Errr that was a joke, but the new Porsche is more economical than a Toyota Cololla so you dont have to go electric to be "green"
Mr. Burns after fitting the V12 will you change your Nick to Mr. Burnout?
Nice on the porsche ! getting one ?
I cant see all 3 surviving. The problem for Obama is that the US gov has given them so much money already that it reaches a point where you are just throwing good money after bad.
They probably need to look at a "structured bankruptcy" as they call it and then a complete restructure of what ever can be salvaged to save as many jobs as possible.
On Top Gear last night the lads had a Honda Hydrogen car on which does about 200 miles and a few minutes to top up... if you can find a Hydro filling station ...IF B O had any sense he would be spending money on these BUT that would give the Jap's an edge put 1,000 of US Auto workers out of work and it is commonsense so that's the end of that idea.
http://www.bloomberg.com/apps/news?pid=20601087&sid=abO1EKRCSf1I&refer=homeFeb. 17 (Bloomberg) -- General Motors Corp. and Chrysler LLC said they need as much as $21.6 billion in new federal aid, more than doubling what they’ve already received, and must get cash next month to survive.
I mean how do these companies operate ? , they've been in business for a thousand years and as soon as they get a hard year they cant handle it.
http://www.news.com.au/heraldsun/story/0,21985,25072183-5005961,00.htmlGENERAL Motors plans to cut 47,000 jobs worldwide, including 26,000 outside of the US, as part of a massive restructing plan, the company said today.
GM also said it could need up to $US30 billion ($47billion) in loans by 2011.
The move came after GM warned that Saab would have to file for bankruptcy protection "as early as this month" unless it received help from the Swedish government, which in turn flatly refused to step in and rescue the car maker.
GM’s 53% U.S. Sales Decline Leads Industry’s February Plunge
Continuing the rollout of good news for the US auto industry ....
http://www.bloomberg.com/apps/news?pid=20601087&sid=aDqho4d6N_4g&refer=home
I wonder how much more Billions GM will want the dumb US gummint to hand-out after this latest revelation?
The administration demanded the resignation of GM Chief Executive Officer Rick Wagoner, and the company said he will be replaced by Fritz Henderson, its president and chief operating officer. GM will also replace most of its board and must place greater reliance on producing more fuel-efficient vehicles, under findings to be announced today at the White House by President Barack Obama.
Chrysler will get $6 billion in aid only if it completes a partnership with Italian carmaker Fiat SpA in 30 days, said the administration official, who spoke to reporters and declined to be identified before Obama presents the decision. Unless it combines with Fiat, Chrysler won’t get any more U.S. help because it isn’t viable as a stand-alone company, the administration found.
Auburn Hills, Michigan-based Chrysler values its proposed technology sharing with Turin-based Fiat at $8 billion to $10 billion. Assuming the accord between the two companies is approved, Fiat will produce its first model with Chrysler in 2011, Fiat CEO Sergio Marchionne has said.
Detroit-based GM sought as much as $16.6 billion in additional aid after receiving $13.4 billion since December. Chrysler sought $5 billion after receiving $4 billion. Both had to show progress by the end of this month in matters such as GM’s need to reduce unsecured debt by two-thirds.
Tasks Not Completed
Neither company completed the tasks, the administration official said. The aid plans submitted to the government Feb. 17 don’t warrant additional assistance, the administration concluded. GM’s plan to cut unsecured debt by two-thirds wasn’t sufficient, and Chrysler’s debt was far beyond what the company could sustain, the official said.
Quick Bankruptcy
Both companies’ best chance at success may include a quick and surgical bankruptcy, according to the administration. Unlike a liquidation or conventional bankruptcy, a structured process would make it easier for the companies to clear away liabilities.
The bankruptcy process could be as short as 30 days, and the government would provide so-called debtor-in-possession financing for the companies if needed, according to the administration. Still, bankruptcy isn’t the administration’s first choice, the official said.
To help encourage car sales, the administration will back warranties so consumers who buy cars during the restructuring have confidence the guarantees will be honored even if the companies go out of business, according to the administration.
Remember the chart....., at this stage all the talk, the facts, the figures etc are that this financial crisis is as worse or worse than the 1930's so here is this chart again to remind you all of how much further this market has to fall.
What happened in the 30's a 5 year bear market and a 90% loss on the market
On the auto suppliers bailout: “The fact that the U.S. Administration has been prepared to commit to such advances also makes it ever more obvious to me that it has no interest in seeing GM and Chrysler being pushed into Chapter 11 proceedings.”
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