General Motors

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Racing Legend Penske Will Buy Saturn From GM

(Newser) - Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and...

Hummer Deal Will Make Beijing Crazy
 Hummer Deal Will Make Beijing Crazy 
Analysis
Jun 3, 2009 9:28 AM CDT

Hummer Deal Will Make Beijing Crazy

(Newser) - The news that an obscure Chinese heavy equipment manufacturer is probably making government officials pull their hair out in frustration, writes Andrew Peaple of the Wall Street Journal. “Beijing is keen for Chinese companies to expand overseas,” he allows. “But they’re also hoping for some common...

Make Romney the Head of GM

 Make Romney 
 the Head of GM 
OPINION
Jun 3, 2009 7:40 AM CDT

Make Romney the Head of GM

Former Mass. governor could turn around automaker, says Bennet

(Newser) - Barack Obama wants to "take a hands-off approach" with General Motors, but as James Bennet writes in the Atlantic, there's no way to get the bankrupt automaker back into shape "without getting under the hood." GM needs someone who can "bring the hammer down" on its...

US Automakers See Sales Increase in May

Ford, GM have best month of 2009

(Newser) - Some actual good news for the auto industry: All three US automakers saw sales of new cars jump from April to May, reports the New York Times. Granted, sales are still way down compared to last year, but the month-to-month leap offers a glimmer of hope among the bankruptcy headlines....

Chinese Machinery Firm to Buy Hummer
 Chinese Machinery 
 Firm to Buy Hummer 
UPDATED
Jun 2, 2009 12:44 PM CDT

Chinese Machinery Firm to Buy Hummer

Company aims to become carmaker

(Newser) - After General Motors announced a plan to sell the brand, the identity of Hummer’s buyer has emerged: It’s a Chinese machinery firm that aims to become an automaker, an insider tells the New York Times. GM’s deal with the Sichuan Tengzhong Heavy Industrial Machinery Company was subject...

GM Strikes Hummer Deal
 GM Strikes Hummer Deal 
Jun 2, 2009 7:21 AM CDT

GM Strikes Hummer Deal

Buyer, price not disclosed

(Newser) - General Motors has announced a "tentative" plan to sell its Hummer brand to a buyer who could take control by the end of the third quarter, says the Wall Street Journal. The firm didn’t say who was buying it or for how much, but noted that the purchaser...

Vehicles That Drove GM to Bankruptcy
 Vehicles That Drove 
 GM to Bankruptcy 
ANALYSIS
Jun 1, 2009 5:45 PM CDT

Vehicles That Drove GM to Bankruptcy

(Newser) - With the move finally official, Matt Hardigree, for Jalopnik, lists the 10 vehicles that bankrupted General Motors:
  • Chevrolet SSR: “Meant to capture the imagination of buyers. Unfortunately, few buyers were imagining an expensive, gas-guzzling convertible truck that …was basically unusable as a truck."
  • Saturn L-Series: Trying “
...

Dow Jumps 221 on GM Filing
 Dow Jumps 221 on GM Filing 
MARKETS
Jun 1, 2009 3:12 PM CDT

Dow Jumps 221 on GM Filing

(Newser) - Stocks surged today on positive data about personal income, manufacturing, and the long-awaited announcement of General Motors’ bankruptcy. “There is a positive, relief reaction to this filing,” one analyst told the Wall Street Journal. “It’s been hanging over all of our heads.” Energy and construction...

Michael Moore: 9 Ways to Rise From GM's Ashes

Let's use their facilities to overhaul America's transit

(Newser) - The end of General Motors is an opportunity for an America that now owns 60% of the company, writes Michael Moore. Let’s take advantage of the death of a firm that built poor cars, battled environmental rules, and shipped jobs away by using its facilities to implement a new...

Obama: We Are 'Reluctant Shareholders'

(Newser) - President Obama heralded “the beginning of a new GM” today, explaining the administration’s plans for the bankrupt automaker. He also sought to reassure the public that he had “no interest” in running GM, despite the 60% stake the government will take in the company. “We are...

