General Motors
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DETROIT NEWS
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July 15, 2009 “Maximum Bob” leading GM marketing? It’s not as crazy as it sounds... By Peter M. De Lorenzo (Posted 7/13, 1:30pm) Detroit. Last week I called the daunting task of turning around GM’s image the toughest challenge in marketing history. Not just automotive marketing history, but of all time. And then last Friday GM made the stunning announcement as it emerged from bankruptcy that not only was Bob Lutz foregoing his retirement plans scheduled for the end of this year, he was returning to an active role in the company as Vice Chairman charged with leading the company’s marketing, advertising and public relations functions, basically anything and everything…
Last reply by FUTURE_OF_GM, -
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Automotive News July 13, 2009 - 12:01 am ET When Rick Wagoner was canned by the Obama administration earlier this year, many wondered how long his replacement, General Motors old-timer Fritz Henderson, would last. Listening to Steve Rattner, head of the administration's auto task force, last week, it would appear that Henderson has some job security. "We have been spending time with the GM team, and we're very pleased to see the energy that both CEO Fritz Henderson and incoming Chairman Ed Whitacre are devoting to ensuring GM's future success," Rattner told reporters. Rattner didn't waste other opportunities to tout the dutiful Henderson. Asked about Henderson…
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Automotive News July 15, 2009 - 10:46 am ET BRASILIA (Reuters) -- General Motors unveiled plans today to spend 2 billion reais ($1.02 billion) in Brazil through 2012 to develop a new family of vehicles for the South American market. The U.S. automaker plans to invest the bulk of the money at its Gravatai factory in the southern state of Rio Grande do Sul, which it would expand to increase production capacity, Jaime Ardila, GM's chief executive for Brazil and the Mercosur region of South America, said in a statement. GM made the announcement after Ardila met in Brasilia with President Luiz Inacio Lula da Silva, a former metalworker who cut his political teeth in th…
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GM looks east to Asia Pacific in new era of opportunity for Holden GM HOLDEN will become part of a powerful new Asian-based global operation under the ‘New GM’ that emerged from General Motors’ Chapter 11 bankruptcy on Friday. In a dramatic swing to the east, where GM operations have been smashing sales records in contrast to the company’s decline in the US and Europe, all of GM’s overseas operations will be managed from Shanghai under a new branch, GM International Operations. It will be run by GM Asia Pacific president Nick Reilly, who has been promoted to GM vice president of international operations under the restructuring announced by GM CEO Fritz Henderson. …
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The automaker's Korean subsidiary, GM Daewoo, is losing money and facing a liquidity crisis. But it's too important to GM's future to jettison By Moon Ihlwan Even as Asia remains a bright spot for General Motors, its Korean subsidiary looks more like the hapless parent company than GM's fast-growing Chinese operations. GM Daewoo Auto & Technology lost $702 million in 2008, and this year its sales are off by nearly half, to 261,000 vehicles in the first six months. Now the Korean unit says it's on the cusp of a critical liquidity crunch. "Things look ugly at GM Daewoo," says Stephen Ahn, head of research at brokerage LIG Investment & Securities in Seoul. GM D…
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[source: Wall Street Journal] New GM Vows an End to Business as Usual Spotlight on New Board After Speedy Workout; Product Czar Lutz Decides to Stay By JOHN D. STOLL and NEIL KING JR. The new General Motors Co. exited Chapter 11 protection Friday morning, with the auto maker emerging as a leaner, more-focused company after only 40 days in bankruptcy court. What will the new General Motors look like? Sharon Terlep and John Stoll discuss the new streamlined automaker, which will emerge significantly lighter in debts, stock, brands, and employees. In a Detroit press conference, GM Chief Executive Frederick "Fritz" Henderso…
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AP ArticleDETROIT – The new General Motors arose on Friday as lawyers finished an all-night paperwork session transferring the bulk of the automaker's assets to a company controlled by the U.S. government.Once the world's largest and most powerful automaker, new GM is now cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.But the new GM also emerges amidst the worst sales slump in a quarter-century.The massive transfer of factories, money and intellectual property was completed about 6:30 a.m., according to a person briefed on the situation, clearing the way for a smaller and faster company better equipped to compete in the bru…
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[source: Wall Street Journal] Exit Package for Wagoner in Works Pension Plan for GM's Ousted CEO Remains Delicate Issue Amid U.S. Rescue By SHARON TERLEP Rick Wagoner, who is still employed by General Motors Corp. almost four months after his ouster as chief executive, will learn "very soon" when he'll be cut loose from the company and what he'll receive as an exit package, an Obama administration official said Wednesday. Mr. Wagoner, forced out of his job by President Barack Obama amid a federal rescue, remains on GM's payroll making $1 a year and receiving the same benefits afforded to him during his tenure as chief executive. …
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Uncertainty Clouds Recovery of U.S. Investment in GM Carmaker's Shares Would Have to Hit A Historic High If a new General Motors emerges from bankruptcy as planned, U.S. financial aid for the company will expand to nearly $50 billion, but neither the government nor the company is forecasting how much of the public money will be repaid. It's sure to be a stretch. For the United States to fully recover its investment, the value of General Motors stock will have to reach levels it has never before attained. "I'm not going to predict it -- that's not my job today," GM chief executive Fritz Henderson said in a recent interview. "I don't know how much we're going to recover…
