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Latest General Motors Corp. Stories

2009-03-30 13:33:04

Canadian officials Monday said they would provide $4 billion in short-term loans to General Motors of Canada Ltd. and Chrysler LLC. The action comes on the heels of an announcement by Chrysler that it had reached an agreement to ally itself with Fiat SpA and the forced resignation of GM Chairman and Chief Executive Officer Rick Wagoner. The Canadian federal government and the government of Ontario said the financing agreement requires General Motors to win further pension and benefits...

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2009-03-29 17:35:00

General Motors Corp. had no comment Sunday on published reports that Richard Wagoner is quitting as chairman and chief executive officer of the U.S. automaker. Citing sources familiar with the matter, the Detroit Free Press and The Detroit News reported Wagoner will leave his post immediately under terms of U.S. President Barack Obama's plan to provide federal assistance to the troubled automaker. Wagoner has headed GM for eight years and has been with the company for more than three decades....

2009-03-29 10:19:59

Auto industry analysts say sales for U.S. car makers General Motors Corp. and Chrysler have been hurt by their appeals to Congress for government aid. The Los Angeles Times reported Sunday that since the companies voiced their financial woes to lawmakers in November, sales at the companies have fallen a combined 45 percent. Meanwhile, Ford Motor Co., which has not accepted any government aid, had its share of the retail car market rise for four consecutive months through January. To bolster...

2009-03-28 07:48:16

General Motors Corp. is unlikely to meet the U.S. government's March 31 deadline for wringing concessions from workers and bondholders, analysts say. The company has succeeded in buying out 7,600 autoworkers, with sources telling The Wall Street Journal that another 10,000 could be let go under an agreement with the United Auto Workers union. But the company still needs to convince the UAW to bargain on restructuring $20 billion in healthcare benefits for retirees to meet its cost-cutting...

2009-03-24 15:05:57

Reports General Motors Corp. may go bankrupt haven't created a mad dash to the door by rank-and-file workers, in spite of company incentives to leave. Workers who volunteer to quit their jobs have been promised a $25,000 voucher for a new GM vehicle and $20,000 in cash in a buyout program that ends Tuesday, The Detroit News reported. Thinning its ranks considerably would increase GM's financial viability but there's only been moderate participation in the buyout plan, United Auto Workers...

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2009-03-24 07:45:00

U.S. automakers General Motors Corp. and Chrysler LLC face growing reluctance in Washington for continuation of emergency bailout loans. In a televised interview, U.S. President Barack Obama said, The only thing less popular than putting money into banks is putting money into the auto industry, CNNMoney.com reported Tuesday. The head of Obama's automotive task force, Steve Rattner, said an additional $21.6 billion in loans requested by the automakers may not be enough to stave off bankruptcy,...

2009-03-23 16:28:23

General Motors Corp. bond holders said the company has not responded to a proposal that would meet a key requirement for ongoing U.S. government loans. Under terms set out by the government for the company to receive another multibillion emergency loan -- this one for $13.4 billion -- GM must get bond holders to agree to a debt-for-equity exchange to restructure about $28 billion in unsecured debt, the Detroit Free Press reported Monday. GM has said bond holders have been difficult the...

2009-03-17 16:31:37

General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner said Tuesday the U.S. automaker could restructure itself without court assistance. Although still negotiating with bondholders on debt reduction and union workers on concessions, if we can accomplish 99 percent outside of court that we would inside of court, why in the world wouldn't we do it outside of court? Wagoner said to reporters at a media-sponsored breakfast discussion, the Detroit Free Press reported. He also said...

2009-03-14 09:35:29

Ford Motor Co., joining fellow U.S. automaker Chrysler LLC, says General Motors Corp.'s agreement with its Canadian workers doesn't sufficiently cut costs. Ford group vice president for global manufacturing and labor affairs Joe Hinrichs said Friday that GM's deal with the Canadian Auto Workers union didn't go far enough to reduce labor expenses for the struggling industry, The Detroit Free Press reported. We believe the recently negotiated agreement between General Motors Canada and the...

2009-03-13 15:14:02

Auditors for American Axle & Manufacturing said the U.S. auto parts giant was in danger of going under, especially if a big car company retreats. As a result of the current automotive industry environment and the uncertainty relating to the ability of GM (General Motors Corp.) and Chrysler to continue operating as going concerns ... it is uncertain whether we will be in compliance with the financial covenants "¦ throughout 2009, the company said in a Securities and Exchange...


Latest General Motors Corp. Reference Libraries

General Motors Headquarters, Detroit, Michigan
2014-04-13 09:20:18

General Motors Company (GM) is an American automobile manufacturer located in Detroit Michigan. They also control multinational manufacturers around the globe. They design, produce, market and distribute vehicles and parts, as well as selling financial services. GM has ten brands of vehicles produced in 37 countries. They include, Chevrolet, Buick, GMC, Cadillac, Opel, Holden, Vauxhall, Wuling, Baojun, Jie, Fang and UZDaewoo. GM does business with 157 different countries and employees...

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