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It's the week ending August 21, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. Big news involves the end of the CARS rebates on Monday, as once again the Feds predict the money will run out over the weekend....
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President Obama has signed into law H.R. 3435, a bill that extends the Car Allowance Rebate System (CARS) with $2 billion more in funding. This bill doubles the original $1 billion in funding that sparked a new car sales wave. Late Friday, the National Highway Traffic Safety Administration (NHTSA) announced that 245,384 CARS credits had been requested, totaling $1.03 billion. The extension came just in time to continue the offer through the weekend. (See: “ Cash for Clunkers: Senate Approves $2 Billion Extension .”) Obama said, “Now, more American consumers will have the chance to purchase newer, more fuel-efficient cars and the American economy will continue to get a much-needed boost. ‘Cash for clunkers’ has been a proven success: the initial transactions are generating a more than 50 percent increase in fuel economy; they are generating $700 to $1000 in annual savings for consumers in reduced gas costs alone; and they are getting the oldest, dirtiest and most air-polluting trucks and SUVs off the road for good. Businesses across the country – from small auto dealerships and suppliers to large auto manufacturers – are putting people back to work as a result of this program.” From...
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It's the week ending August 7, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. The biggest news this week continues to be discussion of Obama's Car Allowance Rebate System (CARS) program, as websites discussed the outcome of the program's first week, as well as plans for its next installment. Thanks to AutoBlogGreen for the latest update clarifying the mysterious status of the Car Allowance Rebate System legislation, telling us it looks set to continue for at least another month. Apparently, the Senate confirmed the House's $2 billion funding of the incredibly popular program yesterday in a 60-37 vote, Obama is expected to sign it into law soon, and the money should last through Labor Day. Note: If you're considering making a purchase based on CARS rebates, don't delay, as it's not expected to be extended again. A report at Edmunds Auto Observer , which was heavily based on information obtained from a Hyundai press release, states that these new purchases could result in a 59-percent fuel economy improvement between the new and old vehicle of the early clunker trades. In...
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The General is racing through its bankruptcy proceedings, with victory lane in sight, where the troubled automaker will arrive leaner, meaner, and better positioned for long-term success. A key milestone was reached Sunday when Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the sale of substantially all of General Motors Corporation's assets to the new GM. Through the 363 asset sale, the new company will carry on with the “best” parts of the old corporation, officially known as Motors Liquidation Company. Among the key assets are just four brands: Buick, Cadillac, Chevrolet, and GMC. Separately, GM has said it will withdraw from the NUMMI cooperative factory venture with Toyota, where the Pontiac Vibe was built in California. The new GM's common stock will be owned by: U.S. Department of the Treasury: 60.8 percent UAW Retiree Medical Benefits Trust: 17.5 percent Canada and Ontario governments: 11.7 percent The old GM: 10 percent The judge's order included a four-day stay before closing of the sale can occur, allowing for appeals to be heard.
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It's the week ending June 26, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. The biggest news of the week is death of Michael Jackson, and even the car sites are talking about it. Besides that, we've got high-performance road tests, long-distance road trips, and green news too! And let's not forget about the Cash for Clunkers/CARS legislation signed into Law by Obama this week! Big News: President Obama signed the Cash for Clunkers legislation into law this week, only it's been renamed the "Car Allowance Rebate System." In case you missed it, we've got a complete description of the new auto sales incentive program here at autoMedia.com Are you ready to go shopping? Do your research first here in our online New Car Buyer's Guide. Autoblog spent three days in the upcoming 2010 Porsche Panamera assailing the Bavarian Alps, streaking across the German Autobahn at speeds up to 170mph, and meandering through picturesque Alpine towns. What did they think of Porsche's gorgeous four-door sedan? It sounds as if they liked it. Although the closest thing you can get to an...
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Today President Obama signed into law a new program being called "Car Allowance Rebate System" (CARS); we've previously been referring to it as " Cash for Clunkers ." This government program is intended to help consumers purchase a new, more fuel-efficient vehicle when they trade in a less fuel-efficient vehicle. Official information is available here at www.cars.gov . The new CARS law allows consumers to receive up to a $4,500 credit when trading in their old gas guzzler for a more fuel-efficient new vehicle. Qualifying vehicles are considered passenger cars, mini vans, SUVs and small light-duty trucks that get less than 18 mpg, and large light-duty trucks that get less than 15 mpg city/highway combined. For passenger cars, if the new vehicle is at least four mpg more fuel-efficient than the old vehicle, consumers will receive a $3,500 credit toward a new vehicle. If the new vehicle is at least 10 mpg more fuel-efficient than the old vehicle, the credit is good for $4,500. If you're not sure whether your car qualifies, you can find out how your car is rated by searching at fueleconomy.gov (I was disappointed to discover that my 1989 Honda Accord does not...
