GM, Chrysler Will Need Miracle To Avoid Bankruptcy

GM, Chrysler Will Need Miracle To Avoid Bankruptcy

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 [...]

General Motors CEO Rick Wagoner To Step Down?

General Motors CEO Rick Wagoner To Step Down?

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 [...]

Obama Preparing To Set Deadline For GM, Chrysler?

Obama Preparing To Set Deadline For GM, Chrysler?

During an interview with US television show Political Capital With Al Hunt, US Treasury auto adviser Steve Rattner suggested that the talks between GM and its debt holders may need an official deadline to finally reach a resolution.

It now looks like that day may soon be at hand, reports GM Inside News, with the US [...]

Chevy Volt Battery Packs To Be Assembled By GM

Chevy Volt Battery Packs To Be Assembled By GM

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 [...]

GM, Ford And Chrysler Bail-out Imminent, US Government To Go Into Car Making Business

GM, Ford And Chrysler Bail-out Imminent, US Government To Go Into Car Making Business

So, after three days of talks between Congressional Democrats and the Bush administration (still quacking, but one of the lamest ducks in the history of the species), Reuters is reporting that it has obtained a copy of the draft bill that is going to “save” US automakers.

“Save”, in fact, might be too strong. Such is [...]

GM To Sell Hummer, Saab, Cut 25,000 Jobs

GM To Sell Hummer, Saab, Cut 25,000 Jobs

 

GM has just outlined its plan for the immediate future to the US Congress in an effort to secure billions in US taxpayer-funded bridge loans to stave off bankruptcy. The proposed measures include selling Saab and Hummer, shedding up to 25,000 jobs and closing 1750 dealerships.

The clincher is that GM has raised the total it [...]

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