General Motors
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General Motors today announced that it has filed for Chapter 11 bankruptcy following an agreement reached with the U.S. Treasury and the governments of Canada and Ontario to accelerate its reinvention and create a leaner and stronger "New GM". The filing is the third-largest in U.S. history and the largest-ever U.S. manufacturing bankruptcy, and involves up to $172.81 billion in debts. If all goes to plan, the New GM is expected to launch in about 60 to 90 days as a separate and independent company from the current GM, with two distinct advantages: it will be built from only GM's best brands...
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Chevrolet Malibu Hybrid gets the axe
While most automakers are scrambling to add hybrids and other alternatively-fueled models to their lineups, General Motors is getting rid of a couple of struggling hybrids currently residing in its range of cars - the Chevrolet Malibu Hybrid and the Saturn Vue Hybrid. The move comes as a greater...
Ralph Hanson -
U.S. government pledges $30 billion in GM bankruptcy financing
It's been expected for a long time but it finally appears as though General Motors’ bankruptcy is upon us, and with it the federal government is set to bring the struggling automaker out of its eventual Chapter 11 filing with over $30 billion in financing. The news comes from White House...
Nelson Ireson -
Report: GM may announce Hummer sale tomorrow
General Motors confirmed the sale of its Hummer brand last August and followed up the announcement with the release of an official document for potential buyers just one month later. Poor sales, growing public concern for the environment and the recession have all added up to weaken Hummer's sales...
Nelson Ireson -
Another round of dealer cuts imminent at GM
Just a couple of weeks ago General Motors revealed that it would be cutting ties with over 1,100 dealerships, and the bad news keeps coming for dealers as the struggling automaker is expected to cut a further 450 dealerships in the coming months. Many dealerships are under franchise agreements with...
Ralph Hanson -
GM reveals plan to build new small car at idled assembly plant in U.S.
In an atypically cryptic press release, General Motors today announced that it will be building a new small car at an unnamed idled UAW-staffed assembly plant here in the U.S. The new vehicle will be in addition to the already-planned 2011 Chevrolet Volt and Cruze, but it's not yet known which...
Nelson Ireson -
Harley Earl, the father of the Corvette and so many other seminal General Motors classics, was a pioneer in the field of automotive design. His personal 1963 Corvette reflects that spirit, and now that it's up for auction, Corvette collectors around the world are paying attention. Built specifically for Earl as a one-of-a-kind factory special, the car - officially named the 1963 Harley Earl Chevrolet Corvette Convertible - offers a package unlike any other. Side-exit exhaust, unique door panels, one-off glove box-mounted instruments, custom white-trimmed blue leather interior and a...
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New UAW deal cuts GM's competitive gap on labor costs
Labor has taken a lot of the blame for the current state of the U.S. auto industry, and to a degree, rightfully so. But without the labor, no cars can be built, so General Motors has been hard at work on a new contract with the UAW, which has finally been approved by 74% of union locals. Today GM...
Ralph Hanson -
GM engineer drops Corvette ZR1 supercharged LS9 into '69 Chevrolet Camaro
For many auto enthusiasts, the golden age of automotive styling was during 1960s, when designers had virtual free reign on their designs and didn't have to worry about aerodynamics, pedestrian crumple zones and other such ‘nuisances’. At the same time, the ‘60s could hardly be...
Ralph Hanson -
Bob Lutz: GM won't abandon sports cars, pickups and SUVs
General Motors' vice-chairman Bob Lutz has revealed what the future holds for the struggling carmaker, reassuring the press that despite an impending bankruptcy the firm will emerge as a "powerhouse" in the auto industry and that it will still produce the types of vehicles that are largely blamed...
James Martinez -
GM bondholders agree to take 25% of new company, U.S. Treasury gets 72.5% ownership
As General Motors prepares for a bankruptcy announcement on June 1, the U.S. Treasury is helping to pave the way by releasing a new deal that leaves GM's bondholders with 25% of the restructured company, and the government as a 72.5% 'inactive' stakeholder. Winning the support of the bondholders...
Nelson Ireson -
Warren encouraging GM to move corporate HQ with tax breaks
Detroit has long been the heart of America's automotive industry, but 2009 has been a major period of upheaval for the city, with further shocks expected to come - including the possibility that General Motors will move its corporate headquarters out of Detroit downtown area and into a neighbouring...
