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Crunch watch Dec 08: the auto industry in crisis
Wed, 31 Dec 2008By Tim Pollard and Simon Stiel Motor Industry 31 December 2008 14:05 Wednesday 31 December 2008• GMAC, GM's finance arm, said it would immediately revise its criteria for providing loans, after the US government bail-out of the General's credit arm. It will now supply credit for anyone with a score of 621 or more on the Fico scale, the scale used to assess Amercian customers' creditworthiness (Financial Times)• The news means that 80% of US consumers would now qualify for a loan from GMAC – which should improve sales in the depressed US market (Detroit News)• Chrysler is being lambasted for taking out full-page adverts in the American national press thanking the nation for supporting its auto industry. But critics point out this is a fresh waste of bail-out resources, as pages in the Wall Street Journal – one of the titles in which the ad ran – reportedly cost up to $264,000.
Fiat 500e EV LOSES $14,000 on every one sold – so please don’t buy, says Marchionne
Thu, 22 May 2014Fiat lose $14,000 on every electric 500e The electric Fiat 500e arrived as a concept at the Detroit Auto Show in 2010 and finally arrived as a production reality at the Los Angeles Show in 2012 before going on sale in the US. The 500e is an appealing little car for zapping around town, especially if you only do a relatively low mileage every day and have somewhere to plug it in. But it is rather expensive.
Cadillac ELR
Thu, 18 Aug 2011Cadillac has revealed the ELR: a production version of the highly-acclaimed Converj concept revealed at the 2009 NAIAS in Detroit. The new luxury coupe will be equipped with extended-range electric vehicle technology – essentially a T-shaped lithium ion battery powering an electric drive unit mated to a a four-cylinder engine-generator, which propels the car when the battery's energy is low. "There's no mistaking it for anything but a Cadillac, an aggressive, forward-leaning profile and proportion showcases a uniquely shaped, modern vision of a personal luxury 2+2," said Ed Welburn, GM vice president, Global Design. Welburn also stated that the Converj concept sparked the idea of combining the desirability of a grand touring coupe with electrification.