Keyword: governmentmotors

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  • Chevrolet Volt 'Comes Out' For Detroit's LGBT Pride Weekend

    06/05/2012 1:07:55 PM PDT · by smokingfrog · 51 replies
    thecarconnection.com ^ | 5 June 2012 | Richard Read
    On June 28, 1969, gays, lesbians, and their transgendered friends took to the streets of New York, protesting the harassment they'd experienced at the hands of the city's police force. The violence -- now known as the Stonewall Riots -- lasted for several days and altered the way that Americans viewed their LGBT neighbors. Forty-three years down the road, things have changed dramatically. We have an array of LGBT characters on TV and in movies. We have a president who's come out in favor of marriage equality. And with only a couple of exceptions, most of America's major corporations --...
  • Chevy to Build Impalas, Malibus at Underutilized Volt Plant

    06/04/2012 8:57:15 AM PDT · by jazusamo · 42 replies
    National Legal & Policy Center ^ | June 4, 2012 | Mark Modica
    CBC News reports that an Ontario General Motors' plant where Chevy Impalas and Equinoxes were built will be closed down, costing Canadians around 2,000 jobs. GM reportedly plans to partially move production of the Impala to its Detroit-Hamtramck assembly plant in Michigan. You may remember the Hamtramck site from the Chevy Volt commercial which trumpeted the building of Volts there. It now seems that low demand for the Volt has led to the plant having enough time to build other, conventionally-powered vehicles. While the Volt may have been the car GM "had to build," it appears that consumers would...
  • GM to cut about one-fourth of U.S. pension liability

    06/01/2012 4:01:17 PM PDT · by Oldeconomybuyer · 21 replies
    Reuters via Yahoo! News ^ | June 1, 2012 | By Deepa Seetharaman and Ben Klayman
    DETROIT (Reuters) - General Motors Co will cut nearly a quarter of its U.S. pension obligation by transferring the management of its pension plans for 118,000 white-collar retirees to a third party and offering lump-sum buyouts. The two moves unveiled on Friday will cut $26 billion from the automaker's massive U.S. pension liability of nearly $109 billion. GM's pension overhang is a top concern for investors. It was one of a handful of issues left untouched during GM's U.S.-financed bankruptcy restructuring three years ago. GM retirees represented by the United Auto Workers union are not affected by Friday's announcement. Hourly...
  • Chevy Volt May Sales Dismal - Ad Spending Ineffective

    06/01/2012 11:16:03 AM PDT · by jazusamo · 21 replies
    National Legal & Policy Center ^ | June 1, 2012 | Mark Modica
    General Motors reported that Chevy Volt sales for May came in at a paltry 1,680. To put this in perspective, GM sold 29,579 Chevy Malibus during the month. The funny thing is, I do not recall seeing as many TV ads for the Malibu as I have for the Volt. While GM's ad strategy (which has seen the company discontinuing advertising on Facebook and the Super Bowl) has received much attention, auto journalists and analysts do not seem to want to question the reason why GM is spending such a disproportionate amount of money advertising a vehicle that is losing...
  • Was GM’s Nepotistic Ad Spending More Effective than Facebook?

    05/31/2012 1:48:22 PM PDT · by jazusamo · 5 replies
    National Legal & Policy Center ^ | May 29, 2012 | Mark Modica
    The Detroit Free Press reported on Friday that General Motors failed to initially disclose possible conflicts when it awarded a $600,000 contract to Mother New York, an ad agency with ties to GM's Chief Financial Officer, Dan Ammann. Ammann's wife, Pernilla Ammann, is a partner and Chief Operating Officer at the ad agency. In typical Government Motors' fashion, Ammann dubiously denies having had knowledge of the deal. Before looking at what the money purchased, let's look at the likelihood that Ammann really knew nothing. Honestly, is it likely that a CFO at a major corporation would not know that...
  • GM Discloses $600,000 Contract With Ad Agency Tied to CFO's Wife (PAY THE TAXPAYERS BACK!)

