General Motors Co. says it will acquire auto financing company AmeriCredit Corp. so it can increase leasing and make more loans to buyers with low credit scores.
The company disclosed the acquisition in a briefing with Chief Financial Officer Chris Liddell. AmeriCredit closed at $19.70 yesterday in New York Stock Exchange composite trading.
The automaker says it will pay $3.5 billion to buy all of AmeriCredit's stock at $24.50 per share — a 24 percent premium over Wednesday's close.
GM CEO Ed Whitacre said Thursday the deal will make GM more competitive in ...
General Motors for the first time sold more cars in China in the first six months of 2010 than it did in the United States.
GM's China sales from January through June totaled 1,209,138 units, up 49 percent from the same period in 2009. In the U.S., GM sold 1,069,577 units, up 32 percent from the previous year.
Michael Albano, a Shanghai-based spokesman, said that this marks the first time in the 102-year history of GM that an overseas market has outsold its own domestic market. Due to the global economic recession, ...
The famous Northstar V8 is ending production after a 17-year run, a GM spokesperson confirmed to Inside Line. The last Northstar will be made sometime near the end of July.
The Northstar's design was initiated as a response to the advanced dual overhead cam V8 engines introduced by European and Japanese competitors of Cadillac in the late 1980s. At that time, Cadillac was using the aluminum HT Overhead Valve (OHV) V8 which had been pushed hastily into production after the failure of the V8-6-4 of 1981.
Cadillac was developing new models like ...
The “Recalling” could be the virus which is spreading infection in wilder speeds. To begin with, it was Toyota which caught red handed by this virus and experienced worst ever loss of money and reputation. After getting huge success in Toyota, the virus has started performing so many reputed names that now car lovers are stunned and asking just one question, “Whom to trust?”
Now, after getting complains against Chevrolet Tahoe and GMC Yukon for the chrome plating of interior doors handle in which they are peeled and created sharp edges ...
Normally we say, “One ad can do nothing!!”, but the fact is different as just one advertise has changed the minds and views of the people of America about GM. General Motors have recently presented the ad which proclaimed that they have repaid all the debts of US Government with interest in five years advance to the desired period. This news has gained huge appraisal and momentum in the auto lovers. The report says that just one ad has created greater soft corner and preference towards GM that has exceeded ...
The General Motors have planned to start a new partnership with The Gas Company (TGC) to meet its target in the future.
To make their plans work, the General Motors has announced the hydrogen infrastructure partnership for Hawaii. This partnership will see many hydrogen fueling stations that will establish on the Oahu Islands.
The Gas Company by now is producing the hydrogen along with the synthetic natural gas, and this mixture will then tap into its thousand mile utility pipeline system just to develop the fueling stations along the island of Oahu. ...
In what it is called as taking advantages, the American manufacturer General Motors will do the same from the World Expo 2010 Shanghai just to present its Drive to 2030 – Sustainable Urban Mobility Forum series.
Along with this, the General Motors will also launch its Roadmap for the Sustainable Mobility. This will be featured in the first of a series of 6 forums as the Pathway to Sustainable Mobility. This event will be held of May 26, 2010 and no doubt, will be on the center stage of GM.
Several marking ...
For April 2010 GM sales are up 20 percent compared to April 2009 and year-to-date sales are up 31 percent over this time last year.
Year-to-date, combined sales of the Chevrolet Camaro, Chevrolet Equinox, Buick LaCrosse, GMC Terrain and Cadillac SRX are up nearly 300 percent, at 110,176, compared to the vehicles they replaced.
Retail sales of GM’s full-size pickups, the Chevrolet Silverado, Avalanche and GMC Sierra were up a combined 20 percent in April, and are up 8 percent year-to-date. Retail sales of GM’s mid-sized crossovers – the Chevrolet Traverse, Buick ...
GM, said on Friday that will close the Belgium – Antwerp by the end of 2010. 2,600 workers will lose their jobs, and GM will have to pay termination benefits of nearly $532 million in order to close the plant in Antwerp.
Until the end of the year, GM and the Flemish government are in search to find a possible investor to sell the plant and in this way to save 2600 jobs.
The search will end in September and any potential buyer would determine how many employees it would hire, ...
General Motors plans to announce Tuesday that it will spend $890 million to retool five engine and component plants as the automaker uses its growing cash reserves to increase investment in new products.
Media reports say the upgrades will help the automaker build more fuel-efficient engines and will create or retain about 1,600 jobs. The reports say the St. Catharines, Ont., plant will receive a $235 million investment.
Nearly half of the money — $400 million — will be spent revamping G.M.’s engine plant in Tonawanda, N.Y., affecting 710 jobs. An engine ...
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