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GM CEO Tells Shareholders Bailout A Success

Akerson: its clear that loans protected U.S. manufacturing.

by on Jun.06, 2013

General Motors Chairman and CEO Dan Akerson addresses the 2013 General Motors annual meeting.

The facts show the bailout of American automobile industry has been a success, at least according to Dan Akerson, General Motors chairman and chief executive officer, who made the assertion to shareholders at the company’s annual stockholders meeting in Detroit.

“Four years on, it’s pretty hard to argue it wasn’t successful,” he said. “The American public has been well served. All three American companies are profitable and the American manufacturing base is still 50% larger than China’s.”

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Akerson acknowledged the decision to bailout Detroit carmakers was very controversial at the time. However, the decision by “two administrations with very different political perspectives” has proven its worth by helping protect the U.S. manufacturing base during the recession. The bailout also meant the U.S. government didn’t have to cover $26 billion in pension costs connected to the automakers.

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Opinion: Don’t Be Afraid to Drive Your Volt

GM’s groundbreaking E-REV is no less safe than any other car on the road.

by on Jan.27, 2012

GM wants to salvage the image of the Chevy Volt.

Let’s cut to the chase: The Chevy Volt is as safe as any other vehicle on the road. And if something in the vehicle is going to cause a fire, it’s more likely to be its gasoline engine and associated plumbing than the groundbreaking car’s lithium-ion battery.

Still, General Motors finds itself having to defend the world’s first extended-range electric vehicle.

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The controversy stems from a crash test of the Volt conducted by the National Highway Traffic Safety Administration last June. Two weeks after the test, a fire started when the battery’s coolant leaked onto a circuit board. The coolant was able to reach the circuit board on top of the battery when the agency did what it calls a rotisserie test, which simulates what might happen in a rollover crash.

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