Autoblog

Much ado was made about the Big 3 CEOs choice of travel to Washington D.C. this week. Each one flew to our nation's capital in separate private jets, a fact that was mentioned by many politicians during two days of testimony before Congress. While it's this blogger's personal opinion that politicians took the opportunity to grandstand a bit too far on this point, nevertheless, it was a boneheaded move by the Big 3 that they should've seen coming. We've learned today that fewer employees will get to fly the friendly skies in one of General Motors' corporate jets, as the automaker has announced it will be ridding itself of two. That will cut down the current corporate fleet of leased jets from five to three, and an additional two were gotten rid of last September. In addition to dumping the G5s, GM is also cutting half its air travel staff and restricting all forms of employee travel to slow the rate of cash its burning through each month, which in the third quarter reached $6.9 billion/month. Thanks for the tip, Aaron!

[Source: CNNMoney.com, Photo by Chip Somodevilla/Getty]

The Nissan GT-R has a relationship with the famed Nurburgring in Germany like no other modern car. It has brought the track back into the headlines by taking out much more expensive hardware with a blistering, though unofficial, lap time of 7 minutes, 29 seconds. That number has since been eclipsed by the Corvette ZR1 and Dodge Viper ACR, but remains ahead of the GT2 despite Porsche's accusation that Nissan ran a less-than-stock GT-R. Well, the GT-R in Japan is getting some upgrades for 2010, and Nissan is reportedly headed back to the 'Ring to see what it'll do. The changes include a slight increase in power to 485 PS, or about a 5-horsepower bump, as well as a new compound Dunlop tire and suspension tweaks. Other mods include a larger fuel tank and some very minor cosmetic changes that won't make a damn bit of a difference on the track. Will the GT-R be able to best its 7:29 lap time? We're guessing they wouldn't bother to make the trip if they weren't certain there were at least a couple of tenths to shave off. Thanks for the tip, Sean!


[Source: 2009gtr.blogspot.com]

Fusion S: $19,270 (2.5L 4, six-speed manual)

The dust has hardly settled from Ford's big showing at the 2008 LA Auto Show, and already it's making news again with the new 2010 Fusion. Today Ford launched a minisite to promote the redesigned mid-size sedan, and contained therein is pricing for all five models. Everything begins with the base Fusion S model that starts at $19,270 and comes with the new 2.5L four-cylinder and a six-speed manual. The range tops out at the Fusion Hybrid, which starts at $27,270. That's a little more than the Toyota Camry Hybrid, which begins at $26,150, but as AutoblogGreen points out, the Fusion Hybrid comes with Ford's new EcoAssist gauge cluster that may be worth the extra money to buyers. We've also learned that the Fusion Hybrid's fuel economy in the city will be 39 mpg, which is 6 mpg better than the Camry Hybrid, so you will be getting more for your money.


Fusion SE: $20,545 (2.5L 4, six-speed manual)


Fusion SEL: $23,975 (2.5L 4, six-speed auto)


Fusion Sport: $25,825 (3.5L V6, six-speed auto with SelectShift)


Fusion Hybrid: $27,270 (2.5L Atkinson, E-CVT transmission

[Source: Ford]

Wow, what an amazing piece of political theater that just went down. As we reported, four senators from auto producing state (two Democrats and two Republicans) led by Michigan Senator Carl Levin have reached an agreement on a compromise bailout bill for automakers. They were set to announce details of the compromise bill at 2:30PM, but before they could, a team of Congressional Democrats led by House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid walked into the room in which the press conference was to be held and announced that they didn't support the compromise bill and that CEOs of the Big 3 would have to come back after the Thanksgiving holiday and present a plan on how any loans that might be given would be used.

Back to that compromise bill. The big stalemate, other than whether U.S. automakers should get a bailout at all, is where the money would come from. Democrats want to take $25 billion from the $700 billion bailout fund for financial institutions while Republicans and the White House want to re-appropriate $25 billion in loans that have already been approved for investments in green technology. Levin revealed the compromise to be a version of the Republican's plan, with concessions made to Democrats in that certain environmental restrictions would remain in tact and that loan repayments would go directly back to replenish the $25 billion fund for green investments.

What do we take away from all this? The Big 3 will get no assurance of federal aid before Thanksgiving, and there's still no guarantee they'll get help after the break. The ball is again back in the court of the Big 3 CEOs, who need to show up in December with detailed plans of how each would use any federal aid. The Democrats are calling for "accountability" and "viability" in their proposals, which are due to Congress by December 2.

CNBC is reporting that four U.S. senators have reached a bipartisan agreement on a bill to help the Big 3 automakers in Detroit. Those senators include Michigan Democrats Carl Levin and Debbie Stabenow, Ohio Republican George Voinovich and Missouri Republican Christopher Bond. Details of the bill are not yet available, but a news conference is scheduled for 2:30PM EST, at which time we should learn more. It will likely be some compromise between the Democrats' wish for taking an extra $25 billion out of the $700 billion financial bailout fund and the plan supported by the White House that would allow automakers to use the already approved $25 billion in low interest loans for anything they wanted rather than just investing in green technology.

Still, CNBC says the bill faces some big procedural hurdles, not the least of which is that senators want to go home soon for the Thanksgiving holiday. Trying to squeak in a vote before the break will be tough, and lawmakers may have to reconvene in December to vote on the bill. Plus, there's no guarantee the House of Representatives will pass it even if the Senate would.

