Wed, 08/04/2010 - 02:03 by Prince damin
Detroit -- U.S. sales rose at both Ford Motor Co. and General Motors Corp. in July, an industry research group said in a preliminary report.
Autodata said GM sales rose 6.4 percent in the month compared to July 2009 with total U.S. vehicle sales of 199,602. Ford sold 170,208 cars and light trucks in July, a 3.3 percent increase over July 2009.
For the year-to-date, GM sales are up 13 percent, while Ford sales are up 22.8 percent compared to 2009.
Chrysler LLC, Mitsubishi Motors N.A. Inc. and American Honda Motor Co., did not provide figures for the report.
The report said sales at Toyota Motor Sales U.S.A. were down 3.2 percent on the month, but up 7.5 percent for the year-to-date.
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Thu, 02/25/2010 - 07:26 by harsheeb
Detriot -- General Motors Corp. said it would close down its Hummer brand after a Chinese buyer said slow regulatory approval had derailed their offer.
The Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd.
canceled the deal made in October, which would have saved the brand and about 3,000 jobs, mostly in Louisiana and Indiana, where the iconic tough-guy vehicles are built.
John Smith, GM vice president of corporate planning and alliances, said, "We are disappointed that the deal with Tengzhong could not be completed."
"GM will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner," he said.
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Mon, 11/16/2009 - 10:32 by Ishita Sood
Detroit, November 16 -- The nation’s largest automaker, General Motors Corp., will start repaying its $6.7 billion loan of the federal government, years earlier than required.
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Sat, 07/11/2009 - 18:42 by harsheeb
Detriot -- General Motors Corp. is discussing a possible partnership with eBay that would allow dealers to list new cars on the auction Web site, officials said.
Rob Chesney, vice president of eBay Motors and Marketplaces, told The New York Times no deal is in place. In its initial statement Friday, GM suggested the program was ready for testing by dealers.
"We hope to support GM's new company and vision going forward," Chesney said. "We are excited about a potential new adventure that supports GM's dealers by expanding on how they already reach consumers through new approaches."
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Wed, 06/17/2009 - 18:22 by Inderjit Singh
Stockholm -- Creditors in Sweden voted to accept 25 cents on the dollar for their Saab Automobile debt, vastly improving the bankrupt company's chances of being sold.
Creditors held more than $1.3 billion in Saab bonds, the Swedish news agency Tidningarnas Telegrambyra reported Wednesday.
The company, owned by General Motors Corp., filed for court protection in February. This week, a consortium led by niche automaker Koenigsegg signed a tentative agreement to buy the Saab. But the deal is contingent on the Koenigsegg Group finding $600 million in financing.
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Fri, 06/12/2009 - 23:26 by surajdogra
Washington -- Lobbying efforts in Washington among U.S. auto dealers, looking for relief against forced closures, may be too little, too late, a dealership owner said.
With Chrysler's best assets already sold to Fiat of Italy, "I am not sure this is going to do any good," Rick Shaub, owner of a Maryland dealership, told the New York Times Friday.
About 2,000 General Motors Corp. and Chrysler LLC dealerships will close under bankruptcy plans that terminated their contracts.
GM filed for bankruptcy June 1. Chrysler filed at the end of May.
But dealerships found lawmakers sympathetic to their plight.
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Wed, 06/03/2009 - 00:41 by Shruti Sharma
Detroit -- Michigan municipalities are bracing for plant closings expected in the wake of General Motors Corp.'s bankruptcy filing, city and town officials said.
Along with 8,900 individual jobs lost in the state, tax revenues will decline sharply and the call for social services should rise as part of the fallout that only counts GM-owned facilities, The Detroit News reported Tuesday.
Others businesses, such as auto part suppliers and dealerships are also expected to close, the News said.
Oakland County alone expects property taxes will decline by $80 million a year
through 2012. Ypsilanti Township could lose 4.4 percent of its taxes, which came from the Willow Run transmission plant, where 600 workers lost their jobs Monday.
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Wed, 06/03/2009 - 00:11 by Shruti Sharma
Dearborn, Mich -- Ford Motor Co. said Tuesday it would increase U.S. production by 10,000 vehicles this quarter, an option unavailable to Chrysler LLC and General Motors Corp.
While its rivals downsize in bankruptcy court, Ford could continue to increase its domestic market share as customers turn away from GM and Chrysler, The Detroit News reported.
"Ford has ample financial resources" and has been "very successful in growing its market share during this period," a government official told the News.
However, a Ford executive who wished to remain anonymous complained that with government support GM has "an unlimited spigot."
"The scary part is all will be forgiven and they will have cleared their books (of debt) better than us," the executive said.
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Wed, 06/03/2009 - 00:09 by Shruti Sharma
Detroit -- Bankrupt U.S. auto giant General Motors Corp. signed a deal to sell its Hummer brand to an unnamed buyer, the company said Tuesday.
GM would not disclose the price for the sale, which it said would close in September, CNNMoney.com reported.
"I'm confident that Hummer will thrive globally under its new ownership," Troy Clarke, president of GM North America, said in a statement.
"And for GM, this sale continues to accelerate the reinvention of GM into a
leaner, more focused, and more cost-competitive automaker," Clarke said.
Hummer sales plummeted when gasoline prices peaked last summer. GM said it sold 5,013 Hummers in the first quarter of 2009, a 62 percent drop from the same quarter a year ago.
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Tue, 06/02/2009 - 10:28 by Salinder Kumar
New York, June 2: (DPA) General Motors is expected to announce later Tuesday the tentative sale of its muscle Hummer brand, but won't identify the buyer or price until later, The Wall Street Journal reported.
The announcement is to be made on its first day of bankruptcy court proceedings after the country's largest car maker and the White House announced Monday that GM would pursue protection under US bankruptcy laws.
The Journal quoted people familiar with the Hummer deal, which would provide for GM to continue producing H2 and H3 trucks and SUVs for the buyer at Louisiana and Indiana plants.
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Mon, 06/01/2009 - 19:39 by Inderjit Singh
Washington -- General Motors Corp. filed for bankruptcy in New York Monday, as the government outlined its plans to restructure the struggling industrial giant.
President Barack Obama is scheduled to explain the plan at 11:55 a.m. in Washington. But administrative officials on Sunday explained the government would supply $30 billion in additional support and take over 60 percent of the company.
GM will cut 21,000 union jobs, close at least 12 factories and 40 percent of its 6,000 dealerships as part of the plan, The New York Times reported.
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Mon, 06/01/2009 - 08:07 by harsheeb
Detriot -- General Motors Corp. is set to file for bankruptcy protection and restructure its operations under the control of the U.S. government, industry sources said.
GM is expected to file for bankruptcy in New York Monday, and President Barack Obama is scheduled to deliver a speech Monday morning announcing his support of the action, The New York Times reported Sunday, citing sources with knowledge of GM's plans.
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