    05/25/2012 2:40:50 PM PDT · by tobyhill · 10 replies
    cnbc ^ | 5/25/2012 | staff
    General Motors [GM 22.44 0.40 (+1.81%) ] has released an SEC filing disclosing a contract between the automaker and an ad agency that employs the wife of GM CFO Dan Ammann. The disclosure comes a month after GM filed its annual proxy statement listing potential conflicts of interest involving GM executives. In this case, Ammann says he was unaware of the contract with his wife’s ad agency until GM’s corporate governance team asked him about it just a few days ago. GM says the transaction has since been ratified under the automakers Related Party Transaction Policy. The contract in question...
  • Delphi gasoline-injection engine technique rivals hybrid's edge

    05/21/2012 11:29:02 AM PDT · by Red Badger · 31 replies
    http://phys.org ^ | May 21, 2012 | by Nancy Owano
    Running a diesel like engine on gasoline is something Delphi is doing in notable fashion. They claim they are on to a promising way to enjoy an engine that gives the vehicle owner high efficiency and low emissions. Delphi, a major Michigan-based auto-parts supplier, is developing this technology which has shown impressive results in tests. Delphi tried out its combustion concept, which reaps the best of two worlds of low-emission gas and efficient diesel engines. Delphi claims its technology is an improvement upon the fuel economy of gas-powered cars, and can bring forth benefits of the hybrid at less the...
  • GM passes on running TV ads during 2013 Super Bowl

    05/19/2012 9:40:32 PM PDT · by Olog-hai · 13 replies
    Reuters ^ | Fri May 18, 2012 5:43pm EDT | Ben Klayman
    General Motors Co. will not advertise in next year's Super Bowl because it is too expensive, the top marketing executive for the U.S. automaker said three days after the company announced it was dropping paid ads on Facebook Inc. The 2013 Super Bowl will be broadcast by CBS Corp, which is selling 30-second ads for as much as $4 million. Spots on NBC's broadcast of this year's National Football League championship game, the most heavily watched annual event on U.S. television, cost about $3.5 million per 30-second spot. NBC is majority-owned by Comcast Corp. "We understand the reach the Super...
  • Chevy Volt Pep Rally Masquerades as Electric Vehicle Symposium

    05/17/2012 10:41:48 AM PDT · by jazusamo · 6 replies
    National Legal & Policy Center ^ | May 17, 2012 | Mark Modica
    The Department of Transportation and NHTSA have announced that a "technical symposium" will be held on May 18th "to discuss safety considerations for electric vehicles powered by lithium-ion (Li-ion) batteries." In addition to NHTSA's presentations, the Department of Energy, automotive manufacturers and battery makers will participate. Given the bias of the participants, the symposium sounds like it is going to be less informational and more infomercial. The press release for the gathering states, "Electric vehicles show great promise as an innovative and fuel-efficient option for American drivers. Significant research and other activities related to the safety of these vehicles are...
  • Obama and GM Cook the Books

    05/16/2012 8:14:59 AM PDT · by LucianOfSamasota · 12 replies
    National Review ^ | May 16, 2012 | John Lott
    Would you hire President Obama as your financial adviser? Three years ago his administration invested more than $100 billion in taxpayer money to bail out General Motors. On Tuesday, the entire company, not just what the government owns, was worth less than $34 billion. By anyone’s definition, that investment is a glaring failure. Yet over the last few days the Obama campaign, in a $25 million marketing blitz, has flooded the airwaves with ads in battleground states, claiming the bailout should be counted a rousing success. Unfortunately, assertions that “all loans have been repaid to the federal government,” that the...
  • Ally's ResCap Unit Files Chapter 11 (Still Owes $7.2Bil In TARP!)

    05/14/2012 6:59:31 AM PDT · by tcrlaf · 7 replies
    WSJ ^ | 4-14-12 | Andrew Johnson
    <p>Ally Financial Inc.'s troubled mortgage subsidiary filed for Chapter 11 bankruptcy early Monday, potentially paving the way for Ally to sever itself from substantial litigation that has been a drag on its other operations and prevented it from repaying the remainder of its government bailout.</p>
  • Non-Union Retirees Shafted in Auto Bailouts Told to Get Jobs

    05/10/2012 2:06:43 PM PDT · by jazusamo · 12 replies
    National Legal & Policy Center ^ | May 10, 2012 | Mark Modica
    One of the most egregious abuses of the Obama Administration's auto bailouts was the blatant favoritism evidenced in the treatment of Delphi (General Motors' parts supplier) retirees. After the Delphi bankruptcy, UAW retirees had their pensions "topped off" by General Motors, apparently with taxpayer money accessed through TARP. While the UAW retirees maintained their pension benefits, non-union, salaried retirees of Delphi lost theirs. There was no logical reason for one group to have their pensions saved while another group lost theirs, just the facts that the distributions were inequitable and the only difference between the groups was that one belonged...
  • Here Comes the Made-in-China Cadillac

