General Motors

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GM's Wagoner to Get $8.2M, Plus $75K Annual Pension

(Newser) - Now he can fly on all the private planes he wants: Former General Motors CEO Rick Wagoner will collect an $8.2 million payout package, plus a $74,000 annual pension, reports the Detroit Free Press. If he chooses, the 56-year-old Wagoner also can cash out a company life insurance...

Obama's Car Czar Steps Down
 Obama's Car Czar 
 Steps Down 
Jul 13, 2009 7:47 PM CDT

Obama's Car Czar Steps Down

(Newser) - The man tabbed by President Obama to see General Motors and Chrysler through bankruptcy is leaving the post, the New York Times reports. Though Steven Rattner’s former investment firm is under investigation, it’s unclear if that affected his decision. Treasury Secretary Tim Geithner said today that, with both...

Done Deal: GM Out of Bankruptcy

 Done Deal: 
 GM Out of Bankruptcy 
UPDATED
Jul 10, 2009 8:26 AM CDT

Done Deal: GM Out of Bankruptcy

Good assets go to US-backed firm

(Newser) - As of 6:30 this morning, the new General Motors is on its way: The old firm sold its good assets to a new automaker backed by the government via a bankruptcy overhaul far speedier than experts expected, the New York Times reports. The new firm, Vehicle Acquisition Company, will...

Muscle Car Powering GM Towards Comeback

(Newser) - General Motors finds itself with a rare hot-selling car on its hands as it prepares to emerge from bankruptcy. The retro-styled 2010 Chevy Camaro, which taps into nostalgia for the company's muscle cars of the '60s, has been creating a buzz in GM showrooms around the country and is expected...

How Taxpayers Can Profit From the New GM
How Taxpayers Can Profit From the New GM
ANALYSIS
Jul 9, 2009 8:47 PM CDT

How Taxpayers Can Profit From the New GM

A change in the automotive paradigm would be worth more than any dividend

(Newser) - Tomorrow will see the death—and rebirth—of General Motors. And with the government taking a 60% stake, it's reasonable to wonder whether taxpayers will ever see a return on their investment, writes Matthew DeBord for the Big Money on Slate. But the focus on money might be "short-sighted,...

Court Clears Path to 'New' GM

Court ordered stay on asset sale expires

(Newser) - General Motors is set to complete its bankruptcy reorganization, the Detroit Free Press reports. The sale of certain GM divisions to the “new” GM—largely owned by the US Treasury—is expected to happen tomorrow, at the expiration of a holding period for opponents of the deal to make...

Judge Greenlights GM Asset Sale

Firm will transform into leaner car maker owned by US, Canada, UAW

(Newser) - GM has won approval for a restructuring plan in which the car maker will sell its most valuable assets to a new firm—also called GM—owned by the US and Canadian governments and a UAW health care trust, the New York Times reports. Judge Robert Gerber agreed with GM...

Ford, Toyota Say Sales Slide Ending

(Newser) - A rare sentiment emerged from the auto industry today: cautious optimism. New sales figures show that Americans bought 860,000 vehicles in June, the Wall Street Journal reports. That's down 28% from last year, but it's also the smallest monthly sales drop of the year. Ford and Toyota both declared...

Demand for 'Must Have' Camaro Dwarfs Supply

(Newser) - Recession be damned, desire for the 2010 Chevrolet Camaro far outstrips supply—and some dealers are even charging a premium for the sporty new ride, USA Today reports. “Our current production schedule can’t meet the demand,” a General Motors spokesman said. But “that supply-demand tension is...

GM, Saturn Dealers Split on Playing Up Penske Name

(Newser) - Saturn dealerships around the country have been using the brand’s planned acquisition by Roger Penske to attract customers, the Wall Street Journal reports. "People want to buy from someone they like," said the owner of a Saturn dealership in Wichita. But dealership owners nationwide have since received...

Wreck Your Car? You Can Still Sue GM

(Newser) - General Motors had hoped to emerge from bankruptcy with a protective coating against future product-liability suits. No such luck, reports the Wall Street Journal. Bowing to government pressure, GM has agreed to change its bankruptcy terms, allowing drivers injured in accidents that stem from vehicle defects to sue the company,...

China Won't Allow Hummer Sale: Report

Country KOs GM deal with manufacturer over environmental worries

(Newser) - Beijing will halt GM’s sale of the Hummer brand to a Chinese machinery firm over pollution concerns, according to Chinese state radio. The purchase would run counter to the government’s goal of reducing pollution caused by manufacturing, the BBC reports. The Chinese firm shrugged off the report. “...

Obama's Approval at 62%; Government Less Popular

(Newser) - Though opinions of the government vary, most Americans continue to have a favorable view of President Obama, Fox News reports. In a new poll, 62% of respondents approve of the job Obama is doing; 31% disapprove. 64% like the president as a person. But on the administration’s takeover of...

GM-Owning Feds Buy Rival Fords
GM-Owning Feds Buy
Rival Fords
Jun 11, 2009 5:30 AM CDT

GM-Owning Feds Buy Rival Fords

General Services Administration spends $129M on competition

(Newser) - The federal government isn't letting its stake in General Motors and Chrysler stop it from doing business with rivals, the New York Times reports. Ford, the only one of the Big Three not to receive bailout funds, won the biggest order in the General Services Administration's recent stimulus-funded $287 million...

Done Deal: Fiat Buys Chrysler Assets

Administration triumphs as bankruptcy effectively ends

(Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may...

As Dealers Dwindle, Car Prices Set to Balloon

Lack of competition expected to drive up GM, Chrysler's prices

(Newser) - The shake-up of America's auto industry will mean fewer auto dealers but the streamlining won't be making the cars any cheaper, experts tell the Boston Globe. Chrysler and General Motors are likely to turn to the Japanese model of fewer brands and fewer dealers when they emerge from bankruptcy, and...

GM's Car of the Future Sparks Doubt in the Present

Even top exec fears hybrid will fail to herald new start for automaker

(Newser) - Success has many fathers, and for the forthcoming Chevrolet Volt, paternity claims could stretch from Detroit to Washington. But if the GM hybrid turns out to be an orphan, it could be because many of its backers, including a top GM exec, are ambivalent about its potential to rejigger the...

Penske Can Make Saturn Work
 Penske Can Make Saturn Work 
analysis
Jun 6, 2009 3:36 PM CDT

Penske Can Make Saturn Work

(Newser) - Roger Penske could be just what the mechanic ordered for Saturn, analysts tell the Detroit News. By leaving the manufacturing work to others—initially GM and then, for a time, foreign automakers—Saturn's new buyer will be able to focus on sales and marketing and avoid the pitfalls GM faced....

Racing Legend Penske Will Buy Saturn From GM

(Newser) - Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and...

Hummer Deal Will Make Beijing Crazy
 Hummer Deal Will Make Beijing Crazy 
Analysis
Jun 3, 2009 9:28 AM CDT

Hummer Deal Will Make Beijing Crazy

(Newser) - The news that an obscure Chinese heavy equipment manufacturer is probably making government officials pull their hair out in frustration, writes Andrew Peaple of the Wall Street Journal. “Beijing is keen for Chinese companies to expand overseas,” he allows. “But they’re also hoping for some common...

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