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Obama: GM Gets 60 Days to Restructure, Otherwise Quick Surgical Bankruptcy

March 30th, 2009 | Posted in: Financial, Politics with 216 Comments

GM President and COO Fritz Henderson will be replacing Rick Wagoner as CEO who will be stepping down at the Obama administrations request, in order to give GM a new fresh start.
The Auto Task Force decided that they do not believe GM nor Chrysler have met the restructuring goals that were required as of March [...]

Posted by: Lyle with 216 Comments

BREAKING: GM CEO Rick Wagoner to Resign

March 29th, 2009 | Posted in: Financial, Politics with 113 Comments

President Obama is set to reveal his plan to help revive the US auto industry on Monday. According to people familiar with the plan, GM’s CEO of 8 years, Rick Wagoner will be stepping down from his position. This was at the direct request of the Obama administration and with the apparent agreement [...]

Posted by: Lyle with 113 Comments

Kill the Bad GM to Save Good the GM

March 28th, 2009 | Posted in: Financial, Politics with 134 Comments

The Obama administration has made it clear they wish to avoid bankruptcy for GM. “We need to preserve a U.S. auto industry,” said Obama “We will provide them with some help.”
The Auto Task Force has wound down its discussion on Friday icluding meeting with Rick Wagoner and it is expected Mr. Obama will make an announcement on [...]

Posted by: Lyle with 134 Comments

President’s Auto Task Force Expected to Give More Aid to GM and Chrysler

March 26th, 2009 | Posted in: Financial, Politics with 143 Comments

The Wall Street Journal is reporting that within days the President’s Task Force on Autos is expected to announce more government aid for embattled automakers GM and Chrysler.
Interviews with Task Force members suggest the administration doesn’t want to automakers to slip into bankruptcy protection. Rather they are expected to say they see viable futures [...]

Posted by: Lyle with 143 Comments

Wagoner: Collapse Will Lead to Leaner GM, Rattner: More Than $16.6B Will Likely be Needed

March 20th, 2009 | Posted in: Financial, Politics with 100 Comments

GM CEO Rick Wagoner who is now working for $1 per year told Bloomberg “I do it because it’s important and I feel like I have a responsibility to do it. I plan to stay here until we get things well in shape and on track and beyond that, we’ll see.”
He noted that the [...]

Posted by: Lyle with 100 Comments

President Obama Visits Electric Car Plant and Promotes Spending Towards Goal of 1 Million Plug-in Cars by 2015

March 19th, 2009 | Posted in: Financial, Politics with 125 Comments

President Obama has mentioned before it is his goal to see 1 million plug-in cars on US roads by 2015. On Thursday he visited Southern California Edison’s Electric Vehicle Technical Center in California. The facility is an experimentla electric car plant that maintains more than 300 electric and gas electric cars.
There he [...]

Posted by: Lyle with 125 Comments

Video: Auto Task Force Visits GM and Drives Chevy Volt Prototypes

March 9th, 2009 | Posted in: Financial, Politics, Video with 123 Comments

Everything seemed to go as planned today in Detroit. Part of the President’s Task Force on Autos including Steve Rattner and Ron Bloom visited both GM and Chrysler today.
They spent most of the morning at GM’s Warren Technical Center where the Chevy Volt development takes place. They were personally greeted by GM CEO [...]

Posted by: Lyle with 123 Comments

Presidents Auto Task Force Members to Test Drive Chevy Volt Mule

March 8th, 2009 | Posted in: Financial, Politics, Prototypes, Test drive with 118 Comments

Monday members of President Obama’s Auto Task Force will be visiting GM’s headquarters in Detroit. This trip is intended to be part of the Task Force’s effort to decide whether GM is a viable company, the deadline for which is March 31st. A decree of viability will likely enable GM to receive further [...]

Posted by: Lyle with 118 Comments

President’s Task Force on Autos to Visit GM and Get Briefed on the Chevy Volt on Monday

March 7th, 2009 | Posted in: Financial, Politics with 86 Comments

The President’s Task Force on Autos is poring over thee restructuring plans submitted by GM and Chrysler.  With GM’s auditors recently declaring there is a risk GM cannot proceed as a going concern without restructuring, and with share prices reaching as low as $1.27 ON Friday,  this month of March is very critical indeed.  GM [...]

Posted by: Lyle with 86 Comments

Project Get Ready to Help Develop Community Plug-in Car Readiness

February 25th, 2009 | Posted in: Charging, Grid, Politics with 88 Comments

Yesterday the Rocky Mountain Institute announced something they are calling Project Get Ready. The goal of the initiative is “to help communities prepare for and welcome plug-in vehicles including full battery electric, plug-in hybrid electric, and converted hybrid or internal combustion vehicles.”
This involves facilitating the engagement of advocates, utility companies, local government and other [...]

Posted by: Lyle with 88 Comments

President Obama Addresses Plug-in Car Batteries and US Auto Industry in Upcoming Budget and References the Volt

February 25th, 2009 | Posted in: Financial, Politics with 122 Comments

In his first Presidential Address to the Congress, President Obama gave clues to his upcoming budget and how it will address the US auto industry and the plug-in car battery industry.
He stated that “the budget I submit will invest in the three areas that are absolutely critical to our economic future: energy, health care, and [...]

Posted by: Lyle with 122 Comments

Saab Becomes Independent from GM and Declares Bankruptcy

February 20th, 2009 | Posted in: Brand, Financial, Politics with 180 Comments

Swedish carmaker Saab has been a division of General Motors ever since the automaker purchased a 50% stake in 1990 and the rest in 2000. With the collapse of the auto market, it has become a particularly weak division, selling less than 94,000 cars last year, down from a peak of 133,000 in 2006.
GM [...]

Posted by: Lyle with 180 Comments

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