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Revisiting the 2008-09 auto bailout that saved GM and Chrysler

The Federal Reserve stayed open late on December 31, 2008. There's almost no way you could remember that because barely anyone knew at the time. But General Motors had to pay its bills, and the Fed wired money so GM could still buy things in January. Without those funds, the nation's largest automaker wouldn't have seen much of 2009. It's one of many heart-stopping moments that illustrate just how close Detroit's Big Three came to extinction nearly a decade ago. They're chronicled in a new movie, Live Another Day, premiering in theaters September 16. Filmmakers Bill Burke and Didier Pietri interviewed nearly all of the key executives, federal officials, and union chiefs to recreate the auto industry's most perilous period. The movie begins in the aftermath of Lehman Brothers' demise amid the global financial meltdown. Things looked bleak for American carmakers, and their CEOs were laughed off Capitol Hill when they sought a Wall Street-style bailout. "It was a feeling that it was the end of the world," Pietri told Autoblog in an interview where he and Burke previewed the film. Saved by last-minute loans authorized by the Bush Administration after Congress refused to act, Detroit staggered into 2009 with a faint pulse. Live Another Day illustrates the downward spiral that played out that winter as President Obama and his task force – with little prior knowledge of the auto industry – wrestled over the fate of hundreds of thousands of jobs. GM's longtime CEO Rick Wagoner was fired in March. Fiat CEO Sergio Marchionne suddenly appeared as a savior for Chrysler, with his own motives. Obama rejected restructuring plans from the automakers. Chrysler declared bankruptcy on April 30. GM followed June 1. The sequence was very public, but Pietri and Burke showcase lesser-known events that shaped the outcome. They also seek to dispel the notion that the government rescued GM and Chrysler from incompetent leaders. "We never subscribed to the theories that the management structures of the companies were a bunch of idiots who didn't know what is going on," Pietri said. At one point, Chrysler executives were negotiating with Marchionne and Fiat. Unbeknownst to them, the government was having its own talks with the Italian automaker. The filmmakers also cast light on the bankruptcy process, which was shredded to shepherd two of America's industrial icons through reorganizations.

Acura Integra, Ford F-150 Lightning, Kia EV6 win 2023 North American Car, Truck, Utility Vehicle of the Year

After much testing and deliberation, the winners have 2023 North American Car, Truck and Utility Vehicle of the Year (NACTOY) Awards have been announced. Previously whittled down to three finalists in each category over the course of the past year, the 2023 NACTOY winners are as follows: 2023 North American Car of the Year: Acura Integra 2022 Acura Integra A-Spec front low View 38 Photos The Acura Integra has won in this year's Car category, beating out the Hyundai Genesis Electrified G80 and Nissan Z. The Integra nameplate has been revived for the 2023 model year, with the Honda Civic-based sedan offering an affordable sport compact from the luxury brand. You can read our First Drive review of the Acura Integra here. 2023 North American Truck of the Year: Ford F-150 Lightning Ford F-150 Lightning front low View 48 Photos The Ford F-150 Lightning has taken the award in the Truck category, knocking out the other two finalists, the Chevy Silverado ZR2 and the Lordstown Endurance. It was interesting to see two all-electric contenders in the pickup field, one based on a legacy platform, and the other coming from a new company and using novel, in-wheel motor technology. It's Ford's third NACTOY Truck win a row. The battery-powered Ford F-150 Lightning is the most powerful F-150 to ever roll off the factory floor, and it has proven itself to be wildly popular, and for good reason. You can read more about it in our First Drive review. or our buying guide. Also worth noting is that the truck's Onboard Scales and Smart Hitch technology won Autoblog's 2022 Technology of the Year Award. 2023 North American Utility Vehicle of the Year: Kia EV6 2022 Kia EV6 GT-Line AWD front three quarter mid View 35 Photos Kia EV6 has taken the top spot in the Utility Vehicle category, over two other all-electric rivals, the Cadillac Lyriq and Genesis GV60. This seems like it was probably the toughest choice for the NACTOY jurors, as these are each excellent EVs. The Kia EV6 is built on the same E-GMP electric platform as the Hyundai Ioniq 5 and the Genesis GV60, which means it has 800-volt battery architecture for extremely fast charging, available all-wheel drive and plenty of power. The EV6 has quickly become a favorite at Autoblog, especially since joining our long-term fleet. Read more about it in our First Drive, buying guide and long-term reviews.

Pickup prices rising at 2x industry average

We've said it before, but bears repeating: Pickup trucks are the financial engines of America's automakers. Good thing, then, that the segment is in rude health - in fact, Automotive News is suggesting that pickup truck sales are arguably healthier than they were pre-recession, even though the segment's volume is still significantly down from where it was before the bottom fell out of the US economy. That's because per-unit profits on full-size trucks are skyrocketing, outpacing the industry's average price increases by more than double since 2005. According to data from Edmunds, the average transaction price of a full-size pickup is now $39,915 - a heady increase over the $31,059 average price in 2005 - a gain of over 8 percent after inflation is factored in.
Just how important are trucks to automakers' bottom lines? Automotive News quotes a Morgan Stanley analyst as saying the Ford F-Series is responsible for 90 percent of the company's 2012 profits, and General Motors isn't far behind, with the Chevrolet Silverado and GMC Sierra twins chipping in about two-thirds of the automaker's earnings.
Automotive News points out that Detroit's automakers now have the money to invest in modernizing their full-size truck offerings, in part because they don't have the same overhead and legacy costs that pushed General Motors and Chrysler into bankruptcy. Certainly, the pickup segment has seen a lot of innovations as of late, including turbocharged V6s, coil-spring rear suspensions and active aero. Those improvements in important areas like fuel economy and ride comfort have given existing pickup buyers new reasons to upgrade. In addition, automakers are piling on the tech and luxury goodies, creating more and more high-content, high-profit models like the Ford F-150 King Ranch, Ram 1500 Laramie Longhorn and Chevrolet Silverado High Country (shown).