Industry News
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BREAKING: Swedish TV reports Koenigsegg buying Saab Makers of ultra high-performance exotic supercars and a group of Norwegian investors have signed a letter of intent with Saab to take over the brand from General Motors Story Link
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Fiat closes deal to take bulk of Chrysler's assets Fiat to focus on smaller cars and turns the company into four divisions: Chrysler, Dodge, Jeep, and Mopar. Story Link
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High court won't block Chrysler sale Court issues brief, unsigned opinion. Four of nine Justices did not think stay was necessary. Story Link
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Former AT&T CEO to Become New GM Chairman Edward Whitacre Jr., 67, eventually will replace Kent Kresa, who will remain GM's interim chairman until the reorganized automaker emerges as a new company that's majority-owned by the U.S. government. Story Link
Last reply by Justin Bimmer, -
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U.S. Supreme Court Halts Chrysler Sale to Fiat Indefinitely Indiana State Pension Fund's request is granted by Justice Ginsburg to stop the sale for an unknown length of time. Story Link
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GM to Spend $2 Billion to Facilitate Delphi Sale Parnassus Holdings II LLC of California, an affiliate of Platinum Equity, will operate Delphi's businesses both in the U.S. and abroad. Story Link
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GM and Penske Agree on Saturn Purchase Penske says he is still interested in selling GM made vehicles including the Aura, Vue and Outlook. Story Link
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The US gasoline-industrial complex has had its day. In Asia's frontiers of globalisation the green machine is pulling away Some companies go bust because of bad management, and some get crushed by unrelenting recession. But once in a while you get a business whose death is about much more than supply chains or sales targets; it sounds the death knell for an entire era. And the funeral bells surely tolled this week when General Motors filed for bankruptcy. Start talking about GM, and the superlatives soon run out. What's now the largest industrial failure in US history was for so many years the biggest company in the world. More than that, the 100-year-old giant was…
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GM Files for Bankruptcy The day that seemed unthinkable as little as 6 months ago has arrived, as GM files for Chapter 11. Follow the jump or details. http://www.cheersandgears.com/index.php?sh...c=33732&hl=
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GM to Declare Bankruptcy 6/1/09 The day of reckoning is upon us as GM is expected to file for Chapter 11 Bankruptcy Protection early Monday morning. Follow the jump for details. http://www.cheersandgears.com/index.php?showtopic=33709
Last reply by Intrepidation, -
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Magna to Acquire Majority Stake of Opel According to the BBC News, supplier Magna International has come to terms with General Motors to purchase a majority stake in its European Opel division. Follow the jump for full details. http://www.cheersandgears.com/index.php?sh...c=33589&hl=
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Chevy Volt coasts closer to reality, first bona fide model now in production The Volt inches closer toward consumer reality as the first preproduction Volt has been completed. Follow the Jump to read the full story: http://www.cheersandgears.com/index.php?sh...c=33472&hl=
Last reply by Intrepidation, -
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GM Bondholders Shun Offer, Setting Stage for Bankruptcy CNBC is reporting that GM's bondholders will force the automaker to restructure in court. Follow the link for more information. Link to Story
Last reply by CSpec, -
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According to Forbes here is an insight into the cars we'll be driving by 2014. Did i just do a Honda plug via subliminal messages? http://www.forbes.com/2009/05/20/future-ca...future-car.html Everybody knows the auto world has shifted. The trick is divining which brands have got the gumption to last. Now, with President Obama's new efficiency standards requiring a fleet-wide fuel economy average of 35.5 miles per gallon, automakers have their work cut out for them. Domestic carmakers in particular are gearing up to battle forthcoming offerings from new-to-the-U.S.Fiat ( FIA - news - people ), with its diminutive 55.5-mile-per-gallon Fiat 500, and Chinese newcom…
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After years of fighting fuel economy and emissions rules at both the federal and state levels, the Alliance of Automobile Manufacturers is finally coming out in favor of the new regulatory framework that will be announced by President Obama tomorrow. The biggest sticking point in recent years has been the move to block California and other states from effectively setting their own fuel economy standards by regulating greenhouse gas emissions. Tomorrow the president is expected to announce new federal rules that will effectively bring CAFE up to the same standard as California's proposal. Because the new rules will retain the footprint based standards from both the Calif…
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GM Announces 1,100 Dealer Closures Bloomberg is reporting that GM will close 1,100 dealers by the end of 2010, in addition to the Hummer and Saturn closures already announced. Follow the link for more information. Link to Story
