Opel Flextreme GT/E: Sporty Saloon Concept with Chevy Volt Powertrain

A conceptual study that demonstrates how General Motors' extended-range electric vehicle (E-REV) technology can be utilized in larger and more stylish cars than the Chevy Volt and its European twin, the Opel Ampera, will be the star of the German brand's stand at next month's Geneva Motor Show.

"The Flextreme GT/E concept shows the shape of things to come from Opel," says Frank Weber, Vice President, Corporate and Product Planning. "Bold, expressive and highly efficient, it represents the product strategy we will apply to all our future vehicles, large and small, across all market segments."

Described by Opel as a 'five-door coupe', the 4.7-meter (185-in.) long Flextreme GT/E concept that adopts the new Meriva's rear-hinged rear doors also illustrates a further development of the firm's current design language as seen on the Insignia, Astra and Meriva.

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GM's Bob Lutz Says that Auto Execs are "Way, Way, Way Underpaid"...

Yes, you read correctly; auto executives earning six- or seven-figure salaries to run a company that went bankrupt and had to be bailed out by the government, (partially due to the incompetence of some of its high-ranking/paid officials), should be filling their bank accounts with much, much more money, according to GM Vice Chairman Bob Lutz

"What you see is what you get, and it ain't a lot," said Lutz, in an interview with the Detroit News on the sidelines of the National Automobile Dealers Association (NADA) annual convention.

"All I know is, right now, we are given our responsibility. And given the rigors of the job and demands and the accountability, I would say we are being paid way, way, way below market," Lutz added.

The General Motors exec's comments come at a time when the firm's top 25 senior executives' pay packages are being reviewed by the Treasury Department.

The agency's pay czar, Ken Feinberg, ruled last fall that the salaries for GM's top 25 executives would fall by 31 percent, while total compensation would drop 20.4 percent, with only one exec beyond the CEO to earn more than $500,000 in cash.

According to the Detroit News article: "since Feinberg set pay limits last year, GM has hired a new chief financial officer, Chris Liddell, who will be paid in $750,000 plus stock awards. Special adviser Steve Girsky is being paid $1.1 million for sitting on GM's board of directors and for advising Whitacre. His pay includes $200,000 a year as a director and a monthly grant of salary stock valued at $75,000, or $900,000 a year."

As for Whitacre's pay, it will be eventually revealed in a voluntary Securities and Exchange Commission filing. Not that Whitacre will go hungry since he received a hefty $158 million retirement package when he left as CEO of AT&T in 2007...

But as always, there's more than one side to a story. Even though Lutz's remarks may sound offensive to some given that as a company, GM is also performing 'way below market' and is currently running on federal loans, he does have a point when he says that the drop in payments may have a negative effect on GM's ability to recruit talented executives.

"Right now, that isn't a problem, but over time, clearly a company that under-compensates senior executives is going to have a retention or recruiting problem," Lutz said.

The GM Vice Chairman diplomatically ended the interview saying that: "You can't go through Chapter 11 and come out the other side and expect to have all of the same perks and comps as you did before. We just hope it doesn't stay this way too long."

Via: Detroit News

NHTSA Opens Probe on Chevy Cobalt for Power-Steering Failures - 11 Complaints Allege Problem Caused Crash

No, we didn't spell Toyota's name wrong. It's actually GM that's being investigated in this latest safety case by the National Highway Transportation Safety Administration (NHTSA) which has either stepped up its efforts or -most likely- most of us are paying closer attention to the agency after Toyota's "sticky" woes.

The NHTSA said that it opened an investigation on the Chevrolet Cobalt after 1,132 consumers complained about a sudden loss of electric power steering (EPS) in 2005-2009 Cobalt and 2008-2009 Cobalt SS models.

According to the agency's report, around 10 per cent of the complaints claim that the loss of steering assist resulted in difficultly controlling the vehicle, while 11 support that the sudden increase in steering effort caused by the alleged defect led to a crash, with one consumer alleging an injury.

If -and we stress "if"- the NHTSA's findings call for a fix, it is estimated that approximately 905,000 Cobalts will be affected by the recall.

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First 2010 Chevy Camaro Convertible Arrives in Middle East

We're still more than a year away from the launch of the convertible version of the new Chevy Camaro, yet a luxury car dealership in Abu Dhabi called 'Princesscar' has put on sale what they describe to be the first drop top example of GM's muscle car to arrive in the Middle East.

However, since the odds of GM having supplied the Middle Eastern dealer with the yet to be revealed in production guise Camaro SS Convertible are less than the probabilities of discovering alien life in our solar system, we'll just assume that this example was built by an independent coachbuilder like NCE or Drop Top Customs. More pics after the jump.

Hat tip to George.L! Link: Princesscar

Video Interview with Spyker CEO Victor Muller and SAAB CEO Jan Ake Jonsson

As you probably have already heard by now, SAAB was rescued on the 11th-hour on Tuesday when General Motors agreed to sell the struggling Swedish brand to Dutch sports car maker Spyker Cars N.V.

The deal is still subject to a European Commission approval of a €400 million loan from the European Investment Bank, but GM expects that the sale will be completed in mid-February.

Shortly after the two companies agreed on the terms of the sale, GM's European unit released a video with interviews with Jan Åke Jonsson, CEO of Saab Automobile and Victor Muller, CEO of Spyker Cars.

The two men talk about the deal and their hopes for the future of Saab. Watch it after the jump.

BREAKING: SAAB-ED By The Bell - GM Agrees to Sell the Swedish Brand to Spyker Cars NV

It's been a long road for SAAB, and even though we don't know what the future has in store for the quirky brand, for the time being, the Swedish automaker has been saved as General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the sale.

"Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances.

"General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome," Smith said.

Very few details were released on the agreement, but in a joint statement, the two parties said that Spyker intends to form a new company called Saab Spyker Automobiles and that the Swedish government is currently reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.

GM said that the SAAB sale is expected to be finalized in mid-February, adding that the previously announced wind down activities at SAAB will be immediately suspended, pending the close of the transaction.

Citing "people familiar with the matter", the Wall Street Journal reported today that the tiny Dutch sports carmaker agreed to buy SAAB from General Motors for around $74 million in cash while the American firm will also receive preferred shares in the newly formed company under the name Saab Spyker Automobiles.

General Motors did not respond to Wall Street Journal's report, but it did note in the press release that "the terms and conditions specific to the sale will be disclosed in due time".

Nick Reilly, president of GM Europe, said: "Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand. We've worked with many parties over the past year, including governments and investors, and I'm very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward."