Former GM CEO Rick Wagoner to Receive $10 million Retirement Package

The bad news for former GM CEO Rick Wagoner is that the firm's bankruptcy proceedings and the formation of the New GM led to a cut of around 50 percent in his retirement package. The good news for Wagoner is that he is still entitled to a pension and benefit package valued over $10 million when he retires on August 1st, 2009, according to company documents filed on Tuesday with the U.S. Securities and Exchange Commission.

Wagoner, who was given the boot by the Obama administration back in March, is eligible for $1.64 million in benefits for each of the next five years along with an annual pension of $74,030 for the rest of his life. For the record, Wagoner who worked at GM for 32 years, is only 56 years old.

And while these numbers may sound scandalous to people like ourselves, truth is that it is not unusual for CEOs of large companies to receive enormous compensations that dwarf Wagoner's $10 million package.

For example, the AP reported that Lee Raymond, ex-chairman of ExxonMobil, pocketed a $400 million retirement package in 2006 while Stan O'Neal, who was kicked out of Merrill Lynch in 2007, received $161.5 million in stock, options and retirement benefits.

"For a company making billions of dollars in revenue, an executive regularly making millions of dollars every year, I think a $10 million retirement package, considering the length of time that he's been with the company, I think it's certainly understandable," said Aaron Boyd, a research manager with Equilar Inc.

Still, we'd by lying if we didn't say that for people like us who live on monthly paychecks with no room for savings, these numbers are simply mind-blowing and extremely hard to justify.

GM President Says Chevrolet will Debut Two New Models at Chicago Including a Camaro-Based Car

Speaking at a J.D. Power forum in Detroit, General Motors North American President Mark Reuss announced that Chevrolet will unveil two new models at the upcoming 2011 Chicago Auto Show, which kicks off on February 9. Mr. Reuss said one of the models will be a new vehicle based on the Camaro-platform, however, he declined to divulge further details about the car.

"It will be fun," Mr. Reuss told reporters in regards to the Camaro-based model. "I'm not going to give you guys any product information other than what I gave (in the presentation.) I'd ruin the whole show."

Now, the inevitable question that arises is, what are the two models Chevy is planning to introduce in Chicago?

Well, the Camaro-based model could be anything from the range-topping, V8-supercharged Camaro Z28 to a civilian version of the Caprice PPV or even something totally new. As for the second model, there's a chance it could be a successor to the Malibu sedan (seen in the patent drawings above and below), which is due for replacement soon, but we could be wrong. As always, feel free to share your thoughts in the comments section below.

This 1980 Toyota Corolla TE71 Packs a Big-Block 454 / 7.4-liter Chevy V8

Let us introduce you to our find of the day; a 1980 Toyota Corolla TE71 Coupe retrofitted with a big brawny classic American V8 powerplant. This wolf in sheep's clothing was once powered by a small four-cylinder engine but now comes with a 454 cubic inch (equal to 7.4-liters) big block Chevrolet V8 powerhouse that drives the wheels through GM's Turbo-Hydramatic 400 transmission.

According to the eBay seller, "with 13 inch tires it only goes about 65 [we'll assume he's talking about mph here] at 4000 rpms, but it gets there in about 4 seconds" and while driveable, the car needs some TLC to be road-worthy. The current bid on eBay is $3,251 but the reserve has not been met yet.

VIDEO: Chevrolet Camaro Transforms into Bumblebee for Super Bowl XLV Ad

Next up on our list of automotive-related commercials that will air during the Super Bowl XLV game on Sunday is the Chevrolet Camaro ad from General Motors. Once again, the Detroit carmaker is playing the Transformers card with the Camaro turning into Bumblebee, and well, you can see the rest in the video that follows.

All in all, Chevrolet will air five 30-second commercials during the big game including “Misunderstanding,” featuring the Cruze Eco; “Discovery,” with the Volt; “Tommy,” showcasing the Silverado HD; and “Al’s Chevrolet,” starring the Camaro.

The company will also air a longer-form Chevrolet spot during the “Glee” episode following the Super Bowl as well as a second Camaro ad named "Ms. Evelyn,” which will be shown after the presentation of the MVP Award.

All of Chevrolet's ads at this year’s Super Bowl were created by the Goodby, Silverstein & Partners agency. Chevrolet returns to the Super Bowl after a four-year absence.

The Upgradeable Car: A Software Influenced Future for the Auto Industry

As an automotive blogger that also works in the IT industry, I feel I have a somewhat unique perspective on in-car technology. Whereas a new car may have a three to five year buffer between upgrades and replacement models, for electronic devices such as mobile phones and computers it's more like six to eighteen months.

This brings up an interesting conundrum: what to do when the sat nav or Bluetooth devices in your car age more quickly than the car itself? Few people this side of Dhiaa Al-Essa can afford to replace their car every six months, so the answer - to automakers at least - is to do the same as software companies: roll out upgrades.

It could be something as simple as the dealership checking your oil and tire pressure remotely to recalibrating the transmission or updating the car's sat nav system. San Francisco based Cisco Systems has even constructed an experimental dashboard out of LCD panels that acts as a giant touch screen: driver's can drag and drop instruments, personalize the look and feel of said instruments and add new functions such as g-force meters.

