Chairman and Chief Executive Edward Whitacre Jr. said GM will repay the balance of its $6.7B U.S. government loan by June and the government will make money---...More
read more...
Showing posts with label Gm News. Show all posts
Showing posts with label Gm News. Show all posts
Tuesday, January 12, 2010
Thursday, January 7, 2010
GM News-First Volt battery pack rolls off line
Post under
first,
Gm News,
pack,
rolls off line,
Volt battery
General Motors assembled the first lithium-ion battery pack for its Chevrolet Volt extended-range electric car today. The event drew U.S. Secretary of Energy Steven Chu, Gov. Jennifer Granholm and GM Chairman and CEO Ed Whitacre and a host of federal, state and local politicians who heralded the battery's production as a symbolic step toward remaking Michigans economy and the nations manufacturing sector---...More
read more...
Friday, June 5, 2009
GM News-AP Source: GM to sell Saturn brand to Roger Penske
Post under
AP Source,
gm,
Gm News,
Roger Penske,
sell Saturn brand
DETROIT – A person briefed on the deal says General Motors Corp. will sell its Saturn brand to former race car driver and dealership chain owner Roger Penske.
GM has scheduled a 9 a.m. EDT conference call with Saturn General Manager Jill Lajdziak. The person briefed on the deal said Penske will be on the call.
Penske has said his company, Penske Automotive Group Inc. of Bloomfield Hills, Mich., is interested in the Saturn brand.
The person briefed did not want to be identified because it has yet to be made public.
Tuesday, March 24, 2009
GM News-GM lays off 160 white-collar workers at Warren
Post under
160 white-collar,
gm,
Gm News,
lays off,
workers at Warren
The Detroit Free Press
General Motors Corp. began white-collar layoffs today, telling about 160 workers at the Warren Technical Center that their last day will be April 1.
The move is just the beginning of GM’s plans to cut 3,400 salaried jobs in the United States this year. Worldwide, GM plans to cut 47,000 workers by the end of the year.
The job cuts are part of GM’s sweeping restructuring efforts to make the company viable....More
Thursday, March 12, 2009
GM News-GM says it doesn't need $2B from gov't in March
Post under
$2B,
doesn't need,
from gov't,
gm,
Gm News,
in March
DETROIT – General Motors Corp.'s chief financial officer says the company will not need the $2 billion loan installment for March that it requested from the U.S. government in February.
CFO Ray Young said Thursday in an interview with The Associated Press that GM told the Obama administration it won't need the money so soon because its cost cuts are starting to take hold.
GM borrowed $13.4 billion from the government earlier this year. Last month, it said it would need up to an additional $16.6 billion to keep operating, including $2 billion in March and $2.6 billion in April.
Young would not say when the company will need more government loans or whether it would reduce its total financing request.
Thursday, February 5, 2009
GM News:GM discusses partnership with China's FAW
Post under
China's,
discusses partnership,
FAW,
gm,
Gm News
February 5, 2009 - 12:01 am ET
SHANGHAI (Reuters) -- General Motors is holding discussions with major Chinese automaker FAW Group to form a partnership for light commercial vehicles, a GM China spokesman said today.
The spokesman declined to specify the nature of the partnership but said the two parties had registered a name with the State Administration for Industry and Commerce.
"Joint venture is far from complete, but the registration of the name is just one of the processes. We still have a lot of work to do," he said when asked whether the partnership will lead to a full-fledged joint venture.
GM already makes light commercial vehicles in China in a three-way tie-up with SAIC Motor and Liuzhou Wuling Automobile.
It also operates a car manufacturing venture in Shanghai with SAIC, China's largest auto maker.
FAW, one China's three biggest automakers, operates car manufacturing ventures with Volkswagen AG and Toyota Motor Corp.
Monday, January 26, 2009
GM News:GM cutting 2,000 jobs in Michigan, Ohio
Article from The Detroit News
NEW ORLEANS -- General Motors Corp. announced more production cuts and layoffs today because of weak demand affecting the U.S. auto industry.
The automaker is eliminating a shift at its Delta Township plant near Lansing and in Lordstown, Ohio, collectively affecting about 2,000 workers. It will temporarily idle production at 10 other plants across North America during the first or second quarter, GM spokesman Chris Lee said.
