From Automotive News | General Motors Co. is dropping the GM Goodwrench car mechanic brand in the United States as the company moves to redirect the marketing emphasis around its four core vehicle brands, sources say.
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Nov. 4, 2010 at 4:30 p.m.
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Filed under: Advertising/Marketing, Autos, China, International GM touts China growth in IPO sales pitch
General Motors Co.’s strength in China and its global growth potential are the focus of the automaker’s sales pitch as it shops for investors ahead of its initial public offering this month. Get the full story »
GM’s $13 billion IPO to cut Treasury stake to 43%
General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.
GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.
The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »
GM says it expects 3Q earnings from $1.9B to $2.1B
General Motors Co. says it expects net income of $1.9 billion to $2.1 billion when it announces third-quarter results next week.
The earnings forecast was announced ahead of an expected filing with federal regulators giving details of the company’s initial public stock offering. Get the full story »
Ford reports higher October sales
Ford Motor Co. says its October U.S. sales rose 19.2 percent, led by big increases in trucks and small cars. In the Chicago area, Ford’s sales rose 20.9 percent.
General Motors, Honda and others have already reported strong sales of crossover wagons last month, and Ford was no exception. Sales of the redesigned Edge crossover were up 24 percent, while Ford Escape sales rose 17 percent.
Ford says sales of the F-Series pickup rose 24 percent, thanks in part to a month-long truck promotion. Get the full story »
GM’s tax break worth as much as $45 billion
General Motors can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.
The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.
This figure also includes $18.88 billion of carry-forwards, according to the automaker’s annual filing from April. Get the full story »
GM can avoid federal taxes on $50B of profits
General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »
Ford stock rally could be boon to GM IPO
Ford Motor Co.’s emergence as Detroit’s darling may have fueled jealousy at General Motors Co headquarters, but the archrival’s rising shares could help GM as it readies its landmark return to public markets. Get the full story »
GM to repay taxpayers $2.1B as it prepares for IPO
In a series of moves that pave the way for an IPO and strengthen its finances, General Motors Co. said on Thursday it would repay $2.1 billion to U.S. taxpayers and make early payments to pension and retiree health plans.
The announcement comes just days before bankers are expected to begin a road show for potential investors in an initial public offering that would allow the U.S. government to start to reduce its stake in the top U.S. automaker.
Get the full story »
Ford, other automakers announce Michigan jobs
Michigan’s auto industry could get a boost — including the possibility of more than 2,000 additional jobs at the Detroit area’s biggest carmakers — from projects assisted with state tax incentives announced Tuesday.
Ford Motor Co., General Motors Corp. and Chrysler Group LLC were among the 16 companies with projects granted tax incentives by a state board.
It’s not clear exactly how many new jobs might be created directly at the companies awarded the tax incentives. But the new jobs could top 2,000 with the Detroit-area automakers alone, if all projects — including some in the early stages — materialize as planned. Get the full story »
Hyundai: We’re more American than Detroit
Vehicle springs, awaiting installation at the Hyundai plant in Montgomery, Ala. (Dave Martin/Bloomberg News)
By next year about 80 percent of the vehicles Korean automaker Hyundai sells in the United States will be built here, the CEO of the automaker’s U.S. arm told CNNMoney.
That percentage would likely put Hyundai at the top of the “Made in the USA“ rankings among all automakers operating in the U.S., including Ford, Chrysler and General Motors. Get the full story »
GM sets aside up to 5% of IPO for employees
General Motors Co. will allocate up to 5 percent of the common stock to be sold in its initial public offering for its employees, retirees and dealers, the automaker said Thursday. Get the full story »
Cadillac recalls 4,000 2010 SRX crossovers
Cadillac is recalling 3,996 2010 SRX crossovers for a possible damage to the power steering line.
If the line is damaged, power steering fluid could leak and cause a fire if it comes into contact with hot engine parts.
GM has had one report of such a fire but no reports of related crashes or injuries.
Ford, Chrysler, GM see September sales gains
Bloomberg News | General Motors Co., Ford Motor Co., Chrysler Group LLC and Nissan Motor Co. said U.S. sales rose in September as the industry recovers from its worst year in almost three decades.
Deliveries at GM, the largest U.S. automaker, climbed 11 percent from a year earlier to 173,155, the Detroit-based company said in a statement today. Ford, the second-largest, increased sales 41 percent to 160,873, the Dearborn, Michigan- based company said in a statement. Get the full story »