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Making good on his campaign rhetoric, President Obama has announced a national policy to increase fuel-economy standards starting 2012 and ramping up to a combined car-truck 35.5 mpg average in 2016. The move addresses the efforts by California and its 13 emissions-partner states to create their own standard. This move, therefore, simplifies production targets for automakers, while significantly increasing the standard over the current CAFE law that calls for an average fuel economy of 35 mpg in 2020. (Learn about green cars and saving fuel with your current car .) "In the past, an agreement such as this would have been considered impossible," said President Obama today, flanked by senior executives from BMW , Chrysler , Ford , General Motors , Honda , Mazda , Nissan , Toyota , and Volkswagen . "That is why this announcement is so important, for it represents not only a change in policy in Washington, but the harbinger of a change in the way business is done in Washington. As a result of this agreement, we will save 1.8 billion barrels of oil over the lifetime of the vehicles sold in the next five years.” Estimates have ranged from $600 to $1,300 for the cost per vehicle...
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The deadline for Chrysler to deliver a more promising viability plan came due, and with it came dramatic moves that will forever reshape the automaker. Chrysler filed Chapter 11 bankruptcy today, enabling a controlled restructuring that can reduce debt and allow for a rapid rebuilding. The process expected to take just 30 to 60 days. During this time, Chrysler will idle its factories as it puzzles through its near-term strategy and reduces standing inventory, just as General Motors is doing . When the reborn company comes to life, Chrysler Chairman and CEO Bob Nardelli is expected to step aside, taking an advisor role with Cerberus. A strategic alliance with Fiat was a government condition for continued support, and Chrysler is effectively merging with the Italian automaker, though it has publicly avoided characterizing the partnership as such. Fiat will initially be a 20-percent shareholder, with the potential to take on a larger interest up to 35 percent. The larger piece of the corporate pie will be available only when Chrysler repays its federal loans, ensuring no U.S. taxpayer money is funneled overseas. Through the merger, uh, partnership, Chrysler will gain access to Fiat technology...
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President Obama delivered some tough love to Chrysler and General Motors on Monday, providing frank criticism of their latest viability plan and spurring them to do more with extended deadlines. In the meantime, the federal government will provide continued assistance and make several moves to help them along. Obama outlined the following measures: First, we will ensure that Recovery Act funds to purchase government cars get out as quickly as possible and work through the budget process to accelerate other federal fleet purchases, as well. Second, we'll accelerate our efforts through the Treasury Department's Consumer and Business Lending Initiative. And we are working intensively with the auto finance companies to increase the flow of credit to both consumers and dealers. Third, the IRS is launching a campaign to alert consumers of a new tax benefit for auto purchases made between February 16th and the end of this year -- if you buy a car anytime this year, you may be able to deduct the cost of any sales and excise taxes. And this provision could save families hundreds of dollars and lead to as many as 100,000 new car sales. Finally, several members of Congress have proposed...
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Chrysler, General Motors, and indeed the entire automotive industry anxiously awaited today’s announcement from President Obama, expecting further aid and assistance. However, in a memorable speech Obama said neither automaker met the requirements to prove viability. Gulp. The administration has given Chrysler 30 days to further restructure and secure its partnership with Fiat , a move seen by Obama as essential. GM has 60 days to aggressively reshape its business. Both corporations will be provided with enough additional working capital to keep the lights open during that time. Obama said, “We cannot, and must not, and we will not let our auto industry simply vanish. This industry is like no other -- it's an emblem of the American spirit; a once and future symbol of America’s success.” The analysis by the auto task force paints grim picture, stating that the Chrysler product portfolio is not competitive, with weakness in quality and fuel efficiency. Further, the automaker lacks the scale to engineer and build vehicles at a profitible volume, with limited overseas sales limiting its global reach. The task force reported that GM is currently burdened with underperforming brands,...
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America, and most especially Chrysler and General Motors, anxiously await an Obama Administration statement on the latest auto industry bailout on Monday. However, one early surprise has been released, as reported by the Detroit Free Press and Automotive News : GM Chairman and Chief Executive Officer Rick Wagoner has been asked to end his 31-year career with General Motors. Reports suggest that his immediate resignation was a condition for continued federal assistance. In making this move, GM signals they are willing to do what is necessary to survive, and the White House shows the reluctant taxpaying populace that it will force dramatic changes to the industry. As of this posting, neither GM nor the White House has issued a formal statement. Clearly, this will be a pivotal week for the domestic auto industry. Beyond these developing stories, the March sales figures will be released. Some analysts have predicted that Chrysler and GM sales will be down more than 40 percent for the month. Fasten your seat belt, it is going to be a bumpy ride. Read: “ Fuel Economy Standards Increase for 2011 ” and “ Auto Suppliers to Receive $5 Billion Aid Package .”
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At the Edison Electric Vehicle Technical Center in Pomona, California, today, President Barack Obama commited $2.4 billion to advance electric vehicle development, including battery technology and plug-in hybrids. The investment promises to create thousands of jobs and help achieve the administration’s goal to put one million plug-in hybrids on America’s roads by 2015. To further aid in achieving that ambitious goal, plug-in hybrid buyers will be able to claim a $7,500 tax credit. The $2.4 billion breaks down as: $1.5 billion in grants to U.S. based manufacturers to produce these highly efficient batteries and their components. $500 million in grants to U.S. based manufacturers to produce other components needed for electric vehicles, such as electric motors. $400 million to demonstrate and evaluate plug-in hybrids and other electric infrastructure concepts -- like truck stop charging station, electric rail, and training for technicians to build and repair electric vehicles.
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