Print 45 comment(s) - last by YashBudini.. on Dec 3 at 7:59 PM

The bailout and nationalization of GM and Chrysler, masterminded by U.S. Presidents Barack Obama and George W. Bush continues to show signs of success.  (Source: Mandel Ngan / AFP/Getty Images.)

GM and Chrysler each announced plans to hire 1,000 new engineers. GM's one thousand new employees will all work in Michigan, as will most of Chrysler's.  (Source: GM)
Signs of automakers' recovery continue

General Motors Company is now majority owned by public investors, with the government's stake reduced from 61 percent to 26 percent thanks to a $23.1B USD initial public offering of stock.  The government's stake is currently being further reduced by sales of stock to banks and investment firms.  It now looks possible that the taxpayers will be fully repaid their bailout "investment".  And GM has been profitable since the start of the year.

While Chrysler Group LLC is unlikely to fully repay the money the government poured into it during bankruptcy and is still not profitable, it also has a bit of success to report.  It has cut its losses and its sales are currently on the rise.

Both companies announced good news on Tuesday.  GM announced that it would be creating 1,000 new high-tech engineering and research jobs in Michigan over the next two years.  The new hires will work on designing new EVs and hybrids for GM.  

Meanwhile, Chrysler is boosting its work force by 1,000 technical professionals, as well.  Some of its new hires will come overseas, but most will work in Auburn Hills, Michigan at its headquarters and technical center.  Chrysler is recruiting at 35 college campuses and is asking for resumes.  It hopes to have its new hiring complete by April of next year.  The smaller automaker was less specific about the roles of the new hires, though presumably many of them would be designing hybrids and EVs as well.

While Chrysler's plans for EVs have become vaporous of late, GM is prepared to lead America's mass market auto industry into the realm of full electrification.  The company will be delivering its brand-new 2011 Chevy Volt EV to showrooms and customers who pre-ordered within a week or two.

The new EV has garnered substantial attention and won several top automotive publications' "Car of the Year" honors.

The company will begin mass sales of the vehicle next year, with plans to ship 10,000 to 15,000 Volts.  In 2012 it tentatively plans to boost production to 60,000 units.  The company is also hoping to bring a crossover-SUV electric vehicle to market sometime in the next several years.  That vehicle will likely be based on the Chevy Volt MPV5 concept, unveiled earlier this year.

GM has invested $700M USD in Michigan to produce the Volt's battery pack, powertrain, and body, revamping and reopening several production facilities.  In the process it has created a number of manufacturing jobs, aiding Michigan's desperately struggling economy.

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RE: Whoa!! The Real Story.
By FITCamaro on 12/2/2010 8:29:53 AM , Rating: 2
Florida is still a far better place to live than Michigan.

And a far better potential job market. I'm betting the only reason all those jobs are going to be in Michigan is because the administration deemed it so. I feel sorry for those fools who have to move there. I wouldn't want to live in a cold state and a city full of abandoned buildings and high crime.

RE: Whoa!! The Real Story.
By iwanttobehef on 12/2/2010 9:38:30 AM , Rating: 2
and thats why you picked low wage, high unemployment backward ass South Carolina. Because you belong there.

RE: Whoa!! The Real Story.
By FITCamaro on 12/2/2010 8:27:55 PM , Rating: 2
Hence why people like me in South Carolina want to eliminate the income tax here in South Carolina. So it will become a better job market. We already got Boeing here. There's also a BMW plant here.

Much of the unemployment here is a result of idiots like Clyburn who love that most of the blacks in this state are poor. He promises the money will keep flowing to them if they keep voting for him. Why would they try to go make something better of themselves?

And what the fuck do you do? In January I'm starting a side gig that pays $55-60/hr. Yeah I'm just a dumb, ignorant redneck because I live in South Carolina. So according to you I should take the $120-140,000 a year job a guy has been offering me for two years in high cost of living, extremely high unemployment, broke, overrun, and corrupt Commifornia? No thanks.

RE: Whoa!! The Real Story.
By room200 on 12/3/2010 12:08:37 AM , Rating: 2
Shut the fuck up you hillbilly-assed hick.

RE: Whoa!! The Real Story.
By FITCamaro on 12/3/2010 11:50:43 AM , Rating: 2
I love internet tough guys.

RE: Whoa!! The Real Story.
By YashBudini on 12/3/2010 7:59:55 PM , Rating: 2
As much as you love blacks?

RE: Whoa!! The Real Story.
By Gungel on 12/2/2010 9:40:16 AM , Rating: 2
Michigan is not just Detroit. It's probably one of the most scenic states east of the Rockies.

RE: Whoa!! The Real Story.
By Dr of crap on 12/2/2010 10:10:39 AM , Rating: 2
Up here is God's country - where it gets very cold ( -30°F in the winter) we don't want your kind.

You have to have balls to live through the cold.

And the summers are greeaaatt!!

RE: Whoa!! The Real Story.
By Chaser on 12/2/2010 7:56:24 PM , Rating: 2
And the summers are greeaaatt!!
Yeah all three weeks of it.

RE: Whoa!! The Real Story.
By FITCamaro on 12/2/2010 8:29:44 PM , Rating: 2
I love the cold by the way. I'm just smart enough to live somewhere I can drive a sports car on summer tires year round. Granted right now they're a bit stiff since its getting a bit chilly. Ideal weather to me is 60s.

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