automaker

Obama’s pay czar will set guidelines only for seven companies

October 28, 2009 - 4:09am | Law aspects | News

The Obama administration's executive pay czar said his authority should not be expanded beyond setting compensation guidelines for seven banks and automakers that have received extraordinary taxpayer bailouts.

Kenneth Feinberg, the U.S. Treasury bailout program's special master for compensation, told lawmakers in prepared testimony scheduled for delivery on Wednesday that his authority should remain limited to the firms specified by the Treasury.

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Auto giants lose their compensation, bosses get their salaries cut

October 23, 2009 - 5:17am | Articles | Figures

The government whacked the compensation of top executives at General Motors Co., Chrysler LLC and their financial arms Thursday.

Kenneth Feinberg, an independent official named to make sure taxpayer money isn't feathering the nests of company bigwigs, also ordered deep cuts for insurance giant AIG and financial houses Bank of America and Citigroup.

In metro Detroit, the order was a sobering reminder of Washington's involvement in the car business.

-1 points

GM-eBay program launching this week

August 10, 2009 - 1:36am | News | Other themes

Today General Motors and eBay are going to announce the start of their previously reported trial that will allow hundreds of GM’s California dealers to sell new cars and trucks through the online marketplace. Buyers will be able to bargain about the prices and trade in their old car for money toward a new one under the government's just-refilled "cash-for-clunkers" stimulus program.

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Skoda partners with Alipay to allow Chinese buy cars online

July 20, 2009 - 2:15am | News | Payment systems

Chinese customers are now able to purchase cars from the Volkswagen-owned Czech automaker Skoda without any need to leave their homes. The car company is the first to offer online payment services to buyers in China. On a dedicated website ebuy.skoda.com.cn potential Skoda consumers can negotiate and perform transactions right from their PCs.

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GM will allow consumers refund and replace defective vehicles

June 29, 2009 - 12:53am | News | Other themes

General Motors Corp. stated in its court filing that it would assume liability for future product defects as one of several concessions offered in a bid to win court approval for a quick sale from bankruptcy. Besides, it will change the terms of its proposed asset sale to address objections raised by over 20 suppliers and is working out a consensual agreement with Toyota Motor Corp. to address a joint-venture factory it operates with Toyota in Fremont, California.

-4 points

Government helps Americans buy cars at lower prices

June 19, 2009 - 4:02am | Law aspects | News

A simplified version of the cash-for-clunkers program was passed by the Senate Thursday. According to this program, new buyers are given rebates if they turn in older, less fuel-efficient models.

The program, offering $3,500 or $4,500 cash vouchers, could push up sales this year by about 250,000 vehicles and help dealers get customers back and will kick-start the anemic car market, said American International Automobile Dealers Association President Cody Lusk in a statement.

automaker | car sales | Cash-for-clunkers program | General Motors

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General Motors announces former AT&T CEO as a new chairman

June 10, 2009 - 3:47am | News | Other themes

Former AT&T Inc CEO Ed Whitacre will take the chairman seat of General Motors Corp, as reported by the automaker on Tuesday. With an engineering education Whitacre previously guided Texas-based Southwestern Bell through a decade of transformative mergers. He will come as chairman when a new GM is launched out of bankruptcy, the company said.

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Canada and Ontario want to contribute $10.5 billion to GM

June 2, 2009 - 6:00am | News | Other themes

The governments of Canada and Ontario will contribute about $10.5 billion as a financial aid to General Motors in order as they said to participate in the restructuring of the automaker.

$7 billion is a contribution from the governments of Canada and $3.5 billion will be received from Ontario. In return for this aid they will hold an 11.7 per cent stake in the equity of the restructured GM.

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Decline of GM and seven missteps that led it that way

June 1, 2009 - 3:07am | Analytics | News

On Monday General Motors Corp is to file for bankruptcy which as most observers note will throw the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership. The filling confirmed by the Obama administration will be the third largest in U.S. history and the largest-ever U.S. manufacturing bankruptcy.

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GM to be disqualified from Dow Jones? Who will replace it?

May 8, 2009 - 7:17am | Analytics | News

As the General Motors was given a time until June 1 to prove it can successfully restructure it is facing the disqualification from the Dow Jones Index, according to the recent article by Forbes. The journal notes that the question is not “if” the company will be ousted from the Dow Jones industrial average, the question is “when” it will happen.

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General Motors confirmed it can sell its stake in GM Daewoo

May 1, 2009 - 4:31am | News | Other themes

On Friday a top executive at General Motors reported that GM will discuss with the Korean Development Bank the selling of a stake in GM Daewoo if that would help the South Korean automaking unit in the long term.

"If that helps GM Daewoo in the long term, we will talk about that with the KDB," said Nick Reilly, President GM Asia Pacific.

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More government financing to GM and Chrysler

April 21, 2009 - 4:33am | News | Other themes

On Tuesday independent oversight report on the Treasury Department's corporate rescue fund said, Chrysler LLC will get $500 million through the end of this month and General Motors Corp will obtain up to $5 billion through May as the government bailouts. With this aid the Obama administration intends to help Chrysler to reach an alliance with Fiat. As for GM, the administration wants to help the company’s restructure outside of bankruptcy.

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General Motors will quickly go bankrupt to quickly buy its best assets

April 13, 2009 - 5:25am | News | Other themes

According to the New York Times Sunday report, despite General Motors’ public contention that it could still reorganize outside court the U.S. Treasury is directing GM's Corp. to lay the groundwork for a bankruptcy filing by a June 1 deadline.

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GM will file for bankruptcy by June. The company to be divided

April 1, 2009 - 2:43am | News | Other themes

On Tuesday the largest U.S. automaker General Motors said that there is a possibility it could file for bankruptcy by June after its previous restructuring plan was rejected by the U.S. government as insufficient. According to the Reuters reports one possible plan for GM includes quick forming of a new company of the automaker's most profitable parts, while a group of other units would remain under bankruptcy protection for a longer period.

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White House pushes GM CEO off the company as a condition for bailout

March 30, 2009 - 8:54am | News | Other themes

White House and GM sources have stated that Rick Wagoner, General Motors Chief Executive, will be resigning so as the auto making holding could get more bail out money from government. A senior GM official revealed that the White House and its auto task force had "sent very clear signals" that "new leadership" and something that would show real change was the key factor in obtaining more help from the government.

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