Keyword: gm

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  • GM's Volt - The ugly math of low sales, high costs

    09/10/2012 5:40:25 AM PDT · by Cincinatus' Wife · 39 replies
    Reuters ^ | September 10, 2012 | Bernie Woodall and Paul Lienert and Ben Klayman
    Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts. Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce.
  • Obama's success story GM has created 35,000 jobs in China

    09/09/2012 12:08:35 PM PDT · by Free ThinkerNY · 6 replies
    examiner.com ^ | Sept. 9, 2012 | Sahit Muja
    Sahit Muja: China, General Motors"China Motors" and its joint ventures sales rose 7.3 percent from the previous August and 10.8 percent from July to 220,996 units. Shanghai GMís domestic sales were up 11.7 percent on an annual basis to 110,209 units. SAIC-GM-Wulingís sales in China rose 3.4 percent to 106,500 units. FAW-GMís domestic sales increased 17.4 percent to 4,117 units. Buick sales in China were up 2.8 percent on an annual basis to 57,603 units, an all-time high for August. It was once again led by the original Excelle family, which had sales of 22,881 units, followed by the Excelle...
  • Auto workers threaten triple strike (Canada)

    09/09/2012 4:43:06 AM PDT · by Salman · 29 replies
    The Globe and Mail ^ | Sep. 06 2012 | GREG KEENAN - AUTO INDUSTRY REPORTER
    The Canadian Auto Workers union is turning up the pressure in contract talks with the Detroit Three auto makers, saying it is prepared to go on strike against all of them at the same time if no deal is reached by the Sept. 17 deadline. ďThe corporations are refusing to add any costs whatsoever Ė instead they insist on cutting costs from our existing agreements,Ē the CAW said in a leaflet distributed Wednesday at Canadian plants operated by Chrysler Group LLC, Ford Motor Co. and General Motors Co. ďNone of the three companies have demonstrated that they are serious about...
  • God and Jerusalem Crash DNC Auto Bailout Party

    09/06/2012 11:06:36 AM PDT · by jazusamo · 11 replies
    National Legal & Policy Center ^ | September 6, 2012 | Mark Modica
    The Democratic National Convention continued to celebrate the General Motors' bankruptcy and auto bailouts last night. Guests at the party included union leaders Bob King, President of the UAW and AFL-CIO President, Richard Trumka, both of whom gave speeches at the event. Union members cheered and waved their UAW signs at the affair as President Obama was repeatedly given credit for "saving" GM and the American auto industry. The fact that GM, along with Chrysler, went bankrupt was not mentioned. The only time the word "bankrupt" was used was to condemn Republican Presidential candidate, Mitt Romney, for wanting to let...
  • Expanding the List of Two Achievements (What do you say to: "Bin Laden is Dead and GM is Alive")

    09/05/2012 7:53:38 AM PDT · by SeekAndFind · 57 replies
    American Thinker ^ | 09/05/2012 | Carol Brown
    The Obama campaign has taken to a new slogan: "Osama bin Laden is dead. GM is alive." I believe this was first coined by Joe Biden, so that tells you something right there. If the Obama campaign wants to open the door, I say we take the bait and walk through. "Osama bin Laden is dead." Great! And???? Morsi and the Muslim Brotherhood now rule Egypt. Our men and women in uniform are being murdered by our "peace partners" in Afghanistan. The Middle East is an ever-more threatening place with Islamists gaining power. Iran is on the verge of a...
  • Obama's (Un)American Auto Bailout (Government Motors)

    09/04/2012 7:51:11 PM PDT · by jazusamo · 21 replies
    Creators Syndicate ^ | September 5, 2012 | Michelle Malkin
    CHARLOTTE, N.C. ó Cue "Fanfare for the Common Man" and rev up the Government Motors engines. Wednesday is Great American Auto Bailout Day at the Democratic National Convention. Party propagandists have prepared a prime-time-ready film touting the "rescue's" benefits for American workers. UAW President Bob King will sing the savior-in-chief's praises. But like all of the economic success stories manufactured by the White House, the $85 billion government handout is a big fat farce. "I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back," Obama bragged on...
  • Government Motors opened plant in China four months after closing plant in Wisconsin

