General Motors

Chris Dodd: GM Head Must Step Down Under Any Bailout Agreement — Sen. Chris Dodd (D-Conn.) said that Rick Wagoner should step down as chief executive of General Motors as part of any government-supported restructuring process. "I think he has to move on," Dodd said on CBS's "Face the Nation". Dodd has been working over the weekend to craft a roughly $15 billion auto bailout package that would carry the Big Three through March of next year. The automakers requested $34 billion from Congress last week. Dodd said the smaller, short-term package would give lawmakers more time to consider a government oversight board or an administrative process to oversee the restructuring of... [Tags: administrative process, automakers, bailout package, cbs, chief executive]

General Motors' strength is overseas — As the U.S. automaker's revenue has fallen in the U.S., forcing it to turn to the government for a bailout, international operations have remained profitable. Nearly three-fifths of the employees at General Motors Corp. work for a company that makes cars that are admired, popular and profitable.... [Tags: automaker, bailout, cars, general motors, general motors corp]

Analysis: Toyota Takeover Could Save GM — In his prepared remarks before the Senate Banking Committee on Thursday, General Motors CEO Rick Wagoner Jr. spoke of the urgent need for federal assistance for the Big Three U.S. automakers. Wagoner insisted that such funding is not only necessary for GM, but vital to the U.S. economy as well. He specifically requested that the federal government make available $12 billion in short-term loans, along with a $6 billion line of credit in the event the current severe market downturn persists, with an immediate loan of $4 billion and a second draw of up to $4 billion in January.... [Tags: automakers, ceo, economy, federal assistance, federal government]

CBS: $15 billion auto bailout agreement reached — It appears agreement has been reached between the White House and Congress on an auto industry bailout to the tune of $15 billion. The $15 billion will not be drawn from the $700 billion stimulus package, but from the fund supposedly dedicated to getting energy-efficient car production up and running, according to CBS: (CBS/AP) After weeks of tense discussions with the heads of the U.S. auto industry, Democratic Congressional leaders have reached an agreement that may just clear the way for the Big Three to get the money they need to survive ... for now. CBS News correspondent Kimberly Dozier... [Tags: auto industry, bailout, car production, cbs news correspondent kimberly dozier, chiefs]

A visual tour of the GM Volt, electric cars — WASHINGTON--Amid an uncertain future for the U.S. auto giants, one of the most exciting products is the Chevy Volt, one of dozens of electric cars under development. General Motors showed off the 2011 Volt at the Electric Drive Transportation Association's Conference & Exposition this week. Several other vehicles--some ...... [Tags: amp, chevy volt, dozens, electric cars, exciting products]

General Motors continues to falter; may discontinue Saturn — Saturn’s slogan is now “Rethink”, but it’s beginning to look like the GM-owned automaker is taking that sentiment in a completely different direction. After making an effort to rebrand the Saturn line and produce a variety of attractive vehicles, General Motors might pull the plug on the 23-year-old auto line. With rumors of bankruptcies and dealers going out of business (none of which were true), Saturn’s reputation has been taking some serious hits lately. It’s also no help that the US automotive industry is suffering and relying on the government for a bailout, so GM is going to strongly... [Tags: astra, auto line, automaker, automotive industry, bailout]

Face Of The Day — Chairman and CEO of General Motors Richard Wagoner prepares to testify before the Senate Banking, Housing and Urban Affairs Committee about a proposed $34 billion federal bailout for the U.S. auto industry December 4, 2008 in Washington, DC. By Chip Somodevilla/Getty.... [Tags: auto industry, bailout, ceo, general motors, getty]

The Last GM Makeover Attempt Didn't Go So Well — General Motors has promised Congress that it can recreate itself as a different kind of car company -- smaller, with a more cooperative relationship with its union, and a lineup of fuel-efficient cars to compete with the best of the foreign brands. At least G.M. knows how difficult the challenge will be. A quarter-century ago, G.M. started Project Saturn with the same goals. And it worked, for a time. Saturn owners, including many who traded in their Hondas and Toyotas to own the first models in 1990, became cheerleaders for the division's customer-friendly approach, while the United Automobile Workers union... [Tags: automobile workers, car company, cheerleaders, congress, cooperative relationship]

GM, Chrysler Mull Pre-Arranged Bankruptcy: Report — General Motors and Chrysler executives are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multibillion-dollar government bailout, a report says.... [Tags: bailout, bankruptcy, chrysler, dollar government, general motors]

GM CEO Rolling Up Capitol Hill In a Chevy Volt — General Motors CEO Rick Wagoner is driving a prototype of the Chevrolet Volt plug-in hybrid to Capitol Hill, where he will beg lawmakers for $18 billionin emergency loans to keep his company from going under. Wagoner will appear Thursday alongside the heads of Ford and Chrysler at a Senate hearing where they hope to convince skeptical lawmakers to shell out the $34 billion Detroit says it needs to avoid a total collapse. The three CEOs took a lot of heat during similar hearings two weeks ago because they arrived in Washington aboard corporate jets, so this time around they're... [Tags: automakers, capitol hill, ceos, chevrolet volt, chevy volt]