    05/09/2012 9:28:05 AM PDT · by jazusamo · 18 replies
    American Thinker ^ | May 9, 2012 | Howard Richman & Raymond Richman
    It's déjà vu all over again! GM again caves to Chinese pressure. In September it was the electric car. In April it was the Cadillac. The Chinese government made its latest move in December. That's when The Guardian reported that the Chinese government raised its already high 25% tariff upon American-made vehicles, concerned that increasing numbers of big-engine cars were being purchased by Chinese consumers: General Motors faces the greatest impact, almost 22% extra on some sports utility vehicles (SUVs) and other cars with engine capacities above 2.5 litres. Chrysler faces a 15% penalty, while a 2% levy will be...
  • GM Boycott Hurting Market Share?

    05/08/2012 11:09:03 AM PDT · by jazusamo · 43 replies
    National Legal & Policy Center ^ | May 8, 2012 | Mark Modica
    Last week's earnings report from General Motors revealed a troubling statistic for shareholders. GM's market share for North America shrunk from 18.3% a year ago to 16.7% for the latest quarter. Not coincidently, a survey by Yahoo Autos revealed that a full 13% of consumers would now "never" consider purchasing a GM vehicle while another 15% are less likely to purchase. A negative perception of the auto bailout process and the continued political overtones at GM are the reasons for the boycott. Another recent Rasmussen poll showed that 59% of Americans view the auto bailouts as a failure. The...
  • GM Executive Refutes Chevy Volt / EV Hype (Good article)

    04/27/2012 9:49:24 AM PDT · by jazusamo · 28 replies
    National Legal & Policy Center ^ | April 27, 2012 | Mark Modica
    The WSJ yesterday reported that auto company executives are skeptical regarding the prospects for plug-in electric vehicles like the Chevy Volt. The skepticism was displayed at the annual Society of Automotive Engineers World Congress. Among the skeptics was General Motors' executive director of powertrain-engine engineering, Sam Winegarden (in photo). It seems that not all criticism of the Chevy Volt and cars like it are driven by a right-wing conspiracy to enrich oil companies. Mr. Winegarden presented a chart comparing the amount of energy delivered by a given volume or mass of fuel. According to the article, "On his chart,...
  • GM to build 2013 Cadillac XTS in China

    04/23/2012 12:14:12 PM PDT · by Talisker · 55 replies
    IBTimes ^ | APRIL 23, 2012 | BENJAMIN REEVES
    GM announced plans to build the new 2013 Cadillac XTS luxury sedan [in China].
  • Localities Get Up to $33,000 in Subsidies per Chevy Volt (Outrageous tax dollar waste)

    04/23/2012 1:03:52 PM PDT · by jazusamo · 14 replies
    National Legal & Policy Center ^ | April 23, 2012 | Mark Modica
    A Jacksonville.com report gives a good explanation for why some Florida localities are purchasing Chevy Volts. When Jacksonville's chief of fleet management, Karim Kurji, was asked what the advantage of going green by purchasing Volts was he hit the nail on the head when he replied, "Federal money." The story goes on to reveal that the total federal taxpayer money used to subsidize one Chevy Volt purchased by Atlantic Beach was over $33,000. It now appears obvious that the Obama Administration and General Motors are willing to pay just about any price, even if the taxpayers are footing the...
  • White House First to Say Chevy Volt Not Ready For Prime Time

    04/19/2012 12:47:08 PM PDT · by jazusamo · 10 replies
    National Legal & Policy Center ^ | April 19, 2012 | Mark Modica
    Mitt Romney has been criticized for stating that the Chevy Volt is an idea whose time has not come. We have gotten to a stage in the election cycle where even the slightest of criticisms against the Volt leads to outcries of a right wing, "wrong-headed" conspiracy to hurt sales of the vehicle. What has not been reported is the fact that the Obama White House was the first to say that the car was not ready for prime time. A White House viability report from 2009 states that the Chevy Volt "holds promise" but is "projected to be...
  • Former GM Vice Chairman: ‘I Would Raise the Fuel Tax 25 Cents a Gallon per Year’ (Lutz)

    04/18/2012 12:06:19 PM PDT · by jazusamo · 64 replies
    CNSNews ^ | April 17, 2012 | Patrick Burke
    VIDEO at link (CNSNews.com) - Former Vice Chairman of General Motors Bob Lutz said he would raise taxes on gasoline to compel American consumers to buy more electric cars. “If I were emperor of the United States, I would raise the fuel tax in the United States by 25 cents a gallon per year,” said Lutz during a panel discussion on energy independence co-sponsored by the Hudson Institute. “So that people making a purchase decision, ‘Wow it’s 4 dollars this year, $4.25 next year, $4.50 the year after that, you know what? We better buy a compact this time.’” Lutz...
  • Another Blunder Affects Taxpayer-Funded EV Battery Company A123

