GM auditors have ’substantial doubt’ about the company’s survival

Once again General Motors is issuing a warning that it may run out of cash. How, you might wonder, considering the billions in taxpayer dollars that have already been pumped into the company? It’s unfortunately very simple: GM is still playing catchup with its debt, and all the money spent so far has merely been [...]

Washington kickstarts credit market with $200 billion in consumer loans

In a plan to stimulate the flailing American economy and instill confidence in the credit market once more, the U.S. federal government will be launching a new $200 billion program to help Americans finance large purchases. Previously, it was thought that the government could increase the program to around $1 trillion, but it seems that [...]

Nissan Scales Back

Auto shows are expensive, and in the current economic climate no automaker has cash to throw away. That’s precisely why Nissan has decided that it will not be participating in a number of auto shows this year. Following the 2008 LA Auto Show where Nissan generated plenty of hype for a number of new models [...]

GM viability plan calls for $16.6 billion in additional aid, 47,000 job cuts

Chrysler’s request for an additional $2 billion in government funded loans in its latest viability proposal looks trivial compared to the $16.6 billion requested by General Motors today in front of the U.S. Treasury. Without this funding GM says it could run out of money as early as next month but a number of drastic [...]

Star Shield Armor Saves Your Bumper

It’s Saturday morning and I’m driving my 1996 Acura NSX to CFO Will Law’s house. I don’t necessarily need to drive it, but if I let it sit for a little over a week the battery dies and that’s a total pain. So yeah, I live in Long Beach and Homer lives in Walnut. I’m [...]

Tesla promises profits by mid-year, Model S coming March 26

Nero fiddled while Rome burned, and Tesla is getting ready to rake in the profits while the car industry crumbles. Or at least that’s sort of the picture presented by the company’s latest newsletter.
The $40 million round of financing is twice what Tesla needed to achieve profitability, says the company, though it’s still well short [...]

Chrysler receives $4 billion in restructuring loans

Late Friday evening Chrysler received its first $4 billion in government loan money from the $17.4 billion approved as an emergency measure late in December, pushing its bottom line closer to the $2.5-3 billion minimum it needs to remain in operation. Covering debts and meeting supplier payment demands is priority one at this point, though [...]

U.S. Treasury secures $6 billion in aid for GMAC

The U.S. Treasury on Monday announced it will be making $6 billion in Troubled Assets Relief Program (TARP) money and other funding available to troubled car lender GMAC. The Cerberus and GM-owned entity will get $5 billion in TARP funds plus another $1 billion from a Treasury-backed General Motors purchase of GMAC equity.
Last week the [...]

Kirk Kerkorian finishes sell-off of entire Ford stake

Signifying a final retreat from his expensive and unprofitable gambit made for a significant holding in Ford, billionaire Kirk Kerkorian has finished selling his Ford shares. At the peak of Kerkorian’s holdings in Ford, he owned nearly 7% of the company’s stock, spending more than $1 billion to acquire it all.
Now, 133.5 million shares later, [...]

NOS Rental Vette vs. GTR

Leave it up to the guys over at Garage419 to come up with something like this!
Matt’s got a GTR and has challenged Gene to a drag race. He’s allowed to spend $500, no more. So what’s the best way to challenge the AWD, launch-controlled Godzilla? By renting a Hertz Corvette and [...]

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