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GM's response to the congressional ultimatum , just released, outlines a need for $12 billion in loans, plus potentially $6 billion later, and plans to reach profitability by pursuing "alternatives" to the Saturn brand and making Pontiac even less desirable. On the surface, the GM plan seems less ambitious than the Ford plan , though that may just be because GM already has an electric car coming down the pipeline. Their request for $12 billion seems relatively low given their cash situation, but there's a nugget hidden in the release where they mention an additional $6 billion if the market manages to tank even further . The other big news comes under the "Market and Retail Operations" section of the release which states: In the U.S., GM will focus its product development and marketing efforts on four core brands – Chevrolet, Cadillac, Buick and GMC. Pontiac will be a specialty brand with reduced product offerings within the Buick-Pontiac-GMC channel. Hummer...
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Although they're now building some serious hardware, the friendly futurists over at Popular Mechanics have provided some historical insight with a list of the ten autos responsible for thrusting GM into Carpocalypse leading role. Before the company got in the business of making PR gaffes , GM was known for just making cars and trucks. We think Pop Mech was being charitable in only listing ten, including the crowd pleasing Cadillac Cimarron . GM, you've got a bad reputation. And it isn't just talk, talk, talk. [ Popular Mechanics ]
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Finally aware of how bad the not-so-Big Three looked for flying to D.C. for the previous round of "bridge loan" hearings in fancy corporate jets, Ford promises CEO Alan Mullally will be taking a car for the eight-hour trip to Washington, D.C. for the next round of talks. There's no word yet on which Ford product he'll drive, leading to the inevitable question: what will Mullally drive to D.C.? We're pretty sure it won't be a Volvo and, to be fair, we don't know if Mullally will be driving himself. Our best guess is Mullally will take a 2010 Ford Fusion Hybrid , which allows the company to show off an attractive, fuel-efficient vehicle people may actually want to buy and that supposedly will get 5 MPG more than the Toyota Camry Hybrid. Additionally, it's a lot more comfortable for a long trip than a Fiesta. Remember, this follows mere hours after GM received more negative attention for trying to shut down public tracking of their leased jets in an attempt...
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Ford announced today it is officially looking to sell Volvo, the premium Swedish automaker that the company acquired in 1999 and made an important part of its Premier Auto Group (PAG). Oh what a difference a decade makes. Ford paid $6.45 billion in 1999 dollars for the automaker in a fierce bidding war with Volkswagen AG and Fiat. In preparation for a sale Volvo will be made more of a stand-alone company. Volvo was the last of the PAG brands left after Land Rover/Jaguar were sold to Tata and Aston Martin was sold to an investment firm . Why sell the company? In the midst of a bad market the company's slumping sales are a thumb on Ford's already heavy scales. Who would buy Volvo? Why not Volkswagen or Fiat? Both companies could pick it up for an amount we assume is less than $6.45 billion. Press release below the jump. FORD MOTOR COMPANY ANNOUNCES IT WILL RE-EVALUATE STRATEGIC OPTIONS FOR VOLVO CAR CORPORATION DEARBORN, Mich., Dec. 1, 2008 – Ford Motor Company [NYSE: F] announced...
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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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In yet another stunning display of GM's critical lack of understanding of the importance of transparency when asking for public assistance has asked aviation regulators to block the public's ability to track the company's leased private planes. When will this company learn a little thing called "message?" When asked about the request to the FAA, GM spokesman Greg Martin declined to discuss the reason, only saying "we availed ourselves of the option as others do to have the aircraft removed." The move comes after the automaker was criticized for flying CEO Rick Wagoner (pictured above demonstrating a landing maneuver) in a leased Gulfstream Aerospace G-IV jet on November 18th and 19th to testify in front of Congress for a $25 billion loan to save the American auto industry. While the move is something they're "allowed" to do, it's monumentally stupid given their desire for a bridge loan to save the company. Congress , the media and the public...
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Just as soon as we published our very unofficial " Carpocalypse Now " edition floor map for January's Detroit Auto Show we saw what our sources told us would happen — the Chinese automakers are movin' on up to the main floor . Today comes more bad news for the nation's premiere international auto show that's caused us to update the floor map again below the jump — Honda's decided to forgo a press conference . Honda spokesman Kurt Antonius, says since Honda won't "be doing 'traditional' product unveilings" at Detroit, there was no need to do anything other than drop the Honda Insight concept we've already seen out into the booth and that's about it. No other reasons were given for the move, although we'd hazard a guess it's got something to do with this whole credit crunch thing. Hmm, and conventional wisdom told us that only affected U.S. automakers. Well, guess we've got to update that floor map again....
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With today's news that Nissan's dropping out of both the Detroit Auto Show and the Chicago Auto Show , joining a slew of other automakers fearful of the Carpocalypse , we figured it was a good day to take a look at what the Detroit Auto Show floor may look like come January. Frankly, there's some pretty big holes up there on our map. We don't have the foggiest idea what's going to happen with a few of the big names — specifically Chrysler and GM — and we also don't know what this means for some of the other more "alternative" names — like Changfeng and the rest of the Chinese takeout menu of minor up-and-coming automakers. Take a look and tell us if we're missing anything. We'll update the floor map as we hear more.
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newVideoPlayer("/Obama_Auto.flv", 506, 423,""); One of the first questions President-Elect Obama received at a major economic press conference held today related to the auto industry and, after stock comment about the importance of the industry and the responsibility of the government to assure it doesn't vanish, Obama makes the point they can't simply write a "blank check" to an industry so historically "resistant to change." Obama essentially echoes the Congressional Dem's request for a not-awful plan and expresses disappointment with the no-so-Big Three for putting on a bad show in their testimony , which wasn't much better than the SNL sketch mocking it . Sadly, there was no mention of saving the shrinking auto journalism industry. [CNN]
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Tiger Woods and GM will part ways after five years, a reported $40 million and a lot of Buick Enclave commercials . The press release from GM goes out if its way to suggest any link to what's happening in Washington, D.C is "purely coincidental" so, you know, feel free to blame Tiger's knees instead. But it's weird to see GM claiming the decision came after a search for "budget efficiencies" yet having nothing to do with the lack-of-federal funding. We do have to admit, Tiger Woods was a valuable acquisition for Buick, letting them appeal to the older, affluent golf-watching demographic and younger, affluent multiracial golf-playing demo simultaneously. GM hasn't announced a replacement, but we hear John Daly will do it for free beer and hot wings . Press release below the jump. GM And Tiger Woods Announce End To Endorsement Deal DETROIT, MICHIGAN – General Motors and Tiger Woods announced today that they will conclude their endorsement deal effective...
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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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var digg_url = 'http://digg.com/autos/Eleven_Ways_The_UAW_Is_Like_Congress'; So we're sitting here in the press room of the LA Auto Show thinking about Carpocalypse Now , the fight for loans from Congress and thinking to ourselves — you know the UAW and Congress? They're really not so different from each other. It's almost like looking in a mirror. A freaky state fair carnival mirror, but a mirror nonetheless. Here's our list of the top eleven similarities between these two seemingly disparate groups. 1.) Both carry a bunch of signs at all their get-togethers. UAW workers, picket signs. Congressmen, re-election signs. 2.) Both have exorbitant pensions and will receive health care for life upon retirement. 3.) Both have work stoppages for months at a time during summer, winter and around all federal holidays. 4.) Both take credit for creating the middle class. 5.) Both have a historical reputation for shoddy quality of work product. 6.) Both like pork. One likes...
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