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CEO Henderson: Bankruptcy Becoming More Likely GM's CEO indicating that GM is heading closer and closer to chapter 11. Follow the Jump for details. Link to Story
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Toyota Loses More Than GM BusinessInsider.com American automakers can take heart in knowing that even mighty Toyota ™, with its Lean Production System, more advanced cars and lower per-unit production costs is doing horribly in this environment. In its latest report, the company just doubled its lost estimate for the coming year to $5.5 billion. And in its fourth quarter ending March 31, the company lost a stunning $7 billion, which -- if you you can believe this -- is a billion more than what GM says it lost last year. Let that sink in. Not only that, it slashed its dividend and S&P downgraded the stock to AA. The decline is all the more remarkable in light …
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[source: MotorAuthority] Foreign Car Dealers' Association Angry with Obama's 'Buy American' Message Toyota, Nissan and Honda all build cars in the U.S. General Motors, Chrysler and Ford all build cars in Mexico and Canada in addition to within the U.S. It's hard to know which car is built where as a consumer, and the American International Automobile Dealer's Association (AIADA) is upset over President Barack Obama's 'buy American' message in during the Chrysler bankruptcy announcement yesterday. The organization, which represents the 11,000 foreign nameplate car dealerships in the U.S., thinks the 'American' distinction is irrelevant. "In…
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GM Confirms It Will Sell Saturn Rather Than Phase It Out GM confirmed that it plans to sell Saturn rather than phase the brand out. Follow the Jump for details. http://68.169.44.191/index.php?showtopic=31842&hl=
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We're not going anywhere for a while. GDP falls 6.1% • Consensus estimates were way too high — Wall Street economists forecast a drop of -4.6% versus -6.1% actual data; • GDP has fallen three consecutive Qs, something that hasn't happened in since Q3 1974 through Q1 1975; (WSJ) • These 2 consecutive quarters of minus 6% contraction is the worst 6 month span for the economy since 1957-58; (Bloomberg) • All investment-related segments of the economy showed significant weakness; we surmise that lot of this weakness is credit crisis related; • Real exports of goods and services decreased 30%; • Residential building declined 38% — the deepest drop in the …
Last reply by Teh Ricer Civic!, -
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Apparently, Fiat's alliance with Chrysler is only the beginning. According to a variety of reports coming out of the UK and Germany, the Italian automaker's expansion plans aren't limited to its 20% stake in Chrysler – Fiat is also considering acquiring General Motors' European operations, including Opel, Vauxhall and even Saab. The result could be a new company that spins off Fiat, Lancia and Alfa Romeo, along with Chrysler and GM Europe, into one corporate entity worth around $106 billion and rivaling Volkswagen to become the world's second largest automaker behind Toyota. In an interview with the Financial Times, Fiat's CEO Sergio Marchionne said of the union, "Fro…
Last reply by Teh Ricer Civic!, -
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Source: http://article.nationalreview.com/?q=ZmNjM...jgyOWY5NGYyNWI= Obama Declares War on Capital Obama’s first 100 days have occasioned a number of dispiriting moments, but yesterday’s attack on Chrysler’s bondholders represented a new low. In a speech announcing the company’s bankruptcy filing, President Obama blasted “a group of investment firms and hedge funds [that] decided to hold out for the prospect of an unjustified taxpayer-funded bailout.” That is nothing short of a lie. The consortium wasn’t holding out for a bailout. It was holding out for a bankruptcy. The administration tried desperately to keep Chrysler out of bankruptcy court; in the process, it de…
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Fiat considering new company to combine Chrysler and GM Europe Fiat's alliance with Chrysler may only be the beginning, as it toys with teh idea of forming an alliance with GM Europe. Follow the jump to learn more. http://www.cheersandgears.com/index.php?showtopic=31750
Last reply by Intrepidation, -
In car-related news that will further disappoint an already reeling city, the chairman of Detroit's North American International Auto Show has gone on record that he is exploring ways to move the event out of the city. The very public battle to expand the show's home, Motown's Cobo Center appears to have failed for good, after the Michigan Court of Appeals ruled in favor of the Detroit City Council, in effect killing plans for a $288 million expansion, a plan voted down by council members in February. For his part, city mayor Ken Cockrel Jr. is evidently declining to go to the state Supreme Court to force the issue. So now, the search is on to take the show to a new v…
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R.I.P. Pontiac GM announced this morning what many have long suspected: the Pontiac brand will be closed. This is a sad day for many GM fans. To get the details on the story as well as many thoughts and opinions from our members, followed the jump. http://i20.photobucket.com/albums/b239/han...ontiac_Logo.jpg
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Japan's Trade Surplus Vaporizes The Business Insider Talk about cliff diving. Japan, which at one point was synonymous with phrase 'trade surplus', is now a net importer. The country's trade surplus collapsed a staggering 99% in March, as a sharp dropoff in imports was not matched on the other side. The collapse means Japan ran a deficit for the year -- its first in 28 years.