Bracing for 'Obama Motors'
 Bracing for 'Obama Motors' 
OPINION Roundup
Jun 1, 2009 10:59 AM CDT

Bracing for 'Obama Motors'

(Newser) - GM’s bankruptcy and semi-nationalization has everyone talking. Here’s what the papers are saying:
  • “Welcome to Obama Motors, and what is likely to be a long, expensive, and unhappy exercise in political car making,” writes the Wall Street Journal. The government seems incapable of hands-off management, and
...

Dow Boots GM, Citi; Travelers, Cisco Take Spots

Overhauls drive firms off Industrial Average, says editor

(Newser) - General Motors and Citigroup are losing their spots on the Dow Jones Industrial Average after GM filed for bankruptcy, MarketWatch reports. Replacing them are Cisco Systems and The Travelers Companies. “A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon,...

GM Fleshes Out Plans to Close, Idle Plants

(Newser) - In the wake of this morning's bankruptcy filing, GM will permanently close nine more plants and idle three others to trim production and labor costs, the AP reports. Assembly plants in Pontiac, Mich., and Wilmington, Del., will close this year; plants in Spring Hill, Tenn., and Orion, Mich., will shut...

Stocks Up Despite GM Filing
 Stocks Up Despite GM Filing 
MARKET Open
Jun 1, 2009 8:54 AM CDT

Stocks Up Despite GM Filing

(Newser) - Stocks shot higher at the open this morning, as rising oil prices and strong manufacturing data from China outweighed news of GM's bankruptcy. The Dow rose 102 points; as of next Monday, the index will no longer include GM and Citigroup. The Nasdaq and S&P were each up 1....

GM Declares Bankruptcy
 GM Declares Bankruptcy 
Jun 1, 2009 7:38 AM CDT

GM Declares Bankruptcy

Obama plans speech outlining firm's future

(Newser) - Once king of the auto industry, General Motors filed for bankruptcy this morning, the Wall Street Journal reports. The firm must cut some 21,000 workers and close 12 to 20 factories and 40% of dealerships, adds the New York Times. GM says it owes $172.8 billion and has...

General Motors: How a Giant Fell
 General Motors: 
 How a Giant Fell 
ANALYSIS
Jun 1, 2009 5:13 AM CDT

General Motors: How a Giant Fell

After decades of dominance, automaker blamed others for downfall

(Newser) - General Motors dominated the auto industry for much of the 20th century, and its downfall took place over decades. Many of the attributes GM once saw as strengths, from its rigid structure to its diverse range of vehicles, became liabilities as Japanese competitors sucked away even its most loyal customers,...

GM to File Bankruptcy at 8AM, Name Interim Chief

(Newser) - General Motors will appoint Al Koch as chief restructuring officer when the company files for bankruptcy tomorrow at 8am, the Wall Street Journal reports. A managing director at an advisory firm, 67-year-old Koch has attended GM management meetings for months and helped negotiate pre-bankruptcy deals with shareholders and lenders. He...

GM Close to Hummer Sale That Would Save 3K US Jobs

Has picked a buyer; deal would be finalized by Sept.

(Newser) - GM has selected an unnamed investor to buy its hulking Hummer brand, in a move aimed at saving more than 3000 US jobs, sources tell the Wall Street Journal. They say the company hopes to seal the deal, rumored to be in the $200 million range, by September. An official...

GM Bondholders OK Debt-for-Equity Plan in Vote

Vote paves way to bankruptcy filing tomorrow morning

(Newser) - GM bondholders voted yesterday to forgive $27 million in debt for equity in the restructured automaker, the Wall Street Journal reports. The move opens the door for a bankruptcy filing tomorrow morning, the New York Times notes. The Treasury Department was in charge of deciding whether enough bondholders backed the...

Germany to Magna: GM's Opel Is All Yours

(Newser) - A Canadian auto supplier took a huge step toward acquiring GM's European brands today, the Wall Street Journal reports. Emerging from negotiations, Germany's finance minister approved Magna's merger with GM's German arm Opel, pledging about $2.1 billion to help keep Opel afloat. But details remain: Germany is still...

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