Demand for bigass SUVs just isn’t what it used to be. Ford says it is spending “550 million to convert a plant, which previously produced trucks and SUVs, into a “green” manufacturing complex building small fuel-efficient and electric cars,” says CNN.
Transportation & Infrastructure
By 5.6.09
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Chrysler is offering up to $4,000 in cash rebates for new car purchasers. The world says, “meh.” [CNN]
Above And Beyond: Canon Replaces Broken 5-Year-Old Camera For Free
By 5.6.09
It shouldn’t surprise me when a company stands behind their products’ quality, but it really does. One reader was so happy with her experience with Canon that she had to share it with us.
Bankruptcy Court To Reveal The Identities Of Investors Trying To Stop The Chrysler/Fiat Deal
By 5.5.09
Hey, this is getting kinda dramatic. Over in bankruptcy court land, Judge Arthur Gonzalez has decided to reveal the identities of the group of investors calling themselves “Non-TARP” lenders that are seeking to stop the auction of most of Chrysler’s assets to an entity managed by Fiat SpA, says Bloomberg.
By 5.5.09
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Will A Merger Between Fiat and Chrysler Improve Reliability? Nah, probably not. [Consumer Reports]
How Does The Chrysler Bankruptcy Impact Your Mutual Fund?
By 5.2.09
What impact does the Chrysler bankruptcy have on regular investors who hold bond funds? Most likely little to none, it turns out. Consumer Reports points out that most mutual funds have been avoiding Chrylser, GM, and Ford debt for years now—and if your fund does include Chrysler, it’s probably a tiny portion of your overall investment.
Chrysler Will Enter Bankruptcy, Partner With Fiat, Warranties Backed By US Government
By 4.30.09
President Obama announced today that Chrysler would seek bankruptcy protection and enter into an alliance with Fiat. The president told reporters that a “small group of speculators” made up of hedge funds and other investors held out in the hopes that the US government would bail them out. That didn’t happen.
By 4.30.09
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President Obama is expected to speak at noon to announce the fate of Chrysler. The New York Times says, “Last-minute efforts by the Treasury Department to win over recalcitrant Chrysler debtholders failed Wednesday night, according to people briefed on the talks. Barring a last-minute agreement, Chrysler was expected to seek Chapter 11 protection, most likely in New York, these people said.” [NYT]
Sorry, GM's Lots Are Too Full To Take Your Lease Back
By 4.29.09
Nearing the end of his lease on a Chevy Equinox, Tom wanted to turn the vehicle in before he used up his allotted miles, and drop it from his insurance as soon as he could. The dealership he leased it from, their lot clogged with cars and trucks that nobody particularly wants to buy, wasn’t really keen to take it back. So Tom got creative.
Chrysler May Avoid Bankruptcy
By 4.28.09
It now seems much more likely that Chrysler will avoid bankruptcy. BusinessWeek says that Chrysler and the US Treasury have reached a deal with the banks and private equity firms that hold Chysler’s debt.
Worst Company In America: Bank of America VS Chrysler
By 4.28.09
Last year’s champion VS a troubled car company that used your bailout money to buy an ad thanking you for your bailout money? Which one makes you punch the wall with rage?
Worst Company In America: Comcast VS GM
By 4.27.09
Now here is a match-up! One company is trying to avoid bankruptcy in a tough recession, the other struggles with customer service. Which one makes your blood boil?
GM To Eliminate Pontiac, Give Government 50% Stake
By 4.27.09
GM released a new plan to avoid bankruptcy today, and the cuts are deep. The U.S. Treasury would own at least 50% of the company and the failing Pontiac brand would be completely eliminated.
Time Is Running Out For Chrysler! Bankruptcy "95% Certain"
By 4.23.09
With a week to go before the deadline runs out on Chrysler’s bailout — it’s looking less and less likely that the automaker will be saved from liquidation.
General Motors Defaults, Idles Plants
By 4.22.09
General Motors is projected to default on its next bond payment—the last before the June 1st government-imposed restructuring deadline. Next freeway exit: bankruptcy.
Chrysler Financial Accused Of Turning Down Government Loan To Avoid Executive Bonus Restrictions
By 4.20.09
The Washington Post has just published a story accusing executives at Chrysler Financial of turning down a $750 million government loan because they “didn’t want to abide by new federal limits on pay,” and instead opted for more expensive private sector financing, “adding to the burdens of the already fragile automaker and its financing company.” Chrysler Financial denies the charge.
General Motors' Greatest Innovation? Not Cars, Credit
By 4.20.09
Sorry to disappoint all of you who think that the two-person Segway is the most innovative thing GM has produced in its long history — it seems that the company’s most important new idea was consumer credit. More specifically, convincing a nation of thrifty debt-averse tightwads that taking on debt was socially acceptable. Yes, it’s true. We weren’t always a bunch of debt junkies.
Worst Company In America: eBay Vs Chrysler
By 4.17.09
An internet auction giant, payment processor and ticket broker? Or a troubled car company that used your bailout money to buy an ad thanking you for your bailout money? Which do you hate more?