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[source: Wall Street Journal] New GM to Be 'Fully Launched' This Month, Rattner Says By JOHN D. STOLL and NEIL KING JR. General Motors Corp. is set to emerge from bankruptcy into an economic downturn that presents a major challenge for the country's largest auto maker -- and for the White House that saved it. Sunday's late-night ruling from the bankruptcy court cleared away objections to the GM's reorganization. This week, GM Chief Executive Frederick "Fritz" Henderson plans to introduce a revamped GM as a greener, more customer-focused company with a leaner management, people briefed on the plan say. By one measure, the company's spe…
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http://media.gm.com/servlet/GatewayServlet...amp;docid=55359
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Conservative commentators stoke anger against 'Government Motors' By Paul A. Eisenstein msnbc.com contributor updated 7:06 a.m. ET, Fri., June 26, 2009 Barring an unexpected setback, a "new" General Motors will emerge soon from bankruptcy after eliminating most of its debt, hundreds of dealers and a fair share of its work force — saved by up to $50 billion in federal bailout funds. But while the once-dominant automaker certainly wouldn’t have been able to survive without that federal largesse, the question is whether it can survive its unlikely alliance with Washington — which will hold a 60 percent stake in the company that emerges from the Chapter 11 process. …
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AP source: GM to build small car in Michigan Yahoo! Story Link By TOM KRISHER, AP Auto Writer Tom Krisher, Ap Auto Writer – 27 mins ago DETROIT – Michigan has won the high-stakes competition with two other states to build General Motors Corp.'s next-generation subcompact car, a person briefed on the decision said Thursday. The announcement that the car will be built at a retooled midsize car factory in Orion Township near Pontiac will come Friday, said the person, who spoke on condition of anonymity because the plan has not been made public. It will save about 1,200 jobs at the factory, which had been slated to shut down later this year. GM spokeswoman Sherrie …
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[source: Wall Street Journal] GM Gets Bankruptcy Court Approval By DAVID MCLAUGHLIN NEW YORK -- General Motors Corp. won court approval Thursday to borrow the full amount of a $33 billion loan from the U.S. and Canada while it moves to swiftly wrap up its bankruptcy restructuring. Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan gave final approval to the financing at a court hearing. When GM filed for bankruptcy June 1, the judge said GM could borrow about half of the loan. It took about 15 minutes for the judge to approve the financing after GM lawyers said they had resolved a number of objections. The loan is de…
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GM to cut 4,000 more white-collar jobs by year end Yahoo! Link Tue Jun 23, 5:26 pm ET DETROIT – About 4,000 more salaried workers at General Motors Corp. will lose their jobs by the end of the year as the automaker continues to downsize. The company notified its more than 27,000 U.S. white-collar workers by e-mail Tuesday that that it will offer standard severance packages, and employees near retirement age will have the opportunity to retire early, spokesman Tom Wilkinson said. Some involuntary cuts will be necessary, Wilkinson said, as GM tries to shrink its U.S. salaried work force to around 23,500 by year's end. The automaker is in Chapter 11 bankruptcy p…
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General Motors softened its demands on its surviving dealers last week. The dealers, for example, won the right to meet with a GM representative next year to discuss sales objectives. And the company promises to negotiate reasonable sales improvement goals. GM is walking a tightrope as it tries to work out of U.S. Bankruptcy Court. To shed thousands of dealerships, it is using tough tactics that are angering many dealers. But GM needs dedicated and enthusiastic dealers to boost sales and work out of its deep financial hole. "They know they have to be flexible," says Dave Grundstrom, president of Marvin K. Brown Auto Center in San Diego, which sells Cadillac, Saab, H…
Last reply by hyperv6, -
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Are you willing to give GM another chance? I personally am not, other than the GM cars I currently own, I have no plans to buy another GM product. I take exception to GM closing the Wilmington plant, especially since it's paint shop had a 300 million dollar upgrade not long ago, it has a rail yard and a port nearby. I am content to sit back and watch an epic failure take place. So tell me, will you buy from the new GM? What are your beefs, what are your gripes with the old or new GM? ------------------------------------------------------------------------------------------------------------- (AP) General Motors CEO Fritz Henderson says the new GM will be a leaner …
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By EMILY FREDRIX, AP Business Writer Emily Fredrix, Ap Business Writer – 2 hrs 21 mins ago ValuJet was reborn as AirTran. Philip Morris rechristened itself Altria. Blackwater became Xe. Would a name change work for beleaguered General Motors? It would mean casting aside a brand that stood for almost a century as a symbol of American industrial might, but some marketing experts say it might be just the thing to help the once-mighty automaker make a fresh start. "If the goal is to try and put this company on a massive diet and just turn it into a smaller car manufacturing operation, I'm not sure there'd be that much harm in rebranding," said Jean-Pierre Dube, a Un…
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Linkypoo Good, Nascar sucks and doesn't deserve GM's (and therefore my taxpayer) money.
