US auto giant General Motors has officially announced the repayment of its $5.8 Billion loan by the end of June ‘10. The loan is from the U.S Treasury and Export Development Canada, both of which currently hold Equity Shares in the company.
The company that emerged from bankruptcy in July 2009 also stated that once the repayments are complete “the focus will be to upgrade the plants in Detroit and Kansas to build their Next Generation- Chevrolet Malibu.”
The news of the repayment was made on the Wall Street Journal website on Tuesday April 20th by the CEO of GM, Ed Whitacre, as he announced “Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working.”
The Detroit- Hamtramck and Kansan City factories will be updated with an investment of $ 275 million. The update will enable the plants to manufacture the Next Generation Malibu slated for release next year. On Wednesday, Mr.Whitacre addressing the Kansas City plant said that it will receive $136 million of the investment as the plant will be the prime manufacturing site for the Malibu.
As per the Automotive News Data Center, the new Chevy Malibu has a 53 day supply and Buick LaCrosse a 43 day supply, and the Kansas plant is working 3 shifts and on Saturdays to build both the cars which began production in April to maintain a 60 Day supply level as recommended by analysts.
The Buick Lucerne and Cadillac DTS sedans currently being produced at the Detroit Hamtramck plant will be downsized this year to accommodate the production of the Chevrolet Volt plug-in sedan, to be released in the fourth quarter of ’10. The Hamtramck plant investment of $121 will assist in the production of the Malibu in period of spike in demand.
The most awaited and important event on China ‘s automotive calendar is just nearing. The Auto China 2010 will begin Friday, April 12, in Beijing . And almost all the automakers, both domestic and global, have said what they will put on display. And Of course each and everyone of the automakers is vying for its share of the limelight. This may be the toughest contest of the year for the Geely Holdings and General Motors Company. Both of these two companies will display more on their products in the show more than other automakers.
And in detail, Geely Holdings will display almost 39 models of their products and General Motors will display 28 products. They will also show more new models than most other automakers. Geely says it will put 11 all new models on stage at the event. Meanwhile General Motors has announced it will show 6 new models for the first time in front of a Chinese audience.
The General Motors vehicles are Chevy Volt MPV5 concept, the Cadillac Concept, the Cadillac XTS concept, the Chevy Aveo RS concept, the two-box Chevy New Sail and the new Chevy Spark. Last week Geely held an event in Beijing with several company executives taking turns to explain to reporters the long list of new models and power train technologies their company will display at the show. General Motors China convened reporters from across the country in Shanghai for a briefing on its middle and long term growth plans for China .
For sure, Geely Holdings didn’t start making cars until the late of 1990s. So it goes without saying that it still can’t mount serious competition for General Motors. With most of its products selling less than 70,000 yuan ($10,248), the company still confines itself to the low end of the domestic market. This will change very soon. In addition to rolling out more expensive models under its own brand, the private Chinese company wants to launch more Volvo models in China after it completes the purchase of the Swedish brand from Ford Motor Co in the third quarter.
With a brand that is now a byword for excellence in safety in its stable, Geely holdings should become a rival to reckon with for global players including General Motors.
Nissan Motor Co. will sell the Leaf electric car for a base price of $32,780 in the United States and begin taking orders on April 20. When combined with a $7,500 federal tax credit, the Leaf will be priced at $25,280, the automaker said in a statement today. State and local credits can further reduce the cost to consumers, Nissan said. Early on today, the automaker also said it would sell the battery-powered Leaf hatchback starting off at 3.76 million yen ($40,640) in Japan, where it is also counting on government subsidies to slash the cost to consumers. Nissan said it aims to sell 6,000 Leaf cars, its first mass-volume all-electric model, in Japan for the year ending in March 2011. The company will start taking orders for the model April 1 in Japan, with the first delivery expected in December. After accounting for Japanese government subsidies, Nissan said the net cost to consumers to buy a new Leaf would be near 2.99 million yen ($32,373). The Leaf pricing also represents a premium over established, combustion-engine powered small sedans, such as the Honda Civic and Toyota Corolla. Analysts have said the premium reflects the cost of developing and producing the Leaf’s lithium-ion battery pack. The cost of batteries and the reluctance of consumers to pay more upfront for fuel-saving technology are seen as the major hurdles to mass-market adoption of electric vehicles. Toyota Motor Corp.’s gasoline-electric Prius hybrid, now in its third generation, has a base model starting price at just over 2 million yen ($22,195) in Japan. After trailing rivals Toyota Motor and Honda Motor in the hybrid field, Japan’s No.3 automaker has bet heavily on pure electric vehicles along with partner Renault SA of France. Nissan has said it expects that 10 percent of the world’s auto market will be electric vehicles by 2020, a ratio at the top of industry projections. The automaker has also announced a series of partnerships with utilities and government agencies in the United States and Europe where it believes it has a chance of seizing market leadership. The five-passenger Leaf is designed to provide a range of about 100 miles. Nissan has developed the battery pack for the Leaf with NEC Corp., so that it can be recharged overnight on a 220-volt connection. While skeptics abound, almost all major automakers are working on developing battery-run cars for use mainly in urban areas, to meet stricter emissions and mileage regulations being introduced around the world.
2010 Chevrolet Malibu or Chevy Malibu is one of the best looking and most popular ranked midsize cars. It has a two-tone cabin that is a style in itself and coddles a driver. It is more popular as a family car with balanced ride and economic fuel efficiency. The exterior of the Chevy Malibu has always scored good points. Some even compare its sheet metal with a European sports sedan.
Chevy Malibu was flooded with awards after it got redesigned in 2008. One of the most popular awards it got in 2008 was “North American Car of the Year”. This was given at North American International Auto Show.
These days it is a consideration for people opting to buy a Honda Accord or Toyota Camry as it is a good option as a family car.
Since 2008 there has been few changes in present day 2010 Chevrolet Malibu, in fact a major change has been instead of use of 2.4L four-cylinder engine one can use E85 as well as regular gasoline. The latest version is available at four trim levels.
Fuel efficiency is one of its strongest assets. Buyers need not worry about fuel economy as Chevy is building well-managed LTZ trim level with a fuel-efficient 2.4 liter four-cylinder engine along with a six speed transmission.
The next issue that makes it among the top cars are the safety. It has got a five star rating from federal government where safety is concerned. Before giving this rating its frontal as well as side-impact crash tests were conducted by the federal government.
A Chevy Malibu is covered by best coverage in America that includes a 3-year or 36,000-mile basic limited warranty also it has 5-year or 100,000-mile powertrain warranty.
It is considered as most striking car in its own class. It is considered as best buy in its competitive segment. It has all in one a smart looking interior, a sleek sheetmetal, a smooth four-cylinder engine, its redefined powertrains and the best thing is that all this at really affordable price. It is well equipped with impressive set of standard features for which you do not pay anything extra.