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White House Investing $800 Million to Revive Bankrupt GM Sites
By Christopher Weber - Politics DailyThe Obama administration is investing more than $800 million to create jobs and help clean up shuttered auto plants in areas affected by General Motors' bankruptcy. The money will be dispensed to about 90 sites in 14 states, The Wall Street Journal reported Tuesday. It will be used to help find new uses for abandoned factories and pay for property taxes. "The framework announced today is a truly meaningful step in our collective charge to ensure that workers and families in auto communities from coast to coast have the opportunity to take part in my mission of providing good jobs for ...
White House Touts GM Loan Paybacks, Cites Auto Industry 'Turnaround'
By Tom Diemer - Politics DailyThe White House welcomed what it called a "turnaround" in the automobile industry, headlined by word from General Motors Wednesday that it has repaid the U.S. and Canadian governments all of the $6.7 billion in loans the company received during the depths of its struggles last year. Top White House economic adviser Lawrence H. Summers also hailed the announcement from Chrysler that it turned an operating profit in the first quarter of this year, its first gain since the economic crisis began. Eager to highlight the success, Summers credited "politically difficult decisions" made by President ...
GM to Revive Bulk of Dealerships Slated to Close
By not in system - AOL News(March 6) - Sometimes little guys do come out ahead -- that is, if you consider car dealers "little guys." General Motors said Friday it plans to revive some 600 dealerships the Detroit auto giant had planned to drop from its network. That's more than half of the more than 1,100 dealerships that filed arbitration claims last year to keep their doors open. ...
Sign of the Times: Dead End for Hummer
By Steve Pendlebury - AOL News(Feb. 25) -- GM's Hummer -- the gas-guzzling behemoth people either love or hate -- is headed for the scrap heap of automotive history. A deal to sell the brand to a Chinese company has collapsed, and General Motors says it will shut down production. The Hummer has been a target for environmentalists ever since the brand was developed from the military's humvee in 1992. GM bought it in 1999, and the hulking sport utility vehicle became a status symbol in the U.S. and abroad. California Gov. Arnold Schwarzenegger bought several Hummers and helped popularize the brand. But that image changed ...
Ford Announces Higher Sales In December; GM and Chrysler Still Lag
By Christopher Weber - Politics DailyFord Motor Co. is the only one of the "big three" American auto companies to report an increase in sales during December. Ford's domestic sales rose 33 percent from a year ago, making December the company's best month since May 2008, the company said in a report out Tuesday. Ford's sales fell 15 percent overall for 2009, the New York Times reported. In November, Ford announced its first profit in North America since 2005. It is the only major U.S. automobile manufacturer that did not file for bankruptcy last year. The company attributed its success to $1 billion in cost reductions at its ...
GM Pulls Support from NASCAR Nationwide and Truck Series Teams
By Holly Cain - AOL NewsEveryone had a feeling something had to give. And it has.A week removed from Chapter 11 bankruptcy filing, General Motors has pulled its factory support for teams in NASCAR's Nationwide and Camping World Truck series. And as the company evaluates its financial commitment to motorsports, there is concern that further cost-cutting may involve the Sprint Cup Series too. Several teams fielding Chevrolets in the Nationwide Series confirmed the news on Friday in statements."Obviously the automotive industry is dealing with unprecedented business challenges and we understand the need for ...
Memo to GM: Give Young Car Buyers What They Want
By Michael Roberts - Politics DailyWhat kinds of cars do young people buy? Hondas, Volkswagens, Scions, Toyotas, and even Minis may come to mind. GM brands probably don't. ...
Dad's Life: One Sweet Ride, Thanks to GM
By Janet W. Battaile - Politics DailyMy father would be heartbroken: A GM dealer for four decades, he loved that company like a member of our family. It was easy to see why. From the time he got into the business, just before the war in 1941, until the time he got out, in 1981, the Chevys and Cadillacs he sold gave him a life he never dreamed of when he left his farm in the Northern Neck of Virginia and headed for Washington to make his way in the world. ...
GM, Chrysler, and the New 535-Member Board of Directors
By Patricia Murphy - Politics DailyWhen the CEOs of General Motors and Chrysler testified before the Senate Commerce committee on Wednesday, they got their first glimpse of what business will be like with their new 535-member board of directors, namely the members of the United States Congress, not exactly a corporate turn-around team, but not without its right to have a say in the newest brands at Government, Inc. Despite massive infusions of government money into the two companies, including the U.S. government's purchase this week of a 60 percent stake in GM, the White House's Auto Task Force has managed to keep most ...
Can Obama Motors Survive?
By Dave - Politics DailyFrom the Guardian: The US government would be handed a controlling stake of more than 50% in General Motors under a last-ditch restructuring proposal outlined by the cash-strapped carmaker in an effort to avert filing for bankruptcy. Today, GM proposed a massive debt-for-equity swap to refinance its $62bn debts. It warned that unless its lenders agree to the deal, it will be obliged to declare itself bankrupt, leaving the courts to intercede. Under the deal, the government and unions would get a combined stake of 89% in the company through an issuance of new stock, with bondholders taking a ...
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