General Motors has issued a new commercial promoting their new “green” (attempted) image, their new company outlook, and a full minute of near-total bombardment with semi-patriotic, “strength” images designed to focus on GM as an American company.
Read More: Video: GM’s New Commercial and A Spoof Of the Propaganda
A recent article in the Wall Street Journal, written by Keith Johnson, lays out the reasons why he believes that General Motors will drop the Volt. An immediate response article on Treehugger.com by Michael G. Richard refutes that argument and lays out his reasoning for it.
Read More: Will GM Drop the Volt?
General Motors‘ bondholders rejected a debt-for-equity swap and so have set into motion the likely bankrupting of GM. This could be the largest industrial bankruptcy in American history. GM has until the end of the month to convince government officials that it’s solvent, but with over $100 billion in red ink, it’s not likely to happen.
GM has announced that despite the pending sale of the Saturn brand, the 2-mode hybrid Saturn Vue that was to be released this summer will live. While it won’t be released this summer as planned, it will be released in 2011 along with it’s plug-in hybrid counterpart. The question is “under what brand?”
Read More: Saturn Vue 2-Mode Hybrid and PHEV Won’t Die, According to GM
Chrysler officially declared bankruptcy last week amongst cries from various political parties and pundits over the whys and hows of the deal. Despite billions in government bailouts and massive cutbacks by the company–even the restructuring of agreements with United Auto Workers and several of Chrysler’s debtors–the company could not avoid the inevitable.
Read More: Chrysler, Fiat, Bankruptcy and Renewal: Can Fiat Win U.S. Over?
Both General Motors and Chrysler have been told by the Obama administration’s automotive task force that they should prepare for bankruptcy. The U.S. Treasury has announced that they’re prepping plans to put Chrysler into Chapter 11 for a fast reorganization, which could happen before the month is out.
GM has already announced that Pontiac will be gone by 2011 and will be unloading Saab, Saturn, and Hummer before the end of the year. In all, there are 13 total GM brands hitting the bricks over the next 2 years. This is according to GM’s latest “viability plan” submitted to the government.
The Saturn brand is one of those likely to be sold off entirely, though the company has said that they are willing to continue production of Saturn vehicles as a contract assmebly deal. This would make a buyout of Saturn by Saturn dealerships viable–one of the known offers on the table right now.
Read More: GM and Chrysler Likely Facing Bankruptcy - GM Drops Pontiac and Saturn Brands
One of the troubled assets that General Motors has to liquidate to make the Obama Administration happy is the Saturn brand. The sub-company is a consistent money-loser for GM, despite its popularity. A group made up of current Saturn dealers and an Oklahoma City private equity firm are offering to buy the brand.
The group is led by Black Oak Partners, but is not the only group to come forward with an offer, according to GM. The automaker refuses to disclose whether any of the offers are being considered right now, though it’s likely they’re negotiating for the sale, given the circumstances.
Read More: Investment Group Wants to Buy GM’s Saturn
General Motors and Shanghai Automotive Industry Corp (SAIC) announced plans to build fuel cell vehicles in 2010. The Shanghai Auto Show is full of surprises this year and this collaborations between the two companies is amazing news.
Read More: Shanghai Auto Show: GM and SAIC to Build Fuel-Cell Vehicle For 2010
The U.S. Treasury Department told General Motors on April 13th to begin laying the groundwork for a June 1st bankruptcy filing. GM is currently running on emergency government bailouts.
Read More: GM Told To Prepare For “Surgical” Bankruptcy
The Obama Administration plans to send another $285 million in funding to Detroit to purchase 17,600 new vehicles from the Big 3 before June 1st. The loose requirements for these “green” vehicles is that they manage to get at least 10% improvements in overall fuel efficiency from their counterparts.
Read More: More Bailouts for the Big 3 in Detroit
|
| |
| View blog authority |
|
