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GM, Chrysler bailouts saved 2.6 million jobs

The Center for Automotive Research (CAR) has been studying the effects of the General Motors and Chrysler bailouts in 2009. Now that the US Treasury has officially sold off the rest of its stake in GM (and Chrysler has already paid back its loan), CAR has released its study on the effects of the bailout with this concluding note: "CAR is confident that in the years ahead, this peacetime intervention in the private sector by the US government will be seen as one of the most successful in US economic history."
Big words, for sure, but there's plenty of evidence to back up the claim. Bailing out GM alone saved 1.2-million jobs. If both GM and Chrysler hadn't been bailed out, US employment would have been reduced by 2.631-million jobs in 2009 and another 1.519-million jobs in 2010, according to the study. If both automakers were allowed to fail, personal income in the US would have decreased by $173.5 billion in 2009 and $110.9 billion in 2010. Instead, the study found that $284.4 billion of personal income was saved by the bailouts.

Junkyard Gem: 1993 Plymouth Voyager SE AWD

Under Lee Iacocca's leadership, Chrysler printed bales of money by designing a small, front-wheel-drive van based on the versatile K platform. Chrysler didn't invent the minivan, of course, but those first 1984 Dodge Caravans and Plymouth Voyagers instantly put small vans square in the middle of the American vehicle mainstream (and began the long downward spiral of the station wagon here). For the 1991 model year, the second generation of Chrysler minivans hit our roads, and they were bigger, better-appointed and available with all-wheel-drive. Here's one of those early second-gen vans, found in a Denver-area boneyard a few months back. The 1984 Voyager was a genuine minivan, scaling in at a mere 2,984 pounds (about the same as the current Toyota Corolla). The wheelbases of the second-generation Voyager and Grand Voyager grew just a fraction of an inch longer, but the vans themselves got longer and heavier anyway. The curb weight of today's Junkyard Gem was 4,008 pounds. By 1993, minivans were under sales assault by a new crop of SUVs, particularly the Ford Explorer (which debuted for the 1991 model year) and Chrysler's own Jeep Grand Cherokee (which first appeared as a 1993 model). Chrysler's XJ Cherokee had been siphoning away minivan sales since Day One, having first hit Jeep showrooms at the same time as the first Voyagers and Caravans went on sale. Still, the 1993 Caravan/Grand Caravan, Voyager/Grand Voyager and Town & Country obliterated those trucks when it came to usable interior space, safety, ride comfort and fuel economy. Plymouth used the Voyager name on rebadged Dodge Sportsman full-size vans from the 1974 through 1983 model years, during which time Chrysler attempted to sell their big fuel-swilling passenger vans as sensible station wagons. The Grand Voyager had a wheelbase stretch of just over seven inches versus that of the regular Voyager; the SE was the lower of the two trim levels available for the AWD-equipped version in 1993. In 1993, base-grade front-wheel-drive Voyagers had 2.5-liter Chrysler four-cylinder engines as standard equipment, while front-wheel-drive Grand Voyagers got Mitsubishi 6G72 V6 engines. If you bought a new all-wheel-drive Grand Voyager that year, your van had this Chrysler 3.3-liter pushrod V6, rated at 150 horsepower and 180 pound-feet. Sadly, Chrysler stopped installing turbocharged 2.2 engines in their minivans after 1990.

Federal judge orders Barra and Manley to try to resolve GM racketeering lawsuit

DETROIT — A federal judge in Detroit on Tuesday ordered the chief executives of automakers General Motors and Fiat Chrysler Automobiles to meet by July 1 to try to resolve GM's racketeering lawsuit. U.S. District Court Judge Paul Borman called on GM CEO Mary Barra and FCA CEO Mike Manley to meet in person to try to resolve a case that could drag on for years. "What a waste of time and resources now and for the years to come in this mega-litigation if these automotive leaders and their large teams of lawyers are required to focus significant time-consuming efforts to pursue this nuclear-option lawsuit if it goes forward," Borman said at the end of a hearing during which FCA asked the judge to dismiss GM's lawsuit. Borman said instead, the companies need to focus on building cars and keeping people employed at a time when the coronavirus has hurt the U.S. economy and the country is also dealing with issues of racial injustice after the death of George Floyd, a Black man whose death in police custody in Minneapolis triggered worldwide protests. GM filed the racketeering lawsuit against FCA last November, alleging its rival bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars. GM is seeking "substantial damages" that one analyst said could total at least $6 billion. Barra and Manley should meet, taking into account social distancing to keep them safe, to "explore and indeed reach a sensible resolution," Borman said in the hearing, which was broadcast online. It is common for judges to order parties to try to resolve disputes out of court. But it is unusual that the chief executives of two big companies be instructed to meet face-to-face, not just to settle their differences but also to serve a greater good. A GM spokesman said the No. 1 U.S. automaker has a strong case and "we look forward to constructive dialogue with FCA consistent with the courtÂ’s order.” FCA had no immediate comment. Borman said he wanted to hear from Barra and Manley personally at noon on July 1 to provide him with results from their discussion. FCA shares were up 6.1% at $10.24 in New York and GM shares were down 0.5% at $26.25 on Tuesday afternoon. Government/Legal Chrysler Fiat GM