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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 8:29:44 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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