Regardless, Wall Street seems pleased with the news as shares of General Motors and Ford have jumped, with the latter hitting as high as $4 after ending the day yesterday at $2.79.

Stay tuned, we'll bring you all the details on the new automaker bailout bill when they become available. Thanks for the tip, everyone!

UPDATE: Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi have held a press conference in which they said that the compromise agreement reached by the above senators would not be approved, and instead that Congress will come back in December and hold more hearings with the CEOs of the Big 3. Each automaker has been charged with the task of showing "accountability and viability" at this second round of hearings, specifically telling Congress exactly how they plan to use any bailout money they might be given.

UPDATE 2: For details on the compromise bill, click here.

[Source: CNBC]

We first saw Hyundai's rolling CUV shapeship, the HED-5 i-Mode, back in Geneva, but today at the LA Auto Show is the first time the Korean automaker has shown the car in the States. New to the crossover is a 2.0L gasoline direct injection (GDI) engine that Hyundai plans to roll out in production machines shortly. The new Theta Turbo GDI engine puts out 286 horsepower, which is very impressive for such a small powerplant. Hyundai puts its direct injection and turbo technology to good effect and combines these new features with its Continuously Variable Valve Timing (CVVT) to allow for a 15-20 percent fuel economy increase compared with a standard 2.0L four-banger. Expect to see this new engine make its way into a production car sometime in 2010.

According to Hyundai, the HED-5 has been approved for production and a new six-seat production CUV will hit the market in 2010 that's inspired by its design. Of course, don't expect to see its far-out future-spec interior make it to production, but the GDI engine and general look of the concept is a lock.

Gallery: Hyundai HED-5 i-Mode


Photos Copyright ©2008 Jeremy Korzeniewski and Sam Abuelsamid / Weblogs, Inc.

Toyota isn't holding a press conference at the LA Auto Show this year, but that doesn't mean it doesn't have anything to show. The Prius purveyors have built a CNG-fueled Camry hybrid. According to Toyota spokesperson Jana Hartline, the purpose of the CNG hybrid is to demonstrate the versatility of Hybrid Synergy Drive. The car gets 50% better fuel efficiency than the last production CNG vehicle offered by Toyota, which was based on the 2000 Camry. Hartline explained Toyota has no immediate plans to produce either CNG or CNG hybrid vehicles, but the company is looking at all alternatives for the future.

General Motors CEO Rick Wagoner has already stated that the only brand in his company's portfolio up for sale is HUMMER, but apparently this hasn't stopped interested parties from making their play for other marques under the General's umbrella. News broke today that German solar energy company SolarWorld has offered GM nearly $1.3 billion USD for the Opel brand that's sold exclusively in Europe. Broken down by Euros, SolarWorld is offering 250 million euros cash and another 750 million in bank credits. In return it wants Opel's four production plants and research center in Ruesselsheim, as well as rights to the Opel name and all that. A few other conditions that make the proposal extremely improbable are a complete break from GM and compensation payments of 40,000 euros per Opel worker for a total of 1 billion euros. So GM would basically get a billion euros for the sale of Opel and have to pay it all right back in compensation payments. Hmmm...

SolarWorld's angle here is to break off Opel from GM completely and attempt to create the world's first, true green car company. Without the economies of scale that come with being part of the GM fold, we suspect SolarWorld wouldn't get very far on its own. This deal is so far out of whack, one analyst remarked that he checked his calendar to see if it were April 1. While GM is certainly in dire straits, the world's largest automaker has already made it clear that Opel is not for sale, and if it were, we doubt this offer would even be considered. Thanks for the tip, everyone!

[Source: Yahoo! News]

While Lamoborghini's press conference at the LA Auto Show today doesn't begin until later this afternoon, we can at least show you what the Italians will have on display. Meet the Gallardo LP 560-4 Spyder, a natural evolution of the closed-top, mid-engine car with a soft-top mechanism to keep the rain and sun from sullying the Italian-crafted interior. We don't have much information on the 560-4 Spyder yet, except that the new soft-top will open and close in 20 seconds, we love those new wheels and the car's mechanicals will be identical to the standard car. That means the 5.2L V10 still produces 560 hp and this thing will go like a bat, or a bull perhaps, out of hell.


[Source: 4wheelsnews.com]

We'll spare you from going over the laundry list of changes for the new 2010 Mercury Milan since you've already read about them in the post above on the 2010 Ford Fusion. Both cars share a lot in common, so instead we'll tell you what's different between them. The 2010 Milan gets its own redesign that includes new front and rear fascias, which we see as big improvements over the current model that further separates, at least visually, the Mercury from its Blue Oval brother. The Milan also only gets two gas engine options compared to the Fusion's three. Buyers can order up the new 2.5L four-cylinder that produces 175 hp or the upgraded 3.0L V6 that makes 240 horsepower. Unfortunately, Ford's 3.5L V6 producing 265 horsepower is reserved exclusively for the Fusion Sport. There's also the new Milan Hybrid, which again is identical to the Fusion Hybrid in all but its looks and can drive up to 47 mph on all-electric power. Follow the jump for Mercury's official press release and peruse the gallery of high-res images in the gallery below. If you want our deeper analysis of the changes, check out our full post on the new Fusion.