It was reported earlier this month that GM is looking to import Chinese-made subcompact cars to the United States. The Detroit automaker had planned to export more than 51,000 vehicles from China by 2014. Yes, that had the UAW up in and arms and now, as a part of its concession deal with the UAW, [...]
Many are worried how much say the U.S. government will have in future General Motors’ products since it will be a major shareholder of the new restructured company. Speaking at the Automotive Press Association luncheon, Bob Lutz confirmed that GM will still be making vehicles like the 2010 Chevrolet Camaro, Corvettes and full-size pickup trucks [...]
The British government said that its newly launched car scrappage program has accounted for more than 35,000 in new car sales. The program was launched about a month ago. Vehicles more than 10 years old are considered scrap. The British government and the auto industry are sharing the cost for the program, which gives £2000 [...]
It seems like there is one thing the FBI doesn’t teach you – how to drive expensive exotics. An FBI agent was ‘safely transporting’ a $500,000 Ferrari to a warehouse when he crashed it on his way there. The FBI agent says he was driving at 40 mph when he lost control and crashed into [...]
Earlier this week, we heard rumors from Auto Motor und Sport that Audi was going to unveil an electric concept version of the R8 supercar at the 2009 Frankfurt Motor Show in September. Well, according to an Audi spokesman, the rumor is “not true” and Tesla’s CEO Elon Musk can now sleep in peace. The spokesman, [...]
Other than Ira Rennert’s Renco Group and Fiat, luxury supercar maker Koenigsegg is among the remaining bidders for General Motors’ Saab brand. According to Swedish business daily, Dagens Industri, Saab has narrowed down its list of suitors to three and hopes to have a deal finalized in the coming weeks. “According to sources close to [...]
Later this summer, the Olsberg Motor Sport Evolution from Sweden will take two modified race-spec Ford Fiestas to race in the annual Pike’s Peak “Race to the Clouds.” The two modified Fiestas will be piloted by Andreas Eriksson and rally legend Marcus Gronholm. Based on the road-going Fiesta compact cars, the race-version will run in [...]
Bob Lutz, who has retired from his vice chairman position at General Motors, said that the new GM that comes out of the “cleansing” of the radical restructuring will be “smaller and leaner but a powerhouse” that is very profitable. As for GM going into bankruptcy, Lutz said: ”We intend to get in and out very [...]
Chrysler’s CEO Bob Nardelli said today that he expects the sale of the automaker’s assets to a new company to be completed by Friday. He said that regulatory approvals will be finalized and he will step down as the company’s CEO. Nardelli said that he plans on returning to his former post at Cerberus Capital [...]
With GM’s June 1 government-imposed deadline just around the corner, we’ve been hearing a lot about the struggling Detroit automaker’s road to bankruptcy. The pending Chapter 11 filing is considered to be the largest bankruptcy ever for a U.S. industrial company so there is no surprise that we’ve been getting bombarded with news related to the [...]
