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Thursday 28 February 2013

Treasury says auto bailout tally drops to $20.3 billion

Treasury says auto bailout tally drops to $20.3 billion The Treasury now owns 19 percent of GM, but if all goes well, there will be no more cause for anyone to utter "Government Motors" by the end of Q1 next year. A loss of some kind is still expected, however. Although GM's stock price is close to $29 at the time of this writing, that's still $4 below its IPO price and well below the $72 share price necessary for the government to come out even on its GM investment. On second thought, maybe the ribbing will continue.

Treasury says auto bailout tally drops to $20.3 billion

In December, the US Treasury announced that it was going to sell all of its shares in General Motors within 12 to 15 months. The first tranche of the 500-million total shares was purchased by GM, which took 200 million of them at $27.50 per share. That price represents an eight-percent premium over the market price at the time. The remaining 300 million shares will be sold "through various means in an orderly fashion."

Treasury says auto bailout tally drops to $20.3 billion

Of the $418 billion disbursed through the Troubled Asset Relief Program (TARP), a report in Automotive News indicates that "about 93 percent" has been paid back, and the latest figures put Treasury's loss from the program overall at $55.58 billion. That's a $4.1 billion improvement on the last figure, when the expected red ink added up to $59.68 billion. The auto industry's portion of that loss is estimated to be $20.3 billion, a 16-percent drop from the earlier estimate of $24.3 billion.

Treasury says auto bailout tally drops to $20.3 billion

Fiat talking with banks about buying rest of Chrysler

Fiat talking with banks about buying rest of Chrysler All that stands in the way of Fiat's total ownership of Chrysler is a 41.5-percent stake currently held by the United Auto Workers healthcare trust, but according to SFGate.com, Sergio Marchionne is currently trying to raise the capital to complete the acquisition. The article says that a deal could be completed in as soon as 12 months, and the estimate for the remaining stake could cost Fiat SpA around $2.98 billion.

Fiat talking with banks about buying rest of Chrysler

With a goal of completing the deal by the end of 2014, Marchionne is said to be in talks with various banks to help finance some of the deal. According to the report, the banks have indicated a need for a stronger balance sheet, controlled debt and reserve cash.

Fiat talking with banks about buying rest of Chrysler

Two things that don't seem to be on the table to get the deal completed include issuing new shares to raise the capital or selling a stake in Ferrari. Fiat started with a 20 percent share of Chrysler in June 2009, and it raised its stake up to 58.5 percent in January 2012.Fiat talking with banks about buying rest of Chrysler

Chrysler recalling 278,222 trucks and SUVs over bad rear axles

Chrysler recalling 278,222 trucks and SUVs over bad rear axles The official recall will kick off in March, where owners will be able to take their vehicles to dealerships and have a pinion nut retainer installed, free of charge. Scroll down for the official NHTSA bulletin.

Chrysler recalling 278,222 trucks and SUVs over bad rear axles

Chrysler recalling 278,222 trucks and SUVs over bad rear axles

Chrysler recalling 278,222 trucks and SUVs over bad rear axles

Chrysler has issued a recall of 278,222 light trucks and sport utility vehicles here in the United States. The reason: bad rear axles. Specifically, according to the National Highway Traffic Safety Administration, the rear axle pinion nut may lack a necessary adhesive patch, which could cause the nut to loosen. If this happens, the axle can lock up, which could cause all sorts of havoc on the road.

Chrysler recalling 278,222 trucks and SUVs over bad rear axles

This is an expansion of the rear axle recall announced in October of last year, where 44,300 Ram 1500 and Dodge Dakota models were being called in. At that time, 12 accidents had been reported due to the faulty axle pinion nut.

Affected vehicles include Ram 1500 trucks from the 2009 to 2012 model years, Dodge Dakota models from the 2009 to 2011 model years, and both the Chrysler Aspen and Dodge Durango SUV twins, both from the 2009 model year only.Chrysler recalling 278,222 trucks and SUVs over bad rear axles

Chrysler 100 hatchback caught cruising around Santa Monica

Chrysler 100 hatchback caught cruising around Santa Monica A coming hatchback said to be called the Chrysler 100 has been caught on video traipsing around Santa Monica by Autoblog reader Zach Dillman. Still wearing the scrapyard assemblage of Alfa Romeo Giulietta body panels as it was when spy photographers began capturing it last summer, its arrival date is still a question mark: some outlets have reported that it will go on sale this year, others have said it won't be in showrooms until 2016.

