Word: gm
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Dates: during 2000-2009
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...Treasury has also loaned $5 billion to GMAC, GM's auto financing partner, and another $1.5 billion to Chrysler Financial, which once financed Chrysler vehicles. Chrysler Financial is now being de-commissioned since GMAC will take over the financing of Chrysler vehicles under President Obama's plan to reorganize the automaker into a joint venture with Fiat. (Read "Porsche and VW Agree to a Merger...
...trade in old vehicles for new, more fuel-efficient cars. The incentive is expected to cost the government $4 billion and to boost sales of new vehicles by one million units. "We believe this will play an important role in driving demand and stimulating sales," says Ray Young, GM's chief financial officer. (Read "My $4,500 Lemon: Taking the Feds Up on Cash For Clunkers...
...down your pencil yet. The Obama Administration also has agreed to support GM and Chrysler's warranties as part of its bailout plans. The two companies have trimmed warranty expenses in recent years, but based on financial information from both automakers the potential federal liability required to back up Obama's pledge could ultimately run into the billions of dollars...
...that increase fuel economy. Ford, for example, has applied to use some of the federal cash to convert an assembly plant in suburban Detroit from building trucks to building small cars and electric vehicles. The project costs $550 million and Ford hopes to use some of the DOE cash. GM, Chrysler, Nissan and Tesla, the California manufacturer of an exotic electric sports car, are also applying for some of the funds...
...that weren't enough, GM predicted in February that bankruptcy, which now looks inevitable after the company's disastrous first quarter, could cost as much as $100 billion...