Not GM but Chrysler info.
Just ran across this article on how Chrysler was planning to
develop and produce small fuel efficient cars for the US to "save
the domestic auto industry."
============
Chrysler and Chery End Small-Car Project
Auto Makers' Efforts to Expand Their Reach Is Dealt a Setback
By NORIHIKO SHIROUZU in Beijing and ALEX P. KELLOGG in Detroit
Chrysler LLC's efforts to make its U.S.-dependent business more
international suffered a serious blow this week, taking down with
it Chinese partner Chery Automobile Co.'s bid to break into the
North American market, after the two auto makers ended a joint
project to make small cars for sale around the world.
For Chrysler, the severing of the Chery ties ended one of its
most promising potential routes to build a more competitive
small-car lineup.
Under a July 2007 deal, Chrysler had planned to develop a series
of small cars based on Chery designs and technology. The cars
were to be made in China to take advantage of Chery's low labor
costs and sold globally under Chrysler's Dodge brand.
snip
The venture's first model was going to be a compact car based on
Chery's 1.3-liter A1 car -- one of several cars the two
companies, according to Chrysler, were supposed to develop.
Phil Murtaugh, a top Chrysler executive in China, told a group of
reporters at the Beijing auto show in April that the project was
taking more time than Chrysler had initially expected because of
some last-minute engineering "tweaks" being made to the
Chery-designed platform to ensure the joint vehicle's structural
rigidity meets safety regulations in the U.S. and elsewhere. Mr.
Murtaugh didn't elaborate. Reached by phone Tuesday, he declined
to comment.
It wasn't immediately clear whether Chrysler is still trying to
develop and produce small cars in China. After agreeing with
Chery to jointly develop small cars, Chrysler went on to begin
courting another start-up Chinese auto maker, Great Wall Motor
Co. In July, Chrysler signed an agreement with Great Wall to
explore cooperation in the areas of distribution and technology.
According to a Chrysler spokesman, the end of the Chery deal
won't affect any of the more than two dozen other alliances and
partnerships Chrysler is currently engaged in. "Our partnerships
are not interdependent," said Chrysler spokesman David Elshoff in
an email.
snip
-----------
for complete article click on
http://online.wsj.com/article/SB1228...googlenews_wsj
FWIW -- From several articles it appears Chrysler/Cerberus is
looking for an "Alt-A" zero documentation "bridge loan" in that
they are refusing to release "confidential" information such as
"total assets," "total debts," cash on hand, cash flow, etc.
which publicly traded corporations like GM and FoMoCo must
disclose in their SEC mandated quarterly and annual reports. The
Cerberus hedge fund also owns slightly over half of GMAC [GM owns
the rest] which has applied to become a one bank holding company
which could then tap into the FRB.
==Note that Cerberus has refused to put any more of their own
money into Chrysler.==
I don't know about a taxpayer loan, but Cerberus/Chrysler does
seem to qualify for a "Brass Balls of the Year" award.
http://nymag.com/news/features/2007/hedgefunds/30342/
http://www.businessweek.com/magazine...0/b3953110.htm
http://www.businessweek.com/magazine...0/b3953149.htm
http://www.wsws.org/articles/2007/ap...hedg-a27.shtml
(note Delphi/GM involvement)
http://www.usatoday.com/news/washing...us-cover_x.htm
http://dealbook.blogs.nytimes.com/20...ersight-grows/
(details efforts as Cerberus efforts as a registered lobbyist --
cut out the middleman?)
Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?
Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).