July 22, 2009 |
The Obama administration urged Congress not to intervene in the closings of hundreds of General Motors and Chrysler dealerships, warning it could undermine the automakers' ability to rebound. Ron Bloom, the leader of the White House's auto task force, said a House plan to restore dealerships could jeopardize the taxpayers' recovery of billions in federal aid to GM and Chrysler.
April 1, 2009 |
A day after the president threw down the gauntlet for the American auto industry, General Motors Corp. began the work of selling cars anew. On Tuesday, even as its new chief executive acknowledged the growing possibility of bankruptcy, the ailing carmaker announced an aggressive new incentive plan that, in part, will cover car payments for customers who lose their jobs.
October 29, 2009 |
NEW YORK -- GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the auto industry. The Treasury Department mandated earlier this year that GMAC Financial Services raise an additional $11.5 billion in capital by next month after undergoing a "stress test" along with 18 other banks. While other banks deemed undercapitalized have been able to raise funds from private investors, GMAC has been forced to go back to the government.
November 10, 2009
Ayear after the Big Three implored Congress to save their industry from collapse, the fortunes of U.S. automakers are looking up. Ford, which lobbied for the bailout but took no aid directly, recently reported its second consecutive quarterly profit. General Motors, which emerged from bankruptcy with the U.S. government as its biggest stakeholder, announced even better sales in October than Ford. It's harder to find good news out of Chrysler, which has received $13.8 billion in federal aid. But at least its new leadership announced plans this month to break even by 2011 and pay taxpayers back by 2014.
May 8, 2012 |
Presumptive GOP presidential candidate Mitt Romney is again claiming credit for saving the U.S. automobile industry. On Monday the former Massachusetts governor visited a manufacturer of truck parts in Euclid, Ohio, where he was interviewed by a local television station. The reporter noted that the manufacturer, Stamco Industries, may owe its survival to the federal government's decision to throw lifelines to General Motors and Chrysler in early 2009. Romney responded by giving his own version of events: "My own view, by the way, was that the auto companies needed to go through bankruptcy before government help.
January 7, 2009 |
Rocker and activist Neil Young is entering the 1959 Lincoln Continental Mark IV he has converted from a gas guzzler to electric power into the Automotive X Prize that's offering $10 million for developing a vehicle that can get 100 miles per gallon or better, according to his blog post on Arianna Huffington's website. The Lincoln, one of the biggest, heaviest production cars of all time, has been renamed "Linc Volt" and is the subject of a feature documentary called "Repowering the American Dream" that Young is working on for his Shakey Pictures.