It appears as though both GM and GMAC are getting access to the TARP fund created by congress: General Motors shares are up after its GMAC finance affiliate was given approval for bank holding status, thus achieving eligibility for government loans.  GMAC is a critical part of General Motors, as it finances three-fourths of the [...]

President Bush announced a rescue plan for General Motors and Chrysler LLC Friday morning that will make $13.4 billion in federal loans available almost immediately.A senior administration official briefing reporters said he expects that GMand Chrysler LLC will be signing the loan papers to access the cash later Friday morning. The money will come from [...]

General Motors Corp., anxiously awaiting a government loan so it can continue operations into 2009 said Wednesday it will halt one of its most important projects to save money should a Washington bailout fall through. The cash-strapped automaker is putting the breaks on the construction of a factory in Flint, Mich. set to make 1.4 [...]

A compromise pact to provide at least $15 billion in loans to General Motors Corp. and Chrysler LLC could be unveiled within the next 24 hours, Michigan Sen. Carl Levin said Sunday. “I think they’re very close to a deal, I’m very confident there will be a deal, and that will happen within 24 hours,” [...]

GM warned the U.S. government on Tuesday that it needs a $4 billion loan by the end of December or else it faces the risk of immediate failure. “The first $4 billion is crucial,” GM’s Chief Operating Officer Fritz Henderson said. “There is no Plan B.” The loan would be part of $18 billion in [...]

GM is mulling whether to shed its Pontiac, Saab and Saturn brands, as well as its Hummer brand, as part of a plan to win $12 billion of U.S. government loans, Bloomberg News said on Wednesday, citing people familiar with the matter. GM was not immediately available for comment. Federal lawmakers last week rejected pleas [...]

Detroit automakers began work on the turnaround plans demanded by Congress in return for a possible $25 billion rescue as General Motors Corp said it will cut production more deeply and drop two of its controversial corporate jets. Pushed to the brink of failure by a plunge in auto sales, GM said on Friday it [...]

Looks like the guys at Chevy weren’t quite done with the interior when they unveiled the Volt a couple months ago.  The new interior has a few more colors and tries to make it easier to use.

With Congress set to consider a $25-billion lifeline to the domestic auto industry, the heads of General Motors Corp., Ford Motor Co., Chrysler LLC and the United Auto Workers will be called to Capitol Hill next week to explain why the money is needed and how it will be used to keep the industry alive. [...]

A few days ago the leaders of the three Detroit automakers sat down with Democratic leaders to discuss their dire situation.  It seems that they’ve done what they intended to do.  The leaders sent a letter to the treasury asking it to use part of the 700 billion bailout for financial institutions to help out [...]