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As expected, GM just reported a net loss of $15.5 billion (an astounding $27.33 per share) and an adjusted net loss of $6.3 billion ($11.21 per share) after charges of $9.1 billion in non-cash "special" one-time items for the second quarter of 2008. Second quarter liquidity of $21 billion, plus a credit line of an additional $5 billion. All the nitty-gritty dirty details below the jump and we'll have more analysis shortly. GM Reports Preliminary Second Quarter Financial Results Adjusted net loss of $6.3 billion, reported net loss of $15.5 billion Results impacted by $9.1 billion of predominantly non-cash special items Sales records set in three of four regions Q2 liquidity position of $21 billion, plus credit lines of additional $5 billion Second Quarter 2008 2007* O /(U) 2007 Revenue (bils.): $38.2 $46.7 $(8.5) Adjusted automotive earnings before tax (bils.): $(4.0) $1.0 $(5.0) Reported automotive earnings before tax (bils.): $(9.1) $0.8 $(9.9) Adjusted net income (bils....
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Barack Obama made his first visit to the Motor City on Monday, telling a crowd gathered at Joe Louis Arena that, "We are going to build the cars of the future right here in Detroit, right here in Michigan, right here in America." The Detroit metro area has one of the highest rates of both unemployment and foreclosure, so Obama's message found a receptive audience. Popular Mechanics is expected to post a sketch of Obama's "car of the future" later today, including an artist's depiction of its flight capabilities. Sen. Obama continued with a message of alternative energy development, an industry for which many experts say Southeast Michigan's workforce is ideal. "We're going to create alternative fuels for our plug-in hybrids," he said. "We are going to help the auto companies. If you are ready for change, we are going to create a brighter energy future right here in America." [ MLive ]
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Automotive News reports convertible registrations, which grew steadily the past several years in the United States, slumped in 2007, dropping 8.6 percent. It's the first year since 2003 there's been a drop in registrations of vehicles designed to let the sun shine on in — even including a 1.2% drop for both No. 1 New York and the 2006 leader, Los Angeles compared with the year before. Apparently the economy hurts everything — convertible sales included. Will the market for 'verts drop even more in 2008? Guess we'll find out about a year from now. [via Automotive News (sub. req.)]
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The masters of auto spying have uncovered a document purporting to reveal the price of the Hyundai Genesis , the Korean firm's new rear wheel drive flagship. Loaded with the technology package and a 4.6L V8 it's going to run you $39,500 to $41,000 depending on other options. This price fits in nicely with their claim of 7-series size, 3-series price. Package details follow the jump. galleryPost('genexishiexterior', 6, 'Hyundai Genesis Exterior'); galleryPost('genesishiinterior', 6, 'Hyundai Genesis Interior"); The Technology Package includes: - Lexicon Discrete Audio System - Six-disc in-dash DVD changer navigation system - Reversing camera - Driving Information System - Multimedia controller - HID, Auto-levelling headlights - Adaptive cornering headlights - Parking sensors - Cooled driver's seat
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As the first 2008 BMW M3s have started arriving at American dealerships, they're being marked up as high as $100,000. The M3's MSRP is $57,275. The picture, from DragTimes.com shows a car sitting in Century West BMW in North Hollywood, the sticker features a "Dealer Market Adjustment" of $30,000 on top of several options packages. Offering 414bhp from an all-new 4.0L V8, this promises to be the fastest M3 ever. But whether or not it's worth $100,000 remains to be seen. Gallery images via BMW Blog . galleryPost('m3indealer', 6, '2008 BMW M3 In Dealers');
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As opposed to previous years, the president used only a small part of his State of the Union address to talk about the importance of reducing our dependence on foreign oil. We've read and reread the portion of the speech dedicated to energy and... well... there isn't much there. Mostly, he talked about funding the American Competitiveness Initiative, which is a holdover from the 2006 SOTU. He also alluded to the need to sign an international greenhouse gas agreement, which is the Kyoto Protocol, but said: "This agreement will be effective only if it includes commitments by every major economy and gives none a free ride." In case you didn't get that, he's talking about China and India, which have exemptions as economies that are still developing. The full text of his section about hybrids and batteries below the jump: President's SOTU Remarks Relating To The Automotive Industry : To build a future of energy security, we must trust in the creative genius of American...
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It's this time of year, after the Christmas rush, when automakers try to quietly drop price increases into the news cycle without anyone noticing. Even better, do it on a Friday and it won't go into the news until Saturday when no one reads the news. But we're ever vigilant and have seen through the bull shit to let you know that Nissan will be raising prices from between $80 for a Versa/Sentra to $170 for a 350Z Roadster. But in 2008 coffee will cost $200 a cup and a shoe shine a cool $1,000 &mdash so you can see the value. Press release below the jump. Nissan Announces Pricing Adjustments on 2008 Models [Dec. 28, 07] NASHVILLE, Tenn. (Dec. 28, 2007) - Nissan today announced interim price increases on all 2008 models (except base 2WD Rogue and 2008.5 Titan models), effective January 8, 2008. The Manufacturer's Suggested Retail Price (MSRP) increases range between $80 and $170. Models receiving increases include Versa Hatchback and Sedan ($80); Sentra ($80); Altima Sedan...
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