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.
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The next generation Aveo which will be launched in 2011, the RS features, it wears a global Chevrolet design cues such as the dual element grille, round taillamps and fender flares, but designers turned up the attitude on the show car with low openings and a lower mouth trimmed in a combination of brushed and polished aluminum. Outboard fog lamps are integrated into an exaggerated brake-cooling inlet that flows into the front fender flares, creating an aggressive-looking face.
The engine power comes from a turbocharged 1.4-liter Ecotec engine with 138 hp (103 kW) and 148 lb-ft of torque. According to Chevrolet’s General manager, Jim Campbell, The Aveo RS show car will demonstrate the serious about redefining the Aveo and its small car segment place. The Aveo’s interior looks similar in many ways to that seen on the Chevrolet Aveo RS concept, which took the stage at the NAIAS earlier this month. The Aveo’s center console are the Bluetooth controls that featured on the RS. This is replaced by a typical CD Radio sound system. The multi functional steering wheel, instrument cluster housing, position of the HVAC vents and controls, and storage is nearly identical.
The side mirrors with amber-colored turn signal indicators carry the same shape as the car and seemingly disappear into the profile. At first glance, the car actually looks like a three-door hatch because the rear door handles are discreetly located in the “C”-pillar area. The rear of the show car continues the sport theme, with an integrated spoiler that flows from the roof, a center-mounted exhaust and chrome exhaust tips. The exposed motorcycle-inspired rear taillamps feature tinted aluminum housings and a discreet Bowtie logo. The 2011 Chevrolet Aveo is not expected to be launched on the market until next year.
Some of the General Motor dealers were happy. Hundreds of the 1,350 General Motors Company dealers who lost their franchises in last year could see them restored in a congressionally mandated arbitration process that begins later this month, the company’s interim CEO said Wednesday. CEO and Chairman Ed Whitacre Jr. also said that new Chief Financial Officer Chris Liddell is a candidate for the CEO post. And Whitacre said he’s not confident about selling the Swedish Saab brand.
Talking with reporters at GM’s Detroit headquarters, Whitacre also predicted that GM would be profitable this year, although he said that was dependent on the economy and other factors. Congress passed legislation late last year that forces GM and Chrysler Group LLC, which shed 789 dealers last year, to give dealers a chance to appeal closure decisions. Both companies went through bankruptcy protection earlier this year and are receiving government aid.
Restoring some dealerships could be good for the company because they would sell more cars for General Motors. When the franchises were revoked last summer, General Motor officials said dealers were judged on whether they met sales goals, customer service scores, the condition of their buildings and other criteria. They were allowed to stay open through October of this year to sell their inventories. Under pressure from dealer groups and lawmakers, GM and Chrysler put out proposals that would have allowed dealers to challenge closures in arbitration.
Whitacre added reporters that he would consider Chris Liddell, the CFO hired from the same post at Microsoft Corp., in the search for a new CEO. Liddell, 51, announced before GM hired him that he would leave Microsoft to pursue a higher-ranking position. At Microsoft, Liddell developed a reputation for holding down costs while building up cash. He instituted a plan to cut $3 billion from the technology company last year that included its first mass layoff, wage freezes and cuts in travel and other expenses. GM is majority owned by the federal government and Liddell was granted an exemption from government imposed pay caps to take his post. He will be paid $750,000 this year, but will get up to another $5.45 million in stock starting in 2012 if GM successfully sells its shares to the public.
GM received $52 billion in U.S. government aid and has begun repaying $6.7 billion of that as a loan. The rest would be repaid through the stock sale. Whitacre also said he is not optimistic for a deal to sell its Swedish Saab brand, but he expects the sale of Hummer to a Chineseheavy equipment maker to close on Jan. 31. GM is phasing out Saab and expects to start closing plants this week.
Over 40 vehicles expected to debut at the 2010 North American International Auto Show.