Last reply by vonVeezelsnider, -
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GM May Give Opel Away General Motors wants out of Opel, and according to new reports, it is willing to let the German automaker go without receiving any money for it. The only requirement is that the buyer must inject €500 million (around $652M USD) into Opel for operations. Follow the jump for details. http://www.cheersandgears.com/index.php?showtopic=31025
Last reply by Intrepidation, -
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GM, Chrysler to Receive More Federal Aid General Motors Corp. and Chrysler LLC are expected to receive about $5 billion in additional federal short-term aid respectively as the work towards long term viability in the down market. Follow the jump for more details. http://www.cheersandgears.com/index.php?showtopic=30607
Last reply by Intrepidation, -
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http://news.yahoo.com/s/ap/20090414/ap_on_bi_ge/crash_tests Pretty much knew that this was an obvious thing. Its just another reason Id rather drive my pickup lol
Last reply by Intrepidation, -
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REPORT: Cadillac Converj Green Lighted Motor Trend is reportinging that GM has given the Converj the green light for production in 2011. Follow the jump to learn more. http://www.cheersandgears.com/index.php?sh...c=30427&hl=
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Pontiac's fate to be decided in 2010 Follow the jump for more details. http://www.cheersandgears.com/index.php?sh...t=0&start=0
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Original article: http://business.timesonline.co.uk/tol/busi...icle6067339.ece Sales of vehicles in China hit a record last month, underlining the country’s rise in the market as carmakers in the US scramble to avoid bankruptcy. Chinese people eager to leave behind the age of the bicycle bought 1.10 million vehicles in March, up some five per cent from the previous record of 1.06 million in March last year, data from the China Association of Automobile Manufacturers showed. The number cemented China in its position as the world’s largest car market, outstripping even the US. Sales have been buoyed by a desire among Chinese to have a car of their own – in many case…
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http://usa.polk.com/News/LatestNews/2009_0...termination.htm
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GM Reportedly has three possible $100-$200M Offers for Hummer, SAIC may buy Buick It seems GM is one step closer towards selling off the Hummer band, while China Business News reports that SAIC wants to buy Buick. Follow the jump for more details. http://www.cheersandgears.com/index.php?showtopic=30087
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Buick's Future May Be Chinese!, Division May Be Sold Away. Buick may be sold to Shanghai Automotive Industry Corporation (SAIC). To get the details, follow the jump. http://www.cheersandgears.com/index.php?sh...c=29985&hl=
Last reply by Intrepidation, -
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REPORT: General Motors in "intense" bankruptcy preparations Unnamed sources are reporting that GM "is in 'intense' and 'earnest' preparations for a possible bankruptcy filing." Follow the jump for more details. http://www.cheersandgears.com/index.php?showtopic=29912
Last reply by Intrepidation, -
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The U.S. Transportation Department today will mandate the first passenger car fuel economy increase since 1975. The 2011 model year will require a fleetwide 8% increase above 2010 model year requirements to 27.3 MPG. The Obama administration's 2011 model year standard will require the nation's cars and trucks to meet a fleet average Corporate Average Fuel Economy (CAFE) of 27.3 MPG — that's 8 percent above the 2010 model year requirement of 25.3 MPG, an administration official confirmed Thursday night. The regulations for the 2011 model year are final. But wait, there's more. The Obama administration opted to finalize only the 2011 model year standards partly due to…
Last reply by Teh Ricer Civic!, -
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Los Angeles Times article Best new cars for the potentially unemployed By Joni Gray, Times Staff Writer If you're going through tough times but still need to buy a new car, there are programs on the market from three automakers that could help mitigate the risk of such a purchase. Whether you choose the Hyundai Assurance Plus, Ford Advantage Plan or GM Total Confidence, these programs were created to stimulate the economy and the bottom line for the manufacturers. With the help of Consumer Reports, we took a look at some of the top-rated cars that would best take advantage of these three programs. Do your own careful research before you buy, but this list should g…
Last reply by FUTURE_OF_GM, -
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2010 GMC Terrain Revealed GM has finally revealed the all new 2010 GMC Terrain. It's polarizing design is sure to spark plenty of opinions. Check out the full article, gallery, and our take on it after the jump. http://www.cheersandgears.com/index.php?sh...t=0#entry486288
Last reply by Northstar, -