    09/03/2012 8:35:11 AM PDT · by kevcol · 22 replies
    Washington Free Beacon ^ | August 31, 2012 | Bill McMorris
    A bailed out General Motors expanded its small truck and SUV manufacturing in China soon after closing down similar facilities in Janesville, Wisconsinóthe plant Barack Obama pledged to save and keep open for ďanother hundred yearsĒ in 2008. GM has increased its manufacturing capacity in China by 55 percent since emerging from bankruptcy thanks to a $50 billion bailout from taxpayers. An important piece of that increased capacity has taken place in Changchun, Jilin Province in China.
  • Video PROOF of Obamaís empty promise to Janesville plant, vindicating Paul Ryan

    09/03/2012 7:05:00 AM PDT · by blueyon · 16 replies
    the Right Scoop ^ | 9/03/2012 | The Right Scoop
    Phillip Kerpen dug this video up from 2008 where Obama promised the Janesville plant Ė specifically the Janesville plant Ė that they could re-tool and be here another 100 years and that heíd fight for that future. And he said it knowing that GM was struggling:
  • Is GM Headed Back to Bankruptcy?

    09/01/2012 5:48:27 AM PDT · by SeekAndFind · 16 replies
    Given recent speculation, Republican vice-presidential candidate Paul Ryan's mention of the company in his acceptance speech last evening and the news that General Motors (NYSE: GM) will shut down production for its troubled Chevy Volt vehicle for the second time this year, that question has become immediately relevant today. To answer the question, we'll be turning once again to our preferred tool for predicting a company's bankruptcy, the Altman Z-Score. Here, using data published by the company in its financial reports, we'll measure how distressed GM's situation has become. This is an exercise we've done with GM's data before....
  • FACT CHECK: Obama promised and failed to keep Janesville GM plant open

    08/30/2012 8:20:25 AM PDT · by Qbert · 48 replies
    Washington Examiner ^ | August 30, 2012 | Conn Carroll
    President Barack Obama came to office during an economic crisis, as he has reminded us a time or two. Those were very tough days, and any fair measure of his record has to take that into account. My home state voted for President Obama. When he talked about change, many people liked the sound of it, especially in Janesville, where we were about to lose a major factory. A lot of guys I went to high school with worked at that GM plant. Right there at that plant, candidate Obama said: ďI believe that if our government is there to...
  • GM (Again) Halts Chevy Volt Production

    08/28/2012 8:37:41 AM PDT · by jazusamo · 12 replies
    National Legal & Policy Center ^ | August 28, 2012 | Mark Modica
    USA Today reports that GM will be, once again, temporarily halting production of the Chevy Volt. According to GM, the halt is not due to low sales of the Volt. The article quotes a Chevy spokesman as saying, "We are not idling the plant due to poor Volt sales. We're gearing up for production of the new Impala." In typical dubious mainstream media fashion, the article also reports that Volt sales have been just fine stating, "GM sold 10,666 Volts through July, way up from the 2,870 sold during the same period a year earlier." Considering that back in January...
  • GM to idle Volt plant for 4 weeks, sources say

    08/28/2012 2:54:30 AM PDT · by equaviator · 30 replies
    Automotive News ^ | August 27, 2012 | Mike Colias
    DETROIT -- General Motors plans to idle the plant where it assembles the Chevrolet Volt plug-in hybrid for four weeks starting next month, two people familiar with the plans said. GM will close its Detroit-Hamtramck plant from Sept. 17 until Oct. 15, one of the sources said. Union representatives last week told the plant's roughly 1,500 workers about the scheduled downtime, the source said. GM also notified suppliers last week, according to another source in the supply chain. A GM spokesman wouldn't confirm whether the company planned to idle the plant. "We don't comment on production schedules," the spokesman said....
  • GM to idle Volt plant for 4 weeks, sources say

    08/28/2012 2:53:56 AM PDT · by equaviator · 4 replies
    Automotive News ^ | August 27, 2012 | Mike Colias
    DETROIT -- General Motors plans to idle the plant where it assembles the Chevrolet Volt plug-in hybrid for four weeks starting next month, two people familiar with the plans said. GM will close its Detroit-Hamtramck plant from Sept. 17 until Oct. 15, one of the sources said. Union representatives last week told the plant's roughly 1,500 workers about the scheduled downtime, the source said. GM also notified suppliers last week, according to another source in the supply chain. A GM spokesman wouldn't confirm whether the company planned to idle the plant. "We don't comment on production schedules," the spokesman said....
  • General Motors Is Becoming China Motors

