Word: gm
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Dates: during 2000-2009
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General Motors is getting an even bigger boost. After GM collected $9.4 billion in federal loans last month, its finance arm GMAC, which GM jointly owns with Cerberus Capital LLC, got a Treasury Dept loan of $6 billion. GMAC has been hammered by both the sharp decline in sales of GM vehicles, which it finances, and steep losses in its mortgage portfolio over the past year. (Read "Is This Detroit's Last Winter...
...North American International Auto Show in Detroit this week. Ford announced that it hopes to have an all-electric vehicle, which would be able run for 100 miles on a single charge, on sale by 2011. Chastened by their collapsing sales and sustained by infusions of bailout cash, GM, Chrysler and Ford need to come up with ways to revolutionize car design, clean up the environment and wean the industry off foreign oil. The concept of all-electric cars has faced some resistance, but the big three seem readier than ever for change - and the idea, it turns...
...hydrocarbons and alcohol have all been used) as an alternative to batteries. While this helped increase speeds, it didn't help sales take off and ultimately defeated the purpose of a more environmentally friendly, non-fuel reliant automobile. Better versions of electric cars arrived over the next two decades. GM's EV1 made it to production but proved too expensive to make in mass quantities; Toyota's Rav4 EV, which debuted in 2001, required a separate wall mount for charging. The Tesla Roadster, which first hit the streets in 2006, boasted a sticker price starting at $90,000 each - well...
...future of electric cars, it seems, relies not only on whether their purchase and use will catch on, but also on how good the car batteries can become: how much power they can hold, and for how long, has long been the technology's main stumbling point. GM's plans to build a lithium-ion battery plant in Michigan to assemble battery packs could presage a new technology race among the big three and companies in nations like India and China to see who can first build the battery that will make affordable, long-driving electric cars a reality...
...Read "Chevy Volt: GM's Huge Bet on the Electric...