    04/12/2012 1:11:22 PM PDT · by jazusamo · 9 replies
    National Legal & Policy Center ^ | April 12, 2012 | Paul Chesser
    Just as the Department of Energy gave A123 Systems a vote of confidence by extending a deadline until 2014 to spend down its $249 million stimulus grant, the deeply troubled electric vehicle supplier experienced another setback. One of their batteries caused an explosion. The blast occurred yesterday morning in Warren, Mich. at General Motors’ Alternative Energy Center – a research facility – while performing on an A123 battery “intensive tests designed to make it fail,” the Detroit News reported. GM confirmed to Crain’s Detroit Business that chemical gases released by the battery caused the explosion. One employee was sent...
  • GM Lithium Battery Explosion Warrants Unbiased Investigation (Updated)

    04/12/2012 12:23:44 PM PDT · by jazusamo · 14 replies
    National Legal & Policy Center ^ | April 12, 2012 | Mark Modica
    General Motors has been quick to allay concerns that the Chevy Volt had anything to do with an explosion at a testing facility that appears to have injured five workers, one possibly seriously. The explosion has been attributed to gases from a lithium-based prototype battery being developed at GM's tech center. While the incident should not serve as an indictment against the Volt, concerns about volatile lithium-ion batteries are legitimate. Initial reports on the accident vary as to the severity of the injuries to workers with some sources describing "life threatening" injuries to one woman and others stating that...
  • Is Misplaced Focus on Chevy Volt Costing GM Market Share?

    04/12/2012 11:16:35 AM PDT · by jazusamo · 15 replies
    National Legal & Policy Center ^ | April 12, 2012 | Mark Modica
    Another important story goes unreported by TV networks receiving millions of dollars in ad revenue from General Motors. Viewers getting their news from Obama-friendly sources continue to hear about how great GM is doing. For those getting their news from internet sites not beholden to Government Motors, the reports aren't as good. March US market share for GM fell to 17.5% in March, the lowest level for "Old" or "New" GM since 1922. One has to wonder if the political motivations at GM are hurting the company. A good deal of GM's multi-billion dollar marketing budget went towards promoting...
  • NY Times Chevy Volt Criticism Confounds Proponents

    04/09/2012 11:40:13 AM PDT · by jazusamo · 63 replies
    National Legal & Policy Center ^ | April 9, 2012 | Mark Modica
    The report by the NY Times that it would take up to 27 years for Chevy Volt buyers to save enough money in gas costs to make up for the high price of the car must be very confusing for apologists of the vehicle. The normal defense for any criticism is to accuse sources of having a right wing hate of the car. But the NY Times? The very vocal Volt defenders, who are quick to attack anyone who doesn't agree that the car is a technological marvel worthy of billions of dollars of taxpayer largess, will have to...
  • Which Pays Fair Share of Taxes, ExxonMobil or GM?

    04/03/2012 11:52:14 AM PDT · by jazusamo · 2 replies
    National Legal & Policy Center ^ | April 3, 2012 | Mark Modica
    One thing that I have realized about the rhetoric surrounding green energy initiatives and the proclamations by Team Obama glorifying companies like General Motors while vilifying others like ExxonMobil is that the claims and the facts are worlds apart. Voters are led to believe that evil oil companies like ExxonMobil are getting a free pass and not paying their fair share while the supposedly patriotic GM is an American success story which now contributes to society and builds miracle cars like the Chevy Volt which will free the US from foreign oil dependence. One set of facts that is...
  • GE Places Asterisk on Record Chevy Volt Sales

    04/03/2012 11:29:44 AM PDT · by Oldeconomybuyer · 12 replies
    The Street ^ | April 3, 2012 | By Eric Rosenbaum
    Don't get too excited about the record sales number just posted by General Motors Chevy Volt in March, as the sales charge for the electric car may have been brought to life by a big corporate buyer. The Volt rebound - a month after GM temporarily shuttered production of the car - needs to be set against the likely influence played by GE in driving up the Volt sales number. Volt sales in March of 2,289 were 50% higher than December 2011, which had been the vehicle's best month since launch. It's no coincidence, though, that GE began last month...
  • Bush Senior Defies Republican Stereotype, Buys Chevy Volt