    08/27/2012 5:42:42 PM PDT · by TexasCajun · 10 replies
    General Motors is becoming China Motors. Forget the spin. The evidence is clear and convincing. Did U.S. taxpayers save GM for China? Listen to the candid comments of GM's CEO. More moves by dumb American Management or else it was at Obama (the Communista) direction! Unbelievable as it may seem, our ďleadersĒ have sold us down the riverÖÖÖagain!!!This is going to raise your blood pressure.
  • Why Can't Akerson Come Clean on Chevy Volt Fiasco?

    08/23/2012 10:02:49 AM PDT · by jazusamo · 21 replies
    National Legal & Policy Center ^ | August 23, 2012 | Mark Modica
    Some truths are so obvious that they cannot be denied. But that doesn't stop General Motors and politically-motivated cheerleaders for the Chevy Volt from trying. In the case of the Volt, the truth is that this car has been a dismal failure when considering the amount of hype and taxpayer money that has been spent to produce the supposed green wonder-car. Let's review just how wrong GM CEO, Dan Akerson, has been regarding sales projections for the Volt and how he refuses to take accountability for GM's blunders. Let's start by looking at Akerson's plans and projections for the Volt...
  • The Obama General Motors Duplicity

    08/23/2012 9:33:18 AM PDT · by Starman417 · 6 replies
    Flopping Aces ^ | 08-22-12 | James Raider
    For three years our consciousness has been bombarded with assertions from Obama, his handlers, and his justifiers, that he is pro-business, understands the private sector, and is a leader ó after all did he not singlehandedly ďsaveĒ General Motors and Americaís auto industry?†Enough with the lies already!Now that there is an actual businessman running against him for the Oval Office rather than a pol, the Presidentís machine has been turning up the volume on Obamaís GM escapade. We too easily recall his preening three years ago as the media declared him the new CEO of General Motors. Today Obama...
  • GM Goes From Bad to Worse Despite Obama Bailout

    08/23/2012 5:23:17 AM PDT · by Kaslin · 65 replies
    Townhall.com ^ | August 23, 2012 | Michael Barone
    Readers with long memories may recall that Charles E. Wilson, president of General Motors and nominee for secretary of defense, got into trouble when he told a Senate committee, "What is good for the country is good for General Motors, and what's good for General Motors is good for the country." That was in 1953, and Wilson was trying to make the point that General Motors was such a big company -- it sold about half the cars in the U.S. back then -- that its interests were inevitably aligned with those of the country as a whole. Things are...
  • GM Bankrupt Again (Saturbray)

    08/18/2012 9:03:28 AM PDT · by bray · 29 replies
    www.brayincandy.com ^ | 8/18/12 | bray
    ďI have testimony weightier than that of John. For the very WORK that the Father has given me to finish and which I am doing, testifies that the Father has sent me. John 5:36 My source inside the White House is warning that the collapse of GM is imminent it is just a matter of if they can hold out until after the election. The bankruptcy of Obama Motors with the entire reason for the Premierís re-election resting on its success has the entire DNC on triple high alert. Never mind they have no economic clue outside the usual liberal...
  • Outsourcing Hypocrisy

    08/17/2012 10:12:23 AM PDT · by Kaslin · 1 replies
    Townhall.com ^ | August 17, 2012 | Bob Beauprez
    During the month of July, Barack Obama relentlessly attacked Mitt Romney with bogus charges of outsourcing American jobs during his tenure at Bain Capital.† Hypocrisy has become standard-operating-procedure for the Obama White House and campaign team.† However, some new information suggests that if Obama really wanted to rail against the big outsourcer he should have been talking to the man in his mirror. The Obama campaign spent millions on television ads accusing Romney of being the "outsourcer-in-chief."† But, when scrutinized by political truth-testers across the nation, the accusations proved to be false.Glenn Kessler, The Fact Checker at the Washington Post,...
  • Obamaís GM ĎSuccess Storyí Headed for Bankruptcy

