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IN A MOVE that will have surprised no-one: General Motors US will file for bankruptcy early tomorrow morning, Australian time.
As outlined in an announcement from the Obama Administration detailing the bankruptcy process, the move will leave the US Government – and consequently, US tax-payers - with a 60 percent equity stake in the giant automaker.
The [...]
AFTER TALKS THAT stretched into the early hours of Saturday morning, the German Government has selected Canadian parts manufacturer Magna as its preferred bidder in the battle for GM Europe subsidiary Opel.
As part of the deal, Berlin will provide an immediate loan facility of 1.5 billion euros (AU$2.65b) to shore up Magna’s bid, with the [...]
Russian carmaker GAZ has put its hand up for a significant stake in German brand (and soon-to-be-former GM branch) Opel, and will team up with Magna International should they be successful in snatching the company away from competing bidder Fiat S.p.A.
If Magna’s bid gets them the keys to Opel, the role of GAZ would be [...]
Usually, at the first sign of trouble the rumour-mill goes into overdrive. No-one knows this better right now than General Motors. The condition of the car maker’s finances and future - in both the US and Europe - has been given unprecedented attention and press speculation.
In an attempt to counter the spread of misinformation, GM [...]
With stalling sales and an impending separation from General Motors, coupled with a blockade on supplier parts into the company, Saab has been forced to lay off 750 workers from its Swedish operations.
Affecting workers at the Trollhattan assembly plant, which builds the 9-3 and 9-5 sedan and wagon, the move comes after production stoppages due [...]
Following the announcement from its auditors that the future of General Motors is in substantial doubt, the European Commission has called a crisis meeting of European Union states that are home to GM plants.
GM has already announced an operating loss of USD $30.9 billion (AUD $48.1 billion) for 2008. The car maker has asked for [...]
There is nothing new in the announcement from GM’s auditors that there is “substantial doubt” about the giant automaker’s viability as a company. Who didn’t know that?
In producing its report GM’s auditors Deloitte & Touche are only doing what auditors do: running a cold blood-less eye over the integrity and accuracy of the books, casting [...]
With whispers of General Motors’ possible bankruptcy growing louder each day, auditors to the firm have released a report claiming there is “substantial doubt” surrounding the car maker’s ability to continue operations.
GM has struggled to generate cash flow in the worst automotive market for 27 years. Poor product planning, slow moving development of new models and [...]
More grim tidings today with news that GM’s European operations could be staring at the prospect of collapse in coming weeks, if European governments do not come to its aid.
According to GM Chief Operating Officer Fritz Henderson, funding to the tune of €3.3b (AU$6.4b, US$4.1b) is needed to assist the separation of Opel and Vauxhall, [...]
If Optimus Prime was looking to General Motors to fund his GM-heavy Autobot army in the upcoming Transformers sequel, he’s got another think coming.
The General (Motors, not Optimus) has announced it will cut a further US$800 million (a cool $1.26b in Aussie dollars) from its advertising budget – an extra US$200m on top of the [...]
General Motors’ tale of woe continues this week with news that its German division, Opel, is to be partially sold. The process would see Opel transformed into a joint-stock company by selling off a 25 to 50 percent stake in the company.
GM plans to keep a majority share in Opel, however selling off part of [...]
It appears that Saab will become the first of GM’s European subsidiaries to divorce itself from its beleagured parent. The Swedish automaker has filed for bankruptcy and is initiating procedures to re-establish itself as an independent company.
The announcement comes shortly after GM’s last-ditch failed bid to secure aid from the Swedish Government to prop up [...]
Representatives from GM Holden and The Australian Manufacturing Workers Union (AMWU) will meet next week to discuss possible job cuts likely to come as a result of the global restructuring plan unveiled by parent General Motors this week.
The restructuring plan outlines more than 47,000 job cuts, and 26,000 of those are to be made in [...]
It seems that if GM is to survive, it’s not going to be given an easy run. Especially in Europe where the UK, Swedish and German governments have all reacted cautiously to requests for £4.2 billion (AUD $9 billion) in government aid.
The UK government is considering a loan upon presentation of a plan for the [...]
A severe drop in vehicle sales worldwide and the desperate need to restructure “for long-term viability” has forced General Motors to confirm that it will be cutting 10,000 jobs by the end of this year.
