General Motors

[BlackLantern]

we just need to break their hips and take away their phones

 

[chaseter]

We need to make a virus that infects Jitterbugs and short circuits their Rascal scooters.

 

[VampElvis]

We can organize and get them once they've gone to bed for the evening. Meet me at 5:15 tomorrow down by Country Kitchen Buffet, that should be plenty late enough......

 

[StorminNorman]

AP source: Ford, Nissan, Tesla to get govt loans

WASHINGTON (AP) — The Energy Department is lending money to the Ford Motor Co. and two other automakers from a $25 billion fund to develop fuel-efficient vehicles, congressional officials say.

Energy Secretary Steven Chu was scheduled to announce the loan funding for Ford, Nissan Motor Co. and Tesla Motors Inc. on Tuesday in Dearborn, Mich., the officials said. They requested anonymity because an official announcement was pending.

Dozens of auto companies, suppliers and battery makers have sought a total of $38 billion from the loan program. Ford has asked to receive $5 billion in loans by 2011, but it was unclear how much money the automaker would receive. Nissan has applied for an undisclosed amount of assistance, while Tesla has sought $450 million.

The Energy Department declined to comment on the plans. Chu has not yet announced the first recipients of the loans, which have been closely watched by members of Congress from states with auto plants and suppliers.

Congress approved the loan program last year to help car companies and suppliers retool their facilities to develop green vehicles and components such as advanced batteries.

The loans were designed to help the auto manufacturers meet new fuel-efficiency standards of at least 35 miles per gallon by 2020, a 40 percent increase over current standards.

General Motors Corp. and Chrysler Group LLC have received billions of dollars in federal loans to restructure their companies through government-led bankruptcies, but Ford avoided seeking emergency aid by mortgaging all of its assets in 2006 to borrow about $25 billion.

General Motors has requested $10.3 billion in loans from the program, while Chrysler has asked for $6 billion in loans. Energy officials have said the loans could only go to "financially viable" companies, preventing GM and Chrysler to qualify for the first round of the loans.

Ford has sought a total of $11 billion from the loan program and has previously said it would invest $14 billion in advanced technologies over the next seven years. The loan application, which was submitted by the company late last year, would help Ford finance the investment.

Ford has said it intends to bring several battery-electric vehicles to market. The automaker has discussed plans to produce a battery-electric vehicle van in 2010 for commercial use, a small battery-electric sedan developed with Magna International by 2011 and a plug-in electric vehicle by 2012.
Ford spokesman Mark Truby declined to comment.

Nissan is developing an all-electric car with 100 miles of pure battery range for release in late 2010. The car will be made in Japan initially but company officials have said they eventually want to build the vehicle at Nissan's plant in Smyrna, Tenn.

Nissan spokesman Fred Standish said the automaker hoped "to be approved for this loan as we provided a very strong business proposal. At this time, we have nothing further to say or to announce."

Tesla is seeking $350 million in loans for an assembly plant to build its Model S four-door sedan, which is scheduled to go on sale in 2011. The San Carlos, Calif.-based company is also seeking $100 million to finance an advanced battery and powertrain manufacturing facility.

Tesla spokeswoman Rachel Konrad referred questions about the loan program's timing and approval to the Energy Department.

http://www.google.com/hostednews/ap/article/ALeqM5g6oX6lRgmi3TpK7RPDQSTaQWSYpgD990B18O1

 

[Malice]

tesla is a nice company... love em!

 

[Marx]

*bump*

General Motors emerges from bankruptcy

 

[Marx]

GM OUT OF BANKRUPTCY
http://money.cnn.com/2009/07/10/news/companies/new_gm/index.htm?postversion=2009071016

After a six-week trip through bankruptcy, the "new" General Motors was born Friday owned by the government and free of tens of billions in debt and shed of unaffordable brands, dealerships and plants.

The sale of the valuable assets of the old company to the new GM was completed Friday morning.

"This is an exciting day for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," GM Chief Executive Fritz Henderson said.

"We deeply appreciate the support we've received. We'll work hard to repay the trust, and the money, that so many have invested in GM," Henderson added.

But he said he couldn't promise that GM would repay the $50 billion the government has already given or promised to GM.

"Our performance over time will determine if the taxpayers are made whole," he said.

