General Motors

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Oil, Banks Steal 63 From Dow
 Oil, Banks Steal 63 From Dow 
MARKETS
May 15, 2009 3:13 PM CDT

Oil, Banks Steal 63 From Dow

(Newser) - Markets were off today on falling oil prices and a poor showing from the financial industry, the Wall Street Journal reports. The S&P energy index fell 2.4% and Bank of America, Pfizer, and Wal-Mart also saw declines. General Motors, whose low share price no longer significantly affects markets,...

GM to Close 1,100 Dealerships
 GM to Close 1,100 Dealerships  
UPDATED
May 15, 2009 9:20 AM CDT

GM to Close 1,100 Dealerships

(Newser) - GM has sent termination notices to 1,100 of its 6,000 US dealerships as part of its plan to eventually shutter 42% of its retail network, CNN reports. The dealers have been notified that their contracts won't be extended next October, and some will shutter this year, a GM...

Minority Car Dealers Stand to Lose Big in Closures

(Newser) - African-American and Latino car dealers will likely take a big hit in the dealership closures announced by Chrysler and planned at GM, the Wall Street Journal reports. The minority dealerships, located mainly in urban areas, have faced stiff competition as business has moved increasingly to suburbia. “We're more vulnerable,...

Chrysler Junks 789 Dealers —25% of US Salesforce

Move will increase profits, company says

(Newser) - Chrysler plans to eliminate 25% of its US dealers by next month, the New York Times reports. The embattled automaker notified 789 today, citing the need to keep remaining franchises profitable. Chrysler filed a list of those dealerships in bankruptcy court, and a judge could decide to rescue them. General...

Drugs, Oil Push Dow Up 50
 Drugs, Oil Push Dow Up 50 
MARKETS
May 12, 2009 3:15 PM CDT

Drugs, Oil Push Dow Up 50

(Newser) - Financials dipped today as firms continued stock sell-offs to finance TARP repayments, but strong performance by drug and energy companies stabilized the market, the Wall Street Journal reports. Merck and Pfizer were up as much as 2% and 6%, respectively; oil got a boost from $60 barrels. The Dow was...

Bailed-Out GM to Take More Jobs Overseas

Cars sold here, built elsewhere to double amid taxpayer support

(Newser) - General Motors is set to boost its overseas operations, nearly doubling the number of cars it builds outside the US but sells here—even though billions of government dollars are supporting the firm and its restructuring plans, the Washington Post reports. This puts the Obama administration in a tight position:...

Foreign Bidders See Opportunity in Detroit Mess

As GM, Chrysler spin off units in their wake, the global auto landscape shifts

(Newser) - With Chrysler in bankruptcy and General Motors at the precipice, foreign companies are preparing bids for parts of the US auto industry, the Wall Street Journal reports. The result will be a broad global reshuffling as companies like Italy’s Fiat, France’s Renault, and even China’s Geely buy...

GM Loses $6B in Q1, Burns $10.2B

The ailing automaker looks no closer to avoiding bankruptcy, CEO says

(Newser) - General Motors lost nearly $6 billion in the first quarter, hampered by bankruptcy fears and slumping global sales. The company spent $10.2 billion while revenue declined to $22.43 billion—47% down from the previous year. However, the loss of $5.98 billion, or $9.78 a share, was...

Renault May Acquire Saturn; Chinese Firm Bids for Saab

GM courts foreign buyers in fire sale

(Newser) - Renault is in talks with General Motors about acquiring its Saturn brand, the Wall Street Journal reports. Demonstrating the considerable foreign interest in GM divisions, China’s Geely Automobile Holdings has submitted a bid for Saab. GM is looking to cut unprofitable units ahead of a June 1 restructuring deadline....

Seeking Sales Bump, GM Targets Middle East

New models will be introduced soon

(Newser) - General Motors hopes to rebound from a 19% first-quarter drop in Middle East sales by introducing new models and helping buyers with down payments, Reuters reports. "There are a lot of people who walk into showrooms who aren't able to buy because they can't get financing," says the...

