Category Archives: GMC

GMAC receives 3rd round of bailout funds

By doris | Published: January 1, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — GMAC Financial Services will receive a third round of bailout funds from the U.S. Treasury Department and the government will have a controlling stake in the company, according to a government report Wednesday. The troubled auto and mortgage lender will collect $3.8 billion of additional aid on [...]

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General Motors CEO Henderson out

By doris | Published: December 2, 2009

Full Story at msnbc.com General Motors Co. CEO Frederick “Fritz” Henderson stepped down Tuesday after the board determined that the company wasn’t changing quickly enough. Chairman Ed Whitacre Jr. said at a hastily called news conference that he will serve as interim CEO, and an international search for a new CEO and president is planned. [...]

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Source: GM to begin repaying aid by year-end

By doris | Published: November 16, 2009

Full Story at msnbc.com WASHINGTON – General Motors Co. will begin paying back $6.7 billion in U.S. government loans by the end of 2009 and could pay off that full amount by 2011, four years ahead of schedule, according to a person familiar with the matter. The government debt represents about 13 percent of the [...]

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Steven Rattner: Why we had to get rid of GM’s CEO

By doris | Published: October 21, 2009

Full Story at money.cnn.com (Fortune) — Without any experience in automaking or government, Steven Rattner left his Wall Street perch to wade into the largest restructuring in American history. The scale and speed of the rescue raised many questions, inspiring Rattner to write this account of a defining moment in capitalism. Rattner, who led the [...]

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GM’s hiring headache

By doris | Published: October 20, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — If you think General Motors should bring in some “new blood” to shake up its hidebound corporate culture, CEO Fritz Henderson agrees with you. He just has one problem. “I would say, in regard to the ability to attract from the outside, we do need to get final [...]

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Hummer sale: GM closer to deal with China company

By doris | Published: October 11, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — General Motors moved a step closer to selling its Hummer brand Friday when it announced that it had signed a definitive agreement with a Chinese manufacturer. Sichuan Tengzhong Heavy Industrial Machinery Co. and GM said in June that they had reached a preliminary agreement and expected to close [...]

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GM to restore 3,000 jobs

By doris | Published: September 23, 2009

Full Story at money.cnn.com DETROIT (Reuters) — General Motors Co. said Tuesday that it would add shifts at three U.S. assembly plants, restoring 2,400 jobs, as it shutters other facilities or prepares them for new products. The addition of shifts at plants in Kansas, Indiana and Michigan comes at a time when U.S. auto industry [...]

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GM introduces money-back guarantee

By doris | Published: September 11, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Buy a new General Motors car. Don’t like it? Return it and get your money back. General Motors, in a bid to appeal to consumers upset about decades of poor quality and the carmaker’s government bailout, is launching an unusual program: money-back guarantees. Between Sept. 14 and [...]

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GM to form China venture, invest $293 million

By doris | Published: August 31, 2009

Full Story at msnbc.com SHANGHAI – General Motors said on Sunday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with total investment of $293 million. The 50-50 joint venture, based in the northeast China city of Changchun in Jilin province, will make light-duty trucks and [...]

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GM to boost output by 60,000

By doris | Published: August 19, 2009

Full Story at msnbc.com DETROIT – Higher sales, in part from the government’s Cash for Clunkers program, are spurring General Motors Co. to boost production at several of its factories. The automaker said Tuesday it will add 60,000 vehicles to its production in the third and mainly the fourth quarter. It will also bring back [...]

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GM Confirms Saab Deal With Koenigsegg

By doris | Published: August 18, 2009

Full Story at money.cnn.com STOCKHOLM -(Dow Jones)- General Motors Co. Tuesday confirmed that it’s reached a stock purchase agreement to transfer its loss-making Swedish unit Saab Automobile AB to a group led by Swedish luxury sports car maker Koenigsegg Automotive AB. The deal is expected to close by year’s end and “will then secure Saab’s [...]

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Some clunker cash buying not-so-green vehicles

By doris | Published: August 14, 2009

Full Story at msnbc.com WASHINGTON – Transportation Secretary Ray LaHood, the nation’s top car salesman in recent weeks, has cited the Obama administration’s best-seller list of mostly smaller, fuel-saving cars like the Ford Focus to describe the success of the Cash for Clunkers rebate program. But what LaHood and other administration officials usually don’t mention [...]

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Angry auto dealers flex muscle in Congress

By doris | Published: July 17, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Dealers who have been muscled out at Chrysler Group and General Motors are trying to get Congress to force the automakers to take them back. The push by the dealers to reverse the cuts has garnered strong bipartisan support, especially from powerful Democratic leaders Financial Service Committee [...]

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Auto parts supplier Lear files for bankruptcy

By doris | Published: July 11, 2009

Full Story at msnbc.com NEW YORK – Struggling automotive parts supplier Lear Corp. filed for bankruptcy protection on Tuesday after receiving the support it needed from lenders and bondholders. The move had been expected from Lear, which missed an interest payment on its bond debt last week and revealed its intention to seek court protection [...]

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