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GM CEO Rick Wagoner just showed up to Capitol Hill driving the Chevy Volt mule. No clue where the other CEOs are. We kind of hope the Chrysler Aspen hybrid carrying Bob "The Builder" Nardelli made it. Ford CEO Alan Mulally may have accidentally gone to the Senate Armed Services Committee, so someone should check up on him. But, according to Wagoner, there's one overwhelming reason why America needs to save their automakers: "It's very important for the U.S. to have a home team in the global auto industry..." Photo Credit: Win McNamee / Getty Images News
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We spent the night reading the the not-so-Big Three's business plans presented yesterday to Congress and after we graded them below, we've one huge question. Given the Carpocalypse , what's with the overwhelmingly optimistic sales projections for the next three years? The biggest factor into how well a cash loan will work with the automakers will be the number of total auto sales in the United States. If an automaker makes the right projections they should be able to figure out how much money they'll need to get them through this downturn. So how did they each do in their projections? Let's take a look and grade them. Here are the sale projections from the three automakers: Ford U.S. Total Vehicle Sales Projections (Slightly Improved Rate / Current Rate / Worse Rate) 2009: 12.5 / 11.0 / 10.5 million units 2010: 14.5 / 12.5 / 11.0 million units 2011: 15.5 / 14.0 / 12.0 million units Analysis: Yesterday on CNBC, we said we were unimpressed with Ford's submitted business...
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We spent the night reading the the not-so-Big Three's business plans presented yesterday to Congress and after we graded them below, we've one huge question. Given the Carpocalypse , what's with the overwhelmingly optimistic sales projections for the next three years? The biggest factor into how well a cash loan will work with the automakers will be the number of total auto sales in the United States. If an automaker makes the right projections they should be able to figure out how much money they'll need to get them through this downturn. So how did they each do in their projections? Let's take a look and grade them. Here are the sale projections from the three automakers: Ford U.S. Total Vehicle Sales Projections (Slightly Improved Rate / Current Rate / Worse Rate) 2009: 12.5 / 11.0 / 10.5 million units 2010: 14.5 / 12.5 / 11.0 million units 2011: 15.5 / 14.0 / 12.0 million units Analysis: Yesterday on CNBC, we said we were unimpressed with Ford's submitted business...
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Chrysler was the last of the not-so-Big Three to reveal their plan for long-term viability with an ask of $11 billion to sustain operations into the new year. But for what? As recently as September, Chrysler said they had seven-to-nine new models for 2010. For the life of us, we can't figure out what those vehicles are considering the company's stopped development on every single product line. Are they talking about the Chrysler EV electric car family? Because seriously, that's smoke and mirrors. There's nothing new coming out of this company at any time in the next year. But hey, Chrysler CEO Bob Nardelli also pledged to take a $1 salary and no kind of health or insurance benefits until the crisis is resolved. Well, he's earned it. Because once you get past the huge $11 billion number and the fact that they're apparently going to be forced out of business in January without it, when you take a look at the automaker's plan, there isn't much in the way of...
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We just received a hot-off-the-wires report from the WSJ that the UAW is currently in talks with some of the not-so-Big Three to kill the "Jobs Bank" program. The program, a bane of contention by everyone but the UAW and it's membership since the inception of unionized labor at automakers, basically pays workers when they're not working. Good for the membership? Sure. Good for the automakers? Not so much. Good for everyone's image? Not in the least. Although UAW officials and their allies counter the banks have been an effective way to keep a flexible job pool available and allow the companies to implement new technology while reducing overall numbers responsibly. More view that as complete hogwash. Not much is known as of yet about specifics on the discussions. As of now we've only got a wire service report from the Journal telling us: "The United Auto Workers union is in talks with some of Detroit's Big Three auto makers to stop a program that pays idled...