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Yesterday we had fun with the banners for April Fool's. However that was a precursor to grander things. Introducing the new banners and logo for the site! We wanted it to be a surprise for everyone as we continue to make improvements around the site. Feel free to check them all out. A C&G Classic 2 skin will be added featuring the old logo for those who are feeling nostalgic. Take a look and we hope you enjoy them! - Dodgefan
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Original article here: http://online.wsj.com/article/SB123859954307378495.html Despite reporting another major sales decline in March, auto makers expressed a rare bit of optimism Wednesday, saying they see signs the industry's downturn might be near bottom and a recovery could be starting. All the big car makers suffered sales declines of 36% or more compared to March 2008. Industrywide, U.S. sales totaled 857,735 cars and light trucks, down 37% from a year earlier, according to Autodata Corp. But that's up from 688,909 vehicles sold in February and was the highest total since September. February's sales were down 41% from a year earlier. The annualized sales pace,…
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REPORT: GM's RWD architecture will downsize and survive Autoblog is reporting that GM's superb RWD Zeta architecture may yet live on, however it will be downsized to increase efficiency. This is of course, great news for RWD fans, but it would also make sense to actually utilize one of the best platforms they have and spent millions of dollars to develope. Could GM actually do something so logical? We'll have to wait and see. http://www.cheersandgears.com/index.php?sh...c=29524&hl=
Last reply by Intrepidation, -
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Mopar or No Car Chrysler LLC to buy out General Motors It seems inevitable that GM is spiraling down the drain, and the automotive landscape as we know it is about t change. Where does that leave a GM enthusiast website? Simple: since Chrysler LLC is in much better shape, and has actually been making record profits, it has been announced that Chrysler will buy out GM. Sources familiar with the matter (but who wish to remain anonymous) have confirmed through unwritten material that Chrysler will buy out GM, kill Opel, Buick, Vauxhall, Chevrolet, Buick, GMC, Buick, and Saturn. They will leave Cadillac as the luxury brand, and Chrysler will slot where Buick does now…
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Cheers and Gears is now.... Cheers and Rondels Last week I rented a 3-series zipcar. Quite frankly, the 2 hours with the car has taught me the error of my ways. As such, I've decided to change our name to Cheers and Rondels. The General's troubles and our own Pontiac Custom-S's departure from GM to BMW make the timing of this change perfect. So remember. Pushrods suck, especially the harsh and rough LS series, reliability and servicability don't matter if you get free maintenance for the first 3 years, and leatherette is perfectly acceptable in a $33,000 Civic sized car.
Last reply by Drew Dowdell, -
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This semi-regular column is written (in his own blood) by an automotive sage and noted malcontent, known as The Mechanic. Mercilessly beaten as a child with rolled-up back issues of old car magazines, our free-spoken hero developed a unique "for your own good" take on cars and the auto industry, along with an unfortunate habit of setting himself ablaze. Later, after a distinguished career as an automotive journalist and magazine editor, he cast off the reins of his musty oppressors, carved out his superego with a plastic spork and became The Mechanic. It happened twice this week. Somebody poked a head into my cubicle and said, "Hey, The Mechanic, have you heard? Kids do…
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REPORT: Hummer's fate to be decided by Tuesday Tuesday, March 31, 2009 is the day of reckoning for the Hummer brand, as the Associated Press is reporting that GM will announce the fate of Hummer. Follow the jump to read the full story. http://www.cheersandgears.com/index.php?showtopic=29323
Last reply by Intrepidation, -
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The Great California Black Car Crisis is over — for now at least. The California Air Resources Board said Friday that it has no plans “at this time” to regulate car paint as part of a plan to reduce greenhouse gas emissions — and never intended to outlaw black cars in the first place. “We are by no means interested in banning or restricting car colors,” CARB spokesman Stanley Young said. Reports that regulators were planning to banish black cars from the Golden State in an effort to reduce air pollution created a global uproar, perhaps best expressed in this headline from Rush Limbaugh’s website: “Tyrants Want to Ban Black Cars.” The purported black car ban was sa…
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GM CEO Wagoner to Step Down DETROIT — The chairman and chief executive of General Motors, Rick Wagoner is resigning, just as President Obama prepares to unveil his rescue plans on Monday forG.M. and the ailing American auto industry, a person close to the decision said Sunday. Then unexpected move by Mr. Wagoner, who has been at the helm of G.M. for eight years, was not confirmed by the company. But a statement about Mr. Wagoner’s future will be issued after the president’s address. (via New York Times) Our take here.
