GM
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As a direct response to liquidity concerns, General Motors has sold its remaining 3% stake in Japan’s Suzuki, earning roughly $230 million for the parcel of shares on the open Tokyo stock market. Suzuki has responded with an announcement today, claiming it was a mutual agreement to continue the implementation and expansion of the business relationship between the companies. Suzuki and GM have maintained a constructive business relationship that dates back to August 1981. The companies have agreed to be committed to continue promoting and implementing not only its existing projects...
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Hummer is the only GM brand for sale, says CEO WagonerSaab's slowing sales and delayed models from parent company GM have previously sparked rumors that the Swedish brand could be sold off by General Motors to raise some much needed cash for its operations. Today, GM's CEO, Rick Wagoner, said that the General is not looking to sell any of its brands...
Ralph Hanson -
Saab 9-3 Special Edition commemorates 25 years of convertiblesGeneral Motors' withdrawal from press activities at the Los Angeles Auto Show made waves yesterday, but it turns out the General won't be completely without new models out west. In addition to the production Volt and two-mode hybrids on display, Saab is planning a Special Edition 9-3 Convertible to...
Ralph Hanson -
GM stocks nosedive after Deutsche Bank rating drops to $0Teetering on the brink of the precipice is a fairly accurate description of General Motors' future, according to Deutsche Bank, which revised its valuation target of GM shares to $0 today. Even if GM avoids bankruptcy, says the bank, its future will be essentially indistinguishable from a...
Nelson Ireson -
GM-Chrysler details expected Friday alongside release of GM's Q3 resultsThe ongoing merger-acquisition talks between Chrysler and General Motors are expected to bear fruit in the form of an announcement this Friday revealing some of the details being discussed. The timing of the announcement coincides with GM's release of its third-quarter earnings report, which is...
Nelson Ireson -
Handful of Camaro Concepts headed to SEMAThe striking Camaro Black Concept we reported on earlier is just one of a handful of new Camaro concepts Chevrolet is planning for this month’s SEMA Auto Show. The carmaker has just released images and a few minor details about the complete lineup, which is set to include the aforementioned...
James Martinez -
Chevrolet has revealed several images for a Camaro concept vehicle that will be on display at the upcoming SEMA Auto Show in Las Vegas. The concept is the Camaro ‘Black’, and as its name suggests the new muscle car features an all-black exterior plus some unique additions to give it a menacing appearance. Some of the other modifications visible from the new images as well as last week’s teaser sketches include a new front lip, which reaches much lower to the ground than the standard model. This is accompanied by aggressive side skirts and a new diffuser at the rear...
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Pontiac to showcase second G8 ST concept at SEMAGeneral Motors will be showing its upcoming 2010 Pontiac G8 ST at the 2008 SEMA show in Las Vegas, however, unlike the concept version shown at the New York Auto Show this latest model will be much closer to the final production version due next year. As such, the SEMA show car is expected to...
Viknesh Vijayenthiran -
GM Performance Parts enhanced Pontiac Solstice GXP CoupeNot much has been heard about Pontiac’s new Solstice Coupe since it was unveiled back in March at the New York Auto Show, but the car is set to make headlines again, this time at the upcoming SEMA Auto Show. A new concept version of the Coupe fitted with an assortment of accessories from GM...
Ralph Hanson -
Pontiac G8 GXP 'Street' powered by 7.4L LSX454 V8General Motors has released the first details about its SEMA offerings for this year’s show, with the Pontiac brand once again getting most of the limelight. One of the stars is based on the new G8 GXP, which for SEMA has been fitted with a new LSX454 crate engine from GM Performance Parts...
James Martinez -
Treasury ends talks with GM and Chrysler, puts merger on holdThe United States Treasury Department has put an end to any hope that additional federal money will be lent to either General Motors or Chrysler to help aid a merger. The Bush administration's decision not to fund the merger at this time effectively puts the question on hold until after the...
Nelson Ireson -
Saturn Vue Greenline ‘Hyline’ headed to SEMAThe Saturn Vue Greenline hybrid vehicle quickly fell off the radar following its launch back in November 2006, however the eco-friendly crossover is set to make headlines again, this time at the SEMA Auto Show in Las Vegas. General Motors will present a modified version of the Saturn Vue Greenline...