    08/17/2012 4:47:55 AM PDT · by SJackson · 31 replies
    FrontPage Magazine ^ | August 17, 2012 | Arnold Ahlert
    - FrontPage Magazine - http://frontpagemag.com - Obama‚Äôs GM ‚ÄėSuccess Story‚Äô Headed for BankruptcyPosted By Arnold Ahlert On August 17, 2012 @ 12:44 am In Daily Mailer,FrontPage | 3 Comments On the campaign trail, Barack Obama‚Äôs signature definition of ‚Äúsuccess‚ÄĚ is the government bailout of General Motors.¬†¬ďI said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,¬Ē he¬†told¬†an audience in Pueblo, CO last week. ¬ďNow I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.¬Ē That pronouncement should send...
  • Former GM Workers (in Colombia) Sew Mouths Shut to Protest Work Conditions

    08/17/2012 2:39:25 AM PDT · by Libloather · 10 replies
    Fox News ^ | 8/16/12
    Former GM Workers Sew Mouths Shut to Protest Work ConditionsPublished August 16, 2012 Fox News Latino Disabled workers from General Motors in Colombia have gone on a hunger strike and sewn their mouth shut with threads. The workers, who say they were injured on the job and then fired, want GM to give them other jobs. The workers, whoíve been camping out in front of the United States embassy in BogotŠ for three weeks, say if they donít get another job, they will die. ďI have terrible pains in my stomach, my lips are swollen and sore, and I am...
  • Auto Bailout Legacy: GM's European Nightmare

    08/16/2012 10:07:40 AM PDT · by jazusamo · 16 replies
    National Legal & Policy Center ^ | August 16, 2012 | Mark Modica
    Three years into their forced marriage with GM, the American taxpayers have seen the value of their investment in GM deteriorate by approximately $24 billion, largely due to continuing European losses. Exposure in Europe has contributed to crushing the value of GM's stock due to its chaotic and failing Opel unit in Germany. While government, journalists and Wall Street sympathizers have given the Obama Administration and GM leadership an almost incomprehensible pass on this value destruction and massive loss (presumably due to the macro-economic nature of the crisis), it's time to call for the accountability that this new Board was...
  • General Motors Is Headed For Bankruptcy -- Again

    08/16/2012 7:28:35 AM PDT · by SeekAndFind · 48 replies
    Forbes ^ | 08/16/2012 | Louis Woodhill
    President Obama is proud of his bailout of General Motors. Thatís good, because, if he wins a second term, he is probably going to have to bail GM out again. The company is once again losing market share, and it seems unable to develop products that are truly competitive in the U.S. market. Right now, the federal government owns 500,000,000 shares of GM, or about 26% of the company. It would need to get about $53.00/share for these to break even on the bailout, but the stock closed at only $20.21/share on Tuesday. This left the government holding $10.1 billion...
  • Obama's $25 Billion Government Motors Lemon

    08/14/2012 4:52:59 PM PDT · by raptor22 · 18 replies
    IBD editorials ^ | August 14, 2012
    As the Obama campaign continues to tout the GM bailout as an industrial policy success, the Treasury Department continues to revise upward the staggering losses inflicted on U.S. taxpayers. On the day Government Motors, aka GM, announced it was recalling at least 38,000 of its vehicles ó Impalas used by police nationwide and in Canada ó due to a crash risk, a new Treasury report said it now expects to lose $25 billion on the bailout, $3.3 billion more than forecast earlier. As the Detroit News reported, this loss was based on GM's stock price at the time of the...
  • U.S. Treasury increases auto bailout cost estimate

    08/14/2012 10:13:01 AM PDT · by MNJohnnie · 3 replies
    CNBC ^ | 08-14-12 | Unkown
    WASHINGTON (Reuters) - The U.S. Treasury Department has said the auto industry bailout will cost taxpayers $3.4 billion more than previously thought. Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday. That is up from the last quarterly estimate of $21.7 billion. Since the $80 billion bailout of the auto industry, Detroit's big automakers have moved from crisis to profit. GM and Chrysler were put through government-funded bankruptcies that slashed costs and debt. Treasury has so far recouped about half of what was extended in grants and...
  • List of Foreign Countries Receiving BILLIONS in Obama Stimulus Funds, American Jobs

