America's largest automaker has been left dependent on the kindness of strangers -- its fate in the hands of bureaucrats as much as car buyers.
German Chancellor Angela Merkel said on Saturday a decision on state aid for Opel, a struggling unit of U.S. carmaker General Motors , depended on the firm's long-term outlook and on the readiness of banks to help.
The European unit of U.S. carmaker General Motors said it planned to spin off its German arm Opel and needed 3.3 billion euros ($4.2 billion) in state aid to avert job cuts and site closures.
The European unit of U.S. carmaker General Motors said it planned to spin off its German arm Opel and needed 3.3 billion euros ($4.2 billion) in state aid to avert job cuts and site closures.
General Motors' German unit Opel agreed to a restructuring plan that aims to save as many jobs and factories as possible but needs 3.3 billion euros ($4.18 billion) in state aid, GM officials said.
General Motors Corp posted a loss of nearly $31 billion on Thursday for 2008 and said its auditors were likely to cast doubt on its viability as it seeks an expanded federal bailout to stay afloat.
Revenue plunged by more than a third to $30.8 billion. GM burned through more than $5 billion in the fourth quarter and ended the year with $14 billion in cash, including the first $4 billion in loans ...
General Motors Corp posted a nearly $31 billion loss on Thursday for 2008 and said its auditors were likely to cast doubt on its ability its viability as it seeks an expanded federal bailout to stay afloat.
GM, which asked for up to $30 billion of U.S. government aid, posted losses in all of its major units during the fourth quarter and it burned through $6.2 billion of cash. Revenue plunged by mo...
General Motors Corp said on Thursday it expects auditors to cast doubt on the automaker's ability to remain viable as it endures the worst market in decades.
GM posted a deeper-than-expected quarterly loss as revenue plunged by more than a third. The automaker also warned its pension plans for hourly and salaried workers were underfunded by about $12.4 billion as of the end of 2008.
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General Motors Corp said on Thursday it expects auditors to cast doubt on the automaker's ability to remain viable as it endures the worst market in decades.
GM posted a deeper-than-expected quarterly loss as revenue plunged by more than a third. The automaker also warned its pension plans for hourly and salaried workers were underfunded by about $12.4 billion as of the end of 2008.
...
General Motors Corp said on Thursday it expects auditors to cast doubt on the automaker's ability to remain viable as it endures the worst market in decades.
GM posted a deeper-than-expected quarterly loss as revenue plunged by more than a third. The automaker also warned its pension plans for hourly and salaried workers were underfunded by about $12.4 billion as of the end of 2008.
...
General Motors Corp saw its fourth-quarter sales drop 26 percent and ended the year desperately short of cash and dependent on a $13.4-billion government lifeline to remain in business.
So when the automaker reports fourth-quarter financial results on Wednesday, investors will be looking beyond the bad news for an update on its survival plan.
The key to valuing GM's shares and debt i...
Car dealer Heidi Hetzer has fought chauvinism as a female mechanic and triumphed in dozens of motor rallies, but the 71-year-old Berliner says the auto crisis is proving to be the toughest test of her life.
An Obama administration task force is carefully analyzing restructuring plans of General Motors Corp and Chrysler LLC , but bankruptcy is not the panel's goal, a U.S. senator said on Tuesday.
Democrat Carl Levin of Michigan met with task force members this week on the turnaround plans submitted by GM and Chrysler that include a request for $22 billion more in bailout m...
Ford Motor Co reached a tentative deal with the United Auto Workers that would slash cash payments for its retiree health care, while European governments ruled out rescue plans for General Motors Corp's struggling Opel and Saab units.
The U.S. Treasury also named Steven Rattner, co-founder of private equity firm Quadrangle Group, as an adviser on the restructuring of th...
Germany and Sweden ruled out underwriting rescue plans for Opel and Saab while Canada's Industry Minister warned on Monday that the crisis-hit North American car industry was at the precipice of nonexistence.
Underlining the severity of the crisis battering the car industry, with sales plunging as the credit crunch hits consumer confidence, assembly lines at some Volkswagen p...
Outside advisers to the Treasury are lining up contingency financing options for General Motors Corp and Chrysler LLC as part of a review of restructuring options for the auto makers, a Treasury official said on Monday.
The official commented to Reuters after the Wall Street Journal reported that outside advisers to the Treasury were talking with lenders about financing of at least $40 billion fo...
General Motors Corp's European brands are near collapse, with Germany's Opel in need of more state funding and the Swedish government rejecting Saab's plea for state aid until its business plan was sound.
Filing for protection from creditors on Friday, Saab said it would present a reorganization proposal within three weeks while court filings revealed it estimates its losses in 20...
is one of Sweden's best-known brands.
However, it said it needed a rapid restructuring in order to address the level of near-term losses and new funding from either private or public sources to launch more competitive models, and that it had to find a new partner.
Surrounded by new and vintage Saabs in the company's museum showcasing its six decades of car making, Chief Executive Jan-Ake Jons...
General Motors' loss-making carmaker Saab Automobile on Friday sought legal protection from creditors to allow it to restructure and seek new funding for continued production.
Faced with mountainous debts, parent GM is itself restructuring, and in a plan submitted to the U.S. Treasury this week it said Saab would become an independent business as of January 1, 2010.
Saab made a loss of about 3 ...
General Motors' loss-making carmaker Saab Automobile said on Friday it would seek legal protection from creditors to allow it to restructure and seek new funding.
Faced with mountainous debts, parent GM is itself restructuring, and in a plan submitted to the U.S. Treasury this week it said loss-making Saab would become an independent business as of January 1, 2010.
Saab made an operating loss o...
General Motors' loss-making carmaker Saab Automobile said on Friday it would file for a reorganization plan, a Swedish legal procedure which would give it protection from creditors.
We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready ...
would be to find future vehicles that match the Saturn brand: fuel-efficient, safe, reliable and affordable, Lajdziak said.
From a retailing perspective, we would build on our core strength of unmatched customer service, she said.
GM created Saturn in 1984 in a bid to compete head-on with Japanese vehicles for quality and customer service.
The first Saturn dealerships opened in 1990 and ...