Viknesh Vijayenthiran -
One of the more worrying scenarios resulting from a possible merger between General Motors and Chrysler is that the Auburn Hills carmaker could be absorbed entirely by GM, meaning most of its models, plants, dealers, and employees would be dropped. Chrysler, along with Dodge and Jeep, would then become just another GM subsidiary, but such an outcome is unlikely given the General’s desire to streamline its operations and reduce its model portfolio. This has lead influential consulting firm Grant Thornton LLP to predict that a merger between the two carmakers would result in the closing...
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Toyota denies GM ever requested its helpThe negotiations between General Motors and Chrysler are reportedly going well, with some major hurdles being overcome this week. However, discussions on how GM plans to finance Chrysler's estimated $10 billion of debt are proving to be a major snag in the process, with cash-strapped GM struggling...
James Martinez -
GM launches Cruze in South Korea, more than two years to go for U.S.General Motors may be delaying the introduction of the recently revealed Chevrolet Cruze compact sedan in North America, possibly by more than two years, but the car has already been launched in South Korea. Sold under the Daewoo brand as a Lacetti, the Cruze represents GM's next-generation global...
Jeremy Weber -
Report: GM postponing development spending through until 2010General Motors will reportedly postpone spending on product development in all of 2009 and 2010 in an effort to cut costs. The spending cuts will affect engineering, research and design, and is expected to lead to delays in the introduction of crucial models such as the Chevrolet Cruze compact...
James Martinez -
6,000 Camaros on order, 84% V8 SS modelsThe muscle-car revival that had seemed so wrong-headed just a few months ago may have gotten at least a temporary reprieve with the fuel price drop of the past several weeks, but the orders for the Camaro reflect an apparent disregard for the issue altogether, with 84% of the 6,000 cars ordered so...
Nelson Ireson -
Gene Stefanyshyn to succeed Corvette chief Tom WallaceGeneral Motors’ Corvette brand will lose its chief at the start of next month when Tom Wallace retires amid rumors of an indefinite hold on development of the C7 Corvette. His successor, Gene Stefanyshyn, is currently the vehicle line executive of rear-wheel-drive vehicles at GM, and will add...
Ralph Hanson -
Chevrolet has revealed the all-new GPiX crossover coupe concept at the 25th edition of the Sao Paulo International Auto Show in Brazil today, which the carmaker claims is a preview of a future production model designed specifically for the South American market. The concept vehicle was developed by General Motors Design in Brazil and features a two-door body with high ground clearance. "It offers the sporty design and versatility necessary for a country with the continental dimensions of Brazil," said Carlos Barba, GM’s design boss for Latin America, Africa and the Middle East. The name...
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GM to suspend employee 401(k) paymentsGeneral Motors will temporarily suspend matching payments into its employees’ 401(k) accounts as it struggles to raise liquid cash. The suspension of matching contributions will come into effect on November 1 this year, and will affect GM's entire North American workforce. Additionally, GM is...
Kenneth Hall -
Report: GM may delay Chevrolet Cruze amid rising costsGeneral Motors is drastically cutting costs as it tries to ride out the current auto market slump, which is expected to ease by around 2010. The ailing carmaker is burning through approximately $1 billion in cash per month, a figure that it is hoping to reduce by downsizing its workforce, reducing...
James Martinez -
Chrysler says Phoenix V6 project still underwayChrysler’s future Phoenix V6 engine has been speculated on for the past several years and now as the company is the midst of merger talks there have been claims that the $3 billion engine project may have been shelved. The Phoenix V6 was touted to be a world class engine designed for...
Viknesh Vijayenthiran -
Pontiac G8 to be cut after single product cycle?Rumors surrounding the uncertain future of Pontiac have begun to step up intensity despite a revamped product lineup and a sporty new direction. Cars like the Solstice roadster and G8 saloon have ignited interest in the brand but there is mounting speculation that both these models could be axed...
James Martinez -
GM develops second-generation car-to-car communications systemVehicle-to-vehicle communication is the next big wave in active vehicle safety but the technology is still in its infancy and will require substantial cooperation between carmakers and governments to get off the ground. Several carmakers have taken the initiative to develop the technology already...
Alex Kaufmann