    08/13/2012 2:56:23 PM PDT · by maggiesnotebook · 6 replies
    Maggie's Notebook ^ | 8-13-12 | Maggie@MaggiesNotebook
    If you are not aware that Obama's obscene $787 BILLION stimulus program now stands at $1.2 TRILLION and growing, please read that story here, but not before¬†taking a look at the foreign companies receiving your tax money from the ever growing Obama Stimulus. Let your friends know the BILLIONS intended to stimulate the American economy, stimulated the rest of the world, and in the tsunami that resulted, thousands of Americans lost their jobs:¬†A record of a President's stimulus failure goes round the world:AUSTRALIA:¬†$162,000 for Melanoma Tumor Samples to be sent to the National Cancer Institute CHINA:¬†Outsourced jobs to China. ‚óŹ...
  • GM exec: 100, 200 miles on a charge may be coming

    08/09/2012 10:20:31 PM PDT · by Nachum · 94 replies
    Associated Press ^ | 8/9/12 | Tom Krisher
    Detroit - A small battery company backed by General Motors is working on breakthrough technology that could power an electric car 100 or even 200 miles on a single charge in the next two-to-four years, GM's CEO said Thursday. Speaking at an employee meeting, CEO Dan Akerson said the company, Newark, Calif.-based Envia Systems, has made a huge breakthrough in the amount of energy a lithium-ion battery can hold. GM is sure that the battery will be able to take a car 100 miles within a couple of years, he said. It could be double that with some luck, he
  • VIDEO: Taxpayers Fund 'Ridiculous' Chevy Volt Village

    08/08/2012 8:47:16 AM PDT · by jazusamo · 5 replies
    National Legal & Policy Center ^ | August 7, 2012 | NLPC Staff/Mark Modica
    VIDEO 3:56 minutes NLPC Associate Fellow Mark Modica was interviewed by Gerri Willis on the Fox Business Network on August 6. Here's a transcript: Gerri Willis: Moving on to a story, I know you are going to love. "In Focus Tonight," the Chevy Volt village. An entire town dedicated to the controversial taxpayer backed car that so happens to spontaneously combust in flames. The government is teaming up with the private sector to test out its green agenda by dumping these Chevy Volts on an entire community. And did I mention you are helping to pay for this? Joining me...
  • Meet the real workers Obama screwed over

    08/08/2012 7:46:29 AM PDT · by Lakeshark · 7 replies
    Michelle Malkin ^ | 8/8/2012 | Michelle Malkin
    My column today contrasts the phony Romney-killed-a-steelworkerís-wife fable from Obamaís sleazy SuperPAC with the actual stories of economic havoc that Obamaís union-pandering administration wrought on thousands of Delphi workers.**snip**Chutzpah overload in full effect: President Obamaís sleazy super-PAC, run by his former White House spokesman Bill Burton, just released an ad accusing GOP presidential candidate Mitt Romney of causing the cancer death of a steelworkerís wife.**snip**While Team Obama promotes fables to indict Romney, the incontrovertible stories of the current administrationís economic malpractice are finally getting out. In 2010, I first reported on how Obamaís UAW bailout threw tens of thousands of...
  • Did White House Commit Perjury About GM Bailout?

    08/08/2012 6:03:54 AM PDT · by Zakeet · 14 replies
    Cronyism: In recent days, the scope of the Obama White House's cronyism has become shockingly apparent. A trove of emails shows it deprived thousands of workers of their pensions to benefit unions, then lied about it. The news site The Daily Caller has obtained internal government emails that show the U.S. Treasury Department, led by Timothy Geithner, pushed in 2009 to end the pensions of 20,000 non-union employees of GM's Delphi auto parts unit as part of the auto bailout. What's truly outrageous is that, while those workers were cheated of their full pensions, union employees of the same Delphi...
  • Do You Know Anyone Who Has Died Since Obama Shutdown GM & Chrysler Dealerships in 2009?