    03/31/2012 6:59:26 AM PDT · by Oldeconomybuyer · 85 replies
    AutoGuide.com ^ | March 31, 2012
    Who would have thought it? Given the flack the Chevy Volt has received at Republican hands over the last few months, former Republican president George H. W. Bush dealt the Volt attackers a serious blow, deciding to purchase one of GM’s extended range electric cars. The Volt, which has become a symbol of all that’s wrong with the Obama administration according to a number of conservatives, might finally be getting a break. In addition to Bush Sr.’s purchase of a Volt (for his son Neil), there’s growing sentiment among the right that the car might not be that bad after...
  • GM Blames Chevy Volt Owners for Power Cord Problems (linked video)

    03/26/2012 8:44:44 AM PDT · by jazusamo · 26 replies · 29+ views
    National Legal & Policy Center ^ | March 26, 2012 | Mark Modica
    Being a politician means never having to say you're sorry. It now seems that the same philosophy holds true with government-owned General Motors. About eight months ago some owners of Chevy Volts complained that charging cords were overheating , sometimes to the point of melting. At the time, GM blamed owners, saying the wall outlets were the culprits. We now finally have GM addressing the safety concerns and agreeing to replace charging cords for all 9,500 Volts that have been sold since production began. But in what is becoming a new public relations precedent, the move is not being...
  • GM: We’ll Replace Chevrolet Volt 120-Volt Charging Units

    03/23/2012 10:02:36 AM PDT · by jazusamo · 26 replies
    Business Insider ^ | March 23, 2012
    General Motors announced yesterday that it would replace the 120-Volt charging unit provided with every Chevrolet Volt, to provide what GM spokesman Randy Fox called a "more consistent charging experience." Back in July, we reported that some of the charging units provided in Volts were overheating, becoming too hot to touch and in one case, even giving an owner a second-degree burn. Thicker cord Now, after complaints from Volt owners, General Motors has agreed to swap out the unit for a beefed-up unit of the same design. Fox said upgrades to the design include a thicker cord from the unit...
  • The Sad Plight of Obama’s Edsel (The Volt won't make it to 2017 -- the time he says he'll buy one)

    03/20/2012 6:35:17 AM PDT · by SeekAndFind · 20 replies
    National Review ^ | 03/20/2012 | Rich Lowry
    President Barack Obama says he wants to buy a Chevy Volt when he’s out of office in five years. If getting into a General Motors electric automobile means so much to him, he’d better hope he loses in November. What the president dubbed the “car of the future” in a visit to a Volt plant may not make it to January 2017. The partially government-owned General Motors has suspended production of its government-approved miracle car and temporarily laid off 1,300 workers at a Detroit plant. The halt is the result of a piddling detail lost in the gushers of praise...
  • Ally Financial Failure Jeopardizes Auto Bailout 'Success' (Old GMAC)

    03/19/2012 11:06:05 AM PDT · by jazusamo · 5 replies
    National Legal & Policy Center ^ | March 19, 2012 | Mark Modica
    Ally Financial seldom gets mentioned when the auto bailouts are discussed. The company was formerly known as GMAC and the 17 billion dollars that taxpayers sunk into the company was crucial for the perceived success at both General Motors and Chrysler . We now learn that Ally Financial has failed a government stress test and, according to Reuters, "fared by far the worst of 19 banks examined." Years back, GMAC changed its name to Ally Financial to dissociate itself from GM. Just changing a name can not negate the fact that the $17,000,000,000 Ally Financial received from taxpayers went...
  • Chevy Volt – The Prize-Winning Pig

    03/15/2012 8:56:04 AM PDT · by jazusamo · 10 replies
    National Legal & Policy Center ^ | March 15, 2012 | Mark Modica
    Fresh off the heels of its European Car of the Year award, the Chevy Volt has been named "Vincentric Best Value in America." You just can't make this stuff up. I didn't know that there were so many awards in the auto industry, but the less that the Volt sells, the more awards it seems to win. After this latest award, it dawned on me that the Chevy Volt is eerily like Wilbur, the prize-winning pig from the classic children's tale, Charlotte's Web. Wilbur was a runt of a pig, destined to go to the slaughter house. He is...
  • Crotchety Bob Lutz Leads GM’s Defense of the Chevy Volt

