Wednesday, April 30, 2008 Daniel Howes Kerkorian motive is cash and ? If Ford Motor Co. brass could deliver one message to its employees, now that Las Vegas billionaire Kirk Kerkorian is on his way to owning 5.6 percent of the automaker, it’d be two words — calm down. Good advice, even if those same [...]
GM posts $3.25 billion loss in 1Q GMAC, Delphi and American Axle are costly problems queryvar=”gm,posts,$325,billion,loss,in,1q”; Philip Nussel Automotive News | April 30, 2008 – 7:22 am EST DETROIT — General Motors said today it posted a net loss of $3.25 billion during the first quarter — the bulk of the [...]
GMAC posts $589 million loss; may not turn 2008 profit queryvar=”gmac,posts,$589,million,loss;,may,not,turn,2008,profit”; Automotive News | April 29, 2008 – 9:15 am EST NEW YORK (Reuters) — Finance company GMAC said on Tuesday its first-quarter loss nearly doubled as more customers fell behind on mortgage payments, and that it may not turn a [...]
Tuesday, April 29, 2008 GM to idle thousands at 4 plants Shifts to be cut at Flint, Pontiac as demand falls. Sharon Terlep / The Detroit News General Motors Corp. will further slash production of fuel-thirsty trucks and SUVs — a move that will eliminate about 3,500 hourly jobs at four North American factories, including [...]
CAW reaches early deal with Ford Preliminary deal preserves wages; protects St. Thomas plant queryvar=”caw,reaches,early,deal,with,ford”; David Barkholz Automotive News | April 28, 2008 – 3:53 pm EST Ford Motor Co. is five months ahead of schedule on a new master labor contract with the Canadian Auto Workers that would preserve Ford’s [...]
GM slashes North American truck production DETROIT — General Motors today moved to cut full-size truck production in North America by 138,000 units for the remainder of the year. GM will take out about 88,000 units of full-size pickup production and 50,000 units of full-size SUV production, the automaker said in a press release. GM [...]
Kerkorian offers to buy 20 million shares of Ford stock Price: $8.50; Kerkorian would own 5.6% of automaker queryvar=”kerkorian,offers,to,buy,20,million,shares,of,ford,stock”; Automotive News | April 28, 2008 – 8:35 am EST NEW YORK (Reuters) – Kirk Kerkorian’s Tracinda Corp said today it intends to make a cash tender offer for up to 20 million shares [...]
Monday, April 28, 2008 Motive in UAW threats unclear Union pushing GM for rich Axle deal, some say; leaders cite other issues. Sharon Terlep / The Detroit News When the United Auto Workers launched a national strike last year against General Motors Corp., the reasons were obvious. The automaker was demanding unprecedented cuts and historic [...]
Cellulosic ethanol demo plant being built Leslie J. Allen Automotive News | April 25, 2008 – 4:41 pm EST Cellulosic ethanol producer Coskata Inc., which recently entered a partnership with General Motors, says it will build a demonstration plant in Pennsylvania capable of producing 40,000 gallons a year. The facility, about 30 miles southeast [...]
Friday, April 25, 2008 Wagoner’s GM package valued at $14M Sharon Terlep / The Detroit News General Motors Corp. Chairman and Chief Executive Rick Wagoner’s 2007 compensation package was valued at roughly $14 million, a 40 percent increase from 2006, the company reported Friday. Wagoner’s salary of $1.6 million last year was nearly 30 percent [...]
Friday, April 25, 2008 American Axle blames $27M first-quarter loss on UAW strike Eric Morath / The Detroit News The United Auto Workers strike against American Axle & Manufacturing Holdings Inc. cost the supplier $132.6 million in first-quarter sales and drove its bottom line into the red, the supplier said today. The strike at five [...]
Friday, April 25, 2008 UAW won’t strike today at GM’s Kansas and Grand Rapids plants Sharon Terlep / The Detroit News General Motors Corp. has avoided another strike — at least for today. The United Auto Workers has extended its strike deadlines at two factories where the union was threatening to launch walkouts this morning, [...]
UAW STRIKE AT AMERICAN AXLE American Axle to suppliers: Be ready to resume production queryvar=”american,axle,to,suppliers:,be,ready,to,resume,production”; David Barkholz Automotive News | April 25, 2008 – 11:30 am EST DETROIT — American Axle & Manufacturing Holdings Inc., enduring an 8-week UAW strike, told its suppliers today to prepare to resume production. Company purchasing [...]
GM execs’ salaries restored New board member nominated queryvar=”gm,execs’,salaries,restored”; Jamie LaReau Automotive News | April 25, 2008 – 4:33 pm EST DETROIT — General Motors gave its top executives a pay increase this year and returned CEO Rick Wagoner’s base salary to its 2003-06 level. In its annual proxy statement released today, [...]
Friday, April 25, 2008 ’09 Corvette has 638 horses, reaches 205 mph The $100,000 ZR1 sports 6.2-liter V-8 engine and will hit dealerships this summer. Scott Burgess / The Detroit News The 2009 Chevrolet Corvette ZR1′s supercharged V-8 officially produces 638-horsepower, General Motors Corp. executives announced today. GM completed SAE certification of the ZR1′s 6.2-liter [...]