The DETROIT will glow in lights on behalf of International Auto Show. We are in few days before the 2010 North American International Auto Show (NAIAS) opens to the media on Jan 11. Workers are on the final touch on the displays inside the Cobo Center. The staffs are working 24/7 to complete to meet the deadline of the Show. The glitz and glamour is coming to America.
Some hot new cars to be revelaed at NAIAS which include the Think City Electric Vehicle, MINI Beach Comber, BMW Active Concept, a Toyota dedicated hybrid concept, the Chevrolet Orlando MPV concept, the Volvo C30 electric vehicle, the Buick Regal GS concept and a Chrysler 300 remake, among many others. Some hot new production models will be on display at NAIAS which includes include the 2011 Hyundai Sonata, the 2010 Aston Martin Rapide, the 2011 Honda CR-Z, the 2010 Suzuki Kizashi, the 2010 Cadillac CTS sport wagon, the 2010 Honda Accord Crosstour, the 2011 BMW 740i and 740Li, the 2011 Chevrolet Camaro convertible, the 2011 Cadillac CTS-V coupe and the Chevrolet Spark, among many others. It’s going to be an exciting show for all Americans and all around the world. We actually have more brands this year than last year said NAIAS Executive Director Rod Alberts. We’re up to 60 this year. A lot of small companies, emerging companies but what’s all about with the NEW alternative fuel and lithium batteries. I guess people are going to find brands like the Electric Avenue we have. We gonna hear the awards going for alternative fuel and also the EcoXperience where you can actually ride and drive the cars with no emission. So for sure, it’s going to be a full fun show.”
The focus on Electric Vehicles will be large, also solar powered vehicles, hydrogen powered vehicles that run on energies other than gasoline. There are new Electric avenue display area for feature vehicles that run on batteries.
The news is Seven new automakers will display their vehicles at Cobo Centre for the very first time. CT&T United, Commuter Cars, Saba Motors, Edison2, EV Innovations, SSI Racing and Zap will display their automobiles on the main floor of the auto show. “We’re just happy to just stage it at the show,” For the Award winners, it will be announced on Monday Jan 11 at 8a.m. during the first day of press days of NAIAS.
The EcoXperience returns for its second year in Michigan Hall, which allows attendees to go on a ride-and-drive of new electric vehicles. The NAIAS is expanding its floor space to include the MGM Grand Casino-Hotel. Luxury vehicles will be on display in a private setting known as “The Gallery.” It will be open from noon to 9 p.m. on Jan. 11 and 8 a.m. to 12 p.m. on Jan. 12. Tickets are $25 and can be purchased at naias.com. It includes a one-day entry to the NAIAS public show. AmericaJR.com is proud to be the ONLY website in the world with FREE tickets to the Auto Show. All winners will also receive two toasty combos from Quizno’s Sub.
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The North American International Auto Show opens to the media on Jan. 11 and 12. The industry preview will take place on Jan. 13 and 14. Don’t forget about the charity preview, which is scheduled for Jan. 15. You’ll have your chance to see the auto show during the public show days, which run from Jan. 16 to 24.
Chevy Impala Levels— 2010 LS, LT and LTZ
Operated Engines: 3.5L and 3.9L V6 engines, both with E85 FlexFuel capability and Variable Valve Timing.
Automatic Transmission: 4-speed automatic transmission
Wheel Drive system: all wheel-drive system.
Other Key features: Impala 2010 comes with standard StabiliTrak Stability and upgraded content on the volume selling 1LT; segment-exclusive flip-and-fold rear seats with their convenient storage tub and grocery bag hooks.
Ford Taurus is a large vehicle with spacious interior and roomy trunk with totally new look in 2010.
Ford Taurus Levels: SE, SEL and Limited trim levels.
Engines operated: 263 hp 3.5L V6; 365 hp 3.5L Ecoboost V6 motivates the new Taurus SHO
Automatic Transmission: 6-speed Select Shift automatic transmission.