    03/14/2012 8:40:26 AM PDT · by jazusamo · 21 replies
    National Legal & Policy Center ^ | March 14, 2012 | Mark Modica
    Anyone following the intriguing Chevy Volt story has seen the internet headlines trumpeting the blog by General Motors' Bob Lutz in which he blasts Bill O'Reilly, Fox News and what he calls, "the rabid, sadly misinformed right." It remains a mystery as to why GM would take a politicized stance and join up with those on the left that want to complicate the story on the poor sales for the heavily subsidized and even more heavily hyped Chevy Volt and somehow connect the lack of demand to a Republican political conspiracy. Before moving on to the Lutz offensive defense,...
  • More Taxpayer Largess for Chevy Volt— on Leases

    03/12/2012 9:33:40 AM PDT · by jazusamo · 16 replies · 2+ views
    National Legal & Policy Center ^ | March 12, 2012 | Mark Modica
    The recent lowering of lease costs for the Chevy Volt led me to think about the amount of money General Motors or Ally Financial (also taxpayer-owned) was going to lose when the quickly depreciating leased vehicles begin to be returned. I then recognized another egregious waste of taxpayer money being spent to support the struggling car. Taxpayers are paying the tax credits, which go to the lessor of the Volt (most likely Ally Financial), to place Volts on the road for a limited period of time. The typical Chevy Volt lease will be for a term of 36 months. The...
  • How the Chevy Volt Is Like ObamaCare

    03/10/2012 9:21:38 AM PST · by jazusamo · 15 replies
    Forbes ^ | March 10, 2012 | Merrill Matthews
    March is an important month in the ongoing saga of President Obama’s abject policy failures. First, Chevrolet announced that it would temporarily cease production of the president’s much-touted car for the green economy, the Chevy Volt. Second, the U.S. Supreme Court will hear the state-led challenge to the president’s health care legislation. And while “ObamaCar” and ObamaCare may seem like unrelated topics, in this case they have at least three elements in common. Both were sold as a key to creating jobs and economic growth. Only last year the president predicted that there would be 1 million electric cars on...
  • Maybe It Should Be Called the Chevrolet 'Vote' (Good piece)

    03/09/2012 11:40:22 AM PST · by jazusamo · 18 replies · 1+ views
    Forbes ^ | March 8, 2012 | Patrick Michaels
    The Chevrolet Volt is everything that is wrong with Washington on four wheels, and investors (that’s you and me) should be furious. Wrong #1 : The Volt should be re-named the Vote. Who can forget that Super Bowl ad, with the pseudo-assembly line of Volts rolling through Hamtramck, Michigan, and the voice overlay that “this isn’t the car we wanted to build; it’s the car America had to build…from the heart of Detroit to the help [sic] of the country.” How true—corporate welfare on wheels, buying votes in a state vital to the President’s re-election. There is simply no...
  • GM's Latest 'Crapload' of Chevy Volt Nonsense

    03/09/2012 8:49:13 AM PST · by jazusamo · 41 replies
    National Legal & Policy Center ^ | March 9, 2012 | Mark Modica
    These guys at Government Motors just continue to outdo themselves. Just as Chevy Volt owners are getting over being called idiots by the head of Audi, GM comes up with an ad that lends credence to the accusation. A supposed Volt owner tells how she loves her car because her friends think it looks like a spaceship and it saves a "crapload" of money. I laid off the original story of the Audi head saying Volts were for idiots. The .001 percenters who bought Volts have a right to spend their money as they see fit and I gave...
  • Romney Wants Reexamination of GM Bankruptcy Process

    03/07/2012 1:50:57 PM PST · by jazusamo · 7 replies
    National Legal & Policy Center ^ | March 7, 2012 | Mark Modica
    The Detroit News reports that Mitt Romney wants a reexamination of the General Motors' bankruptcy proceedings. Mr. Romney is quoted as stating, "I think it's important for us to go back and look at what happened and take apart this bankruptcy process. See to what extent the finger of politics was placed on the scales of justice and see if we can't be more fair to the people involved in this process." I agree with the sentiment, but I do have to ask, where were the Republicans on this issue over two years ago? Three years ago I served...
  • Can Taxpayer-Subsidized Battery Maker A123 Survive?

