General Motors will dramatically slash North American production to 425,000 vehicles in the first quarter of 2009 -- less than half the total it built in the first quarter of this year.
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General Motors will dramatically slash North American production to 425,000 vehicles in the first quarter of 2009 -- less than half the total it built in the first quarter of this year.
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If General Motors survives its cash-flow crisis, it will eliminate brands, cut nameplates and spend more marketing dollars per vehicle.
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Sales are up at General Motors so far in December compared with the same periods in October and November.
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General Motors today announced it will slash 250,000 units from its North American production schedule in the first quarter.
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We are witnessing staggering hypocrisy. The U.S. Senate late last night rejected an emergency bill to rescue Detroit automakers, putting nerves on edge and heightening the prospects that General Motors and Chrysler could collapse.
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Fitch Ratings has placed seven US auto industry suppliers on a ratings watch because of the threat of the potential bankruptcy filing by General Motors. Fitch added that in its opinion a GM bankruptcy would be followed by a similar filing at Ford.
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General Motors and Chrysler face an immediate cash crisis in the aftermath of the Senate's rejection last night of a US$14bn emergency loan package, analysts have said.
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General Motors did hire advisers to consider bankruptcy but the board decided a filing was not an option, the automaker said last night ahead of a crucial Senate vote on a $14bn rescue package.
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Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
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Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
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Workers at General Motors' Opel could take a stake in the company in return for concessions, a magazine said Friday.
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General Motors hired outside advisers to weigh bankruptcy, but the board determined that a filing was not an option, a GM spokesman said on Thursday.
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DuPont Co. President Ellen Kullman has resigned from General Motors' board of directors after serving for four years. Kullman, 52, announced today that she would step down immediately to focus on her new responsibilities at the chemical giant.
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Mainly because of General Motors' financial crisis, the automaker is dialing back efforts to get Buick, Pontiac and GMC dealers into three-brand stores, a spokesman says.
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General Motors is resisting pressure for early payments from a dozen suppliers concerned about the automaker's ability to pay for parts, sources say.
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Senate Republicans today hardened their opposition to a House-passed bill that would provide $14 billion in immediate U.S. aid to General Motors and Chrysler LLC. Sen.
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Senate Republicans today hardened their opposition to a House-passed bill that would provide $14 billion in immediate U.S. aid to General Motors and Chrysler LLC. Sen.
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General Motors Europe and energy supplier Iberdrola have agreed a feasibility study for recharging networks in Spain and the UK for plug-in electric cars.
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General Motors is again allowing salaried staff and retirees to offer cars to non-employees at employee discount.
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