Chrysler 100 hatchback caught cruising around Santa Monica

In fact, quite a few questions remain. Based on Fiat's Compact US Wide (CUSW) platform that supports the Dodge Dart and expected to be about the same size, the 100 is thought to be a small premium hatchback that will be priced above the Dart and below the Chrysler 200, with the idea that it can challenge the Ford Focus and Hyunda Elantra at the value end and the Buick Verano and Acura ILX at the premium end. Word is that there will be no sedan version.

Chrysler 100 hatchback caught cruising around Santa Monica

It looks like there'll be plenty of gewgaws inside, with buttons for Adaptive Cruise Control, Lane Departure Warning, Forward Collision Warning and a button to toggle the traction control.

Some rumors say the 100 will only get four-cylinder engines, other rumors suggest it could get a V6 to justify the premium aspirations and the price bump over the Dart, and an "E85 Only!" sticker spotted in one of the mules last summer has other rumormongers wondering if it will get a ethanol-capable version of a new powerplant that isn't the 3.6-liter Pentastar V6. It looks like there will be paddleshifters for getting through the gears, and front-wheel drive is the easy bet, all-wheel drive the long-shot shocker.

At the end of the video, a second mule gets spotted in Santa Monica, this being one of a legion of jacked-up Franken-Giulietta mules that's been seen around the country for a while now. It could be either a new Jeep Liberty mule or a replacement for the Compass/Patriot. See for yourself in the videos below.Chrysler 100 hatchback caught cruising around Santa Monica

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled A small number of units of the 2013 Chrysler 200 (inset) and 2013 Dodge Avenger are being recalled over a broken control valve in the fuel tank assembly. The potential 1,785 sedans were manufactured late last year, and if affected with a broken control valve could suffer from stalling or fuel leakage.

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled gagues

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled interior

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled

A bulletin from the National Highway Traffic Safety Administration notes that the recall should begin next month, at which time owners can take their cars to dealers for repair free of charge. The full release with more information is just below.

Small number of 2013 Chrysler 200 and Dodge Avenger models recalled

Holden shows wagon and ute versions of new Commodore

Holden shows wagon and ute versions of new Commodore Holden isn't giving anything away when it comes to specs, but the Aussie outpost of General Motors has offered a few snapshots of the Sportwagon and ute versions of its brand-new VF Commodore. All the company will say for now is that the models are still being tested before final approval and that all three variants will go on sale at the same time later this year.

Holden shows wagon and ute versions of new Commodore

Holden shows wagon and ute versions of new Commodore

Holden shows wagon and ute versions of new Commodore

What are the chances we'll get either one of them – or both – here? Well GM did file to trademark both "El Camino" and "Nomad," but remember how it all ended in heartbreak last time we were so close to this? Let's get the Chevrolet SS here and on sale first, then assuming all goes well, we might dare to dream about rear-wheel drive Chevrolet wagons and car-based pickups again. We'd advise you to likewise keep your hopes in check as you read the press release below.

Holden shows wagon and ute versions of new Commodore

Chevrolet Spark EV limited to fleets in Canada

Chevrolet Spark EV limited to fleets in Canada announced markets of California, Oregon and South Korea. At the Canadian International Auto Show, Chevy announced that the sub-compact Spark EV will be available only for fleet use, according to Hybrid Cars, and is eligible for incentives in the provinces of Quebec, Ontario and British Columbia. Those incentives include a spot on HOV lanes in Canada and the US.

Chevrolet Spark EV limited to fleets in Canada

Chevrolet Spark EV limited to fleets in Canada

Chevrolet Spark EV limited to fleets in Canada badge

Chevrolet Spark EV limited to fleets in Canada

Chevrolet Spark EV limited to fleets in Canada taillight

Chevrolet expects the Spark EV to launch with one of the best EV ranges in its segment. More important for fleets and future individual owners, it will be the first electric vehicle to offer SAE Combo DC Fast Charging capability. That will power up the Spark EV to an 80-percent battery charge in just 20 minutes, or the length of a sales call or lunch break. Using a dedicated 240V outlet takes 6-8 hours.

The Spark is small, but powerful, with an oil-cooled permanent magnet motor that produces at least 130 hp (100 kw), and about 400 pound-feet of torque with the coaxial drive unit. GM says the Spark EV can sprint 0-60 mph in a blink less than eight seconds.

Chevrolet Spark EV limited to fleets in Canada

The Spark EV has a so-called confidence gauge that shows the expected driving range based on driving habits and other conditions. Pricing is under $25,000 with tax incentives. Thanks to the extended-range hybrid Volt, Chevrolet accounts for just over half of all plug-in electric vehicle sales in the North America.