Auto Industry Collapse: Who Gains From Detroit's Pain — You'd think an automotive apocalypse was nigh. In their pleadings to the government, executives from General Motors, Ford, and Chrysler make it sound as if the entire U.S. auto industry will crash if they don't get billions in aid. But we're forgetting something: Americans will still need to buy cars, even if they don't say GM or Ford or Chrysler on the badge. Once the recession fades and prosperous times return, in fact, Americans might buy 16 million or 17 million cars per year, a lot more than the 12 million or fewer they'll buy this year. So who will... [Tags: apocalypse, auto industry, billions, chrysler, collapse]

Worst Sales Performance of Any Car: Toyota Prius — I am sorry for continuing a rant here. The heads of the auto companies are driving nine hours to Washington for their bailout pleas; I am sure many would rather see them crawl. I am not a cheerleader for General Motors and the Detroit auto industry, and think cars are a menace. However one cannot, as so many of the commenters in my earlier post did, just say that GM was stupid and Toyota was smart, and that the American car industry should roll over and die and make room for those innovative Japanese and German car makers. Look... [Tags: american car, auto companies, auto industry, bailout, car industry]

GM: Bankruptcy Not An Option For Industry — WASHINGTON — General Motors Corp. President Fritz Henderson said Wednesday bankruptcy isn't a viable option for struggling U.S. automakers, maintaining that a new retooling plan can save the industry. Henderson said that General Motors is ready to undertake a host of steps needed to resize, but said that "to win, you've got to win with product and technology. ... And we do not want to give consumers a reason not to buy our cars and trucks." General Motors is ready to undertake a host of steps needed to resize, Henderson asserted in an interview on NBC's "Today" show as the... [Tags: automakers, car makers, concessions, congressional leaders, corporate jets]

It keeps getting worse — NEW YORK — U.S. auto sales plunged 37 percent in November to their worst level in more than 26 years, dashing expectations that this dismal year for vehicle demand had found a bottom, and adding more ammunition to the Detroit automakers' case for a congressional lifeline. Every major automaker reported a year-over-year sales decline of more than 30 percent on Tuesday. The Detroit carmakers were among the worst hit, with GM's U.S. sales falling 41 percent and Chrysler LLC's dropping 47 percent. Their overseas rivals posted abysmal results as well. Toyota's sales tumbled 34 percent, while Nissan's dropped 42 percent... [Tags: ammunition, auto sales, automaker, carmakers, chrysler]

General Motors and Ford CEOs putting their salary on the line — The offer to work for $1 a year if an auto industry bailout is approved would mean a huge pay cut for Rick Wagoner and Alan Mulally. Working for a buck a year would amount to a multimillion-dollar pay cut for the chief executives of General Motors Corp. and Ford Motor Co.... [Tags: auto industry, bailout, ceos, chief executives, ford]

Automakers' desperate bailout plea gaining support — DETROIT/WASHINGTON (Reuters) - A top lawmaker predicted Washington would approve a bailout for U.S. automakers after they submitted survival plans, and General Motors Corp and Chrysler LLC said they needed an immediate infusion of cash to avoid failures.... [Tags: automakers, bailout, chrysler, general motors, general motors corp]

Automakers desperate bailout plea gaining support — DETROIT/WASHINGTON (Reuters) - A top lawmaker predicted Washington would approve a bailout for U.S. automakers after they submitted survival plans and two of them, General Motors Corp and Chrysler LLC, said that without an immediate infusion of cash they could fail soon.... [Tags: automakers, bailout, chrysler, general motors, general motors corp]

GM, Ford to sell corp. jet fleet — Ford and General Motors will sell their fleet of corporate luxury jets, the two struggling auto companies announced today...... [Tags: auto companies, ford, general motors, gm, gm ford]

GM Sales Drop 41 Percent As US Auto Industry Sinks — NEW YORK — November U.S. vehicle sales at General Motors and Chrysler plunged more than 40 percent, while Ford's sales dropped 31 percent, crushing hopes that the industrywide drop in vehicle demand might be easing as the U.S. automakers prepare to state their second case for a federal bailout. GM's sales fell 41 percent, while Chrysler's dropped 47 percent. Their overseas rivals posted abysmal results Tuesday as well. Toyota's November U.S. sales tumbled 34 percent, and Honda's fell 32 percent. Like retailers of other big ticket items, automakers have taken a beating in recent months as worries about the economy... [Tags: auburn hills, auto industry, autodata corp, automaker, automakers]

GM, Ford Will Sell Corporate Jet Fleets — Ford and General Motors will sell their fleet of corporate luxury jets, the two struggling auto companies announced today. The move comes two weeks after ABC News revealed Ford CEO Alan Mulally, GM CEO Rick Wagoner and Chrysler CEO Robert Nardelli traveled to Washington in private jets to plead poverty and ask Congress for $25 billion in taxpayer money. Click here to watch the story. In a statement, GM said, "Due to significant cutbacks over the past months, GM travel volume no longer justified a dedicated corporate aircraft operation."... [Tags: abc news, aircraft operation, auto companies, ceo robert, chrysler]