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...Last week the Treasury Department provided Chrysler $4.1 billion in debtor-in-possession financing to help it get through bankruptcy, bringing the total amount of federal 'loans' to Chrysler to more than $8.2 billion. GM, meanwhile, has received $15.4 billion from the Troubled Asset Relief Program and its total loan request could top $27 billion before the company completes its restructuring, a GM spokesman says. Even that figure assumes that GM's cash burn, which was running more than $3 billion per month in the first quarter, begins to slow later in the year. If the recession deepens, GM could...
...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...
...bringing Porsche under VW's roof and has been working for years to build VW into the world's leading car company. VW sold 6.27 million cars last year, and Piech, VW execs have said, has his sights set on overtaking Toyota, which sold 8.9 million cars, and GM, which sold 8.35 million. (See pictures of a brief history of Pontiac...