Last reply by Drew Dowdell, -
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In a move that will likely get California's consumers in a huff, impending legislation may soon restrict the paint color options for Golden State residents looking for their next new vehicle. The specific colors that are currently on the chopping block are all dark hues, with the worst offender seemingly the most innocuous color you could think of: Black. What could California possibly have against these colors, you ask? Apparently, the California Air Resources Board figures that the climate control systems of dark colored cars need to work harder than their lighter siblings – especially after sitting in the sun for a few hours. Anyone living in a hot, sunny climate will …
Last reply by cletus8269, -
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Wall Street Journal - Auto Task Force set to back more Loans, but with Strings. "President Barack Obama last month handed his auto-industry team a seemingly impossible task: to engineer the most complicated industrial restructuring ever attempted by the federal government, and to do it fast. With almost no experience in the car business, the team's dozen core members have undergone a crash course in the myriad woes plaguing the U.S. auto industry. Within days, just over a month after setting to work, they'll begin announcing decisions. Interviews with task-force members indicate that the administration doesn't want to let General Motors Corp. and Chrysler LLC slip i…
Last reply by FUTURE_OF_GM, -
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GM: 7,500 Workers Take Incentives, Leave. GM says 7,500 hourly workers take incentives to leave, 12 percent of US work force. Follow the Jump for full details. http://www.cheersandgears.com/index.php?sh...c=29065&hl=
Last reply by Intrepidation, -
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http://www.minyanville.com/articles/tm-CAR...1828/from/yahoo
Last reply by PurdueGuy, -
According to the Detroit News, the Environmental Protection Agency has taken a likely step towards stricter emissions standards, as it has asked the White House Office of Management and Budget to declare greenhouse gas a public danger. California, along with several other states, is looking to enact tough new CO2 laws that will drastically limit the emissions of new cars and trucks. Automakers are against the idea, as they argue that the technology isn't currently available in large scale to meet the proposed targets, let alone while the industry is cash poor. The Obama administration wants Congress to take swift action to regulate CO2 emissions, a move that could cost au…
Last reply by Camino LS6, -
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Details are sketchy at this point, but the interwebs are abuzz today with news that IKEA might be entering the automobile world with a new environmentally friendly car called the LEKO. We'll resist the temptation to make a joke about how you'll be directed by some cheezy stick figure drawings to assemble the car yourself with nothing more than a five-page word-free manual. Whoops, sorry. The source of the news is a fairly official-looking website from France, which is odd considering that IKEA is based in Sweden. The supposed unveiling of the LEKO is scheduled for... wait for it... April 1st. At this point, we're content to assume this is an elaborate ruse and that ther…
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Given the reputation of the manufacturers and the relative ages of the SUVs, not really a surprise here... apart from maybe the CR-V. Volkswagen Tiguan - Good Subaru Forester - Good Honda Element - Good Jeep Patriot - Good Suzuki Grand Vitara - Acceptable Chevrolet Equinox/Torrent - Acceptable Toyota RAV4 - Acceptable Nissan Rogue - Acceptable Mitsubishi Outlander - Acceptable Honda CR-V - Marginal Ford Escape/Mariner/Tribute - Marginal Kia Sportage/Hyundai Tucson - Poor http://www.iihs.org/news/rss/pr032409.html Quite a difference... a one-year old German car: And a four-year old Korean car:
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Curious what it takes to be a member of the recently-created Auto Task Force? Thanks to an email sent out by Harry J. Wilson, a newly-hired Task Force worker, there's no need to wonder. Some knowledge of the auto industry would reportedly be helpful, though prospective applicants and their family members cannot currently own any stock in the Detroit automakers or serve on any of the D-3's boards of directors. Would-be applicants would also need to be "sufficiently intellectually and professionally nimble," whatever that means, and have 8-12 years of experience on Wall Street. Why would Wall Street experience be helpful? It's no secret that the government is hoping that …
Last reply by CSpec, -
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Union chief: Plans to Build Chevrolet Orlando in U.S. on Hold It seems the planned Orlando may be in jeopardy for US production. Local United Auto Workers chief George McGregor informed Automotive News that plant management informed him that the Orlando and a planned Opel variant will not be built at the facility later in the year. Follow the jump to learn more. http://www.cheersandgears.com/index.php?showtopic=28920
Last reply by Intrepidation, -
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Despite the fact that Ford has yet to request any special funding from either the federal governments in the United States or abroad, the automaker has repeatedly said that it supports its competitors as they seek financial aid. According to Ford of Europe CEO John Fleming, "We have no objections to competitors asking governments for support in these very difficult times." While some might think that Ford would stand to benefit if its largest competitor went the way of the Dodo, in reality, it's much more complicated than that. Says Fleming, "I would rather take sales from competitors by having better products rather than them going out of business." Plus, there's the s…
