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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.

Ford and OMS bring military ride-and-drive program to Hockenheimring

This post is appearing on Autoblog Military, Autoblog's sub-site dedicated to the vehicles, aircraft and ships of the world's armed forces. It kind of goes without saying, but joining the military means you won't be enjoying quite as much leisure time as members of the civilian world. That said, when a chance to let your hair down does come along, servicemembers usually enjoy some very unique opportunities... like driving a new Ford Mustang and F-150 around Germany's Hockenheimring. Ford and the Overseas Military Sales Corporation, the on-base retailer for the Blue Oval and the same outfit that worked out a raffle program for servicemembers to purchase the limited-edition 50th Anniversary Mustang, put together the ride-and-drive program at Germany's second most famous circuit. The OMS allows military men and women to purchase vehicles for both on-base use and for pickup when they arrive back in the United States. "The Ford Driving Freedom ride-and-drive event is designed to introduce the new 2015 Ford Mustang and F-150 to military personnel who are stationed on US bases across Europe," Ford fleet sales manager Doug Walczak said in the attached statement. "It's the first time such an event has been held overseas." According to Ford, over 300 servicemen and women applied to take part in this pilot program, which was more than double what Ford and OMS had room for. With such an impressive response rate, it's no surprise that similar events could come to other US bases. Scroll down for the official press release from Ford. U.S. Military Personnel Take Ford Mustang, F-150 for a Ride at Hockenheimring Racetrack · Ford and the Overseas Military Sales Corporation host first-ever Ford Driving Freedom ride-and-drive event for U.S. military personnel stationed on bases across Europe · U.S. military personnel got the unique opportunity to drive the Ford F-150 and Ford Mustang on Hockenheimring racetrack in Germany · Ford has worked with Overseas Military Sales Corporation since 1995 to offer Ford and Lincoln vehicles for sale throughout the Americas, as well as in Europe, the Middle East and Asia, as well as on select Navy ships HOCKENHEIMRING, Germany, June 9, 2015 – Members of the U.S. military got the unique opportunity to take a test drive of the Ford F-150 and Mustangtoday at Germany's famed Hockenheimring racetrack.

Ford CEO told Trump 1 million jobs at stake because of fuel economy regs

Bloomberg is reporting that Mark Fields, Ford's CEO, pushed President Donald Trump for market-driven national fuel economy standards, and that up to a million jobs could be at stake if those national regulations didn't take consumer expectations into account. Fields was reporting on his conversation with Trump in remarks made at the National Automobile Dealers Association in New Orleans, Bloomberg reports. The report also states that he and fellow CEOs Mary Barra of GM and Sergio Marchionne of FCA aren't seeking to eliminate fuel economy standards altogether, but rather to make them more flexible. Bloomberg reports that Fields didn't cite the studies he was referring to in support of his job loss figures, so we can't independently verify Fields' math at this time. But his push to stop selling cars consumers don't want – that is to say, more hybrids and EVs than consumer demand supports right now – is clear. We've already reported on that. To level an educated guess at what will happen next, Trump seems likely to reduce the stringent 2025 fuel economy targets, perhaps freezing them at current levels. The automakers are already invested in producing vehicles that meet current standards, and they also have to think about foreign markets like Europe that aren't likely to relax standards below current levels. If you consider economies of scale, automakers are likely to ask for federal standards that match global standards for their largest markets as closely as possible. We'll see if Trump buys Fields' math, but Ford isn't hedging its bets. Backing out of the Mexican assembly plant cost the company $200 million – not a huge sum compared to the total value of Ford, a massive company which had its second best year ever, but still an important gesture to Trump about Ford's priorities. Related Video: News Source: BloombergImage Credit: Bloomberg via Getty Images Government/Legal Green Fiat Ford GM Sergio Marchionne Mary Barra Mark Fields