GM All but Certain to File for Chapter 11
General Motors, the company that was once the nation’s largest employer, moved to the edge of bankruptcy protection Wednesday as debtholders refused a last-ditch deal.
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GM, UAW reach accord
The United Auto Workers said today it has reached a tentative agreement with General Motors Corp. and federal officials to modify its labor contract with the automaker, removing a major hurdle to GM’s government-mandated restructuring. The UAW did not release details of the agreement because it has not been ratified by its members at GM. The union said it was in the process of scheduling a ratification vote. The “tentative understanding” contains modifications to the UAW’s labor deal and GM’s obligations to fund a trust to pay retiree healthcare benefits, the union said. – From LA Times
Daimler crashes into Tesla Motors
Tesla’s dream of creating affordable, all-electric cars got a high-voltage jolt Tuesday when German auto giant Daimler bought a 10 percent stake in the San Carlos company. “We’re thrilled,” said Diarmuid O’Connell, Tesla’s vice president of business development. “Daimler invented the internal combustion engine. To partner with them is the greatest endorsement you can have in this business.” – from SFgate
But the real prize is Tesla’s advanced battery technology. Tesla’s lithium-ion batteries have the best combination of power, range and safety of any scalable model currently available. Mercedes has already tested them in a limited fleet of prototypes. Now it’s expecting to roll out its first battery-powered vehicle next year and will offer battery-powered versions of all its models by 2012. The timing for all this couldn’t be better. The White House just announced its new Corporate Average Fuel Economy standards, which aim to cut emissions by 40pc in 2016. A move towards a battery-powered fleet could help Daimler move to the front of the pack. That would make its investment in Tesla much more than just a shot at glamour. – from Telegraph
“Our strategic partnership is an important step towards accelerating the worldwide commercialisation of electric vehicles,” said Thomas Weber, a Daimler board member, in a statement. Daimler recently snapped up a stake in German group Li-tec to facilitate the manufacture of the lithium-ion batteries needed for electric cars. – from AFP
Chrysler Moves to Eliminate 789 of 3,200 Dealers
Chrysler wants to eliminate 789 of its U.S. 3,200 dealerships, saying in a bankruptcy court filing Thursday that the network is antiquated and has too many stores competing with each other.
Toyota sees $8.6 billion annual loss
Toyota Motor Corp, the world’s biggest automaker, forecast a much bigger-than-expected $8.6 billion annual loss and said it would sell about 1 million fewer vehicles this year, leaving it desperately trying to cut costs in the grip of a severe market downturn. The global crisis that has battered demand for cars and pushed U.S. rival Chrysler into bankruptcy has hit Toyota hard, reversing its rapid expansion into overcapacity almost overnight. Dozens of its factories stand half idle. – from Reuters
Autoworkers Compete To Keep Jobs, Livelihoods On New Reality Show
Tune in to Auto Warriors to watch two Ford plants battle it out before the LIVE season finale event: one plant will close, 3,000 will get the axe!
BMW Introduces new Z4 Coup
The BMW Z4 roadster was introduced last week at the Detroit auto show. The Z4 sDrive23i is powered by a 2.5-litre in-line six cylinder and making 152kW, and will be available in both a six-speed manual and an auto transmission. Next in line is the Z4 sDrive30i that packs the same 3.0-litre I6 as the current model, making 192kW and 309Nm of torque. It needs 5.8 seconds to reach 100km/h. The company’s best offer is the Z4 sDrive35i, which offers a twin-turbo version of the 3.0-litre and is loaded up with 228kW, reaching 100km/h in 5.2 seconds with the manual transmission, and being a tenth of a second quicker with the seven-speed dual-clutch box. BMW’s all-new Z4’s amazing feature was the folding hard-top, replacing the old canvas roof. It’s a simplified version of the one used on the 3-Series Convertible and can be lowered in just 20 seconds.
The cost of the new Z4 was not announced.
The 2009 Detroit Auto Show Highlights
Jerry Garrett surveys the show, where automakers envision an electric future.
Toyota Unveils New Prius at Detroit Auto Show
From new lithium ion batteries to updated hybrids, automakers are looking to step up the fuel efficiency of their cars. Toyota announced that the latest Prius model will get a combined 50 miles to the gallon.
Electric Vehicles Take Center Stage in Detroit
On the opening day of the Detroit auto show, US-based automakers touted new products with a focus on fuel efficiency that they say will help return them to financial health.
The Lotus Exige S 240 Sweet!
Ezra Dyer reviews the nimble, speedy, and exceedingly small new sports car.
George Bush: Auto Bailout Is the ‘responsible’ Move
Outgoing President George W. Bush used his weekly radio address to defend and explain why he decided to give U.S. automakers $17.4 billion in emergency loans.
George Bush Approves $17.4 Billion Auto Bailout
Well, outgoing president George Bush has come to the rescue of the auto industry. So what does this mean for our kids? No bridges or books in year 2020… Where’s my shoe!?
President Bush on Friday announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February with the entire bailout conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability. – from NYTimes
The White House announced a $17.4 billion rescue package for the troubled Detroit auto makers that allows them to avoid bankruptcy and leaves many of the big decisions for the incoming Obama administration. Speaking from the White House, President George W. Bush said the administration decided against forcing a bankruptcy to compel cost-cutting, in order to avoid the risk that consumers would desert one or more of the companies and touch off an industry collapse, deepening the current economic downturn. “In the midst of a financial crisis…allowing the U.S. auto industry to collapse is not a responsible course of action,” Mr. Bush said. – from WSJ
Why Cerberus Won’t Put More Money Into Chrysler?
Good f*cking question…
At the Senate auto-bailout hearings two weeks ago, bailout-celebrity Sen. Bob Corker, a Tennessee Republican, aimed his rhetorical guns at Robert Nardelli, CEO of Chrysler: Couldn’t Cerberus Capital Management, the $27 billion private-equity firm that owns 80% of Chrysler, simply bail out the auto maker itself without government funds? – from WSJ
Bush “Very Close” on bailing out Big Auto
White House Press Secretary, Dana Perino told reporters that Bush would not allow a “disorderly collapse” of the failing US auto companies and that the administration is “very close” and “nearing a conclusion” on their response.
George Bush Vows Auto Bailout
The White House may reverse course and spend part of the $700B bailout to save the auto industry after the UAW was blamed for the failure of Congress to pass a bill, reports Sharyl Attkisson.
Auto Bailout Collapses
Analysis by Lan Xue, Citigroup MD & Head of China Research