ON THE TABLE
Tuesday, June 16, 2009 at 05:55PM June 17, 2009
Automotive Suppliers. The Obama administration turns down an additional $8 billion to $10 billion in aid requested by auto suppliers dependent on GM and Chrysler. A quarry-sized Bowl of Not Good.
Fiat. The giddiness is setting in over the upside of Fiat's return to America, but get a grip, folks. 1. It's 20 months away, at least. 2. That means niche products like the Fiat 500 at first - admittedly one of our favorites - but that's not going to solidify Fiat's presence in this market by any stretch of the imagination. 3. And that means that three years into this deal Fiat will just be getting started with their official product offensive. We wish them the best, but...who has that kind of time?
Saab, Koenigsegg Automotive AB. Let's see, a maker of exotic super sports cars that sold 18, yes, 18 cars last year and employs 45 people has just acquired Saab from General Motors. The deal includes a $600 million loan from the European Investment Bank that would be guaranteed by the Swedish government. The sale will be complete in the fall. "Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab's operations and product program investments. This includes plans to launch several new products that are in the final stages of development," GM Europe said. The only thing that makes sense about this deal is that both companies are from Sweden, other than that, cue the theme music from The Twilight Zone.
Bo Andersson. He resigns from GM to become chairman of Russian automaker GAZ. Russia and India will be two of the largest auto markets in the world. After China, of course.
GM. Said to be less than thrilled with Bo Andersson's departure due to competitive reasons and GM's presence in the Russian market. But GM CEO Fritz Henderson has already warned to expect more executive shake-ups over the summer, so here we go...
Cindy Adams. The New York Post columnist had this to say at the end of her column this morning: "HEY, may General Motors' CEO build a shrine to Washington because they've done more for him than his mother. They've carried him a full year. So now comes GM's letter thanking me 'for being a customer.' It discusses 'our expedited, court-supervised process to accelerate the reinvention of our company . . . even though we are seeking buyers for our Saturns and Saabs and just announced a buyer for the Hummer brand and will phase out Pontiac.' It swears, 'our dealers are very much open for business and ready to meet your service needs' via 'GM-trained' experts. Definition of an expert: one smart enough to tell you how to fix your business and too dumb to start his own. Only in America, kids, only in America." And that's our AE Quote of the Week.
See another live episode of "Autoline After Hours" hosted by Autoline Detroit's John McElroy, with Peter De Lorenzo and auto industry PR veteran Jason Vines this Thursday evening, June 18, at 7:00PM EDT at www.autolinedetroit.tv. By the way, if you'd like to subscribe to the Autoline After Hours podcasts, click on the following links:
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