Filed under: Hybrids/Alternative, Government/Legal, Green, Earnings/Financials
Detroit isn't the only place in the U.S. where struggling automakers are looking for government handouts. Tesla Motors, Silicon Valley's one and only auto manufacturer, is looking for an initial injection from the government of $350 million, which is slated to fund the development and necessary manufacturing facilities for its upcoming Model S sedan with another $200 million to produce lithium-ion batteries plus $100 million to expand its growing drivetrain business. It's still early, but we're pretty sure that equals a cool $650 mil. Like the $15 billion that the Detroit 3 are still hoping to get within the next few days, Tesla's $650 million would come from the $25 billion investment in green technology that Congress has already approved for American automakers. Without this infusion of capital, Tesla Motors' CEO Elon Musk claims that its battery-powered sedan, which is expected to bow sometime next year on conceptual form, will be delayed by a few years until the economy recovers and more capital investment can be raised on its own.
[Sources: Detroit Free Press, Bloomberg, Photo by Vince Bucci/Getty]
Tesla needs government loans to produce Model S on time originally appeared on Autoblog on Wed, 10 Dec 2008 12:31:00 EST. Please see our terms for use of feeds.
Read�|�Permalink�|�Email this�|�Comments Read more ...Filed under: Hybrids/Alternative, Euro, Volvo
Click above for a gallery of the Volvo ReCharge Concept
Volvo's product development unit is still hard at work, even as Ford has slapped a price tag on the brand. In an effort to develop more environmentally-friendly vehicles capable of meeting stringent emissions regulations on the horizon, the Swedish automaker has been working on some new highly-efficient vehicles. In addition to the DRIVe trio of ultra-efficient diesel-powered models, Volvo is working on an all-new micro-hybrid model. Set to join the lineup in 2011, the vehicle will be available with a choice between gasoline or diesel power, and a manual or automatic transmission. Fuel-saving technology will include a start-stop system plus brake-energy regeneration to cut consumption by nearly 5 percent. We'll see a full hybrid (with the ability to run on electric power only) in 2012 with the D5 diesel engine (Volvo's similar battery and flexfuel ReCharge Concept is above). A plug-in electric is also expected to follow down the road.
[Source: Channel4]
Volvo plans to release 'micro-hybrid' in 2011 originally appeared on Autoblog on Wed, 10 Dec 2008 19:00:00 EST. Please see our terms for use of feeds.
Permalink�|�Email this�|�Comments Read more ...Filed under: Car Buying, GM, Earnings/Financials
Anyone who's tried to go get a loan for a new car has surely found it a bit tougher today than it was just a few months ago. Every automaker is having difficulty selling new cars in this market, and none more so than General Motors and its finance arm GMAC, which recently limited loans to individuals with a FICO rating of 700 or higher. The General has gone so far as to reward salespeople and dealerships for sending customers to financing deals outside of GMAC.
A group of 1,200 Credit Unions in Midwestern states, however, have banded together to offer some $10 billion in new car loans to their members. Not only are these CUs attempting to offer lower rates compared to larger banks, but the Michigan Credit Union League has also arranged for General Motors to offer its members Supplier Pricing, which, on average, lowers the price of a new car by 4.5%. Ford and Chrysler are also reportedly talking with the MCUL to offer attractive pricing options. And gee, if these credit unions have so much money to loan out, why doesn't GM just ditch Congress and ask them for a line of credit?
[Source: Love My Credit Union via Detroit News]
GM partners with credit union to offer $10 billion in new car loans originally appeared on Autoblog on Wed, 10 Dec 2008 18:31:00 EST. Please see our terms for use of feeds.
Read�|�Permalink�|�Email this�|�Comments Read more ...Filed under: Car Buying, Time Warp, Tuners, Sports/GTs, Dodge, Special/Limited Editions
Click above for a high-res image gallery of the Hurst/HEMI Challenger
Hurst, makers of those iconic shifters that sat atop four-speed manual transmissions in classic muscle cars, has just announced official pricing for its Hurst/HEMI Challenger that debuted at SEMA in Las Vegas last month. There are 4 "stages" of tune for the Challenger, which are oddly numbered 2 through 5. Series 2 will add exactly $18,350 to the price of a donated Challenger R/T, which means putting a Hurst Challenger in your driveway will cost at least $48,895. For that heady sum, you'll get 352 horses, 20-inch alloys and a special paint and graphics kit. Maxing things out will get you a Series 5 SRT8 Hurst Challenger with 572 raging ponies courtesy of a Vortech supercharged 6.1L HEMI V8... all for a cost of *gulp* $75,395.
The shifty firm has a long history of creating special editions American muscle cars, starting with the seminal Hurst Olds from 1968. It should be noted that some of those vehicles have gone on to become highly collectible. Time will tell if the new Hurst/HEMI will follow in those footsteps, but that may largely depend on how many people are willing to plunk down the extra dough in the first place. See the complete pricing breakdown after the break.
[Source: Hurst Performance]
Continue reading Hurst announces pricing, power specs for Hurst/HEMI Challenger
Hurst announces pricing, power specs for Hurst/HEMI Challenger originally appeared on Autoblog on Wed, 10 Dec 2008 15:57:00 EST. Please see our terms for use of feeds.
Permalink�|�Email this�|�Comments Read more ...Filed under: Hybrids/Alternative, Etc., Green, Tech, Chevrolet, GM, Earnings/Financials
Click above for high-res gallery of the 2010 Chevy Volt
Although they're a big part of the Congressional pitch to get some federal funds, green cars aren't going to make the Detroit 3 profitable on their own any time soon. Take the Chevrolet Volt for example. When GM CEO Rick Wagoner testified that the Volt is being pushed into production for 2011, he added that, "It will not be at that point fully cost competitive." That statement might seem like the understatement of the century to some.
According to this CNN Money piece, GM has actually spent about $750 million to develop the Volt, much of that in battery research. Apparently GM recognizes the need to stay ahead of (or at least alongside) the competition in developing new technology and is willing to take the risk of spending that kind of money even in desperate times. Of course, some of that money will eventually be spread across the range when the Volt's powertrain and battery advances get shared with other GM models. Still, it's unlikely the Volt will add to rather than bring down the bottom line until a second generation model is introduced, which may not be until 2014-2016.
[Source: CNN Money]
GM has spent $750 million developing the Volt originally appeared on Autoblog on Wed, 10 Dec 2008 17:58:00 EST. Please see our terms for use of feeds.
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