Last reply by hyperv6, -
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The far right has Rush but the far left has theirs too with the Huffington Post. A writer Gerald Sindell trashes GM styling in a story he wrote on the far left post an open letter to new GM CEO Fritz Henderson suggesting that a new design direction should be Job 1 for the reinvention of GM, Welburn felt compelled to respond. As you might imagine, the response is a rather passionate one. Check out the story on Autoblog.com. There are leads to the original story and reply. It's as if everyone is doing the look at me thing on the hot topic of GM. I am waiting for GM to turn a profit in 2 years and the Far Left will say we did it all and the Far Right will say will …
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The bankruptcy of General Motors A giant falls Jun 4th 2009 From The Economist print edition The collapse of General Motors into bankruptcy is only the latest chapter in a long story of mismanagement and decline SINCE the start of the year it had seemed probable, and for several weeks inevitable. General Motors’ application on June 1st for Chapter 11 protection from its creditors, triggering the biggest industrial bankruptcy in history, was nonetheless a momentous event. The filings lodged at 8am with a court in Manhattan were testimony to the size and complexity of the 101-year-old company and to the scale of the problems that had finally overwhelmed it. Until 2008,…
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WARREN, Mich. - Even now, as General Motors fights for survival, there is something ambivalent about its prescription for saving itself, a conflict implicit in a bit of symbolism that recently greeted arrivals to the Detroit Metropolitan Airport even before they reached baggage claim. One of GM's touted new automobiles sat on display in the center of the automaker's airport gift shop. It was not the coming electric car, the 2011 Chevrolet Volt, championed by Bob Lutz, the GM executive most identified with the Hail Mary that the vehicle represents for the bankrupt company, which faces the immediate future as a ward of the federal government. It was not one of the relati…
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http://www.edmunds.com/insideline/do/News/articleId=149649
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NEW YORK (AP) -- General Motors Corp. has a tentative deal to sell its Saturn brand to former race car driver and dealership group owner Roger Penske, both companies said Friday. Penske has signed a memorandum of understanding that would give his dealership chain, Penske Automotive Group, Saturn's 350 dealerships, the companies said. Penske said that he expects to offer all the dealers new franchise agreements and will retain all 13,000 Saturn employees for the immediate term. "I would expect that the model that we're putting together, the distribution model, will be profitable day one," Penske said in an interview with The Associated Press. "We'll have less costs. We…
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Jamie Lareau Automotive News June 8, 2009 - 12:01 am ET General Motors, which already has told more than 1,300 dealerships they will be dropped, is pressuring survivors to sign a contract that gives up rights spelled out for dealerships in state franchise laws. To enforce the deal, GM issued a threat: If dealers don't sign, the company can, in bankruptcy, cancel their franchises now. Dealers must sign by this Friday, June 12, or risk termination. Such agreements ordinarily could not be enforced because they conflict with state franchise laws, which limit an automaker's freedom to rewrite franchise agreements. But GM is working on the theory that federal ban…
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http://www.reuters.com/article/domesticNew...=22&sp=true Has anyone seen this ad?
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Now YOU can say what you want ...but the MATH says it all. GM just pulled off the deal of the Century....going from 172 B in debt to 65 B in profit ...overnight ! http://stingraysstudio.com/Car_News.php Now they can do this !!!...lmao : :unitedstates: :unitedstates: :unitedstates: :smilies-38096:
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When cars were America's idols STATUS: A Cadillac, this one a 1958 Eldorado, topped GM’s “Ladder of Success,” a shrewd marketing strategy that welded a link between who we are and what we drive. --- Dan Neil June 1, 2009 If you were to walk up to a typical New York executive in the 1960s -- think Don Draper in AMC's "Mad Men" -- and tell him that General Motors Corp. would be in bankruptcy by 2009, he would have thought you were delusional, or perhaps a Communist. GM was more than just the world's largest and most admired corporation; it was the final vindication of the American Way, the perfected and even divinely inspired example of democratic capitalism th…
Last reply by A Horse With No Name, -
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http://www.businessweek.com/bwdaily/dnflas...0527_888775.htm It's going to take some outstanding product and marketing to get young people thinking about Ford, GM and Chrysler the same way they think about Toyota, Honda and the other import manufacturers as we keep moving along. I tend to be a realist, and my gut is telling me that things are probably going to be very ugly for the Big 3 over the next year or two, maybe even permanently (except for Ford perhaps), but I still have a little bit of hope left. I'm down here in Texas, so I'm pretty far removed from the Big 3 stronghold area (Midwest) but I still see young people driving newer domestic cars and trucks …
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unf'in believable http://www.foxnews.com/story/0,2933,524520,00.html
Last reply by hyperv6, -
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Source: http://www.bloomberg.com/apps/news?pid=206...&refer=home GM Is Said to Plan Shutdowns for 1,100 U.S. Dealers General Motors Corp. is sending termination notices today to 1,100 U.S. dealers with about $2.5 billion in unsold vehicles as the automaker starts shrinking its retail network, a person familiar with the matter said. The dealers hold about 120,000 autos of various brands, said the person, who asked not to be identified because GM hasn’t announced details yet. Mark LaNeve, GM’s North American sales chief, is set to brief reporters at noon New York time. The closings are GM’s first step toward paring U.S. dealers to 3,600 from 6,200 by the end of …
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[source: Wall Street Journal] New Era in Autos as GM Files for Bankruptcy By KEVIN HELLIKER, NEIL KING JR. and JOHN D. STOLL DETROIT -- General Motors Corp. filed for Chapter 11 bankruptcy early Monday, marking the humbling of an American icon that once dominated the global car industry and setting up a high-stakes gamble for The question now facing 56,000 auto workers, 3,600 GM dealers and the Obama administration: Will it work? The government, which will own a majority of the company, is wagering upwards of $30 billion that it can return GM to profitability, reversing a decades-long decline by shearing away …
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Source: Newsday
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WASHINGTON — It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism. But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry. Nor, for that matter, had he given much thought to what ailed an industry that had been in decline ever since he was born. A bit laconic and looking every bit the just-out-of-graduate-school student adjusting to life in the West Wing — “he’s got this beard that appears an…
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By Micheline Maynard Monday, June 1, 2009 Provided by The New York Times Link to Article It is a company that helped lift hundreds of thousands of American workers into the middle class. It transformed Detroit into the Silicon Valley of its day, a symbol of America’s talent for innovation. It built celebrated cars, like Cadillacs, that became synonymous with luxury. And now it is filing for bankruptcy, something that would have been unfathomable even a few years ago, much less decades ago, when it was a dominant force in the American economy. ------------------------------ I thought this was a really good article.