    03/06/2012 11:41:14 AM PST · by jazusamo · 11 replies
    National Legal & Policy Center ^ | March 6, 2012 | Paul Chesser
    The taxpayer-funded ($279 million) battery supplier that gave big raises and parachutes to its executives shortly after it cut “Green jobs” at its Michigan factories, reported last week it would suffer big losses again for 2011. A123 Systems , whose fortunes were entwined with those of electric vehicle startup manufacturer Fisker Automotive, also announced it would look to China and India in order to survive. A123 also received grants and tax credits from Michigan that could total more than $135 million. The company said it would realize a loss of $257.7 million for last year, compared to the $152.6...
  • GM-Funded EV Company Gives Up on DOE Loan, Ends Operations

    03/05/2012 4:45:16 PM PST · by jazusamo · 3 replies
    National Legal & Policy Center ^ | March 5, 2012 | Paul Chesser
    In administrating its stimulus-fed loan and grants programs, the Department of Energy has been accused of incompetence, carelessness, recklessness, and cronyism. Now it can add inconsistency to those distinguishing characteristics. Last week Bright Automotive, an electric vehicle start-up company thatGeneral Motors helped two years ago with an investment of at least $5 million from its venture capital arm, gave up hope on winning a $450 million loan from DOE’s Advanced Technology Vehicle Manufacturing program. As the company announced the withdrawal of its loan application and that it would end operations, CEO Reuben Munger and COO Mike Donoughe sent (and...
  • Volt Production ‘Temporarily Halted,’ Hundreds of Workers Laid Off

    03/03/2012 10:32:59 AM PST · by Lazlo in PA · 42 replies
    The Blaze ^ | 02-02-12 | Becket Adams
    General Motors told 1,300 employees at its Detroit-Hamtramck factory that they were being “temporarily laid off” for five weeks as the company halts production of the Chevrolet Volt, the Detroit Free Press reports. “Even with sales up in February over January, we are still seeking to align our production with demand,” said GM spokesman Chris Lee. “We needed to maintain proper inventory and make sure that we continued to meet market demand,” he told The Hill in a phone interview.
  • Millions Spent on Ads Does Little for Chevy Volt Sales

    03/02/2012 8:40:10 AM PST · by jazusamo · 29 replies
    National Legal & Policy Center ^ | March 2, 2012 | Mark Modica
    It looks like there is plenty of inventory of Chevy Volts available for those aliens that seemed to be so impressed with the car on Super Bowl Sunday. Unfortunately for General Motors, earthlings do not seem as enamored with President Obama's favorite vehicle. Despite GM spending millions of dollars during the month to advertise the taxpayer subsidized Volt, only 1,023 sold in February. The pitiful sales number is not stopping the ridiculous headlines on the web by proponents of the Volt. One reads, "Chevy Volt Sales Sizzle" as others brag about the car outselling the even more dismally selling...
  • Chevy Volt Sales Sizzle, Nissan LEAF Cools Off in February 2012

    03/01/2012 3:34:51 PM PST · by Oldeconomybuyer · 29 replies · 16+ views
    PlugInCars.com ^ | March 1, 2012 | By Eric Lovegay
    With February now in the history books, US sales of the two most popular electrified vehicles have been tallied. Nissan reports that sales of the electric LEAF checked in at only 478 units in February 2012. That's below the 676 LEAFs that Nissan reported selling in January 2012, but still seven times more than the 67 LEAFs sold in February 2011, when the market was just getting started. Sales of the Chevy Volt picked up significantly with General Motors reporting it sold 1,203 units in February 2012. That's nearly double the 603 Volts sold in January 2012, but still a...
  • Chevy Volt Gas Savings: Myths and Reality

    02/29/2012 10:50:09 AM PST · by jazusamo · 17 replies
    National Legal & Policy Center ^ | February 28, 2012 | Mark Modica
    There has been much written and said about the operating costs of the Chevy Volt. Proponents and critics have both been a bit deceptive on claims about just how much the Volt can save or cost you by mostly running on an electric charge before switching to gas. Snopes.com gives a fairly accurate picture of the true fuel savings in a recent analysis. First, it is important to recognize that true operating cost consists of depreciation, insurance and maintenance as well as energy consumption. The high cost of the Volt puts it at an immediate disadvantage to conventionally powered...
  • VIDEO: Modica Criticizes Tax Credits to GM Dealers Selling Chevy Volts to Gov't

    02/23/2012 10:48:38 AM PST · by jazusamo · 1+ views
    National Legal & Policy Center ^ | February 23, 2012 | NLPC Staff
    Mark Modica interviewed by Gerri Willis of the Willis Report on Fox Business Channel. Video, 4 minutes
  • GM Dealers Get Chevy Volt Tax Credit for Sales to Gov't