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Saturday Night Live took on the not-so-Big Three's congressional testimony and "jetpooling" incident in this weekend's "cold open," and unfortunately fell into the trap of shamelessly mocking tired stereotypes. Which is sad, because we'd watched SNL take on a new level of relevancy as of late thanks to the uber-adorable Tina Fey and an election season devoid of real political commentary. That's not to say watching Will Forte as Rick Wagoner, Darrell Hammond as Bob "The Builder" Nardelli and Jason Sudeikis as Alan Mulally isn't funny, but hearing about quality issues on the upcoming Ford Fiesta and a Cadillac XLR-V is a bit ol' and busted if you ask us. Now quality issues on a Chrysler 300C? That's comedic genius. But hackneyed and tired jokes aside, we were more concerned with further evidence the automakers have done the world's worst job of getting their message out. newVideoPlayer("/SNL_Open.flv", 506, 423,""...
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Saturday Night Live took on the not-so-Big Three's congressional testimony and "jetpooling" incident in this weekend's "cold open," and unfortunately fell into the trap of shamelessly mocking tired stereotypes. Which is sad, because we'd watched SNL take on a new level of relevancy as of late thanks to the uber-adorable Tina Fey and an election season devoid of real political commentary. That's not to say watching Will Forte as Rick Wagoner, Darrell Hammond as Bob "The Builder" Nardelli and Jason Sudeikis as Alan Mulally isn't funny, but hearing about quality issues on the upcoming Ford Fiesta and a Cadillac XLR-V is a bit ol' and busted if you ask us. Now quality issues on a Chrysler 300C? That's comedic genius. But hackneyed and tired jokes aside, we were more concerned with further evidence the automakers have done the world's worst job of getting their message out. newVideoPlayer("/SNL_Open.flv", 506, 423,""...
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Saturday Night Live took on the not-so-Big Three's congressional testimony and "jetpooling" incident in this weekend's "cold open," and unfortunately fell into the trap of shamelessly mocking tired stereotypes. Which is sad, because we'd watched SNL take on a new level of relevancy as of late thanks to the uber-adorable Tina Fey and an election season devoid of real political commentary. That's not to say watching Will Forte as Rick Wagoner, Darrell Hammond as Bob "The Builder" Nardelli and Jason Sudeikis as Alan Mulally isn't funny, but hearing about quality issues on the upcoming Ford Fiesta and a Cadillac XLR-V is a bit ol' and busted if you ask us. Now quality issues on a Chrysler 300C? That's comedic genius. But hackneyed and tired jokes aside, we were more concerned with further evidence the automakers have done the world's worst job of getting their message out. newVideoPlayer("/SNL_Open.flv", 506, 423,""...
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Saturday Night Live took on the not-so-Big Three's congressional testimony and "jetpooling" incident in this weekend's "cold open," and unfortunately fell into the trap of shamelessly mocking tired stereotypes. Which is sad, because we'd watched SNL take on a new level of relevancy as of late thanks to the uber-adorable Tina Fey and an election season devoid of real political commentary. That's not to say watching Will Forte as Rick Wagoner, Darrell Hammond as Bob "The Builder" Nardelli and Jason Sudeikis as Alan Mulally isn't funny, but hearing about quality issues on the upcoming Ford Fiesta and a Cadillac XLR-V is a bit ol' and busted if you ask us. Now quality issues on a Chrysler 300C? That's comedic genius. But hackneyed and tired jokes aside, we were more concerned with further evidence the automakers have done the world's worst job of getting their message out. newVideoPlayer("/SNL_Open.flv", 506, 423,""...
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If you need more proof Chrysler is going to have a rough future, check out the bankruptcy filings for Getrag Transmission Manufacturing. The non-Ford US arm of transmission manufacturer Getrag filed for bankruptcy protection because it will be unable to pay for an Indiana plant it was supposed to build with Chrysler. We reported last year about the $530 million plant that was going to build a six-speed DSG gearbox for future Chrysler cars. Chrysler is suing Getrag for failing to secure $300 million in debt financing as part of the joint-agreement. As one can imagine, getting credit in this market to build a plant for future Chrysler cars isn't easy. Though the plant is 80% complete, it isn't clear who could come in and pay for completion of the plant or if Chrysler will have cars to put the new transmissions in for the future since the company has few new cars coming down the pipeline. This is more bad financiapocalypse news for Indiana, a state in need of those extra jobs. (Thanks...
