UPDATED: GM about to smash another record!
Great news- they're within spittin' distance of surpassing the 2004 record set for most GM recalls ever! :) News report wrote: General Motors recalls another 2.7 million vehicles The latest ...
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parkersdad wrote:
Read up boys
CLICKY LINKY
If you’re keeping score (and you should be) here’s a rundown of how some of the government’s largest auto industry investments turned out:
GM: repaid $23.1 billion of the $49.5 billion it got from the U.S. Treasury, including all of its outstanding loans. But Treasury still owns 500 million shares, or 32%, of GM stock. To recoup its full investment, GM stock needs to hit $52.80 per share. It’s currently trading around $21. GM also received a $106 million matching grant to build a battery factory in Brownstown, MI, where it is assembling battery packs for the Chevrolet Volt plug-in car using cells imported from Korea.
Chrysler: repaid $9.2 billion, fulfilling its debt obligations to the U.S. and Canadian governments, and is now owned by Italian automaker Fiat (58.5%) and a health care trust for UAW retirees (41.5%). Overall, taxpayers lost $1.3 billion on the Chrysler bailout. In full recovery mode, Chrysler is currently the fastest-growing carmaker in the world.
Ford: used its $5.9 billion loan to convert two truck plants to small-car production and to develop more fuel-efficient vehicles like the Ford Focus EV and C-Max Energi plug-in hybrid, on sale this fall. Loan repayments start in September. Ford says it will spend $14 billion over the next seven years on advanced-technology vehicles.
Nissan: received a $1.4 billion loan to build a battery plant and modify an existing car factory in Tennessee to produce the electric Nissan Leaf (currently imported from Japan). Production of battery packs begins at the end of September; Leaf production follows in December. Though it has sold only 14,000 Leafs in the U.S. since December 2010, the company hasn’t backed off its U.S. sales target of 150,000 Leafs per year. A spokesman says Nissan will start repaying its loan after U.S. production begins.So along with their own Government loaning them fits full of cash the USA is loaning them money also?
Tesla: used its $465 million loan to build a battery plant and retool part of a former Toyota-GM factory to build the Model S, its second electric car. So far, only 100 of the cars have been built, well shy of its 2012 goal of 5,000. But the company says it’s on track. Loan repayments start in December. Tesla, which went public in July 2010, hopes to break even by 2013. So since they are building EV it's all good to loan them money right :h
If you want to get upset read this!!!