    08/07/2012 4:43:30 PM PDT · by OneVike · 26 replies
    8/7/12 | OneVike
    Considering the way the Obama campaign has decided to blame Romney and Bane capital for the death of a man's wife, I have decided to begin a campaign of listing the people Obama is responsible of killing. When you think of all those GM & Chrysler dealerships that were forced to close, I would bet we can find many who will be willing to blame Obama for the untimely death of their loved ones. Just consider if you will, the many lives Obama is responsible for in "Fast and Furious" alone. Besides the death of an American Border Agent, his...
  • Spyker Slaps GM With $3 Billion Lawsuit

    08/06/2012 2:50:26 PM PDT · by John W · 18 replies
    AutoWeek ^ | August 6, 2012 | Greg Migliore
    Spyker, the Dutch supercar firm and owner of Saab, hit General Motors with a $3 billion lawsuit Monday, claiming GM forced Saab into bankruptcy and interfered with a potential deal with Chinese investors that could have saved the company. Spyker is suing on behalf of Saab, assuming legal costs in exchange for a significant proportion of any potential award. Saab went into bankruptcy in December 2011. The lawsuit also says GM interference prevented an agreement with Chinese investor Zhejiang Youngman Lotus Automobile Co. Ltd., which would have allowed Saab to restructure. In court papers, Spyker said GM's motivation was to...
  • Military Buying Chevy Volts as Glitches Surface

    08/06/2012 2:12:44 PM PDT · by jazusamo · 29 replies
    National Legal & Policy Center ^ | August 6, 2012 | Mark Modica
    It seems that the supply of taxpayer money available to support the Chevy Volt is never ending. Add the Department of Defense to the list of agencies tapping into the seemingly endless taxpayer funds to purchase Volts, as reported by Stripes.com. The US Military is buying Volts just as a recent poll at GM-Volt.com reveals that over 12% of Volt owners have had electrical problems with the vehicle. A Marine Corps (pronounced "kawr", not "kawrps") Air Station in Miramar California received a couple of the Volts last month. Chris Manis, deputy director of installations and logistics, spoke of the Marines'...
  • General Motors: Obamacare Wrapped in Solyndra Inside Some Misery

    08/03/2012 4:16:35 AM PDT · by Kaslin · 20 replies
    Townhall.com ^ | August 3, 2012 | John Ransom
    General Motors, the auto company that vice president Joe Biden likes to claim Obama saved singled-handedly during the virgin birth after which the One was swaddled in a manger, is facing a class action lawsuit for making ďmaterially false and misleadingĒ claims in the prospectus for the new issue of stock it offered as it moved out of bankruptcy in late fall 2010. A statement issued by the law firm representing the class ďalleges that the defendants misrepresented and/or failed to disclose that: (1) GM was predicting revenue based on production rather than actual sales; (2) the Company falsely assured...
  • Obama Boosts GM With Fleet Sales; Localities Buy Police Cars With Federal Money

    08/02/2012 10:08:00 AM PDT · by jazusamo · 16 replies
    National Legal & Policy Center ^ | August 2, 2012 | Mark Modica
    General Motors announced an increase in government purchases of 115% in July. This follows June's jump in government fleet sales of 79%. Just what's going on? GM has claimed that it is localities (mostly for police vehicles) and not federal purchases driving the increases, but aren't localities struggling with their budgets? Why do the nation's police forces all of a sudden need new vehicles? A little research uncovers that the Obama Administration is once again being generous with federal grants to localities to purchase new cars, with one of the primary end recipients of taxpayer money being GM. It seems...
  • GM profits slip 41% as European struggles take their toll

    08/02/2012 9:09:06 AM PDT · by Beave Meister · 4 replies
    The Guardian ^ | 8/2/2012 | Dominic Rushe
    Business General Motors GM profits slip 41% as European struggles take their toll America's largest car firm made $1.5bn in the second quarter of 2012, with European division reporting operating loss of $361m Share 531 Email Dominic Rushe guardian.co.uk, Thursday 2 August 2012 09.25 EDT General Motors GM's CEO Dan Akerson said: 'We have more work to do to offset the headwinds we face.' Photograph: Jeff Kowalsky/EPA General Motors' profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America. America's largest automaker made $1.5bn in the second quarter of 2012, compared with $2.5bn...
  • Obama Touts GM as Success While Market Share, Stock Price Decline