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2010 Camaro First Test Roundup Motor Trend, Car & Driver, Jalopnik each test the new Chevy Camaro. Here are the links to all three in one tidy package. Motor Trend First Test: Camaro Car & Driver tests the 2010 Chevrolet Camaro Jalopnik - 2010 Camaro First Drive Cheers and Gears Camaro Review hub
Last reply by Drew Dowdell, -
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Buick, Jaguar knock Lexus from top of J.D. Power 2009 Vehicle Dependability Study Follow the jump to read the full article and press release. http://www.cheersandgears.com/index.php?showtopic=28776
Last reply by Intrepidation, -
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It was mentioned on the news that the CAW under Chrysler are unwilling to make any more concessions in the negotiated restructuring effort. This is some of what the CAW has to say on their website: http://www.caw.ca/en/7108.htm ...wow, minivans eh? Wah...hoo.... OMG, everyone else sold ONE car, and Chrysler sold TWO! BUST out the champaign and give everyone a raise!!! ...you have got to be kidding me. I'm betting he would be waving that book in the air even after hell hath risen around him and there was nothing left of Chrysler but the memory of their logo. "Don't you dare be in breach of contract! You'll pay for it!" Honestly, having…
Last reply by Intrepidation, -
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2011 Chevrolet Silverado 3500 Spied A refreshed Silverado HD has been spotted. Follow the jump to read the full article. http://www.cheersandgears.com/index.php?showtopic=28756
Last reply by Intrepidation, -
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Latest Camaro News Forget all of the doom and gloom surrounding Detroit, the economy, and possible bankruptcy. Put that all aside and enjoy some good news. We've got a lot going on with the Camaro, including the official site launch, mpg figures, which includes the V6 getting 29 mph highway, and the start of regular production! So take a breather from all the bad, it's time for some good. Follow the jumps to see it all: Camaro Begins Regular Production Camaro mpg Figures released, V6 gets 29 mpg highway 2010 Chevy Camaro Configurator Website Launched
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http://www.autoextremist.com/current/
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Not really sure which section this should be in so posting here. Mod's please move if there's a more appropriate section. A great gesture from a bona fide car guy. http://www.cnbc.com/id/29616467/site/14081545%3F
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http://www.bloomberg.com/apps/news?pid=206...&refer=home
Last reply by Z-06, -
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DETROIT – Unionized workers at Ford Motor Co. have approved contract changes that include freezing wages and cutting benefits in a move aimed at helping the automaker remain competitive. The United Auto Workers said Monday a majority of hourly workers voted in favor of modifications to the 2007 contract with Ford, eliminating cost-of-living increases and cash bonuses. The agreement is expected to be a model for Chrysler LLC and General Motors Corp., which need to bring their labor costs in line with those of foreign auto companies' plants in the U.S. as a condition for the $17.4 billion they have received in federal loans so far. Under terms of their loan agreements, pr…
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A bankrupt company can file Chapter 11 of the Bankruptcy Code to "reorganize" its business. According to the SEC, if a business files Chapter 11, "Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court." During Chapter 11 bankruptcy, the U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders. The committee works with the company to develop a plan of reorganization to get out of debt. The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the court. Onc…
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Detroit's outlook falls along with home prices Link to Chicago Tribune DETROIT — It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card. The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service. Not $75,000. Remove a zero—it's seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market. ...... On a positive note, Detroit's homicide rate dropped 14 percent last year. That prompted mayoral candidate Stanley Christmas to tell the Detroit News recently, "I don't mean to be sarcastic, but there just isn't anyone left …
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That flushing sound Link to post AIG posted a nearly $62 billion fourth quarter loss. So far, AIG has received $150 billion in taxpayer money and as of a plan announced today will receive and additional $30 billion of your dollars. .... To put the size of this in perspective. The government could have purchased 98% of General Motor's liabilities for the same amount it has given to AIG. At least GM has a chance of surviving.
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New Oakland Toyota/Scion megadealer closes after two months Just two months after opening the doors to its brand-new, 200,000-square-foot dealership, Superior Toyota/Scion of Oakland is no more. The giant automotive retailer, with more than 40 service bays and as many as 1,200 cars on the lot at a time, closed last week after Nissan pointed at the economy and then pulled Superior's financing (although the dealer sold Toyota and Scion products, Nissan provided the loan for the new $36 million building). Without credit, the Superior Auto Group dealership was unable to do business. "I can't buy any more cars. Can't sell anything. The cars are still on the lot, but Niss…
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As of yester day Crane Cams went out of buisness. I had said a few months back we would lose some of the players in the perfromance aftermarket and this is the first to fall. I know of several others who have had money trouble while times were good and I don't expect them to weather the economy down turn.