Chrysler Downfall Gives Obama Leverage With GM
Chrysler Downfall Gives Obama Leverage With GM
ANALYSIS
May 2, 2009 2:24 PM CDT

Chrysler Downfall Gives Obama Leverage With GM

President has already shown he'll play hardball to resurrect a sputtering automaker

(Newser) - Chrysler’s spiral into bankruptcy may give the Obama administration leverage in drastically reshaping General Motors, David E. Sanger and Bill Vlasic write in the New York Times. GM bondholders now know Obama isn't kidding about bankruptcy court, and could fear being stuck with paltry court payouts. Obama's offer of...

Chrysler Bankruptcy Obama's Blunt Message to GM
Chrysler Bankruptcy Obama's Blunt Message to GM
OPINION
Apr 30, 2009 3:08 PM CDT

Chrysler Bankruptcy Obama's Blunt Message to GM

President not afraid to use 'the big stick' on ailing firms

(Newser) - In announcing Chrysler’s bankruptcy, President Obama shows other troubled firms and industries there’s a point where bailouts stop and hard choices begin—and that message must ring especially clear at General Motors, writes Tom Walsh for the Detroit Free Press. GM’s creditors will now be under a...

$1B Buys Quiet, 'Potent' Ride
 $1B Buys Quiet, 'Potent' Ride 
auto review
Apr 29, 2009 11:49 AM CDT

$1B Buys Quiet, 'Potent' Ride

(Newser) - To allay skepticism about progress on the development of the much-ballyhooed Chevrolet Volt, GM let Chuck Squatriglia of Wired take an engineering prototype for a spin. The vehicle—a Chevy Cruze with a Volt drivetrain—didn’t look like much, and not all of the features worked, but the ride...

Pontiac Dies, But Its Greats Live On
 Pontiac Dies, 
 But Its Greats Live On 
OPINION
Apr 27, 2009 3:57 PM CDT

Pontiac Dies, But Its Greats Live On

(Newser) - As General Motors' Pontiac line is phased out, Ben Wojdyla, on Jalopnik, remembers the truly great cars that bore the mark. If you've got one, keep your garage clean and await a payday.
  • 2009 G8 GXP: "GM should be saved for no other reason than to put the G8
...

GM to Cut 21K US Factory Jobs
 GM to Cut 21K US Factory Jobs 
Apr 27, 2009 8:53 AM CDT

GM to Cut 21K US Factory Jobs

Firm restructuring in bid for more government aid

(Newser) - General Motors will cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and ask the government to take company stock in exchange for half of GM's government debt as part of a major restructuring effort needed to get more government aid, the firm said today....

GM to Scrap Pontiac Brand
 GM to Scrap 
 Pontiac Brand 
Apr 24, 2009 3:04 PM CDT

GM to Scrap Pontiac Brand

(Newser) - GM plans to discontinue its underperforming Pontiac line, putting an end to the brand that inaugurated the era of the muscle car, CNNMoney reports. Though GM has not publicly announced the move, the fate of Pontiac has been in doubt since at least 2005, when an exec called the brand...

US Lends GM Another $2B
 US Lends GM Another $2B  
Apr 24, 2009 2:03 PM CDT

US Lends GM Another $2B

Funds mean firm can keep working towards restructuring deadline

(Newser) - The Obama administration provided General Motors with another $2 billion in low-cost federal loans today, MarketWatch reports. The funds are intended to keep the company operating as it attempts to restructure ahead of a June 1 deadline. GM has so far received $15.4 billion in loans from the government....

Auto Workers Fear Deep Cuts in Pensions

If Chrysler, GM go to bankruptcy court, 1 million workers likely to take pension cuts

(Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post. Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says...

Fiat Begins Talks With GM While Courting Chrysler

(Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin...

GM to Shut Most Factories for 9 Weeks

(Newser) - General Motors plans to shut most of its US factories for 9 weeks this summer, the AP reports. The shutdown will include the normal 2-week stoppage in July to gear up for new models, two sources said, blaming the move on slumping sales and rising inventories. GM, which has received...

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