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Link to Article
Last reply by A Horse With No Name, -
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http://www.marketwatch.com/story/fiat-wont...n-gms-opel-unit
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[source: Wall Street Journal] Geely No Longer Among Suitors for Saab By NORIHIKO SHIROUZU BEIJING--An investment group led by Chinese auto company Geely Holding is no longer a candidate to acquire General Motors Corp.'s Saab unit, according to two people familiar with the situation. GM has narrowed the field of potential buyers for Saab, and the group led by Geely Holding, the parent of one of China's biggest home-grown carmakers, is not among them, the people said. It wasn't immediately clear whether the Geely group withdrew, or was rejected by GM. A Saab spokesman confirmed the field has narrowed to "two or three" candida…
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http://finance.yahoo.com/news/GM-confirms-...85493.html?.v=8
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[source: Motor Authority] 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 for getting it into the situation it finds itself in today - sports cars, SUVs and pickup trucks. There will be dramatic changes, however, including a much greater focus on hybrid and electric vehicles, as well as more conventional cars. But GM's affordable p…
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By TOM KRISHER, AP Auto Writer Tom Krisher, Ap Auto Writer – 2 hrs 44 mins ago Article Link DETROIT – General Motors Corp. said Friday that it plans to reopen a shuttered U.S. factory to build subcompact cars that will be the smallest vehicles GM has ever produced here. The company said in a written statement that the retooled factory will be able to build 160,000 cars per year. The automaker did not say which factory would be selected or which models it will build. GM, which is expected to file for Chapter 11 bankruptcy protection Monday, also plans to announce then that it will close 14 more factories, including four assembly plants. A person briefed on GM's…
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By TOM KRISHER and KIMBERLY S. JOHNSON, AP Auto Writers Tom Krisher And Kimberly S. Johnson, Ap Auto Writers – 11 mins ago Story Link DETROIT – General Motors Corp. said Thursday a committee of bondholders has agreed to a sweetened deal proposed by the U.S. government to erase the automaker's unsecured debt in exchange for company stock. A person familiar with the deal said that it is probable GM will file for bankruptcy protection. The person asked not to be identified by name because discussions are still under way with the U.S. and Canadian governments and there is a small chance that the company could avoid a Chapter 11 filing. The company said in a statemen…
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[source: Motor Authority] 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 neighboring city. Moving away from Detroit could make sense for a newly restructured GM, especially considering that a bankruptcy proceeding appears to be all but inevitable at this point and relocating the new company could do much for its public image. One of …
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Source Pushed towards bankruptcy A MONTH ago General Motors announced the terms of a restructuring plan designed to help it to avoid bankruptcy. At the time an unnamed member of Barack Obama’s administration was quoted as saying that “you don’t need banks and bondholders to make cars”. He said aloud what the offer to the bondholders had merely implied. For unsecured loans worth $27 billion, creditors would be awarded a paltry 10% of the “new” GM. And unless 90% of creditors agreed by a deadline of midnight on Tuesday May 26th then GM would undoubtedly have to reinvent itself in the embrace of Chapter 11 bankruptcy protection. Most observers reckoned that the deal fo…
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By TOM KRISHER and DAN STRUMPF, AP Auto Writers Tom Krisher And Dan Strumpf, Ap Auto Writers – 2 hrs 30 mins ago Story Link DETROIT – A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock. GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27 billion in unsecured debt for 10 percent of the company's stock had failed. GM has received $19.4 billion in federal loans. The move came…
Last reply by G. David Felt, -
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YEP...Penske wants to buy Saturn....to sell Renault Samsung cars at Saturn dealers !...who is renault samsung ???...: Samsung Motors (also known as SMI) was built on the will of the Samsung group's chairman, Kun Hee Lee, who regarded the automotive industry as a sum of many industries. For the group, this would have meant the co-operation and binding together of its many subsidiaries, such as Samsung Electrics and Samsung Electronics. Nevertheless, his plan was cut short by the Asian financial crisis, and soon after its establishment, the group jettisoned SMI, together with other non-core subsidiaries. SMI was up for sale, firstly to Daewoo Motors, which was itself h…
Last reply by G. David Felt, -
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By KEN THOMAS, Associated Press Writer Ken Thomas, Associated Press Writer – Fri May 22, 6:51 pm ET Article Link WASHINGTON – Lawmakers appealed to the Obama administration on Friday to slow down the restructuring of General Motors and Chrysler, wary of shuttered car dealerships, job losses and the big unknown of a GM bankruptcy. "We are asking President Obama to call 'time-out' on his automobile task force," said Rep. Steve LaTourette, R-Ohio. Members of Congress urged the White House to re-examine its work to stabilize the U.S. auto industry, prompted by sweeping plans outlined last week by Chrysler LLC and General Motors Corp. to shutter hundreds of car deale…
Last reply by regfootball, -
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Source GM Bondholders Shun Offer, Setting Stage for Bankruptcy General Motors unveiled a tentative labor agreement with the United Auto Workers, though bondholders shunned a proposed debt-to-equity offering, setting the stage for a bankruptcy filing by the troubled auto maker. For GM to stay out of bankruptcy protection, holders of 90 percent of its bonds must agree to exchange $27 billion in debt for a 10 percent stake in the company. But as a midnight deadline for the deal approached, it appeared that the swap was likely to fail. Analysts have said bondholders will not want to exchange their massive debt for such a small stake. GM has said in a regulatory filing…
Last reply by BuddyP, -
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Here you go boyz, I told a friend in Powertrain I would post this, I hope you're not missing me too, too, much ...
