It is getting near the end of the penny-section for GM and Chrysler. President Barack Obama has given GM two months to prove its viability, and Chrysler one month to complete its merger with Fiat. Failure on either count will see the two giant automakers cut adrift from further Federal loan funding and left to [...]

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Rick Wagoner’s chair has barely cooled, but General Motors has already named current GM president and Chief Operating Officer Frederick “Fritz” Henderson as its new CEO.

Henderson will take over the helm of the troubled company from March 31 onward, with the 50 year-old GM veteran the first of a number of new executive appointments.

Kent Kresa [...]

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According to Tim Krisher of Associated Press, the US Government has requested that Rick Wagoner step down as GM CEO as part of GM’s restructuring plans. Wagoner’s departure, and of others in GM’s senior management, reportedly forms part of the deal if GM is to win approval for the billions of loan dollars it has requested from Congress.

Both [...]

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GM US’s restructuring plan, posted on the US Treasury website, will make unpalatable reading for the US Administration and long-suffering US tax-payers (those still in jobs and paying tax that is).

In it, GM outlines plans to cut costs and to reduce its global workforce by 47,000, including yet more cuts to its US workforce with [...]

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Chevrolet’s long awaited Volt electric vehicle has until now, been without a confirmed battery supplier. LG Chem and A123 Systems have been supplying prototype battery packs to GM during the Volt’s development but which supplier would be granted the potentially lucrative contract, has until today, been up in the air.

GM CEO Rick Wagoner has now [...]

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