An administration official has confirmed that President Barack Obama will visit Chrysler’s plant in Toledo next week. On Tuesday, Chrysler repaid its loans to the United States and Canadian government six years ahead of schedule. Chrysler spokeswoman Jodi Tinson said that Obama wants to personally congratulate Chrysler and its employees. “We are expecting a visit [...]
More than six years ahead of schedule, Chrysler Group LLC today repaid its outstanding $7.6 billion U.S. and Canadian government loans following the completion of a new refinancing deal it struck last week (click here for more on that). The $7.6 billion payment includes original U.S. and Canadian government loans totaling $6.7 billion, in addition to $1.8 [...]
President Barack Obama today opened a four-country, 6-day European tour when Air Force One landed in Ireland. Accompanying the President Obama is his wife, Michelle Obama, who will also travel with him to Moneygall, a tiny village where the Obama’s maternal great-great-great-grandfather was born. Either way, after a short visit at the American Embassy in [...]
As I’ve just before, this whole trend and push to make cars more economical has resulted in a decrease in driving fun. But at the same time, it’s inevitable since times are changing. For example, a research poll conducted by Opinion Research Corp. and commissioned by the Consumer Federation of America showed that 62% of [...]
Earlier this week, U.S. Secretary of Transportation Ray LaHood took a tour of the construction site where Nissan is building a plant to manufacture advanced lithium-ion batteries. The Smyrna, Tennessee plant, which will be the largest in the country capable of manufacturing lithium-ion batteries for automotive applications, will produce the battery packs for the Nissan [...]
The federal government has said that it won’t be requiring annual improvements of fuel-efficiency of less than 2% between 2017 and 2025, but have also said that an annual improvement of 7% is the most automakers can be expected to reach. The NHTSA said Tuesday that it is researching the impact of raising fuel-efficiency in [...]
While the White House today congratulated General Motors on its announcement of investing $2 billion in 17 plants in eight states creating new jobs, it said that the outcome is evidence that the government’s ‘tough love”‘worked. Click here for GM’s announcement on investing $2 billion in U.S. assembly and component plants. In a White House blog [...]
President Obama’s plan to have the government employ a fleet of vehicles that uses alternative fuels, such as ethanol, may actually end up increasing the use of gasoline, rather than decreasing it. Last year, 55% of fleet vehicles capable of running on E85 – a blend of 15% gasoline and 85% ethanol – were given [...]
Earlier this morning, Chrysler Group LLC announced that it will repay U.S. government loans by the end of the second quarter. The announcement came right before U.S. Treasury Secretary Timothy Geithner visit to Detroit where he toured Chrysler’s Jefferson North Assembly Plant with CEO Sergio Marchionne. Talking to the Detroit Economic Club, Geithner said that [...]
Chrysler Group LLC today reached reached a debt-refinancing deal that will allow the automaker to repay $6.6 billion in bailout loans from the U.S. and Canadian governments this quarter. “Chrysler Group LLC announced today that it intends, subject to market and other conditions, to repay in full the outstanding obligations under the loans provided to [...]