At GM's Delta Township plant near Lansing, about 1,200 workers will be laid off indefinitely March 30 after the automaker eliminates one shift. Workers, who produce the Buick Enclave, GMC Acadia and Saturn Outlook, will alternate on two shifts from Feb. 2 to March 27 before a shift is eliminated....More
Friday, November 21, 2008
GM NEWS-GM to extend holiday shutdown, will cut production
DETROIT – General Motors Corp. will extend its holiday shutdown or make other production cuts at five factories at as it deals with a continued U.S. auto sales slump and fights to stay solvent.
Also Friday, the company announced changes at five other factories that could increase production of some models, all based on a volatile U.S. auto market that has slumped to a 25-year low.
The changes won't be the last as cash-starved GM tries to conserve as much money as possible while awaiting Congressional action on a bailout loan package for Detroit's three automakers.
"Market demand is usually the prevailing criteria," said spokesman Chris Lee. "We're looking at this much more frequently than I've ever seen us as far as making minor adjustments. And I suspect that will be the norm going forward."
GM said it will cancel a down week starting Dec. 8 at its Wentzville, Mo., factory that makes full-size vans, and will keep or restore overtime at factories in Delta Township, Mich., near Lansing; Spring Hill, Tenn.; Arlington, Texas; and Fort Wayne, Ind.
But factories facing cuts include a plant in Lordstown, Ohio, where workers were told that the normal two-week holiday shutdown will be extended until Jan. 20. The sprawling factory complex stamps parts for and assembles the Chevrolet Cobalt and Pontiac G5 small cars.
Also affected is a car plant in Oshawa, Ontario, which will see an additional week of closure starting Jan. 12 on the Chevrolet Impala assembly line. The holiday shutdown will be extended until Jan. 12 at a car-making plant in Orion Township, Mich., near Pontiac, and until Jan. 20 at a car assembly plant in Kansas City, Kan., GM said.
GM also plans to close the Oshawa, Ontario, truck plant sooner than planned. The company had said in June it would close the pickup truck plant by 2010; the new closure date was not available. In addition, GM will slow assembly line speeds at two of the factories.
The automaker normally shutters its plants for two weeks around the Christmas and New Year's holidays, reopening them the first week in January. But with U.S. auto sales down 15 percent and GM sales off 20 percent for the first nine months of the year, the closings were extended.
Workers will get holiday pay for the first two weeks, then go on layoff and get unemployment benefits and supplemental pay from the company.
At Lordstown, the last scheduled workday will be Dec. 23, although production will start to wind down before that, said Dave Green, president of a United Auto Workers local at the complex.
Green said that after Jan. 20, the Lordstown complex will keep operating around the clock, but assembly line speed will be reduced from the current 62 vehicles per hour to 46.5 vehicles. The Lordstown complex, located about 50 miles southeast of Cleveland, employs about 4,200 production workers.
Earlier this year the company added workers to the plant as demand for its small, fuel-efficient cars increased. But since then the bottom has fallen out of sales industrywide, and GM later announced it would lay off up to 1,100 of the plant's workers starting Jan. 20.
Green said he's optimistic that GM will resume production as scheduled on Jan. 20, although at the slower assembly line speed.
"I think we'll come back, and then if production warrants, or demand wanes, maybe there will be a little more down time," he said. "It's all driven by the market, so it's really out of our hands."
GM and its Detroit counterparts are seeking billions of dollars in loans from the federal government. Congress is requiring the automakers to come up with plans to become viable before it will decide on the loans.
GM has announced thousands of factory layoffs so far this year and is cutting its salaried staff in order to pare expenses and conserve cash. The company has said it could run out of cash by the end of this year.
In afternoon trading, GM shares dipped 17 cents to $2.71.
Stupid Daily News---Political Roast----Lingerie Football Pics
read more...
Also Friday, the company announced changes at five other factories that could increase production of some models, all based on a volatile U.S. auto market that has slumped to a 25-year low.
The changes won't be the last as cash-starved GM tries to conserve as much money as possible while awaiting Congressional action on a bailout loan package for Detroit's three automakers.
"Market demand is usually the prevailing criteria," said spokesman Chris Lee. "We're looking at this much more frequently than I've ever seen us as far as making minor adjustments. And I suspect that will be the norm going forward."
GM said it will cancel a down week starting Dec. 8 at its Wentzville, Mo., factory that makes full-size vans, and will keep or restore overtime at factories in Delta Township, Mich., near Lansing; Spring Hill, Tenn.; Arlington, Texas; and Fort Wayne, Ind.