The job cuts will see the company’s global workforce fall from 73,000 to 63,000 - 3400 of these jobs will come [...]
At a time when vehicle sales are in decline like never before, the last thing any company would contemplate is raising prices. For Ford and Vauxhall in the UK however, the weakness of the Pound means they are left with no other choice.
For both, the majority of their manufacturing is carried out in Europe. The [...]
In another body-blow for the American auto industry, General Motors has announced that the new factory intended to build small-capacity powerplants for the upcoming Chevy Cruze and the 2011 Volt hybrid has been put on the backburner indefinitely.
The plant was earmarked to build the Cruze and Volt’s 1.4 litre turbocharged petrol four-cylinder motor, however cash-strapped [...]
Opel has released the first teaser image of its Extended Range Electric Vehicle, the Ampera, due to debut at the Geneva Motor show in March. Because General Motors can’t seem to help themselves when it comes to re-badging cars across the different GM brands, the Ampera utilizes the basics of the Chevrolet Volt with which [...]
If you thought Ford’s 3Q losses were bad, think again. General Motors has just announced its own financial performance for 3Q 2008, and the numbers are grim.
GM’s total loss for the third quarter is a whopping USD$2.5 billion; it has also managed to eat through $6.9 billion of its cash reserves during the course of [...]
GENERAL MOTORS has released the first handful of photographs of its upcoming Chevrolet Cruze, a compact sedan that in all likelihood will eventually replace Holden’s rather uninspiring Viva.
From the front there’s a passing resemblance to Holden’s VE Commodore thanks to those large rectangular headlamps and strong, chiseled lines.
Its arched roofline is also reminiscent of Australia’s [...]
It is well known that GM has been toiling for some time on its plug-in hybrid electric vehicle, the Chevrolet Volt. The struggling giant automaker has more than a little hinged on the Volt gaining widespread acceptance, and sales success. With this in mind, GM can be expected to be working hard to ensure the Volt gains traction both at [...]
Which of the big three in the US – Ford, GM or Chrysler – will end up in bankruptcy? Will more than one, or all three, bite the dust? These are the questions being asked in Wall Street as sales stagnate, losses deepen, and values collapse for the giant American auto-makers in the world’s largest [...]
The battle lines are drawn as GM and Toyota square off for yet another year of who is the biggest and best. The first quarter results are in and a repeat of 2007’s performance is on the board, with Toyota outselling the General 2.41 million units to 2.25 million units.
At this early stage a [...]
Late last week, we brought you the first details of Opel’s new Insignia mid size sedan. With its styling winning friends across the web it now seems appropriate to bring you the official video.
Potentially the next Holden Vectra, the Insignia is set to go on sale in the UK in November this year, following [...]
Opel have released details concerning their new Insignia range today. Destined for Europe, the Insignia will replace the now dated Vectra and take the fight to the Ford Mondeo, Honda Accord, Mazda6 and Citroen C5.
You can check out the picture gallery below to see just how far Opel’s mid-sizer has come. Gone are the hard [...]
Earlier this year, GM revealed three concept mini cars, the Beat, the Groove and the Trax. The wacky styling of the Beat in particular certainly had tongues wagging at the time. That was back in April and GM set-up an online poll at the time that asked the public to choose which of the [...]
Earlier this week Saab launched the new 9-3 in Australia and in doing so added three more E85 flex-fuel vehicles to its environmentally friendly line-up. Saab 9-3 BioPower will be available in Sport Sedan, SportCombi and Convertible. It is priced at a $1,000 premium over its equivalent petrol model and is on sale immediately. [...]
Kia is ‘going green’ with their 2009 European product line-up by producing an ‘eco’ version of their new cee’d. Based largely on the eco_cee’d concept car that Kia unveiled at the recent Frankfurt Motor Show the aim is to achieve better fuel consumption, with fewer emissions while offering an enjoyable driving experience.
The eco_cee’d concept combined [...]
This time its Saab’s turn to feel the pain, as three new images of Saab’s Turbo X hit the net just shy of its official Frankfurt Motor Show unveiling.
The Saab Turbo X is the tasty little limited edition Swedish hot-rod that Saab will be using to introduce their new XWD Haldex AWD system. The trick [...]
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