The company hopes to beat a 2015 deadline for repaying about $6.7 billion in government loans, Henderson said.

 

[Kelly]

*shakes heads*

I'll believe it when I see it......the loan payed back...

 

[Kelly]

*shakes heads*

I'll believe it when I see it......the loan payed back...

 

[BlackLantern]

what about the GM dealerships that had to close or the thousands of lost jobs?? are they part of this bright new future??

 

[Marx]

what about the GM dealerships that had to close or the thousands of lost jobs?? are they part of this bright new future??

I don't believe so.

 

[imdaly]

So who bails out the US Government when IT declares bankruptcy?

 

[Paradoxium]

So who bails out the US Government when IT declares bankruptcy?

Pretty much every country in the world has been doing this for the last couple of decades. This is why America's biggest export is T-Bills.

 

[dnno1]

So who bails out the US Government when IT declares bankruptcy?

The International Monitary Fund.

 

[Kelly]

Ummmm, exactly where do you think the IMF gets its fair share of money to lend?

 

[Paradoxium]

Well the morons are selling their gold reserves, which I am fine with since it would benefit me (buy it for the cheap in the short term), and simultaneously screw them over in the long term. China has been stockpiling on the IMF's gold too. You are better off going bankrupt then taking money from them and go into debt slavery.

 

[Kelly]

I know......I looked too late at gold....

 

[Paradoxium]

Well not really. Gold is good in deflation or inflation. We are deflating right now, and real inflation will probably hit in 5 years or so. You also still have gold mining stocks, just make sure you know how to differentiate between good and bad gold mining companies, and use a brokerage without any derivatives exposure (otherwise it will collapse if something bad happens), a good one is Scottrade.

 

[Paradyme]

I might have to get me one of these someday

Chevy Volt to Get 230 MPG Rating

General Motors announced on Tuesday that its upcoming Chevrolet Volt extended-range electric vehicle will be given a city fuel economy rating of at least 230 miles per gallon by the EPA, nearly five times more efficient than the current Toyota Prius.

The Volt, which runs purely on electricity for the first 40 miles of driving, carries a small internal combustion engine on board to generate electricity after the battery has drained. The EPA is currently developing a special methodology to calculate fuel efficiency for vehicles that work in this fashion which averages the results of test cycles run separately in electric and internal combustion modes.

The Volt’s highway and combined fuel economy ratings have not been calculated yet, but during the press conference, GM’s C.E.O. Fritz Henderson said that that the combined figure would be in the triple digits, meaning at least 100 mpg.

The 4-passenger hatchback is expected to go on sale in late 2010 for approximately $40,000.

http://www.foxnews.com/story/0,2933,538902,00.html

 

[Marx]

230 miles per gallon!?!?!

Holy ****!

 

[Paradyme]

No joke right? I did the same thing this morning when I read it.

 

[Marx]

I knew the Volt was supposed to be an improvement over the Prius, but I didn't expect this.

 

[Marlboro Man]

The Chevy Volt gets 230 miles per gallon in the city... then once it hits the highway, the 'check engine' light pops on and it catches on fire a few miles down the road...

 

[Paradoxium]

a. Cost $40k+ and to top it off, government subsidized. If you can afford $40k+ you would get a much cooler car and probably don't care much about the cost of gas.

b. Mining for nickel to make these types of are car damages the environment by an incredible amount. Which more than nullifies any environmental savings that comes from fuel efficiency, even exceeding the lifetime of damage from your average car. However, I am not the tree hugger here, so I don't care. So environmentalist should be boycotting this car if they wish to remain consistent with their principles.

c. The electronic switching is still undeveloped and bet you $$$$ that this will keep malfunctioning a lot, and it will be the biggest cost of repair. This is also why all these high class cars like BMW and Mercedes (if you ever owned a recent one) keep malfunctioning as they do; the electronics. If BMW a higher class car company can **** up, what makes you think GM will do any better? This is why late 90s BMWs tends to be the most reliable (less electronics). Hell even car salesmen buy these models because of this reason. So with this in mind, insurance will probably be above average in cost. So this is going to be one very expensive machine only hip yuppies will afford, not the general public.

This will probably put GM more into the red, unless making money is not part of their plans. Of course since it is Government Motors now, it is probably the case.

 

[Marx]

That's the thing about these kinds of cars, they are so expensive!