Last reply by PurdueGuy, -
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Talk about another blow to the Motor City. It's unclear if they mean out to the suburbs or out of the actual metro area altogether, but I can't imagine there will be too much goodwill toward GM if this goes through. http://uk.reuters.com/article/marketsNewsU...152766120090511
Last reply by Oracle of Delphi, -
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Holden rear-drive architecture put on a diet for next generation of GM cars By BYRON MATHIOUDAKIS 21 May 2009 http://www.goauto.com.au/mellor/... HOLDEN is developing a lighter and more highly-evolved version of its three-year old Zeta rear-wheel-drive architecture that underpins several GM models including Commodore, Statesman and Chevrolet Camaro. The company says cutting weight from Zeta is one of the biggest goals for the Port Melbourne engineers, as General Motors tries to keep the platform competitive for a number of years. Holden’s engineers are working towards refining Zeta for possible new applications in GM’s future mid and large-car programs. Whethe…
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I think this is one of the best columns Jerry Flint has ever written. See what you think. Click here.
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http://www.theglobeandmail.com/globe-inves...article1148545/
Last reply by G. David Felt, -
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[source: Wall Street Journal] Car Crazy Bankrupt companies making 39 mpg autos. Are we nuts? At the end of his Rose Garden explanation yesterday of the new U.S. fuel-efficiency standards, President Obama remarked on the good that can be accomplished when we are "working together." The President may be getting ahead of himself. Watching the unlikely coalition arrayed behind him as Mr. Obama committed the U.S. to an astonishing passenger-car mileage average of 39 miles per gallon by 2016, it looks truer to say we are merely standing together in this adventure, for better or worse. Mr. Obama's fleet-mileage partners yesterday incl…
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http://business.theglobeandmail.com/servle...y/Business/home
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http://www.autoblog.com/2009/05/12/report-...-u-s-consumers/
Last reply by pow, -
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[source: MotorAuthority] GM Confirms It Will Sell Saturn Rather Than Phase It Out Phased Production Halt Likely in August If No Suitable Buyer Found Before July Below is the official statement from GM: General Motors is proceeding to the next step with respect to the sale of Saturn, confirming today that it is in talks with a number of potential buyers and that it will look to secure an agreement with a specific buyer by the end of the year. While no other details were revealed, late last month we heard about a new investment group by the name of Telesto Ventures reportedly planning to buy Saturn outright and source its…
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http://www.gminsidenews.com/forums/f16/ope...-percent-79025/ I really hope GM can find a way to at least keep a substantial piece of this.
Last reply by MyerShift, -
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[source: Left Lane News] GM to Issue Additional Shares to Pay Off Debt A filing with United States securities regulators has revealed that General Motors will issue up to 60 billion additional shares in an attempt to pay of government, bondholder and union debts. The plans would essentially wipe out the holdings of its remaining shareholders - and since the United States government will become the majority shareholder, only the Treasury's approval would be necessary. Analysts have long predicted that GM shares will be essentially worthless regardless of how the automaker restructures; this massive, unusual issuance of stock would furthe…
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[source: Wall Street Journal] Renault, Geely Consider Deals for GM Units General Motors Corp. is in talks about potentially turning its Saturn division over to Renault SA, allowing the French auto maker to use the brand as a launching pad for growth in North America, two people familiar with the matter said. Meanwhile, Geely Automobile Holdings Ltd. has submitted a bid to acquire GM's Saab unit, people familiar with the situation said. Renault is one of several auto makers and other suitors interested in taking Saturn over from GM. The U.S. auto maker is surviving on $15.4 billion in government loans and is under pressure to res…
Last reply by Croc, -
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It Finishes Among the Backbenchers in German Quality Survey. [source: MotorAuthority] German Cars Tops In Latest ADAC Breakdown Statistics Reliability is the main concern for most car buyers, and for obvious reason - for such a large investment, the car better start up and take you where you need to go. And while all brands have their issues, it turns out German cars fared best this time around, mirroring last year's results. The turnaround is something of an upset, since Japanese cars dominated most of the previous decade in reliability surveys. The Germans have definitely upped their game, however, with Audi at the leading edge. The…
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[source: Wall Street Journal] GM's China Sales Hit Monthly Record in April BEIJING -- General Motors Corp. said its sales in China hit a monthly record in April, rising 50% from a year earlier on strength in its Buick and Wuling brands. The strong performance in China by the U.S. auto maker, until recently the world's biggest by output, contrasts with its struggles in its home market. GM is racing to restructure outside of bankruptcy court in the U.S., and is expected this week to accelerate talks with the United Auto Workers union and move toward closing about 2,600 dealerships. GM, which posted record China sales of 151,084 unit…
Last reply by the_yellow_dart, -
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http://www.autoblog.com/2009/05/02/pontiac...sale/2#comments I don't see why GM would not sell Pontiac to someone who is willing to buy, unless there is the slim chance they plan to reintroduce limited run models in the future. I really like that idea, actually.