    07/31/2012 4:53:42 PM PDT · by Nachum · 21 replies
    Breitbart ^ | 7/31/12 | Tony Lee
    Obama and his campaign have gone all-in in running on what they have spun as the successful turnaround of General Motors (GM), which received nearly $50 billion in taxpayer bailout money. The Obama campaign wants to use GM to prove not only Obamaís managerial skills and instincts but to contrast Obama with Romney, whose past successes in the private sector give him a considerable advantage over Obama when it comes to economic issues. Since Romney did not support the GM bailout, Obamaís team is betting on GM to neutralize the advantage Romney has over Obama on the economy. For this...
  • Taxpayers Help Fund Chevy Volt Village (This is outrageous)

    07/31/2012 4:00:09 PM PDT · by jazusamo · 10 replies
    National Legal & Policy Center ^ | July 31, 2012 | Mark Modica
    Well, I really have to hand it to the Obama Administration and General Motors when it comes to promoting green energy initiatives and the Chevy Volt; if nothing else, they are persistent. Unfortunately, that persistence continues to come at the expense of US taxpayers. The latest folly, as reported by Edmunds Inside Line , involves a $10.4 million grant from the Energy Department to create what Edmunds calls "Chevrolet Volt-ville." GM and OnStar have joined a partnership (which includes GE Energy, of course) that had been formed to create a community in Texas called Pecan Street Inc. GM says the...
  • Controversial GM ad chief leaving company: report (Fired for spoiling Facebook's IPO?)

    07/29/2012 2:04:27 PM PDT · by jimbo123 · 6 replies
    Marketwatch ^ | 7/29/12 | Marketwatch
    General Motors Co. is ousting its advertising chief, Joel Ewanick, The Wall Street Journal reported Sunday, citing unnamed people people familiar with the situation.
  • GM Invests $600 Million in English Soccer Team

    07/30/2012 8:57:38 PM PDT · by Nachum · 50 replies
    Breitbart ^ | 7/30/12 | Mike Flynn
    Yes, General Motors really is giving $600 million to an English soccer club. Actually, as the team involved, Manchester United, is the most valuable team in sports, an investment in the club wouldn't be a bad idea, considering how everything else is going at General Motors. No, the $600 million GM is giving to Man United over the next 7 years is a sponsorship deal. In return, Man United will wear "Chevrolet" on their jerseys and GM will be able to call itself Man United's "global automobile partner." It will immediately have the edge with all those consumers who look...
  • GM Stock Hits New Lows, Company in Turmoil

    07/30/2012 2:48:15 PM PDT · by Nachum · 29 replies
    Breitbart ^ | 7/30/12 | Ben Shapiro
    Remember that vaunted General Motors recovery ushered in by President Obamaís bold bailout program? Well, not so much. In June 2009, GM filed for Obama-managed bankruptcy, costing the taxpayer some $50 billion. The vast majority of that cash was never paid back by GM. In November 2010, GM issued a new initial public offering at a price of $33 per share. Today, GM stock is trading at approximately $19.36, down about 40% from its initial price. And the executive turmoil in the company is reaching fever pitch. Opel, a majority-owned subsidiary of GM, dumped CEO Karl-Friedrich Stracke about two weeks...
  • GM Ramps Up Risky Subprime Auto Loans To Drive Sales

    07/27/2012 5:47:36 PM PDT · by Nachum · 22 replies
    INVESTOR'S BUSINESS DAILY ^ | 7/27/12 | DAVID HOGBERG
    President Obama has touted General Motors (GM) as a successful example of his administration's policies. Yet GM's recovery is built, at least in part, on the increasing use of subprime loans. The Obama administration in 2009 bailed out GM to the tune of $50 billion as it went into a managed bankruptcy. Near the end of 2010, GM acquired a new captive lending arm, subprime specialist AmeriCredit. Renamed GM Financial, it has played a significant role in GM's growth . The automaker is relying increasingly on subprime loans, 10-Q financial reports shows. Potential borrowers of car loans are rated on...
  • GM: Still $42B in the Hole

    07/26/2012 6:25:21 PM PDT · by Nachum · 20 replies
    Washington Free Beacon ^ | 7/26/12 | Bill McMorris
    Despite President Barack Obamaís stories about a resurgent GM ready to repay its bailout tab, the automaker and its former bank still owe taxpayers nearly $42 billion, according to an inspector generalís report. GM owes $27 billion on the nearly $50 billion it received from the auto bailout and Ally Bank, the companyís lending arm, owes $14.7 billion of the $17.2 billion taxpayer-funded bailout it received. Obama has promoted the auto bailout as a success story, highlighting the manufacturing jobs it may have saved in swing states such as Ohio and Michigan. ďI refused to turn my back on a...
  • GM Trying to Limit Tax Credit Abuse on Chevy Volt Returns

