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Auto blog

Auto bailout cost the US goverment $9.26B

Depending on your outlook, the US Treasury's bailout of General Motors, Chrysler (now FCA) and their financing divisions under the Troubled Asset Relief Program was either a complete boondoggle or a savvy move to secure the future of some major employers. Regardless of where you fall, the auto industry bailout has officially ended, and the numbers have been tallied. Of the $79.69 billion that the Feds invested to keep the automakers afloat, it recouped $70.43 billion – a net loss of $9.26 billion. The final nail in the coffin for the auto bailout came in December 2014 when the Feds sold its shares in Ally Financial, formerly GMAC. The deal turned out pretty good for the government too because the investment turned a 2.4 billion profit. The actual automakers have long been out of the Treasury's hands, though. The current FCA paid back its loans six years early in 2011, the Treasury sold of the last shares of GM in late 2013. According to The Detroit News, the government's books actually show an official loss on the auto bailouts of $16.56 billion. The difference is because the larger figure does not include the interest or dividends paid by the borrowers on the amount lent. While it's easy to see fault in any red ink on the Feds' massive investment, the number is less than some earlier estimates. At one time, deficits around $44 billion were thought possible, and another put things at a $20.3 billion loss. Outside of just the government losing money, the bailouts might have helped the overall economy. A study from the Center for Automotive Research last year estimated that the program saved 2.6 million jobs and about $284.4 billion in personal wealth. It also indicated that the Feds' reduction in income tax revenue alone from Chrysler and GM going under could have been around $100 billion for just 2009 and 2010, significantly more than any loss in the bailout.

Marchionne on Alfa's US return, Dodge Dart's powertrain weakness and minivan plans

As a reporter covering an auto show, the one opportunity you never want to miss is going to the Sergio Marchionne press briefing.
"This undertaking to bring Alfa back is a one-shot deal... We are not going to do this twice."
There just aren't that many real characters left in the auto industry. Marchionne, who sits atop both Chrysler and Fiat, is not only one of the smartest execs in the business, but also the most frank. Herein, a sample of the quotable always-sweatered executive:

Stellantis announces ‘Circular Economy’ business to drive revenue, decarbonization

Stellantis has already announced its plans to reach net-zero carbon emissions by 2038. Today, the automaker has announced a new business unit to help it reach that goal while generating 2 billion euros per year in revenue by 2030. The “Circular Economy” business will help make revenue less dependent on finite, rare and ecologically problematic materials. The Circular Economy model features what Stellantis calls a “4R” strategy, comprising remanufacturing, repair, reuse and recycling. The goal is to make materials last as long as they can, reducing reliance on the acquisition of those precious new materials in the future by returning them to the business loop when theyÂ’ve reached the end of their first life. Through these processes, Stellantis says it can save up to 80% raw material and 50% energy compared to manufacturing a new part. Remanufacturing, or “reman” in Stellantis shorthand, means dismantling, cleaning and rebuilding parts to OEM spec. Nearly 12,000 remanufactured parts are available for customers to purchase. Some remanufacturing is done in-house, and some with partners and through joint ventures. Repair is pretty obvious — fixing parts to put back into vehicles. This also consists of reconditioning, to make a vehicle feel like new. Stellantis boasts 21 “e-repair” centers for repairing electric vehicle batteries.  Reuse refers to parts still in good condition from end-of-life vehicles sold as-is. Stellantis says it has 4.5 million multi-brand parts in inventory. These are sold in 155 countries through the B-Parts e-commerce platform. Reuse also refers second-life options, such as using batteries outside of automotive purposes. Recycling involves dismantling parts and scraps back into raw material form that is then looped back into the manufacturing process. Stellantis says it has collected 1 million parts for recycling in the past six months. Recycling doesnÂ’t get counted in that aforementioned 2 billion euros of revenue, but it does save the company money on acquisition of raw materials. As for batteries, specifically, Stellantis expects this recycling business to ramp up after 2030, when the packs currently in service begin to reach the end of their lifecycle. Stellantis will use its new “SUSTAINera” label to denote parts that are offered as part of its Circular Economy business.