Last reply by Camino LS6, -
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[source: Autoblog] Vauxhall sans Opel could realign with GM Daewoo, Holden Eyebrows raised at reports that General Motors could hold on to its British subsidiary Vauxhall even if – or, more likely, when – its German counterpart Opel would leave the family. With the model ranges of the two European GM divisions intertwined, a Vauxhall without Opel would seem like an empty shell. New reports suggest, however, that instead of re-plastering Opels with the griffin badge, the British marque could instead continue operations under GM ownership by importing products made by GM Daewoo Auto & Technology. The restructuring of Vauxhall would also lik…
Last reply by Camino LS6, -
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I didn't say it, they did. Click Here. PRESS RELEASE: FOR RELEASE: 2009-04-27 GM Accelerates its Reinvention as a Leaner, More Viable Company Updated Viability Plan Speeds, Deepens Restructuring of U.S. Operations DETROIT -- General Motors (NYSE: GM) today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker. The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock and accrued interest in exchange for certain outstanding notes. Revised Viability Plan goes…
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http://www.theautochannel.com/news/2009/05/01/459040.html http://www.gmeurope.info/social_media_news...-in-Europe.html Why can't stuff like this happen here?
Last reply by Robert Hall, -
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[New York Times] Chrysler's Fall May Help Administration Reshape G.M. WASHINGTON — Fresh from pushing Chrysler into bankruptcy, President Obama and his economic team are hoping that the hard line they took last week gives them leverage to force huge changes in General Motors, a far larger and more complex company. Officials say that, difficult as Mr. Obama's decision was on Wednesday to take all the risks of a Chrysler bankruptcy, the politics of reshaping G.M. will be far harder. Already a shadow of the company that once dominated the American landscape, G.M. will be forced to eliminate tens of thousands of additional jobs and close fa…
Last reply by ShadowDog, -
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http://autos.aol.com/article/car-news/corv...ise/20090429001 Pontiac Is Dead; Is The Corvette Next? What Detroit Will Build (and Won't) In Its Next Chapter by Rex Roy | AOL Autos In remarks made in March about the auto industry, President Obama said, "We cannot, we must not, and we will not let our auto industry simply vanish." This is positive news for many, but it may actually signal the end of the consumer-driven American automotive industry. Depending on how active the Obama administration chooses to be regarding the operation of General Motors and Chrysler (the government already forced out GM CEO Rick Wagoner), bureaucrats may restrict the types of cars th…
Last reply by wildcat, -
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Apparently, the banks and funds that own most of General Motors' outstanding bonds were not too thrilled with the idea of writing down $27 billion in loans for a mere 10% stake in the restructured company. In response to GM's proposal to swap debt for stock, a committee of bondholders has made a counter offer. The original GM offer would have given 89% of the automaker to the UAW and the federal government. The counter proposal would shut the government out of the stock swap deal entirely. Instead, creditors and the union would get stakes of 58% and 41% respectively with current stockholders receiving the remaining 1%. The money that the government loaned GM would remai…
Last reply by gm4life, -
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May 1, 2009, 10:17 am Endangered Cadillac: 2009 CTS-V Series For those of you following the shrinking of General Motors (GM) as it tries to devise a survival plan that could allow a takeover by the federal government, Cadillac has been designated one of its core brands. Its previous association with Saab and Hummer has been dissolved, and the historic old Cadillac brand — which, at 106, is older than GM itself — is looking toward the future. A question for GM’s prospective government owners: How will you feel about the 556 horsepower CTS-V? You don’t hear much about maxi-cars from Washington these days. The Obama Administration is one that talks about restraint an…
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MSN Auto Top American Auto's Pictures Here is the full story on Auto's American cannot live without. The link above is purely the pictures, nicely done. Link below is the story to read about. Not a bad piece in my opinion. Auto's American Cannot live without!
