As many of you have probably figured out by now, I’m a firm atheist. You die, you become worm food, and your relatives divide up your estate. Life goes on. However, when I was learning religious education at school, I was told about the many different Gods on offer. We have God, Allah, Buddha (not really a god, but you get the gist), Zeus, Apollo, Thor and loads of others. But at no point did my teacher mention a Japanese car company. Bob Lutz just did. (Read More…)

The AP [via canadianbusiness.com] reports that two separate bills to make the Corvette Kentucky’s official state car appear to be dead in the state’s legislature. State Rep. C.B. Embry Jr., R-Morgantown, suggests that the failure of these bills would be perceived as a snub by GM, who builds Corvettes in Bowling Green. Not so, say GM reps.

With or without a bill, the Corvette is an iconic American sports car, and we’re proud to build it in Kentucky. It shouldn’t be perceived as a snub, and we don’t take it as that.

But GM’s downplaying of the news hides the possible cause for what otherwise would be a win-win political proposition.

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Suzuki is saying sayonara to plans of hybrid and V6 equipped versions of their new Kizashi sedan. It’s not that they are against those mills. They just don’t like the company that makes them. That company is GM. (Read More…)

Ohio.com reports that GM will miss a March 31 deadline for filing its first GAAP-compliant financial results since emerging from bankruptcy. According to an SEC 10k filing:

General Motors Company (the “Company”) is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the “2009 Form 10-K”) by March 31, 2010, as the Company is still finalizing its fresh-start adjustments required by generally accepted accounting principles relating to the assets acquired and liabilities assumed from General Motors Corporation (“Old GM”) in connection with Old GM’s sale of assets under Section 363 of the United States Bankruptcy Code (the “363 Sale”) prior to such date. Due to the size of the Company, the global application of fresh-start reporting and the associated determination of the fair value of its assets and liabilities is a significant undertaking, which requires extra time

GM says it will be able to file within a 15 day extension period, which means there’s not too much longer to wait before we have our first “real” measure of GM’s post-bankruptcy performance. And because GM’s last results were accompanied by warnings that Q4 2009 results could be worse than November’s non-GAAP numbers (not to mention recent soft-pedaling by CFO Chris Liddell), there’s reason to believe that they won’t be particularly pretty. Either way, GM can only delay their release for so long. As 60 percent stakeholders in the artist formerly known as the world’s largest automaker, taxpayers have the right know just how their “investment” is panning out. I guess we’ll be seeing GM in line at the post office just before the midnight on the 15th.

Not only does Public Radio’s This American Life take on one of the most fascinating stories in the auto industry this week, they also give a big shout-out to TTAC’s readers at the end. That means you! Don’t miss this story, if only to have your mind blown by just how big of a party the Fremont, CA, plant was back in the “good old days.”

While India is still waiting (and waiting, and waiting) for volume production of their ballyhooed Nano, the cars-for-pygmies segment is in overdrive in neighboring China. It’s hard to keep them apart. When Chery launched the QQ in 2003, taking a bit more than just design cues from the Daewoo Matiz (a.k.a Chevrolet Spark) Car and Driver called the QQ a “carbon copy.” GM called their lawyers. After three years in court, the spat led to nothing, except that Chery can’t sell cars in the US under its own name due to the similarity between “Chery” and “Chevy.” In the meantime, the QQ is a runaway hit in China. Hits attract admirers. There’s a new copy in the house! (Read More…)

Reuters says GM is making a big deal out of sending a $1b check to the U.S. Treasury next Wednesday, “attempting to settle the loan with the government ahead of schedule.”

Who are they kidding? (Read More…)

In the world of automobiles, it appears that China isn’t the only fruit ripe for the plucking. Brazil is buzzing. They’re weathering the current economic fragility very well, and companies are looking to invest in there. Down in Brazil, economically speaking, it’s car-naval time! (Read More…)

When we wrote yesterday that GM’s „car of the future,“ to be shown at the upcoming Shanghai Expo, “looks more like an overgrown Segway scooter,” we meant it in jest. Turns out they are serious. It IS an overgrown Segway scooter. (Read More…)

Opels head shop steward Klaus Franz is mightily mad at Opel’s CEO Nick Reilly. Reilly told the London Times that the Ampera, Opel’s counterpart to the Volt, may be built in the Ellesmere Port plant in the UK:“The chances are quite good that the Ampera will come to Ellesmere Port as it is close in production terms to the Astra and will share many components,” Reilly said. In the meantime, Berlin cues Roberta Flack’s “Killing me softly” as a prelude for Opel’s funeral. (Read More…)

Shanghai is in the grips of pre-Expo frenzy. Shanghai’s Finest are closing down all world famous adult entertainment establishments to present a clean Shanghai from May 1 to October 31 – no red rope treatment, except at the show entrance . General Motors, corporate citizen of Shanghai, unveiled a new electric concept car to up its image as a supplier of non-polluting cars tailored to keep the crowded mega-cities of the future green and clean. Did I say “car?” It looks more like an overgrown Segway scooter. Or something that escaped the Sunday Funnies, AD 1968 … (Read More…)

Japan’s Mag-X [via Autoten] brings us this rendering of a Toyota low-cost car, said to be planned for a 2012 launch in India’s hot-hot entry-level car market. Expected to weigh about 1,322 lbs, Toyota’s Tata Nano-fighter is said to have an 800cc two-cylinder engine mounted out back (alá Nano).

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Germany’s Economy Minister Rainer Brüderle poured cold water on hopes for a quick decision on state aid for GM’s ailing Opel. GM expects $2.5b in state aid to come from European countries, most of it from Germany. But Germany, represented by Reiner Brüderle, is dragging its heels. (Read More…)

Over the weekend I penned a screed calling baby boomers to task for embracing retro style over the the values that made the revolutionary cars of their era so revolutionary [editor’s note: there’s nothing like having a carburetor on your 35 year-old motorcycle magically fix itself to inspire faith in old, simple machinery]. The new New Beetle was square in my crosshairs over the weekend, but it’s hardly the only example of boomer retro-madness. Another favorite for nostalgic boomers are the legendary muscle cars that marked the high-water point for Detroit thunder, and this feverish demand combined with limited original runs have run the prices of famous muscle cars into the Barrett-Jackson stratosphere. It’s also inspired a legion of knock-off and replica manufacturers, who see huge money to be made by aligning supply with demand. They, in turn, have inspired a number of huge lawsuits from the original creators of the limited-edition legends. Carroll Shelby’s prolific legal battles against creators of Cobra replicas have given him the reputation of being a guy who never met a buck he didn’t like, and now GM has joined the Shelby legacy, suing Mongoose Motorsports for daring to produced replicas of the 1963 Corvette Grand Sport roadster.

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The Detroit Free Press reports that Ford’s Alan Mulally made $12.8m last year, nearly double the $7.53m he made in 2008. Despite a considerable increase in Mulally’s overall compensation, his cash salary actually declined to $1.4m, from about $2m in 2008. In addition to the $12.85m he made in salary, bonuses and other compensation, Mulally banked a further $5.05m in stock options. Chairman Bill Ford Jr. continues to work without compensation, although he continues to accrue stock options worth $16.8m. Those options can not be exercised until the firm’s auto operations are profitable. And while Ford’s 2009 profits justify big executive payouts, federal pay czar Ken Feinberg has cut back on executive compensation at bailed-out automakers GM and Chrysler.

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