But factories facing cuts include a plant in Lordstown, Ohio, where workers were told that the normal two-week holiday shutdown will be extended until Jan. 20. The sprawling factory complex stamps parts for and assembles the Chevrolet Cobalt and Pontiac G5 small cars.
Also affected is a car plant in Oshawa, Ontario, which will see an additional week of closure starting Jan. 12 on the Chevrolet Impala assembly line. The holiday shutdown will be extended until Jan. 12 at a car-making plant in Orion Township, Mich., near Pontiac, and until Jan. 20 at a car assembly plant in Kansas City, Kan., GM said.
GM also plans to close the Oshawa, Ontario, truck plant sooner than planned. The company had said in June it would close the pickup truck plant by 2010; the new closure date was not available. In addition, GM will slow assembly line speeds at two of the factories.
The automaker normally shutters its plants for two weeks around the Christmas and New Year's holidays, reopening them the first week in January. But with U.S. auto sales down 15 percent and GM sales off 20 percent for the first nine months of the year, the closings were extended.
Workers will get holiday pay for the first two weeks, then go on layoff and get unemployment benefits and supplemental pay from the company.
At Lordstown, the last scheduled workday will be Dec. 23, although production will start to wind down before that, said Dave Green, president of a United Auto Workers local at the complex.
Green said that after Jan. 20, the Lordstown complex will keep operating around the clock, but assembly line speed will be reduced from the current 62 vehicles per hour to 46.5 vehicles. The Lordstown complex, located about 50 miles southeast of Cleveland, employs about 4,200 production workers.
Earlier this year the company added workers to the plant as demand for its small, fuel-efficient cars increased. But since then the bottom has fallen out of sales industrywide, and GM later announced it would lay off up to 1,100 of the plant's workers starting Jan. 20.
Green said he's optimistic that GM will resume production as scheduled on Jan. 20, although at the slower assembly line speed.
"I think we'll come back, and then if production warrants, or demand wanes, maybe there will be a little more down time," he said. "It's all driven by the market, so it's really out of our hands."
GM and its Detroit counterparts are seeking billions of dollars in loans from the federal government. Congress is requiring the automakers to come up with plans to become viable before it will decide on the loans.
GM has announced thousands of factory layoffs so far this year and is cutting its salaried staff in order to pare expenses and conserve cash. The company has said it could run out of cash by the end of this year.
In afternoon trading, GM shares dipped 17 cents to $2.71.
Stupid Daily News---Political Roast----Lingerie Football Pics
Tuesday, November 11, 2008
GM News-GM shares hit 65-year low amid liquidity concerns
Post under
65-year low,
Gm News,
GM shares
DETROIT (Reuters) – Shares of General Motors Corp plummeted 15 percent to a 65-year low on Tuesday, extending recent steep declines on lingering concerns that the automaker's cash holdings might fall below the necessary minimum during the first quarter.
Shares of other automakers and parts suppliers also declined across the board amid increasing concerns over whether the industry could survive a deep downturn in U.S. auto sales.
Credit analysts at JPMorgan said on Tuesday GM has several options to improve liquidity, but added that the No. 1 U.S. automaker's short-term survival will require the help of the government, the company's suppliers, or both.
While government aid would decrease the risk of a bankruptcy, analysts have warned that any assistance would come at a significant cost to existing shareholders.
The White House said on Tuesday it was open to considering any proposals from Congress to accelerate loans to the ailing U.S. auto industry from the already-appropriated $25 billion package.
Stupid Daily News---Political Roast----Lingerie Football Pics
Wednesday, November 5, 2008
Breaking News-A letter From CEO Rick Wagoner - Big Changes Coming-Announced Friday!
Post under
Gm News
GM will announce 'important changes' on Friday
Robert Snell / The Detroit News
DETROIT -- General Motors Corp. is expected to announce "important changes" to its automotive operations Friday when the automaker releases third-quarter financial results, according to an internal e-mail obtained by The Detroit News.
According to the e-mail sent to company executives Monday, CEO Rick Wagoner and President and Chief Operating Officer Fritz Henderson will announce changes to employees at 11 a.m. Friday that address challenges "brought on by the volatile global economic situation."
"Clearly given the challenges the industry is facing, we're probably going to have to make additional adjustments," GM spokesman Tom Wilkinson said today. "It's a very challenging time right now."...Article
Stupid Daily News---Political Roast----Lingerie Football Pics
Subscribe to:
Posts (Atom)
Subscribe To
Posts
All Comments