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GM to lay off 2,000 more workers | detnews.com | The Detroit News NEW ORLEANS -- General Motors Corp. is laying off 2,000 workers at factories in Michigan and Ohio as part of another round of cuts the company is making because of weak demand in the U.S. auto industry. The automaker is eliminating a shift at its Delta Township plant near Lansing, which will result in about 1,200 workers being laid off indefinitely on March 30; and one shift at Lordstown, Ohio, which will cut about 800 workers. GM will temporarily idle production at 10 other plants across North America... Article added: 2009-01-27 13:55:59 Article Views Rating: 181
GM fights dealers over rival brands | detnews.com | The Detroit News NEW ORLEANS -- General Motors Corp. is fighting with car dealers who are trying to survive the worst U.S. sales market in 26 years by selling rival -- even foreign -- brands under the same roof, according to federal court records that reveal the automaker's hard-line stance with struggling retailers. The battle is brewing as 10,000 dealers and industry leaders converge today in New Orleans for the National Automobile Dealers Association convention, an affair that is expected to be glum -- 900... Article added: 2009-01-26 06:38:16 Article Views Rating: 190
Reaction mixed to GM's financial plan | detnews.com | The Detroit News Analyst reactions were mixed Friday about General Motor Corp.'s ability to execute a broad restructuring plan and said the company might need more money from the federal government after the automaker cut its estimate of 2009 U.S. industry sales. GM's gloomy estimate could signal a need to ask for almost $3 billion more than the $13.4 billion in loans it is scheduled to receive because the automaker said Thursday it expects a worst-case sales scenario to materialize this year, analyst Himanshu Patel of... Article added: 2009-01-19 14:47:00 Article Views Rating: 277
2009 Detroit Auto Show: Spark and Orlando from GM General Motors brought to the 2009 Detroit Auto Show two different vehicles: a tiny fuel-efficient car and an extra large sedan. The minicar Spark is based on the Beat concept which was introduced by GM at the 2007 New York Auto Show. It was designed for the all-world market and the final production model will be presented in March at the 2009 Geneva Auto Show. This four-door minicar is going to be a strong competitor to the other gas-sippers after it goes to... Article added: 2009-01-16 06:07:16 Article Views Rating: 297
Commentary: 'B' word is GM's leverage | detnews.com | The Detroit News Score another one for the pessimists. In the space of little more than a month, General Motors Corp.'s "base case" for the weakening U.S. car market officially has morphed into its worst-case scenario -- and the first-of-the-year Detroit auto show hasn't even opened to the public yet. The automaker predicts American consumers will buy 10.5 million cars and trucks this year, down from the 12 million it told Congress during last month's hearings. Worse, GM says global demand for new vehicles will be 15... Article added: 2009-01-16 06:07:13 Article Views Rating: 238
GM chops 2009 vehicle sales outlook | detnews.com | The Detroit News General Motors Corp. slashed its 2009 U.S. industry wide sales estimate to 10.5 million vehicles Thursday amid continued uncertainty over the timing of an industry rebound. The change means GM must craft a restructuring plan that reflects what had been its worst-case sales scenario when the automaker sought billions in federal loans last month. "We need to be more aggressive, and drive our business to an even lower break-even level given the risks and the challenges that you see in the environment,"... Article added: 2009-01-16 06:07:13 Article Views Rating: 180
Obama to ride in style in GM limo | detnews.com | The Detroit News WASHINGTON -- President-elect Barack Obama is getting a new ride to go with his new address on Jan. 20. General Motors Corp. recently delivered to the U.S. Secret Service a brand new presidential limousine, replacing the 2006 model Cadillac DTS presidential limousine that President George W. Bush has used. The new limousine, dubbed the 2009 Cadillac Presidential Limousine, makes its debut on Inauguration Day. It's the first presidential limousine not to carry a specific model name, said GM spokesman... Article added: 2009-01-07 09:36:18 Article Views Rating: 170
GM: China '08 sales up 6 percent but growth slows | detnews.com | The Detroit News BEIJING -- General Motors Corp. said Tuesday its sales in China rose 6 percent to 1.09 million vehicles in 2008, but growth slowed as consumers held back amid an economic downturn. GM is looking to China's booming auto market to drive global sales growth as demand in North America and other developed markets slump. In 2007, the Detroit-based automaker's China sales, including joint ventures, rose 19 percent. "A series of natural disasters and an increase in fuel prices earlier in the year exacerbated... Article added: 2009-01-07 09:36:18 Article Views Rating: 171
GM won't build G8 sport truck | detnews.com | The Detroit News General Motors Corp. told dealers today it has killed the Pontiac G8 ST sport truck, which was scheduled for production this fall. The move comes as GM plans to shrink the Pontiac portfolio as part of a broader restructuring plan that involves cutting 21,000 to 31,000 jobs, eliminating about 1,750 dealers and closing or selling Saab, Hummer and Saturn. GM is shrinking Pontiac into more of a niche brand and will save money by canceling the G8 ST and focusing the brand on "sporty, fun to drive cars,"... Article added: 2009-01-07 09:36:17 Article Views Rating: 165
Government to get 5 million preferred GMAC shares | detnews.com | The Detroit News DETROIT -- The federal government will get 5 million preferred shares of GMAC LLC paying 8 percent interest in exchange for its $5 billion capital injection to help the troubled lender avoid bankruptcy. GMAC disclosed the terms of the deal in a filing Friday with the U.S. Securities and Exchange Commission. GMAC is the financial arm of General Motors Corp. and is responsible for making car loans and financing dealer inventories. The government also exercised a 10-year warrant to buy 250,000 more GMAC... Article added: 2009-01-03 09:19:47 Article Views Rating: 138 |
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