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Saturn has interested buyers, GM says
Fri, 06 Mar 2009Saturn is attracting interest from a "few" parties that might want to acquire the brand, a General Motors spokesman said Thursday. GM has hired Steve Girsky, formerly senior auto analyst for Morgan Stanley, to help advise on any possible Saturn deals. Saturn spokesman Steve Janisse said, "There is interest from investors in doing a spinoff, and there are other entities interested in just buying it." He said he does not know whether the interested parties are other automakers.
Obama calls for shared sacrifice in auto bailout
Fri, 16 Jan 2009President-elect Barack Obama says he wants to keep tough conditions on automakers that get federal loans. The companies must develop sustainable business models because it would be unacceptable "to keep them on their lifeline through taxpayer dollars in perpetuity," Obama told The Washington Post. Obama said industry restructuring will require "everybody, from labor to management to creditors to shareholders, giving something up." His comments contradict suggestions that the new administration will relax federal loan agreements reached last month with General Motors and Chrysler LLC, possibly with softer demands on the UAW.
Ford announces electric car plans at the Detroit auto show
Sun, 11 Jan 2009Not to be left out of the electric car party, Ford announced Sunday at the Detroit Auto Show that it was developing a line of electric powered vehicles. In addition to its already announced hybrids and plug-in hybrids, Ford is working with Magna International to bring fully electric cars to market with lithium-ion battery packs. In the works is a Focus and Fusion-based vehicles that will be available in with all three powertrains.