General Motors said Friday that it planned to reinstate 661 dealers that it cut last year as part of its bankruptcy reorganization, The New York Times’s Nick Bunkley reports.
The number is more than half of the nearly 1,100 dealers who challenged G.M. termination decision, and allows the company to avoid costly arbitration.
G.M. said that it was calling and sending letters to the dealers being allowed to stay open and that they would receive notification by Monday.
“By doing this, we save a lot of time, energy and dollars, saving us and ...
General Motors will invest more than $494 million and create nearly 550 jobs in three U.S. plants to produce the next generation fuel efficient Ecotec engine.
The project consists of the following:
Tonawanda -- $425 million site investment will add capacity for the next generation Ecotec engine at 370,000 per year and bring about 470 jobs to that community
Defiance - $59 million site investment will support precision sand cast block at a capacity of ...
Around 8,300 jobs will be slashed in Europe, Opel boss Nick Reilly said on Tuesday, as he unveiled a long-awaited plan for the future of the ailing General Motors unit and its 50,000 employees.
Fewer than half the cuts, or 3,911, would take place in Germany, Reilly said, while confirming the shut down of a plant in Antwerp, Belgium with the loss of 2,377 jobs.
Spain would also be affected with the loss of 900 jobs, while more than 500 were slated to be cut in Britain.
"We have no time to ...
GM announced that its new lineup of heavy-duty diesel pickups will have B20 biodiesel capability. B20 fuel is a blend of 20-percent biodiesel and 80-percent conventional diesel, which helps lower carbon dioxide emissions and lessens dependence on petroleum.
GM’s new Duramax 6.6L turbo diesel engine has been substantially revised to include B20 capability, as well as meet strict new emissions standards effective this year. The new Duramax will power the redesigned 2011 Chevy Silverado and GMC Sierra heavy-duty pickups, as well as the Chevrolet Express and GMC Savana full-size vans. Chevrolet ...
Germany wants General Motors Co. to increase its contribution to the Opel unit's reorganization before considering whether to provide state aid, according to two people familiar with the matter.
Economy Minister Rainer Bruederle is using a two-day U.S. visit, which includes a meeting with Treasury Secretary Timothy F. Geithner in Washington, to express that view, said the people, who declined to be identified because the discussions are confidential. GM has said it will provide 600 million euros ($836 million) for Opel's restructuring and ask for as much as 2.7 billion euros ...
General Motors and Sichuan Tengzhong Heavy Industrial Machinery Co. agreed to extend until the end of February the deadline for a deal to sell the Hummer brand of sport-utility vehicles, officials said.
The definitive agreement for the sale of the Hummer brand to Chengdu, China-based Sichuan Tengzhong, announced Oct. 9, was set to expire today, Nick Richards, a Hummer spokesman, said in an interview. The parties agreed to extend the deadline to the end of the month while they await Chinese regulatory approval, Richards said.
"While the transaction approval process is not ...
General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.
GM PRESS
"Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.
“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy ...
Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of General Motors, it was announced today.
Speaking at a press conference at GM’s headquarters, Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June.
Image by Getty Images via Daylife
Whitacre’s appointment reflects GM’s progress since the new company was formed last summer. “The board of directors asked if I would be willing to stay on at GM and help continue the ...
General Motors Co. expects to sell about 2 million vehicles in China in 2010, a level it didn't expect to reach for at least another two years, said Kevin Wale, the company's top executive in the nation.
GM plans to introduce more than 10 new models in China this year, Wale said in an interview in Shanghai yesterday. The company, China's largest overseas carmaker, sold 1.83 million vehicles in the country in 2009, 67 percent more than a year earlier. In an April statement, GM forecast reaching annual sales of 2 ...
Just an hour ago, GM announced that will delay its meeting for today until tomorrow, when, they will decide about Swedish car maker - SAAB fate.
However, there are some rumors that say that, although the board will meet tomorrow, it may not make a final decision on Saab's fate.
Most probably the meeting was delayed because Spyker, the most prominent bidder, today submitted another offer. Also, a Luxembourg-based private investment firm - Genii Capital, who purchased on December 16, 2009 a large stake in the Renault F1 team, has announced ...
| Yahoo Messenger ID: mserafim_dudu . Please no spam !!!