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GM to spin off Opel, Retain Stake On the heals of an Opel employee protest comes the news that GM will spin off 25-50 percent of its stake in Opel. Follow the jump to see the full story. http://www.cheersandgears.com/index.php?sh...c=28460&hl=
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GM moves one step closer to spinning off or closing Saturn. As expected, GM has started on its plan to close down or sell off the Saturn brand. To get the full story follow the jump. http://www.cheersandgears.com/index.php?sh...c=28407&hl=
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Kathy Roberts, a paralegal from Plymouth, Mich., was skeptical of a recent postcard she received from her local car dealer. It offered to put her in a new vehicle for $26,000, the same price she paid for her one-year-old Dodge Journey that she'd already driven 14,000 miles. Despite her doubts, Roberts's husband called the dealer and was told that they would offer her a brand new version of the same model, in the same color, with only 29 miles—all for the same monthly payment. With incentives and rebates, she actually came out $700 ahead. "I was thrilled. A new car without any more money!" Customers like Roberts are finding that their high-quality used cars are a coveted…
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SAAB Files for Bankruptcy The first shoe has dropped, as Swedish automaker SAAB has filed for bankruptcy protection as GM tries to either sell it or spin it off. Click the link below to get the full scoop and discuss. SAAB Files for Bankruptcy
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Where'd the bailout money go? Shhhh, it's a secret WASHINGTON (AP) - It's something any bank would demand to know before handing out a loan: Where's the money going? But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it. "We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to." The Associated Press contacted 21 banks…
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GM reveals production Cadillac CTS Coupe GM has revealed via it's Viability Plan the production version of the CTS Coupe. Follow the jump to see the details and access the full viability plan. http://www.cheersandgears.com/index.php?showtopic=28289
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GM, Chrysler Unveil Viability Plan Follow the jump to read the entire article and find out all the details of what GM (and Chrysler) plan to do to survive. http://www.cheersandgears.com/index.php?sh...=28275&st=0
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WASHINGTON - The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag edging above $900 billion. The 71-26 vote came as President Barack Obama said he lies awake nights worrying about the economy and signaled he'll try to knock out "buy American" provisions in the legislation to avoid a possible trade war. Sen. Barbara Mikulski led the successful effort to allow many car buyers to claim an income tax deduction for sales taxes paid on new autos and interest payments on car loans. She said the plan would aid the beleaguered automobile industry as well as create jobs…
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Volt to be Updated Throughout it's Lifecycle Most cars need to wait until a MCE or redesign to receive significant updates. The Volt is a little different however. Since much of the car's attributes are controlled via software, updates can be made on the fly as soon as they become available...kind of like updating your computer's OS. Follow the jump to see the rest of the article. http://www.cheersandgears.com/index.php?showtopic=28187
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There seems to be little doubt that Chinese cars will hit the U.S. market some soon – the big question is when. At least one automaker is suggesting that Chinese cars will enter America by way of Mexico, with production starting in 2010 and sales in the United States by 2015 after first making the rounds in Latin America and Canada. That date may have been sooner had we not hit such a nasty global economic crisis. Perhaps the most interesting part of this scenario would be the distribution chain. Instead of using franchised dealerships, Mexican-built Chinese cars could be sold at large retail chains like CostCo and Walmart. GS Motors, the Mexican distributor for China's…
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The U.S. car market is the biggest and most competitive on the planet. Still, there are several wild, exciting and unique vehicles that cannot be bought here, no matter how much money you are willing to lay down. Many of these rolling wonders are designed and built by tiny boutique automakers that cannot or simply will not shell out the millions of dollars needed to certify their creations for sale in the New World. Others are so radical in design and purpose that they just wouldn't conform to the various U.S. safety and regulatory standards. And a few more are so exclusive and built in such small numbers that they are all spoken for before even rumors of their possible e…
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Bob Lutz to Retire at the End of 2009 GM today announced that Bob Lutz will step down at the end of 2009. Starting April 1st, he will transfer into a new role as Vice Chairman and Senior Adviser. His replacement, at least for the time being, will be Thomas Stephens, who is currently serving as GM’s Executive Vice President, Global Powertrain and Global Quality. We at C&G wish to thank Mr. Lutz for all he as done for GM. Nearly all that is positive about GM these days is somehow his doing. The new Malibu, the LaCrosse, the Kappa cars, the Volt, the Camaro - all his. His quotes kept us energized and entertained. Bob, you will be missed.
