General Motors Co. says it will raise prices by an average of $123 per vehicle to make up for higher oil and metal costs. Get the full story »
General Motors
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GM to sell preferred shares of Ally for $1B
General Motors Co. says it will sell all of its shares of a certain type in Ally Financial Inc., its former finance arm, for $1 billion. The shares to be sold represent all of Ally’s Series A preferred stock outstanding, the automaker said Tuesday. Get the full story »
Toyota aims to be first to sell 10M vehicles
Toyota Motor Corp. is aiming for an auto industry first by reaching annual sales of 10 million vehicles by 2015 even as it acknowledges that overly rapid growth was at the root of its recall fiasco. Get the full story »
Judge to approve plan that pays GM creditors
A U.S. Federal court judge on Thursday said he would approve the bankruptcy plan for “Old GM”, paving the way for General Motors to begin distributing stock and warrants to some unsecured creditors, a spokesman said. Get the full story »
Auto sales speed up in February
February was one of the strongest months in the last year for auto purchases as renewed consumer confidence sent shoppers to car lots. General Motors reported a 45.8 percent increase compared with a year earlier, while Ford says its sales rose 14 percent.
GM posts first full-year profit since 2004
General Motors Co. posted fourth-quarter earnings slightly above expectations and its first full-year profit since 2004. Profit for all of 2010 was $4.7 billion, achieved after the company slashed costs and debt in a 2009 bankruptcy financed by the Obama administration. Get the full story »
GM, Chrysler salaried workers to get bonuses
Most of the 26,000 white-collar workers at General Motors Co. will get performance bonuses of 4 to 16 percent of their base salaries this year, but payments to a small number could be 50 percent or more, the company confirmed late Thursday.
Chrysler Group LLC also will give bonuses to its white-collar staff, with payments expected on Friday. Both companies needed government bailouts in 2008 and 2009 to stay in business and make it through bankruptcy protection. Get the full story »
GM shows off Chevy Camaro ZL1
At the Chicago Auto Show on Wednesday, GM design chief Ed Welburn unveiled a surprise — the amped-up 2012 Chevy Camaro ZL1.
The car is based on the 1969 aluminum block ZL7, and will carry a Mustang Shelby fighting 6.2-liter, 550-hp supercharged V-8 with 6-speed manual. Get the full story »
Ally Financial posts 4th-straight quarterly profit
Ally Financial Inc, the auto and mortgage lender majority-owned by the U.S. government, posted its fourth consecutive quarterly profit as it prepares for an initial public offering this year. Get the full story »
Toyota tops ‘10 global auto sales despite recalls
Toyota sold 8.42 million vehicles globally in 2010, remaining the world’s top automaker for the third year straight despite recall woes in the key North American market.
General Motors also released a new tally Monday for its global 2010 sales, at 8.39 million vehicles, slightly fewer than Toyota’s number, but a dramatic 12 percent rebound from 7.48 million vehicles the year before. Get the full story »
GM contributes $6B in stock to pension plans
General Motors Co. has completed the contribution of 60.6 million shares of its stock to its U.S. hourly and salaried pension plans, wrapping up the last part of its planned $6 billion in payment. Get the full story »
GM wants to tie union pay to performance
General Motors Co. wants pay for union-represented workers be tied to employees’ work performance and the company’s financial health — much like the way its salaried workers are paid — in what would be a major shift in how generations of auto workers have been compensated.
“They are trying to give hourly workers the same metrics as salaried workers,” GM Vice Chairman Stephen Girsky said Tuesday at the Detroit auto show. “There is a big pay-for-performance element going through the company and there is going to be more of it.” Get the full story »
GM to put Volt technology to wider use
General Motors Co. is looking to apply the technology of its Chevrolet Volt to a wide array of vehicles, potentially including a Cadillac SRX plug-in, Chief Executive Daniel Akerson said Tuesday.
The automaker is developing a hatchback and a crossover that could use the Volt technology, Akerson said during a speech at the Automotive News World Congress. Get the full story »
Chevy Volt, Ford Explorer take Detroit’s top honors
The Chevrolet Volt plug-in electric car, the centerpiece of General Motors’ comeback, was named North American Car of the Year Monday. Ford Motor Co.’s latest incarnation of its Explorer sport utility vehicle was named 2011 Truck of the Year, edging out the Jeep Grand Cherokee and the Dodge Durango. Get the full story »
Chevy Volt to get lighter, more powerful batteries
A licensing agreement among LG Chem, Argonne National Laboratory and General Motors will result in lighter, more powerful lithium-ion batteries for the Chevrolet Volt.
The deal, announced Thursday, gives LG Chem and GM U.S. access to Argonne’s patented lithium- and nickel-manganese-cobalt cathode combination that will be used to extend range between charges, increase battery life and improve the safety of lithium-ion cells.
“This is cutting-edge technology that is going to improve future electrified vehicles — pure electrics, extended-range electrics and plug-in hybrids,” Jon Lauckner, president of GM Ventures, said of the second generation cathode material. Get the full story »