Wheel Drive system : All-wheel drive is available in the Taurus SHO, SEL and Limited trim levels
Other Key features: Most Expensive trim level offers new electronic safety measures such as Adaptive Cruise Control, Blind Spot Information System, Cross Traffic Alert and Collision Warning with Brake Alert ; SEL mid-level trim offers SYNC system to connect cell phones and media players; keyless ignition, massaging front seats and Sony 5.1 Surround Sound audio
Dodge Charger was introduced in year 2006 has muscle-car styling to make it different from its sibling Chrysler 300. This style may remain same in models of year 2010 but will upgrade in terms of better performance.
Dodge Charger Levels: R/T; SE; SRT8
Engines operated: SE model will have 2.7L V6; R/T model will have standard 370 hp 5.7L HEMI V8 with fuel-saving Multi-Displacement System (MDS); SRT8 will have top-line 425 hp 6.1L HEMI.
Automatic Transmission: SE model with 4-speed automatic transmission; R/T and SRT8 model with 5-speed automatic transmission.
Wheel Drive system: all wheel-drive system is available in R/T and SRT8 models.
Other Key features: Stability control, traction control and ABS continue will be extra-cost on the SE and expected basics as satellite radio and hands-free calling are not available.
Hyundai Azera was introduced in year 2006 upgraded with styling tweaks in year 2009 which is unchanged in year 2010
Hyundai Azera Levels: GLS and Limited powered models
Engines operated: 3.3L V6 available in GLS powered; 3.8L V6 with Limited powered.
Automatic Transmission: 5-speed automatic transmission
Wheel Drive system: all wheel-drive system.
Other Key features: luxury, space and refinement with more space.
In 2005, Chrysler 300 was introduced which remained unchanged since that time.
Dodge RAM Levels: Regular, Touring, Limited and C
Engines operated: 2.7L V6 available in Touring and Limited model; 5.7L HEMI V8 on the 300C model
Automatic Transmission: 4-speed automatic transmission
Wheel Drive system: all wheel-drive system
Other Key features: upgraded in 2010 with its polarizing long-hood, short-deck fashioning enhanced with chrome doorway manages reflectors and—on the Touring model— chrome narrow pieces on front and back fascias. Except for the catch-up addition of benchmark head-curtain edge air sacks, central alterations are negligible as well and booked for the top-end 300C, which adds benchmark back reserve aid and keyless application and ignition.
b Maguire Chevrolet, leasing is back. Chevrolet Red Tag Sale December deals. See inside for details
General Motors and Chrysler have been the target of frustration from thousands of dealers that were cut from the companies’ networks during last summer’s restructurings. The automakers, dealers, and other interested parties have proposed a variety of ways to resolve the matter – including mediation and congressional intervention — but none has met with much success. Now, General Motors has announced a “Comprehensive Plan to Address Dealer Concerns”, which the company developed in conjunction with members of congress and the National Association of Minority Automobile Dealers. At a glance, GM’s proposal seems to address most of the dealers’ major concerns, but it does come with one very important caveat.
The three main things of General Motors’ plans includes :
The first is a commitment to advise all Chevrolet, Buick, GMC and Cadillac dealerships that received a complete wind-down agreement of the criteria used by GM in the selection of that dealership for wind-down. The secondary is a face-to-face review process for all complete wind-down dealers who have not already terminated their dealer sales and service agreements with GM. And the third plan, If the complete wind-down dealer is not satisfied with the outcome of the face-to-face review process, he or she may elect to proceed to binding arbitration. The arbitration will expressly be limited to whether GM selected the dealer to receive the wind-down agreement on the basis of its business criteria.
The aforementioned caveat comes in paragraph two of the release: “GM will begin to implement this plan in mid-January provided that legislation related to GM’s dealer restructuring does not move forward.” In other words: call off the congressional dogs, we’ll handle this ourselves. GM’s full press release is pasted below. Considering the complexity of the problem, the document is a quick read, So kudos to the company’s media team for that. We’ll see if Chrysler publishes anything similar in the coming weeks.