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GM files restructuring plan


General Motors wants $16.6B more for now. You know Clown Lutz is retiring and they want to do a decent bash.

I do believe talk the talk GM and say anything Chrysler will be back for even more as long as it is shoveled into the trough.

 
 

via AutoblogGreen by Jeremy Korzeniewski on 2/17/09


Click above for a high res gallery of the 2011 Chevy Volt

Shortly after Chrysler submitted its updated restructuring plan to Congress, General Motors followed suit with its own document that is supposed to detail a return to sustainable profitability within the next 24 months. As you'd expect, fuel efficiency plays a major part of GM's future goals, with the automaker saying that "All major introductions in 2009-2014 are high-mileage cars and crossovers."

Moving forward, GM will focus on Chevrolet, Buick, GMC and Cadillac, with Pontiac serving as a "niche product" and Saab and HUMMER leaving the fold entirely. As far as future product is concerned, the Chevy Volt figures prominently in GM's plans and is slated for a 2010 release. By 2014, GM says its cars will average 38.6 miles per gallon and its trucks will average 27.6 mpg, improvements of 7.6 and 3.6 mpg respectively. Like Chrysler, GM promises to comply with federal fuel economy mandates but makes no mention of California's request for its own emissions standards.

None of this matters at all if GM isn't able to keep its factories humming, and GM says that an additional $16.6 billion in loans will be necessary to ensure survival, bringing the total amount of requested as a revolving line of credit to $30 billion. We've pasted the full press release after the break, but there's plenty more in the official and highly detailed 117-page document, which can be downloaded in its entirety as a PDF file here. Click here for Autoblog's coverage.


[Source: GM]

Continue reading GM files restructuring plan, includes eco-friendly cars, asks for up to $16.6 billion more money

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GM files restructuring plan, includes eco-friendly cars, asks for up to $16.6 billion more money originally appeared on AutoblogGreen on Tue, 17 Feb 2009 19:54:00 EST. Please see our terms for use of feeds.

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