Latest GM Stories
General Motors Co. Chairman Ed Whitacre said the U.S. automaker would accelerate its launch of new cars to make up some ground in lost market share. Whitacre did not divulge specifics on what products would be let out of the gate ahead of schedule, The Detroit News reported Wednesday. GM's share of the U.S. market dropped from 20.5 percent to 18.9 in July, just after the company emerged from bankruptcy with a pared down product line and fewer factories and dealerships. In decades past, GM's...
DETROIT, Aug. 5 /PRNewswire-FirstCall/ -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the second quarter of 2009. Second Quarter 2009 Results Second quarter sales of $245.6 millionAAM's quarterly results reflect the adverse impact of the extended production shutdowns by GM and Chrysler; AAM estimates the reduction in sales and operating income resulting from these shutdowns to be approximately $203.6...
U.S. automaker General Motors Co. said its hydrogen fuel-cell research program is in danger of falling behind as funding grows scarce. The program has not slowed down at all. The issue is, going forward, do we have sufficient money to operate at that rate, GM's vice president of research, Larry Burns, told USA Today Wednesday. The program is years away from putting a hydrogen fuel-cell car on the market, but it has been able to run steadily despite GM's bankruptcy filing this summer. But the...
U.S. automaker General Motors Corp. said its hydrogen fuel-cell research program was in danger of falling behind as funding grows scarce.The program has not slowed down at all. The issue is, going forward, do we have sufficient money to operate at that rate, GM's vice president of research Larry Burns told USA Today Wednesday.The program is years away from putting a hydrogen fuel-cell car on the market, but it has been able to run steadily in spite of GM's bankruptcy filing this summer.But...
General Motors Co.'s buyout offers to its 54,000 hourly workers poses risks for the employees no matter what they choose, analysts say. The results of the buyout offer, through which GM is hoping to help shed 21,000 jobs by the end of the year, will be released Monday or Tuesday, GM spokeswoman Sherrie Childers Arb told The Detroit News. Although GM's offer included $20,000 in cash and a $25,000 vehicle voucher -- $115,000 for workers with more than 20 years of service -- accepting the...
General Motors Corp., fresh out of bankruptcy, can proceed with a deal to help U.S. parts supplier Delphi out of its own bankruptcy process, a judge said. U.S. Bankruptcy Judge Robert Gerber, presiding over the GM bankruptcy case, said Monday the automaker can join with Parnassus Holdings LLC for a deal in which GM will invest $2 billion in Delphi and provide the company a $500 million loan. Platinum Equity LLC, the parent company of Parnassus, will invest $250 million and loan $250 million...
General Motors Corp. vowed it would focus on customers after selling a majority of the company to the U.S. government Friday morning. Papers were signed at 6:30 a.m. at the offices of Weil, Gotshal & Manges that give the government 61 percent of the company with lesser portions owned by the Canadian government and the United Auto Workers union. Bondholders will also own a share, The New York Times reported. At a press conference, Chief Executive Officer Frederick Fritz Henderson said,...
General Motors Corp. completed its race through bankruptcy Friday morning, signing a contract with the U.S. government, a source close to the deal said.Papers were signed at 6:30 a.m. at the offices of Weil, Gotshal & Manges that give the government 61 percent of the company with lesser portions owned by the Canadian government and the United Auto Workers union. Bondholders will also own a share, The New York Times reported.The company will be temporarily named the Vehicle Acquisition...
An international team of scientists has developed salt-tolerant plants using a new type of genetic modification (GM), bringing salt-tolerant cereal crops a step closer to reality.The research team "“ based at the University of Adelaide's Waite Campus in Australia "“ has used a new GM technique to contain salt in parts of the plant where it does less damage.Salinity affects agriculture worldwide, which means the results of this research could impact on world food production and...
General Motors Corp. says U.S. sales of the Chevrolet Camaro will catch up with sales of the Ford Mustang by the end of the month. Camaro sales will be right with Mustang, company spokesman Terry Rhadigan said. In May, GM sold 5,463 Camaros, partly in response to the Camaro's appearance in the feature movie Transformers: Revenge of the Fallen, USA Today reported Monday. I just saw the 2010 Camaro when I saw the 'Transformers' movie and it is a hot car, Mariscia Thompson of Newberry, S.C.,...
