Test Driving the Chevy Volt, GM’s Extended-range Electric Vehicle
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GM has declared that the Chevrolet Volt is the linchpin in the company's future and we can see why after spending a good amount of time behind the wheel of an early test mule. The experience met every expectation we had about the extended-range electric vehicle. It was electric-quick, had instant torque, and was strikingly quiet. The test mule shows great promise that the Volt will be everything GM's savior should be.Bob Lutz, Vice Chairman of Global Product Development and an all-around man's man, along with Frank Weber, the Volt's chief engineer, chatted with us a bit before we got behind the wheel. It's clear that these high-up GM suits feel very strongly that the Volt is something special. Many, including myself, have called out GM for largely ignoring consumer diesels and hybrids, but I finally understand their positive outlook after our drive.
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GM has declared that the Chevrolet Volt is the linchpin in the company's future and we can see why after spending a good amount of time behind the wheel of an early test mule. The experience met every expectation we had about the extended-range electric vehicle. It was electric-quick, had instant torque, and was strikingly quiet. The test mule shows great promise that the Volt will be everything GM's savior should be. Bob Lutz, Vice Chairman of Global Product Development and an all-around man's man, along with Frank Weber, the Volt's chief engineer, chatted with us a bit before we got behind the wheel. It's clear that these high-up GM suits feel very strongly that the Volt is something special. Many, including myself, have called out GM for largely ignoring consumer diesels and hybrids, but I finally understand their positive outlook after our drive.
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UAW health care trust will own 17.5 percent of GM: David Shepardson and Louis Aguilar / The Detroit News
The United Auto Workers leadership council approved a package of concessions today with General Motors Corp. today that gives the union trust fund that takes over responsibility for retiree health care just 17.5 percent of General Motors Corp. stock, officials said today.
The UAW stock deal is part of a concessions package reached between the union and the automaker. UAW leaders meeting in Detroit Tuesday unanimously approved the deal; rank-and-file members are to vote Wednesday and Thursday.
"It was a tough but necessary vote," said Terry Everman, head of Local 599 in Flint.
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Wages and benefits will be cut for hourly retirees, and union work rules will be changed, people briefed on the deal said Tuesday.
The pact says GM will take back some facilities from Delphi Corp., its former parts arm now in Chapter 11 bankruptcy protection. GM reportedly will take ownership of Delphi Saginaw Steering in Saginaw; Delphi Thermal Systems in Lockport, N.Y.; Delphi Powertrain in Rochester, N.Y.; Delphi Powertrain Systems facilities in Rochester, N.Y., and Grand Rapids; and Delphi Electronics and Safety in Kokomo, Ind.
The Treasury Department had blocked the sale of Delphi's steering operations to GM. Delphi faces a Friday deadline to complete a deal acceptable to both GM and the Treasury to allow the Troy-based auto supplier to emerge from bankruptcy. GM has said Delphi's creditors are the main stumbling block to Delphi emerging after 3 1/2 years under court protection.
Under a proposed deal announced earlier this month, the U.S. Treasury and UAW, together, are to own 89 percent of GM's stock, with 10 percent allocated to bondholders who hold $27.2 billion in bonds. Existing shareholders would get the remaining 1 percent.
The UAW is to get $6.5 billion of preferred shares and a $2.5 billion note, plus warrants equal to 2.5 percent of GM's stock.
The UAW was eligib