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Latest General Motors Corp. Stories

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...

2009-03-12 16:10:30

U.S. government funds used to prop up General Motors Corp. and Chrysler LLC often end up in the hands of foreign companies, various stakeholders said. Here I am out stumping for GM ... and when they do things like send the SRX to Mexico, it's very hurtful, said Lansing, Mich., Mayor Virg Bernero, referring to the company shifting Cadillac SRX SUV production to a plant in Mexico, the Detroit Free Press reported Thursday. The U.S. Treasury has said bailout funds must be used to support jobs in...

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2009-03-08 23:00:00

President Barack Obama's financial teams spread out during the weekend, visiting Detroit and London with a campaign promise ringing in their ears. The United States shed 651,000 non-farm jobs in February, 655,000 in January and 681,000 in December, the government said Friday, pushing the unemployment rate to 8.1 percent and Obama's promise of creating or saving 2 million to 3 million jobs that much further behind -- and making it that much more urgent. An administration financial team was in...

2009-03-08 19:03:34

The Canadian Auto Workers union said Sunday it has struck a tentative deal with General Motors Corp. on labor givebacks to help keep the automaker alive. Ten-thousand CAW members who work for GM must ratify the agreement before it can be implemented, the Detroit Free Press reported. Voting is expected Tuesday and Wednesday. CAW President Ken Lewenza said the deal also is contingent upon the automaker obtaining Canadian government loans and specific product commitments at GM plants. Our...

2009-03-08 17:21:36

General Motors Corp. plans to spin Saturn off into an independent distribution company that the brand's dealers could buy, analysts say. The (Nashville) Tennessean reported Sunday that, aside from selling the company to the nation's 208 Saturn dealers, GM could sell the brand to a group of investors or even to another automaker. The newspaper said a selling price for Saturn, and how a deal would be financed, remained uncertain, but Jill Lajdziak, Saturn's general manager, said a plan for...

2009-03-06 12:43:05

U.S. automaker General Motors Corp.'s German subsidiary Opel should consider insolvency, a high-ranking government official said. German Interior Minister Wolfgang Schaeuble said, We must grasp that modern insolvency law is a better way to overcome such a crisis than the state taking a stake (in the company). Our modern insolvency law is not set on the destruction but on the preservation of economic assets. The public perception is that insolvency is akin to going bust or bankrupt. But that...

2009-03-05 08:04:13

Auditors for U.S. auto giant General Motors Corp. formally warned Thursday that the company's future is at substantial risk. In a Securities and Exchange Commission filing, auditor Deloitte & Touche said the company's losses, lack of cash and negative net worth put the giant automaker in serious jeopardy, The Wall Street Journal reported. GM lost $30.9 billion in 2008 and has asked the federal government for billions of dollars in loans to stay afloat. Investors anticipated the auditor's...

2009-03-03 21:07:40

General Motors Corp. is showing off its little Spark in Geneva, Switzerland, this week in hopes the subcompact will ignite interest among car buyers. While the South Korea-built Spark currently is being pitched for Euoropean and Asian markets, the 11 1/2-foot mini-car is being revamped to meet U.S. standards and is expected to reach dealer showrooms in 2-3 years, The Detroit News reported Tuesday. Once it reaches all of markets, the financially strapped U.S. automaker is counting on annual...

2009-03-01 14:08:18

A drastic decline in General Motors Corp.'s U.S. pension funds during a year-long period was due, in part, to questionable spending practices, experts say. Pension Research Council Executive Director Olivia Mitchell said spending on employee buyout programs and benefit increases dropped the company's pension funds from $20 billion in late 2007 to a $12.4 billion deficit a year later, the Detroit Free Press reported Sunday. To the extent it is consistent with the law, the question is: Is it...

2009-02-26 09:27:32

U.S. automaker General Motors Corp. said fourth quarter expenses drained $6.2 billion from its critical cash reserves as revenues fell to $30.9 billion. The company, which has asked the U.S. government for an additional $16.6 billion in emergency loans, said it sold 8.35 million vehicles in 2008, a decline of 11 percent or 1.01 million vehicles. For the year, 64 percent of its sales came from outside the United States. GM said it lost $16.8 billion last year. Fourth quarter losses came to...


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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Word of the Day
grass-comber
  • A landsman who is making his first voyage at sea; a novice who enters naval service from rural life.
According to the OED, a grass-comber is also 'a sailor's term for one who has been a farm-labourer.'