The obsolescent of in-car technology is becoming more and more of a concern, especially in the light that market research firm R. L. Polk reveals that many of us are keeping our cars for up to 9 years. Advances in computing technology in our car's ECUs and other systems are also bound to cause headaches for automakers in the future.

As Dirk Schlesinger, a senior director in Cisco’s Internet business solutions group explains, "Complexity is killing the industry. We can’t change the silicon fast enough."

Software updates, a common enough occurrence when your car is taken in for a service in this day and age, may soon be rolled out automatically and via the internet or satellite, like they are for computer software.

In the words of Dave Evans, Cisco’s chief futurist: “The car is becoming the most sophisticated piece of computer equipment you own.”

That's as good as maybe, but with technology such as Ford AppLink giving its drivers access to Pandora or Twitter from behind the wheel or GM / Mercedes-Benz's OnStar and Mbrace systems allowing remote support for driver's and their vehicles, one thing is for sure: the future is closer than we think.

GM, Mercedes, BMW and other Automakers Close Down Factories in Egypt

The continuing crisis in Egypt has prompted several automakers including General Motors, Mercedes-Benz, Nissan and BMW to shut down their factories in the country, while other companies like Volkswagen, have been forced to completely stop vehicle deliveries as it was uncertain if the cars would reach their destinations, according to a company spokesman.

“We decided to close our assembly plant in Egypt due to the unstable political situation,” Nissan spokesman Mitsuru Yonekawa told Bloomberg News on Monday.

GM international operations spokesman, Johan Willems, told Autonews Europe: "All of our employees in Egypt as well as our plant property is safe and secure. Our local team in Cairo is assessing the situation and will decide to commence normal operations once the conditions permit."

As well as bringing production to a stop to ensure the safety of their workers, certain carmakers such as BMW and Mercedes are also evacuating expatriate employees and their families.

At the time being, it remains unclear when automakers will resume production in Egypt.

2010 Opel Astra and Alfa Romeo Milano Styling: Too Close for Comfort?

Many of you, our readers, were quick to point out the Alfa Romeo Milano showcased in the leaked factory spy shots shared one too many styling similarities with GM's forthcoming Opel Astra hatchback. Are we talking about a cloning case here? Absolutely not. Even though we only have these fuzzy photos of the Alfa to go by, the only way you're going to confuse these two cars is if you wasted your paycheck on drinks. But, we think that many of you caught on to something and by that we mean the styling of the rear quarters.

And oh, since we're all quick to jump in the bandwagon when we see a Chinese vehicle 'borrowing' styling traits from other cars it's only fair that we do the same with everyone else.

But before we go into any details, let us say that designs are not finalized in a matter of weeks so don't go and claim that Alfa 'plagiarized' Opel (unless you know something that none of the rest of us don't) just because the Astra made its debut first.

Truth to be said, when we compared the two cars side by side, we were quite amazed by the similarities in the design of the rear quarter panel and the rear-end. If we didn't know any better, we'd say that from the B-pillar and back, it's as if someone drew a rough sketch and gave it to two different design teams for further development: one from Germany and one from Italy.

Just look at the crisp belt-line and how it meets the corners of the same shaped tail lights, then pay attention to the window line, the C-Pillar, the wraparound rear windshield with the roof spoiler and even the styling of the rear bumper with the blacked out apron 'swoopy' curve line.

So in a nutshell, that's what we think. Time to agree, disagree or just simply have your say in the comment section below.

Pontiac G8 to be Reborn as the Chevrolet Caprice in the USA, According to Lutz

No sooner that we learned that Bob Lutz reversed his decision to retire from GM at the end of the year, deciding to extend his career as the firm's vice chairman in charge of all "creative elements of products and customer relationships", and the 77-year old is offering American car nuts a reason to celebrate. In an interview with Automobile Magazine, Lutz revealed that the Pontiac G8 isn't dead after all.

Despite the fact that only a month ago, in a live chat with online readers, GM CEO Fritz Henderson supported that the rear-wheel drive Pontiac sports sedan won't live in another brand, Lutz told the magazine that the G8 will be reborn in the USA as the Chevrolet Caprice.

"The last time we looked at the G8, we decided that we would continue to import it as a Chevrolet," Lutz said. "It is kind of too good to waste." Can't disagree with Lutz on that one....

He also added that other key factors in this decision were the export agreements with Australia and the fact that the Holden Commodore is already sold in many countries as a Chevrolet.

What Lutz didn't say is in what form the G8 will survive in the USA - as a Holden Commodore / Pontiac G8 with a Chevy grille or will GM prefer to import the longer-wheelbase Holden Statesman / Caprice? That's probably a good point to start the conversation in the comment section below.

In addition to the G8, Lutz told the magazine that the Cadillac CTS-V Coupe could be closer to production than we think, noting that that members of the government taskforce were quite interested in the BMW M3-challenging sports coupe during the presentation of the firm's product plan.

"When we went through design and looked at the future product, the procession stopped at the model of the Cadillac CTS-V Coupe," Lutz said. "I think that some of these guys are personally going to buy CTS-V Coupes."

Source: Automobile , Via: Autoblog.com