November 3, 2009 GM to restructure Opel, scraps sale to Magna By TIM HIGGINS FREE PRESS BUSINESS WRITER General Motors board of directors today decided to scrap plans to sell the automaker’s German Opel division to Canadian auto supplier Magna and its Russian partner Sberbank. Instead, the Detroit automaker plans to restructure the European [...]
November 3, 2009 http://detnews.com/article/20091103/AUTO01/911030409 White House: Taxpayers will be repaid for ‘some’ of auto bailout DAVID SHEPARDSON Detroit News Washington Bureau Washington — The White House won’t guarantee that General Motors Co. and Chrysler Group LLC would repay the full $62 billion they have received in government bailouts. Reacting to a Government Accountability Report that [...]
November 3, 2009 http://detnews.com/article/20091103/AUTO01/911030396 GM U.S. auto sales up 4%; Ford sales rise 3%; Chrysler down 30% DETROIT NEWS STAFF AND WIRE REPORTS General Motors Co. joined Ford Motor Co. in reporting a sales increase in October, but Chrysler Group LLC saw a significant decline. GM’s sales increased 4 percent last month compared to a [...]
Saturn launches marketing campaign, spiffs to clear inventory queryvar=”saturn,launches,marketing,campaign,spiffs,to,clear,inventory”; Jamie LaReau Automotive News | November 3, 2009 – 12:16 pm EST DETROIT — General Motors Co. is launching a new marketing campaign and incentives to push out its remaining Saturn inventory, which means the brand could be wound down within three months, a GM [...]
GM, citing improved financial health, decides to keep Opel queryvar=”gm,citing,improved,financial,health,decides,to,keep,opel”; Jamie LaReau Automotive News | November 3, 2009 – 5:21 pm EST DETROIT — General Motors Co. has decided to keep Opel, undoing months of painstaking negotiations to sell the European unit to a Russian-backed group led by Magna International Inc. of Canada. GM [...]
Consumers Digest Magazine Names 2010 Automotive Best Buys Mon Nov 2, 2009 8:00am EST DEERFIELD, Ill., Nov. 2 /PRNewswire/ — Thirty-six vehicles and 12 companion models received Best Buy ratings from Consumers Digest out of some-240 total 2010 models. The ratings, published in CD’s December issue (on sale November 1), span 10 categories: Small Cars, [...]
Mulally Spurs Ford Growth With $2,700 More Revenue per Vehicle By Keith Naughton Nov. 3 (Bloomberg) — Ford Motor Co. Chief Executive Officer Alan Mulally, after cutting nearly half the automaker’s North American employees, is commanding $2,700 more revenue per vehicle as he looks to put the company on a path to growth. Mulally [...]
November 3, 2009 GM to use chunk of aid to buy part of Delphi BY KEN THOMAS ASSOCIATED PRESS WASHINGTON — General Motors Co. said it has received permission to use $2.8 billion of its government aid to help buy part of troubled auto parts supplier Delphi Corp., the automaker’s former parts division. [...]
November 3, 2009 http://detnews.com/article/20091103/OPINION03/911030375 Howes: Ford’s $1 billion profit signals turnaround Surprising performance shows Mulally’s plan is working DANIEL HOWES In Ford Motor Co.’s surprisingly strong third-quarter numbers, namely a $1 billion profit, there are all sorts of people who could claim vindication. It starts at the top. The simple fact is that Ford wouldn’t [...]
November 2, 2009 http://detnews.com/article/20091102/AUTO01/911020395 GM spent $6.5B on Delphi, pensions, Canadian subsidiary ROBERT SNELL AND DAVID SHEPARDSON The Detroit News General Motors Co. has spent $6.5 billion paying off obligations related to Delphi Corp.’s exit from bankruptcy, funding pension plans and buying shares in a Canadian subsidiary. In a filing made late this afternoon with [...]
November 3, 2009 http://detnews.com/article/20091103/AUTO01/911030378 UAW won’t renegotiate after Ford deal fails Ford ‘disappointed’ after union fails to OK concessions LOUIS AGUILAR The Detroit News The United Auto Workers said Monday it will not return to the bargaining table with Ford Motor Co. to renegotiate concessions that were soundly rejected [...]
Gettelfinger says failed Ford pact worth modest price queryvar=”gettelfinger,says,failed,ford,pact,worth,modest,price”; David Barkholz Automotive News | November 2, 2009 – 4:29 pm EST DETROIT — UAW President Ron Gettelfinger said today that the Ford-UAW contract modifications rejected overwhelmingly by Ford’s 41,000 hourly U.S. workers would have saved the automaker just $30 million. In a phone interview, [...]
Ford to extend credit and raise $3 billion in equity queryvar=”ford,to,extend,credit,and,raise,$3,billion,in,equity”; Automotive News | November 3, 2009 – 12:01 am EST DETROIT (Reuters) — Ford Motor Co. said Monday it would pay back in part and extend by two years $10.7 billion of secured debt and issue some $3 billion of stock and equity [...]
GM reports $13.6 billion cash in escrow account in October queryvar=”gm,reports,$136,billion,cash,in,escrow,account,in,october”; Automotive News | November 3, 2009 – 12:01 am EST DETROIT (Reuters) — General Motors Co. had $13.6 billion remaining in its U.S. government-funded escrow account as of October, after making payments related to the restructuring of its former parts subsidiary Delphi, the [...]