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Bumblebee 2 and other Autobots to be show in Chicago GM has announced that it will being showing Transformers 2: Revenge of the Fallen vehicles at this year's Chicago Auto Show. Follow the jump to learn more and see some additional photos of the Camaro, Corvette concept, and Volt. http://www.cheersandgears.com/index.php?showtopic=28083
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ROLL OUT: Pre-production Camaros begin rolling off Oshawa assembly line A little good news to offset the bad. GM has released images of per-production Camaros being assembled at the Oshawa plant. Follow the jump to see more 5th Gen goodness. http://www.cheersandgears.com/index.php?showtopic=28046
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By the numbers: GM's January Sales Down 49% The numbers are in, and not surprisingly, they don't look good. GM Reports 129,227 Deliveries in January, a 49% drop compared to January 2008's sales. Follow the jump to see all of the details and sales breakdown. http://www.cheersandgears.com/index.php?sh...=28032&st=0
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LANSING, Mich. - As a 10-year-old, Rollin Green was awestruck when he saw the line of hulking orange-and-silver robotic arms swinging with rhythmic precision during his first visit to an auto plant. But something impressed him even more: His dad worked there. As a fifth grader, Rollin didn't daydream about becoming a baseball player or an astronaut. He wanted to be an autoworker. Just like his father, Mike. And grandfather, Richard. And great-grandfather, Kenneth. And grandmother, Janice. And step-grandmother, Connie. And aunt, Cindy. And great uncles, Bob and Tom, among others. Over seven decades and four generations, the Greens have together poured nearly 300 ye…
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1.4L Still on Track for Volt and Cruze Yesterday it was reported that construction of GM's new Flint engine plant had been canceled, and with it the prospects of US built 1.4L engines for the Volt and Cruze. GM has since stated that while the construction contracts have been canceled, the engines are still on track to be built here. However, they are looking at various options, such as building the new engines in an existing plant. Since they have the extra capacity, the engines will be built in Europe until US production is ready. Follow the jump to learn more. http://www.cheersandgears.com/index.php?showtopic=27961
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As if the auto industry isn't already burdened to the breaking point and beyond, it appears the EPA will be directed to allow states to set their own emissions standards for motor vehicles. So we will then have the potential for FIFTY DIFFERENT STANDARDS. How does this even remotely make any sense? By their very definition, motor vehicles are made to TRAVEL. If I buy a car in PA, and I travel to CA, what then? Will I be fined? What about dealerships near state borders? What about commuters who travel daily to neighboring states? What about used cars? Can they not be sold out of state? Not to mention prevailing winds... "OMG we will sue Ohio because their emissio…
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Opel Ampera Teased Ahead of Geneva GM has released a teaser image of Opel's upcoming Ampera concept ahead of its Geneva debut. Based on GM's Voltec platform, this will be the third vehicle to be shown using the architecture, although unlike the Converj, this looks more closely based on the Volt. Follow the jump to find out the details. Ampera
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22 January 2009 To alleviate for those who have chrome allergy, all leather used in Volvo car interiors has been treated in a chromium-free tanning process, using either natural or synthetic tanning materials. This benefits both man and nature. Chrome is a frequent skin sensitiser and for those with chrome allergy, touching leather tanned with chrome may cause contact eczema - a rash which itches and persists for several days. Avoidance is the only long-term management strategy for chrome allergy. All leather used in Volvo car interiors has been tanned in a chromium-free tanning process, using either natural or synthetic tanning materials. In addition to benefiting …
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Lutz Voices his Thoughts on the Future of GM's Brands Bob Lutz, never afraid to speak his mind, told the press his thoughts on the future of GM's brands. Most of what he stated we've already known about, however some added detail, and hearing it from Lutz himself, makes this an important read. Follow the jump to see the full article. http://www.cheersandgears.com/index.php?sh...mp;#entry464865
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Nobody is immune to this horrid economy. It's just too bad the Big 3 were already so weak before this hit. Hopefully it is just the medicine they need to get their $h! together and turn things around quickly.
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C&G Goes VPS Well, this was a fun three days. To make a long story short, Bluehost kicked us off their shared server on Wednesday, which left us scrambling to save C&G's files and find a new host. We decided it was time for C&G to graduate to Virtual Private Server hosting. So here we are, in our new digs. Here's to a future with no more "CPU Quota Exceeded" messages. C&G Goes VPS
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GM confirms 9-3X, Next 9-5 for 2009 GM has confirmed that the Saab 9-3X and redesigned 9-5 are still set to debut for 2009. Follow the jump for full details and press release. http://www.cheersandgears.com/index.php?showtopic=27830
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Ed Peper: Chevrolet to gain market share in 2009 Ed Peper, VP at Chevrolet, predicts that the brand will gain market share in 2009. He sites the fact that despite the horrible year, the Bowtie brand's market share was up six tenths of a point in 2008. He also sites that the updated Equinox will help the Malibu lead the sales gains. Don't forget about the Camaro Ed! Follwo the jump to read the full story. http://www.cheersandgears.com/index.php?showtopic=27828
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GM prepping Saab to stand alone It seems that GM's plan to rid itself of Saab is being put into motion. GM plans to grant Saab control over its finances and decisions. The idea is to make it looks more appealing to potential buyers, and more than just a bunch of Opels in Swedish attire. Follow the jump to learn more about this development. http://www.cheersandgears.com/index.php?sh...c=27803&hl=
Last reply by Intrepidation,
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