    07/25/2012 9:03:02 AM PDT · by jazusamo · 12 replies
    National Legal & Policy Center ^ | July 25, 2012 | Mark Modica
    When General Motors announced its 60 day return policy for the Chevy Volt over a week ago, I contacted them to make them aware of the potential for tax credit abuse on returned vehicles that qualify for federal and state subsidies. At the time, GM spokesman Jim Cain did not think that it would be an issue and it was up to purchasers to decide if they would submit for tax credits on Volts that they returned for refunds. I spoke with Mr. Cain to follow up on the story. Mr. Cain has informed me that GM is working on...
  • General Motors pledges $833M research investment in Canada through 2016 [ UAW built that ! ]

    07/24/2012 4:21:00 PM PDT · by NoLibZone · 5 replies
    washingtonpost.com ^ | July 24 2012 | AP
    DETROIT ó General Motors says it plans to invest $833 million in Canada for research and development. The company says it began spending the money in 2009 and will invest at least $150 million per year through 2016. Much of the money will go to a research center in Oshawa, Ontario.
  • GM pledges $833M investment in Canada through 2016

    07/24/2012 5:31:07 PM PDT · by The Good Doctor · 9 replies
    The Miami Herald ^ | 07/24/12 | TOM KRISHER
    DETROIT -- General Motors says it plans to invest $833 million in Canada for research and development. The company says it began spending the money in 2009 and will invest at least $150 million per year through 2016. Much of the money will go to a research center in Oshawa, Ontario.
  • China swoops down on GM pension plan's assets: FT

    07/20/2012 5:51:00 PM PDT · by madison10 · 24 replies
    Reuters ^ | July 18, 2012
    General Motor Co's (GM.N) underfunded pension plan has found a buyer for its illiquid private equity assets - the Chinese government, which is willing to pay between $1.5 billion and $2 billion, the Financial Times reported on its website...
  • Media Fail: Chevy Volt Makes NO Money, Costs Taxpayers Hundreds of Thousands of Dollars Per Car

    07/17/2012 11:43:44 AM PDT · by grundle · 20 replies
    Newsbusters ^ | July 17, 2012 | Seton Motley
    The Jurassic Press is missing much in their reporting on the $50 billion bailout of General Motors (GM). The Press is open channeling for President Barack Obama - allowing him to frame the bailout exactly as he wishes in the 2012 Presidential election. The President is running in large part on the bailoutís $30+ billion loss, uber-failed ďsuccess.Ē And the Press is acting as his stenographers. An epitome of this bailout nightmare mess is the electric absurdity that is the Chevrolet Volt. The Press is at every turn covering up - rather than covering - the serial failures of President...
  • Head Of GM Europe Steps Down

    07/12/2012 11:02:09 AM PDT · by mojito · 1 replies
    ZeroHedge ^ | 7/12/2012 | Tyler Durden
    While GM can still fool some of the people, most of the time with near record channel stuffing, even as more and more are waking up and suing the company for just this, it seems the same type of strategy of load up dealers with unsellable electric cars has failed miserably in Europe. From WSJ: "General Motors Co. said Karl-Friedrich Stracke has stepped down as president of its loss-making European division, though the restructuring program initiated under his leadership will continue.
  • Chevy Volt 60-Day Return Makes Tax Credit Abuse Likely

    07/12/2012 9:54:29 AM PDT · by jazusamo · 15 replies
    National Legal & Policy Center ^ | July 12, 2012 | Mark Modica
    General Motors has announced a 60 day money back guarantee policy for all new Chevy models, including the Chevy Volt. The move sets up a scenario where purchasers can buy a Volt, claim the $7,500 federal tax credit (and most likely state credits) and return the vehicle for a refund within 60 days. Did GM really not consider this glitch, or is this just another way for Government Motors to prop up politically important Volt sales leading up to November elections? IRS tax form 8936 , for plug-in motor vehicle credit, does not have any minimum time requirement for buyers...