Sweden's Koenigsegg Group AB, maker of some of the world's fastest and most expensive sports cars, has struck a deal to buy loss-making Saab Automobile from General Motors, the companies said on Tuesday.
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General Motors on Monday named longtime purchasing executive Robert Socia, 55, to replace Bo Andersson as GM group vice president for purchasing and supply chain. Socia currently serves as executive vice president Shanghai General Motors.
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Zurich - General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab's future.
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General Motors today named longtime purchasing executive Robert Socia, 55, to replace Bo Andersson as GM group vice president for purchasing and supply chain. Socia currently serves as executive vice president Shanghai General Motors.
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Bo Andersson, who resigned as General Motors' purchasing chief on Friday, has agreed to become chairman of Russian automaker GAZ.
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The U.S. auto supply base was saved from collapse by the government's rescue of Chrysler and General Motors but remains fragile, Ford Motor Co.'s William Clay Ford Jr. said.
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The U.S. auto supply base was saved from collapse by the government's rescue of Chrysler and General Motors but remains fragile, Ford Motor Co.'s William Clay Ford Jr. said.
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Sichuan Tengzhong's bid for General Motors' Hummer brand is normal behaviour for a company seeking to take advantage of the global downturn to broaden its horizons, a Ministry of Commerce spokesman said on Monday.
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General Motors' plans for the Mercosur region will not be affected by the parent company's bankruptcy in the US due to the local unit's legal and financial independence, GM Brazil and Mercosur president Jaime Ardila said. The plan to invest US$2.5bn here from 2007 to 2012 in two stages remains unchanged.
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General Motors' Saab said it was likely to announce its new owner this week and that three quarters of its creditors had agreed to a proposed writedown of the money-losing brand's debt.
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Sichuan Tengzhong Heavy Industrial Machinery, the surprise winning bidder for bankrupt General Motors' Hummer brand, said the deal should be wrapped up before October.
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General Motors will cut its senior executive pension plans by up to two-thirds as part of its bankruptcy restructuring, CEO Fritz Henderson told a U.S. House Energy and Commerce subcommittee on Friday.
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Koenigsegg Automotive believes it can rescue General Motors' loss-making Saab unit, a co-owner of the Swedish luxury sports car maker said.
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General Motors is trying to cement an agreement with Magna International to buy its European unit, Opel, but is willing to broaden discussions if necessary, GM CEO Fritz Henderson said.
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DETROIT - General Motors President and Chief Executive Officer Fritz Henderson today announced that Bob Socia, currently executive vice president of Shanghai General Motors (SGM), will be appointed GM vice president, Global Purchasing and Supply Chain, effective July 1. Socia will report to Henderson and will become a member of GM's Automotive Strategy Board.
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"If anyone had told me I'd be a part owner of General Motors, I wouldn't have believed 'em."
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"If anyone had told me I'd be a part owner of General Motors, I wouldn't have believed 'em."
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Sichuan Tengzhong Heavy Industrial Machinery, the surprise winning bidder for bankrupt General Motors' Hummer brand, said the deal should be wrapped up before October.
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Koenigsegg Automotive believes it can rescue General Motors' loss-making Saab unit, a co-owner of the Swedish luxury sports car maker said.
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Koenigsegg Automotive believes it can rescue General Motors' loss-making Saab unit, a co-owner of the Swedish luxury sports car maker said.
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