Washington Approves $25 Billion Dollar Bailout For Detroit 3

In the wake of the crushed $700 billion dollar emergency financial measure that sparked a historic plunge of the Dow Jones and caused many to wonder about the future of America’s economy, President Bush passed into law Tuesday a revised version of the legislative rescue, this time to the tune of $634 billion. Of that hefty sum, $25 billion has been guaranteed for use in keeping the Detroit 3 afloat in the form of low-cost government loans. Under the bill’s directive, 10% of that $25 billion will be specifically set aside for auto companies whose operating facilities are at least 20 years old as well as for those whose in-house family totals 500 employees or less.

As per the bill’s terms of agreement, the low-cost loans will carry an interest rate of about 5% and a 25-year payback timetable, as well as the option to request a five-year repayment deferment. Heralded by auto industry lobbyists as a much needed measure, the billion dollar bail out could stand to save Detroit’s Big Three more than $100 million per $1 billion borrowed.

What this means to you: Not a damn thing. Please proceed as you were, hording your life savings in your mattress, awaiting the impending financial apocalypse.

[News Source: Detroit News]

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Report: Toyota Possibly Developing Solar-Powered Car [Over The Back Fence]

Remember reports Toyota was working on a solar-powered Prius? Maybe they weren't entirely wrong. According to The Nikkei, Toyota's secretly developing a vehicle powered solely by solar energy, some on the car and others not-so-much.

According to Japanese newspaper The Nikkei, Toyota is working on an electric vehicle that will get some of its power from solar cells on the vehicle, and that can be recharged with electricity generated from solar panels on the roofs of homes. The report goes on to say the automaker later hopes to develop a model totally powered by solar cells on the vehicle. All of this is of course completely done without citing sources.

The Nikkei newspaper, however, did say it will be years before the planned vehicle will be available on the market. Yeah, like for-never. Seriously, we might be able to see this as a concept car at some point, but does anyone really think it's cost-efficient or energy-efficient enough of a technology to see the light of day beyond any but the world's sunniest markets? Just sayin'... (Hat tip to James!)

[The Nikkei via AP, The College Driver]

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Official Chevy Volt Pictures “Leaked”

Leaked Volt image or Perry Ellis Casual Collection from J.C. Penny; you decide

In advance of the official “unveiling” of the Chevrolet Volt next week, official pictures of the production Plug-in Hybrid car have surfaced on the internet.  Apparently Robert Novak is also in charge of GM’s press materials.  Although obscured by various GM officials posing as if in the next print ads for the Mens Wearhouse, the concept has a more muted design than was on display when first presented at the Detroit Motor Show in January 2007.

Chevy Volt: Relaxed-Fit Exec. not included

In fairness to GM, they acknowledged at that time that they would likely not carry the same design from the concept to the showroom. GM claims that a vendor made a mistake and released the photos, but many, including us, are thinking GM is most likely trying to gently (or quite unabashedly) hold the public’s interest until the car goes on sale in 2011.

Squatting: Car Marketing 101

As the pictures indicate, much of the distinctive style of the concept has been replaced with the contours that are already represented in the Prius and Civic.  Not surprising given GM has to balance both the costs of production and the aerodynamics needed to extract maximum efficiency from the batteries. Data released last spring from GM confirmed that aerodynamics play a larger role in the car’s mileage than weight, which undoubtedly contributed to the redesign.  The Volt design team is spending a significant amount of effort in wind tunnels to minimize the wind drag, which can account for 20 percent of a car’s energy.  The Volt is powered by an electric motor, with a small backup conventional gas engine used to extend the range on longer trips. The Volt can still drive up to 40 miles without the engine kicking in and it is aided by a regenerative braking system to recapture energy otherwise lost under deceleration. For short distances and commutes, the car is intended to run on battery power alone and recharge at night when plugged in.  With both gas and batteries the Volt is expected to have a 400 mile driving range.  While mostly unrecogizable from theconcept, some design elements appear to have made it through to production including the narrow rear lights, aerodynamic wing mirrors and the high, coupe-like rear trunk.

"I designed this part of the car. No, it's not a clip-on."

The Volt’s powertrain system, named E-Flex, will ultimately be used in other models from General Motors because of its flexibility in use with a variety of powerplants to power the battery pack including diesel and ethanol engines, or even a fuel cell.  More details about the Volt will be revealed next week at an event celebrating GM’s centenary.

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