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It's not just GM employees and its dealers getting into the act. Do you know a member of Congress? Don't know a member of Congress but live in one of those, whattaya-call-'em — districts? Want to advocate for Chrysler and the rest of the domestic automakers to get a piece of the federal loan pie? Here's your chance. Chrysler's external affairs and public policy website aptly named " Grab Democracy By The Horns " has a way for you to connect with your member and start talking to 'em about jobs and — umm — are you not sure what to say to them? Well, other than talking about 'merica and stuff, there's all sorts of fun things to talk to them about — in fact, Chrysler's even put together some talking points for you to work from. Peruse them in the gallery below. They're a hoot and most of them read like they were written by interns. Well, it's certainly doing more than buying a " Save GM " t-shirt. Just not...
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On top of yesterday's news Chrysler plans to shut down the Delaware SUV plant that makes the Dodge Durango and Chrysler Aspen a year early is news this morning the automaker plans to cut 25% of their 18,500 white collar staff starting next month. In his memo to staff announcing the cuts, Chrysler CEO Bob "The Builder" Nardelli outlined the Cerberus-owned company's need to deal with these "unimaginable times" — which we've determined is another way of saying " Financiapocalypse " — as the reason for the cuts. Nardelli also outlined a need to cut discretionary and overhead expenses and reduce capital expenditures not related to major products. Hmm, all of this sounds eerily similar to the rumors we heard last week. Well, the job losses part anyway. Full text of the note from "Bob" after the jump. Seriously, that's how he signed it — "Bob." Seriously, we can't make this stuff up. A message to employees...
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Citing abysmal take rates of less than 1.5%, Chrysler is discontinuing the all-wheel-drive versions of the Dodge Avenger , Chrysler Sebring and Dodge Caliber beginning in 2009. Chrysler mentions lack of consumer interest and reduced fuel economy as prime reasons for dropping the option; Borg Warner, the AWD supplier, thinks Chrysler is jumping the gun, claiming that AWD penetration on small cars is on the upswing worldwide. We think Borg Warner is probably right about AWD overall, but Chrysler knows the Sebring and Avenger are already uncompetitive, so why mess with the added cost of offering an additional, rarely ordered option? [ Automobile ]
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Michigan Senator Carl Levin remarked during a local debate Monday that the federal government might be agreeable to greasing the squeaky wheel in any GM takeover of Chrysler , reports the Detroit News . "No other country in the world would stand by and watch major corporations go under this way without trying to do something about it," said the senator, acknowledging that a merger could result in job losses, but an outright failure of one or both of the automakers would produce far more devastating results to the state economy. So what kind of aid might be on the way? "I don't have anything specific I want to talk about at this point," he said. "There may be ways (to help a merger) ... but I better leave it at that." Levin obviously has his own ideas about how to facilitate a GM/Chrysler deal. Whether he's thinking low-interest loans — more of them — or something more akin to the recent banking deal that saw the federal government gain minor...
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The WSJ reports today (via Automotive News) Cerberus and GM are moving full-steam-ahead in their efforts to get a GM-Chrysler deal done by the end of October. Today also brings news Renault may have their hand in the cookie jar too, negotiating for one or more parts of Chrysler and leading to speculation the Auburn Hills, MI-based automaker could be divvied up among several companies: Basically the worst-case scenario envisioned when Cerberus Capital Management took over in 2007. Finally, we've got an unsubstantiated rumor engineering employees at Chrysler may be getting two months off sans pay beginning...drumroll please...November 1st. Coincidence? Maybe. Also, David Faber of CNBC had a chance to sit down with ChryslerCo CEO, Bob "The Builder" Nardelli; while we haven't had a chance to run through it in its entirety, hit the jump for the a full transcript of the CNBC interview with Nardelli. UPDATE: We now hear from a Chrysler source that rumors of an engineering furlough...
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