    02/22/2012 1:23:16 PM PST · by Oldeconomybuyer · 10 replies
    National Legal and Policy Center ^ | February 22, 2012 | by Mark Modica
    I discovered an interesting fact while reviewing the 2011 IRS form 8936 used for the $7500 EV tax credit. While under most circumstances it is the wealthy purchasers of Chevy Volts and other high priced plug-in vehicles that get the taxpayer-funded handout, it appears that General Motors' dealerships that sell the vehicles to government entities are benefiting by being able to claim the credits. These dealers are able to double-dip into the seemingly endless pool of taxpayer funds designated for cronies of the Obama Administration under the guise of green initiatives. Not only do taxpayers pay for Chevy Volts purchased...
  • EXCLUSIVE: GM Dealers Get Chevy Volt Tax Credit for Sales to Gov't (Outrageous)

    02/22/2012 9:56:02 AM PST · by jazusamo · 17 replies
    NLPC ^ | February 22, 2012 | Mark Modica
    I discovered an interesting fact while reviewing the 2011 IRS form 8936 used for the $7500 EV tax credit. While under most circumstances it is the wealthy purchasers of Chevy Volts and other high priced plug-in vehicles that get the taxpayer-funded handout, it appears that General Motors' dealerships that sell the vehicles to government entities are benefiting by being able to claim the credits. These dealers are able to double-dip into the seemingly endless pool of taxpayer funds designated for cronies of the Obama Administration under the guise of green initiatives. Not only do taxpayers pay for Chevy Volts...
  • GE Steps Up Support for GM Chevy Volt Folly (Excellent piece)

    02/20/2012 12:27:26 PM PST · by jazusamo · 49 replies · 1+ views
    National Legal & Policy Center ^ | February 20, 2012 | Mark Modica
    Last week, Greencarreports.com reported that crony corporation, General Electric, will be purchasing only Chevy Volts for employee use. The move will help General Motors proclaim that the Volt is a success (and help ensure that GE sells more charging stations) as thousands of orders for the vehicle hit the books, conveniently timed to coincide with the run up to the 2012 presidential election. The Volt has not caught on with the majority of consumers as the benefits of traveling 20 to 45 miles on an electric charge before getting about 30 miles per gallon on premium fuel do not...
  • GM Pays Less Tax Than Buffet’s Secretary; UAW Gets Bonuses

    02/16/2012 11:21:19 AM PST · by jazusamo · 12 replies · 1+ views
    National Legal & Policy Center ^ | February 16, 2012 | Mark Modica
    General Motors reported year end earnings figures today. The company made about $9 billion dollars in 2011. How much of its "fair share" is GM paying in taxes? Zero. In fact, from GM's financial report, they actually received a "benefit" of $110 million for the year. The UAW benefited as well, as they are set to receive $7,000 per worker in profit sharing bonuses. The sweet tax deal GM receives was set up by the Obama Administration as the company was granted a multi-billion dollar tax credit for loss carry-overs when they exited their bankruptcy proceeding. Normally, the company would...
  • GE Employees Get Chevy Volt Electric Cars, All-Gas Use OKed Sometimes

    02/16/2012 10:58:29 AM PST · by Oldeconomybuyer · 34 replies
    Green Car Reports ^ | February 16, 2012 | by John Voelcker
    Sixteen months ago, General Electric announced it would place the "largest order in history" for electric cars, to be used by its employees who are issued company cars. Now, those cars are starting to arrive and be placed with employees. A person inside GE recently forwarded a memo to us that covers some of the nuts and bolts of using the 2012 Chevrolet Volt range-extended electric car. It's from the fleet operations manager for GE Healthcare. Among the interesting points: * All sedans ordered in 2012 will be the Chevrolet Volt * Crossovers and minivans will be replaced by electric-vehicle...
  • GE Employees Get Chevy Volt Electric Cars, All-Gas Use OKed Sometimes

    02/16/2012 9:36:48 AM PST · by jazusamo · 38 replies
    Green Car Reports ^ | February 16, 2012 | John Voelcker
    Sixteen months ago, General Electric announced it would place the "largest order in history" for electric cars , to be used by its employees who are issued company cars. Now, those cars are starting to arrive and be placed with employees. And where changes are made, personnel policies are sure to follow. A person inside GE recently forwarded a memo to us that covers some of the nuts and bolts of using the 2012 Chevrolet Volt range-extended electric car. It's from the fleet operations manager for GE Healthcare. Among the interesting points: "All sedans ordered in 2012 will be...