Last reply by PurdueGuy, -
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AFP/File – Logo of the Saturn division of General Motors at the North American International Auto Show January 2009 … By TOM KRISHER, AP Auto Writer Tom Krisher, Ap Auto Writer – Tue Apr 28, 5:31 pm ET DETROIT – General Motors Corp.'s Saturn brand will either be sold or phased out by the end of this year, nearly two years faster than previously announced, the brand's top executive said Tuesday. Saturn General Manager Jill Lajdziak said the brand, once billed as a different kind of car company, most likely will be sold, given the interest of several buyers who have surfaced. She says GM will take other bids for the brand until June 1. GM has said it wants to sell …
Last reply by Daryl Z71, -
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General Motors wants out of Opel, and according to new reports, it is willing to let the German automaker go without receiving any money for it. The only requirement is that the buyer must inject €500 million (around $652M USD) into Opel for operations. While GM CEO Fritz Henderson has said there are six serious investors in discussions for Opel, and that a deal should be done by early May, the fact that GM has said "if you pay the bills you can have it" indicates that GM is ready to work with anyone who's willing to sign. Making a deal would not only free GM of Opel's current burdens, but the obligations it would have if Opel shuts down under its watch. Another outlet …
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Source: http://www.cnbc.com/id/30454401 Is This The Final "Fix" For GM? No Way GM CEO Fritz Henderson is a straight shooter. It's one of the things about him that I like. That said, how many of us believe the man when he says GM's latest restructuring plan is the final "fix" for the auto maker? Count me among those who are skeptical. Since December, GM has given us three major restructuring with plans to cut thousands of jobs, close 16 plants, and get rid of half the auto makers brands. Each plan also has come with the CEO saying, "We think we've made the changes necessary for us to get back on track." Every time I heard this it sounded like the movie "Ground Hog Da…
Last reply by gm4life, -
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Lindsay Chappell Automotive News April 27, 2009 - 4:03 pm ET Even as it shrinks its North American product portfolio, General Motors is negotiating with Toyota Motor Corp. to determine a new GM product to be jointly produced at the automakers' 50-50 joint venture, New United Motor Manufacturing Inc. A GM spokesman said that, if successful, the negotiations would result in a new model for one of GM's surviving brands -- Chevrolet, Buick, GMC or Cadillac. Earlier today, GM revealed that it will end production of its Pontiac line, including the Vibe crossover. The Vibe is currently GM's sole yield from the NUMMI partnership -- meaning the Pontiac decision effe…
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Sunday Herald Sun - News.com.au Holden to lose $1 billion a year if GM dumps Pontiac By Carly Crawford Sunday Herald Sun April 26, 2009 12:01am GM expected to dump Pontiac this week Holden will lose $1 billion a year GM hoping to stave off bankruptcy Embattled car maker Holden stands to lose up to $1 billion a year when its ailing US parent dumps major brand Pontiac. General Motors is this week expected to announce plans to ditch or sell the brand as it desperately works to stave off bankruptcy. That means the maker of Australia's most popular car could be in for more pain, the Sunday Herald Sun re…
Last reply by Lamar, -
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Jerry Forbes adds his opinion about GM's future here.
Last reply by vonVeezelsnider, -
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DISCUSS (for the 30 seconds that this thread will be open) And I I'm not sure I agree with the implications of the article, but whatever.
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http://online.wsj.com/article/SB124035637935940943.html Quote: So King Barck the Mild is finding as he tries to dictate the terms of what amounts to an out-of-court bankruptcy for Chrysler and GM. He wants Chrysler's secured lenders to give up their right to nearly full recovery in a bankruptcy in return for 15 cents on the dollar. They'd be crazy to do so, of course, except that these banks also happen to be beholden to the administration for TARP money. Wasn't TARP supposed to be about restoring a healthy banking system? Isn't that a tad inconsistent with banks just voluntarily relinquishing valuable claims on borrowers? Don't ask. Kingly prerogative also confli…
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Suzuki's SX Appeal New compact sedan and other upcoming models help expand lineup By KATHY JACKSON | AUTOMOTIVE NEWS Thanks to the new SX4 hatchback and the redesigned XL-7 mid-sized SUV, Suzuki is headed for its second straight 100,000-sales year here in 2007. Suzuki will add a small SX4 sedan this fall and expects the SX4 nameplate to be its best-seller in the coming years. The company also will get its first pickup, a version of the Nissan Frontier. ******** Aerio: The 2007 model year is the last for the Aerio sedan. Reno: A freshening is scheduled for the 2009 model year. Suzuki is considering a high-horsepower engine for the vehicle. Swift: The Swift was la…
Last reply by Daryl Z71, -
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GM's Been on the Brink Before—Many Times This isn't GM's first brush with death. Since 1910 the company has nearly disappeared three times—and come back stronger every time By Ed Wallace The executives at General Motors (GM) knew they were in trouble: Their negative cash flow had become intolerable, and their lending institutions had locked up. Bankers refused to lend the corporation any more money, fearing that they'd never see GM's current loans repaid, much less any new funds they might advance. New car divisions that had opened only a few years earlier were now huge money pits. And even those divisions whose sales had once shown incredible potential now had vi…
Last reply by Teh Ricer Civic!, -
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http://news.moneycentral.msn.com/ticker/ar...1&Symbol=GM Plants effected... http://news.moneycentral.msn.com/ticker/ar...3&Symbol=GM
Last reply by Intrepidation, -
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Wall Street Journal GM Plants to Close Much of Summer General Motors Corp. plans to idle most its plants for about two months this summer as the company races to cut costs and production to keep pace with sinking demand, said a person familiar with the plan. The car maker typically closes its plants for a two-week summer vacation. A GM spokeswoman declined to confirm or deny the planned closure. Such a production hiatus -- one of GM's longest in recent decades -- promises to drain the company's revenue stream, dealing another blow to its attempt to restructure operations. GM's sales have tumbled in recent months, with declines topping 50%…
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http://www.cbc.ca/money/story/2009/04/23/gm-fiat-stake.html
Last reply by ellives, -
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GM to shut many US plants up to 9 weeks DETROIT – Two people briefed on the plan say General Motors Corp. will close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles. The people did not know exactly when the shutdowns would occur, but both say they will include the normal two-week closure in July to change from one model year to the next. Neither person wanted to be identified because workers have not been told of the shutdowns. GM spokesman Chris Lee would not comment other than to say the company notifies employees before making any production cuts public. GM is living on $13.4 billi…
Last reply by daves87rs, -
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One can only hope!
