Word: chevrolet
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...General Motors have an excellent range of fuel-efficient models in their overseas car plants, so all Detroit has to do is to apply their overseas expertise in the U.S. I drive a 1.2-liter Opel Corsa (made in Germany) and our second car is a 0.8-liter Chevrolet Matiz (made in Korea). These cars aren't "gas guzzlers." Jan Nieuwenhuizen, DORDRECHT, NETHERLANDS...
Here's one example of the challenges that GM faces. It is investing $750 million in the Chevrolet Volt, a range-extended electric vehicle that is supposed to get 40 miles on a charge of electricity. It is a major technological achievement, but analysts figure that the cost of the extra batteries in the Volt will raise its price to around $40,000. Since sales volume will be very small, GM will lose money on every one. Volt will be great for corporate egos but lousy for the bottom line. (See the Top 10 Bailout Measures...
...least some of their jets, and all three CEOs said they would forgo salaries if they got the help they need, though that may not satisfy critics who claim the companies need entirely new management. More significantly, GM has pledged to consolidate its sprawling number of brands (focusing on Chevrolet, Cadillac, Buick and GMC), cut more than 20% of its remaining jobs, shutter almost a quarter of its factories and try to reduce crippling labor costs by reopening negotiations with the United Auto Workers. Ford, in its plan, stated that it would roll out all-electric models within two years...
Dave Cole, chairman of the Center for Automotive Research, offers some grounds for optimism. Once the downturn passes, he says, there will be a lot of pent-up demand for new more fuel-efficient vehicles. GM is feverishly working on the Chevrolet Volt, an electric car that could go a long way towards changing the way Americans think about such cars. Even Chrysler is promising to deliver seven new models...
Back at Ganley Chevrolet, the dealership's bank announced in a meeting yesterday morning that it will increase the floor plan rate - the interest on money that car dealers borrow to buy new inventory - by 1.5%. "Which forces me to have less inventory on hand," says Jim Helton, the general manager. "That makes it harder for me to sell cars, because I'm giving people fewer choices." The dealership's owners were planning this summer to spend millions of dollars on a complete renovation and expansion of the façade, showroom and service area. Rising credit costs, combined with...