investing in green technology. Still, CNBC says the bill faces some big procedural hurdles, not the least of which is that senators want to go home soon for the Thanksgiving holiday. Trying to squeak in a vote before the break...
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Filed under: Etc. , Government/Legal , Hirings/Firings/Layoffs , Plants/Manufacturing , Chrysler, LLC. , GM Our heads are still reeling from one of the most tumultuous weeks on record, both for the financial world and the auto industry. But despite our best efforts to drown our concerns in Racer5 IPA, the hits keep coming and this time, it's courtesy of the New York Times . The Gray Lady is reporting that General Motors and Chrysler have been in talks about a possible merger for the past month and that two unnamed sources say that the chances of the deal going through are "50-50." With GM's stock prices ending the week below $5 a share and Cerberus - the private equity firm that owns Chrysler - grasping at straws any and all straws, including continued talks with Nissan/Renault, a merger of unequals is two parts disturbing and one part intriguing. Cerberus' people haven't been returning phone calls and the only comment offered to the NYT from the General's...
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Filed under: Hybrids/Alternative , Government/Legal , Green California Governator and (soon-to-be) Telsa Roadster owner, Arnold Schwarzenegger, addressed the seething throngs of media types at Telsa's San Carlos, California facility. The topics of conversation centered on new incentives for Tesla to continue its production of vehicles in the Golden State, specifically the start-up's second vehicle, codenamed the Model S, which according to Tesla, get 225 miles on a single charge and cost $60,000. Tesla did not officially announce when the new model would go on sale, nor would it say where in California the "multi-use sport sedan" would be produced. The incentive for Tesla to remain in California, rather than move production of the sedan to New Mexico (discussed last year), is part of the CAEATFA program that was approved last Wednesday. The initiative exempts automakers from paying sales and use tax when they purchase manufacturing equipment to build electric vehicles...
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Filed under: Government/Legal , Celebrities Click above for gallery of photos released by Clearwater, Florida police Today in Clearwater, Florida, a judge sentenced Nick Bollea , son of famous WWE wrestler Hulk Hogan, to eight months in jail for reckless driving. Last August Bollea crashed his father's yellow modified Toyota Supra into a palm tree while street racing. Not only did he total the car, but his friend John Graziano who was riding shotgun that night will now require lifetime medical care for his critical injuries. The young Hogan was reportedly led off to serve his sentence immediately after it was handed down by the judge. In addition to the jail time, Bollea will also be on probation for five years and lose his drivers license for three. After all the hoopla that's led us to this point in Nick Bollea's tragic story, the only thing we can say is that the roads are probably safer tonight. Gallery: Police pics of Nick Hogan's totaled Supra [Source: USA Today ]...
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Filed under: Hybrids/Alternative , Sedans/Saloons , Government/Legal , Green As we recently reported , rumors have been swirling regarding Henrik Fisker's involvement with Tesla Motors and its upcoming electric sedan prototype known as the WhiteStar. As is often the case, there's apparently some truth to the scuttlebutt, as Tesla has filed a lawsuit claiming that Fisker Automotive is using stolen design ideas from Tesla sourced when Fisker Coachbuild was employed by the young EV automaker for the styling of its sedan. According to Tesla chairman Elon Musk, "We could not use the Fisker styling. The styling was substandard compared to what he unveiled for his product. He gave us an inferior work product, and it's obvious why." In the process of working for Tesla, the lawsuit contends that Henrik Fisker and a few of his associates stole design ideas and confidential information related to the design of hybrid and electric cars. Fisker has since announced his upcoming...
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Filed under: Government/Legal , Green var digg_url = 'http://digg.com/politics/Congress_approves_Energy_Bill_with_35_mpg_CAFE_standard'; Once the Senate removed a big $21.8 billion tax package that Democrats had hoped would be included in our nation's new energy bill, the bill itself began sailing through the halls of Congress . After finally being passed by the Senate on the third try, the bill returned to the House of Representatives, which has to revote on it since the Senate had trimmed a little here and added a little there. The core of the bill, an increase in Corporate Average Fuel Economy (CAFE) standards to 35 mpg by 2020, has remained and the House overhwhelmingly passed the revised bill today by a vote of 314 - 100. Thus, we can now officially say that the United States Congress has approved the Energy Independence and Security Act of 2007. You'll know doubt hear politicians crooning about its historical significance on the news networks tonight, and truth be...
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Filed under: Etc. , Government/Legal The sordid saga surrounding Nick Hogan's high-speed crash that resulted in critical injuries to his shot-gun mate and best friend continues. TMZ.com reports that Clearwater, FL police arrested the son of pro-wrestler legend Hulk Hogan today and charged him with reckless driving, as well as issued citations for the use of a motor vehicle in a felony, operating a motor vehicle under the age of 21 with a blood alcohol level above .02, and, our favorite one - illegal window tinting. Being the celebrity news hounds they are, TMZ has continued to follow the story and published a statement made by Nick Hogan's rep in which the Hogan's actually call out John Graziano, the best-friend who was critically injured in the crash, for not wearing his seat belt. Wow. In light of Mr. Graziano's apparent disregard for his own safety (as if driving in a car with Nick Hogan wasn't enough evidence of that), the Hogan clan, a.k.a. the Bollea family, plans to increase public...
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