Much, much more information here for those so inclined from Keith Hennessey. Also see an excellent technical essay and updates posted in the Comments section by "All that's left to arrive at the President's new destination for the American way of driving are huge, unanswered questions about technology, financing and the marketability of cars that will be small and expensive."
Uppestdate: From Real Clear Politics: "When private enterprise and private capital drive the economy, the result always is to maximize efficiency, because that turns directly into profits. But the government isn't seeking to maximize profits. Its goals in taking over the auto industry are to maximize political and environmental benefits, and to reward its friends in the labor movement."