Friday, February 27, 2009 GM bleeds; aid talks heat up GM loses $31B in 2008, burns $5.2B in 4th quarter Robert Snell / The Detroit News Pressure is mounting on General Motors Corp. to secure additional federal aid and money-saving concessions from the United Auto Workers and bondholders in light of the automaker’s $30.9 billion [...]
Friday, February 27, 2009 Daniel Howes Commentary: General Motors choking as global economy gasps The world may not be enough to keep General Motors Corp. afloat. As the ailing automaker gutted through a years-long North American restructuring that morphed last fall into pleas for a $30 billion lifeline from the feds, GM’s revenue and, especially, [...]
GM’s Wagoner, auto task force meet in ‘beginning’ session queryvar=”gms,wagoner,auto,task,force,meet,in,beginning,session”; Automotive News | February 26, 2009 – 12:30 pm EST WASHINGTON (Reuters) — Top General Motors executives met for nearly six hours today with the Obama administration’s auto industry task force. GM CEO Rick Wagoner was joined at the meeting at the Treasury [...]
France wants to check if U.S. car aid fits world trade rules Automotive News | February 27, 2009 – 4:00 am EST SAINT-VULBAS (Reuters) — France wants U.S. aid to the car sector to be checked to see if it fits World Trade Organization rules, President Nicolas Sarkozy said, escalating tensions over rival [...]
GM’s Opel in talks to sell car plant to Daimler Automotive News | February 27, 2009 – 12:01 am EST MUNICH — General Motors sources today confirmed press reports that its Opel subsidiary could sell a German car plant to Daimler. A GM source said a decision could be made within [...]
Thursday, February 26, 2009 Workers protest at GM Europe plants Associated Press RUESSELSHEIM, Germany — Tens of thousands of workers at General Motors Europe’s factories demonstrated Thursday, hoping to save their jobs at Adem Opel AG and other of the troubled U.S. automaker’s European divisions. Opel’s red-brick factory in the gritty western German town of [...]
Jesse Snyder Automotive News | February 26, 2009 – 7:37 am EST GM posts wider loss, burns through $5.2 billion in cash queryvar=”gm,posts,wider,loss,burns,through,$52,billion,in,cash”; General Motors, battered by a global economic collapse and buoyed by U.S. rescue loans, posted its sixth straight quarterly loss and burned through $5.2 billion in cash as revenue shrank [...]
Wednesday, February 25, 2009 Obama says U.S. can’t let Big 3 fail In first speech to Congress, he also tells nation ‘we will recover.’ Gordon Trowbridge / Detroit News Washington Bureau WASHINGTON — President Barack Obama scolded the domestic carmakers Tuesday night for "years of bad decision making," but said "the nation that invented the [...]
Wednesday, February 25, 2009 GM gets closer on deal for investors Bondholders signal they’re willing to accept less cash for forgiving unsecured notes. Robert Snell and Bryce G. Hoffman / The Detroit News Negotiations between General Motors Corp. and its bondholders are progressing, with major investors signaling that they are now willing to accept less [...]
Wednesday, February 25, 2009 Ford execs, workers to take pay hit Bryce G. Hoffman / The Detroit News Ford Motor Co. Executive Chairman Bill Ford Jr. and CEO Alan Mulally said they would take a voluntary 30 percent pay cut Tuesday as the struggling automaker asked union workers to accept major concessions that could cost [...]
February 23, 2009 Report: $40B in bankruptcy aid sought for GM, Chrysler BY JULIE ARMSTRONG FREE PRESS STAFF WRITER Outside advisers to the U.S. Treasury have started lining up the largest bankruptcy loan ever, talking with banks and other lenders about at least $40 billion in financing for General Motors and Chrysler in case the [...]
Auto team drives imports Fed task force has few new U.S. cars David Shepardson / Detroit News Washington Bureau WASHINGTON — The vehicles owned by the Obama administration’s auto team could reflect one reason why Detroit’s Big Three automakers are in trouble: The list includes few new American cars. Among the eight members named Friday [...]
Dealers lobby statehouses for beefier franchise laws queryvar=”dealers,lobby,statehouses,for,beefier,franchise,laws”; Donna Harris Automotive News | February 23, 2009 – 12:01 am EST As General Motors dumps brands and other automakers slash their retail networks, auto dealers are waging a nationwide lobbying blitz for more protection under state franchise laws. In eight states, including Virginia and [...]
Jamie LaReau Automotive News | February 23, 2009 – 12:01 am EST Saturn to dealers: Give us another 60 days queryvar=”saturn,to,dealers:,give,us,another,60,days”; DETROIT — General Motors is trying to keep Saturn dealers in the fold even as it has pronounced the division’s likely death. GM is considering a sale of the operation to dealers [...]
Report: German state says it is ready to consider Opel stake Automotive News | February 19, 2009 – 9:00 am EST BERLIN (Reuters) — The German state of Thuringia is ready to consider a stake in carmaker General Motors’ Opel unit if the German subsidiary is spun off, the eastern region’s economy [...]
