6/1/2009

Another piece of history was made today, as General Motors filed for bankruptcy protection.

Following Chrysler's bankruptcy filing on April 30, GM's filing is the fourth-largest in U.S. history and the largest for an industrial company. The largest automaker in the U.S. has been in financial trouble, since the global economy tumbled. The company has $172.81 billion in debt and $82.29 billion in assets at the moment.

"The General Motors board of directors authorized the filing of a...

Continue reading ...

4/30/2009

The Dow Jones Industrial Index gave up an early gain and closed a bit lower than yesterday, after learning that Chrysler - the nation's third-largest car manufacturer - filed for Chapter 11 bankruptcy protection in New York. Chrysler decided to take such an action, after a group of creditors - many of them hedge fund managers - walked out of the negotiation meeting last night defying government pressure to wipe out Chrysler's debt.

To calm the markets, President Obama said of Chrysle...
Continue reading ...

3/30/2009

General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. Although Wagoner has been trying to steel the automaker giant towards the right direction, his effort is considered by some administration officials too little and too slow.

Wagoner's resignation is seen as a step in President Obama's effort in restructuring and transforming the U.S. auto industry. I hope his resignation would allow f...

Continue reading ...

To fend off rising gasoline prices, more and more Americans are looking for smaller cars with high mileages. This time, though, even Toyota Prius that has run a huge backlog over the past few years is not able to match up. Welcome to the new era of "tiny cars". The two-seat cute looking tiny cars, such as, Smart ForTwo from Smart USA has mileage over 70 mpg. The newer models of its rival - Mini Cooper claims to reach that level soon. The stop-smart system used in the Smart ForTwo MHD has bee...
Continue reading ...