Last reply by FUTURE_OF_GM, -
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Jonathan D. Salant and John Hughes Jonathan D. Salant And John Hughes – Tue Apr 21, 12:10 am ET April 21 (Bloomberg) -- General Motors Corp., surviving on $13.4 billion in government aid, spent $2.8 million on lobbying during the first three months of 2009, according to disclosures filed yesterday with the U.S. House and Senate. “Like any quarter, our reporting and expenses reflect the level of activity that we’re engaged in, and the breadth of issues that affect our business,” Greg Martin, a GM spokesman, said. “As being part of what is arguably one of the most- regulated industries in the country, you have a voice to add to complex policy discussions and you report…
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Detroit News GM to get $5B, Chrysler $500M in fed aid David Shepardson / Detroit News Washington Bureau Detroit -- General Motors Corp. will get up to $5 billion and Chrysler LLC $500 million in short-term aid, according to a 250-page government report obtained Monday by The Detroit News. The Detroit News reported Friday that GM would get about $5 billion and Chrysler $500 million, citing an Obama administration official, which prompted a denial from the White House. The short-term aid figures are disclosed in the report from the Treasury Department's Inspector General on the $700 billion Troubled Asset Relief Progra…
Last reply by Z-06, -
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Washington -- The Obama auto task force is preparing to loan General Motors Corp. about $5 billion in additional federal short-term aid, and Chrysler LLC $500 million, an Obama administration official familiar with the matter said Thursday. The disclosure assigns a dollar amount to the pledge of continued short-term support issued late last month by the administration, after it rejected GM's and Chrysler's restructuring plans and requests for up to $21.6 billion in additional assistance. The official said the decision was expected to be announced next week -- though the precise amounts were still the subject of talks between the government and the automakers. The Whit…
Last reply by Camino LS6, -
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Last reply by Robert Hall, -
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Automotive News is reporting that GM is NOT going to be dumping Pontiac or GMC. clicky (hopefully someone with a subscription can post the text.)
Last reply by longtooth, -
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I have read part way though the new Book Why GM Matters. I must say in this age of misinformation and down right lies it is goods to see someone in the media have a fair look at GM. THe book cover where GM started, evolved under Sloan and failed to change as Sloans concpet of GM no longer worked. It explains and shows how GM was so large it failed to funtion sfficently when it needed to. It also addresses things on how some of the managment fail to understand how Toyota was working and how efficent they were in production when GM staffers visited with Toyota and brought back info that could have helped change their path. It also addressed how GM failed to focus on d…
Last reply by knightfan26917, -
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OK, more rumor, more newspaper chatter. BUT, if true this indicates that the President's Task Force is marketing savvy. Ask yourself, if you were starting a brand new auto company today, would you have a duplicate truck brand? Would you invest in a duplicate "performance" brand? Probably not. And we see that no one else around the world is rushing to duplicate the GM brand model either. The other one that needs to drop is Buick, as much as I love her. Toyota changed the branding model for the industry and now buyers expect entry-level luxury at the premium brand. LaCrosse and Enclave should be restyled and sold for slightly more as Cadillacs. The margins and to…
Last reply by SAmadei, -
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June 1, 2009 is turning into the equivalent of General Motors' D-Day, and every day seems to bring new events that are being planned in advance of it. GM had more than 6,000 dealerships at the end of last year, and in the initial viability plan it offered to the government, the automaker pledged to close 25% of those over the next five years. As with the rest of the plan, the Auto Task Force said "That isn't enough." So GM has turned the big guns on its dealership closures, having seen 200 of them shut down this year already. It is not waiting for attrition to rid itself of others, but pin-pointing under-performing locations and "could move to terminate franchise agreem…
Last reply by Camino LS6, -
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Glamour dims as hecklers hit auto shows NEW YORK - Just a year ago, working as a product presenter at an auto show was a pretty straightforward job. You stood next to a vehicle, you called it a marvel of engineering, style and comfort and then you fielded softball questions like, “What does this baby cost?” But that was before the bailout. Now that the government has helped General Motors and Chrysler stave off bankruptcy with billions of dollars in loans, these companies are finding somewhat hostile crowds at their exhibits. Which leads to scenes like the one on Friday at the New York auto show, where a blond woman in a tight black dress stood on a rotating platform …
Last reply by Teh Ricer Civic!, -
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Neato. Video showing many of the sights you guys may have already seen but here it is again. Inside the Solstice factory. Look for Willie Wonka about 8 minutes in. (ha, ha) http://www.fastlanedaily.com/episode/fld_20090408
Last reply by poly, -
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According to GMI the GM board apparently made the decision to shut Pontiac down by 2015 a few years ago... One of the biggest critics of that decision was Rick Wagoner. Did I miss something?!?! 1) Can the board make these kinds of decisions? 2) What is the purpose of making a decision like that in the first place? Pontiac is/was a volume division which could've/does have a lot of life left *IF* the appropriate investment is made. (Then again, so did Oldsmobile, Saturn and Hummer) 3) If this were the case, then why the continued investment in the G8 and Solstice variants & 4) Why did Bob Lutz even care about Pontiac at this point, if it were to be shut down all alo…
Last reply by FloydHendershot, -
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Link to Article US directs GM to prep for bankruptcy filing-NY Times Sun Apr 12, 2009 11:08pm EDT WASHINGTON, April 12 (Reuters ) - The U.S. Treasury Department is directing General Motors (GM.N) to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court, The New York Times reported on Sunday. GM is operating under emergency U.S. government loans. It has been told by the Obama administration's task force overseeing its bailout that it must cut costs and reduce its debts in order to continue to receive aid. The White House-appointed autos task force has given GM 60 days to come up wi…
Last reply by GXT,
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