Alex Kaufmann -
We’ve heard a lot about Roger Penske and his plans to acquire the Saturn brand from General Motors and use it to start selling vehicles sourced from carmakers overseas. Last week Penske announced that his company hired ex-Chrysler president Tom LaSorda to advise on the bidding process, and then several inside sources revealed that Penske was planning to sell vehicles sourced from South Korea’s Renault-Samsung partnership through Saturn’s U.S. dealer network. Standing in the way of Penske’s plans are several other bidding firms, one of which is Telesto Ventures. The...
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Former Cadillac chief McNabb hired as Maserati NA President and CEO
When Mark McNabb announced his resignation from head of GM's premium division last week, it wasn't clear where he'd be headed next. But today, Maserati North America has announced he'll be heading up their company as the new president and CEO. The move from a GM brand to a Fiat brand is an...
Nelson Ireson -
Volvo may receive lifeline from Belgian government
Despite Volvo being a Swedish company, the trouble-stricken carmaker may have to look to the Belgian government for financial aid to help keep it on its feet. Volvo currently operates a plant in the Flanders region of Belgium, and the Flemish Premier Kris Peeters has been in talks with Volvo CEO...
Jeremy Weber -
Cadillac SRX goes on sale this summer, priced from $34,155
Cadillac’s North American model lineup is about to expand with the addition of two exciting new models: the 2010 model year SRX crossover and CTS Sport Wagon. The first model to go on sale will be the SRX, which Cadillac has confirmed today will be priced from $34,155 when it arrives in...
Viknesh Vijayenthiran -
Report: UAW agrees to 17.5% stake in restructured GM, bondholders reject tender offer
In a hugely positive step for General Motors, the carmaker, together with the U.S. Treasury and United Auto Workers (UAW), reached a tentative bargain on how they'll deal with changes to the current agreement in the face of the industry's problems and GM's increasingly probably bankruptcy. The...
Ralph Hanson -
March 2011 launch for Chevrolet Camaro Convertible
Following a lrecent report that GM’s plans for a high-performance Camaro Z28 had been canceled and the Camaro Convertible was on hold, comes a little good news but also some bad. The good news is that the Convertible is back on track for a March 2011 launch, while the bad news – you...
Ralph Hanson -
General Motors received an additional $4 billion in loans from the U.S. Treasury late on Friday, while also reaching a cost-cutting agreement with the Canadian Auto Workers union ahead of a rumored Chapter 11 bankruptcy filing expected next week. This is in addition to the $19.4 billion already loaned to GM by the government since the start of the year, yet the struggling carmaker predicts the total amount loaned to increased to $27 billion after the June 1 restructuring deadline. On top of that, GM has also reached tentative agreements with unions in Canada and the U.S., which will see...
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German governor says Magna is best choice for Opel
The contents of the bids for purchase of Opel submitted by Fiat, Magna and Ripplewood Holdings on Wednesday - and BAIC on Thursday - haven't yet been disclosed, but today the governor of the German state where Opel is headquartered said he thinks Magna's plan is the best for Opel. Though Hesse...
Alex Kaufmann -
U.S. Treasury invests $7.5 billion in GMAC
As the economy and car market continue to stagnate, it's becoming increasingly obvious that the bailout funds already paid to industry players like General Motors, Chrysler, and their financing arm GMAC, were just the tip of the iceberg. Today the Obama administration proved that point by handing...
Ralph Hanson -
Report: Mitsubishi could become new Saturn supplier
With confirmation Saturn is up for sale coming from General Motors earlier this month, a number of potential investors and buyers have come out of the woodwork recently and confirmed interest in the struggling brand. Two main groups include investment firm Telesto Ventures and Roger Penske’s...
James Martinez -
Study: Toyota, Ford set to pass GM in market share, production
As General Motors peers over the brink of the abyss into a future that very likely holds a bankruptcy, the hits just keep coming. Today industry forecasters revealed that Toyota will pass GM in U.S. market share by 2010 at current rates, while Ford will push past the General in North American...
Nelson Ireson -
Toyota doubts widespread acceptance of plug-in hybrids
The idea that plug-in hybrids aren't all they're cracked up to be isn't a new one. Carnegie Mellon University has even published a study that calls the technology inefficient and cost-prohibitive. Now it looks like Toyota may be in agreement, saying it doesn't expect more than 50,000 plug-in hybrid...
Nelson Ireson