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General Motors said Monday it was recalling more than 20,000 Cadillac CTS and CTS-V vehicles to replace a glove compartment that could lead to leg injuries in a crash.
GM says the recall involves nearly 5,000 all-wheel drive 2009 Cadillac CTS and CTS-V models, and more than 15,000 vehicles from the 2010 model year. Get the full story »
Chinese automaker and General Motors Co. partner SAIC said Monday it is paying close attention to GM’s upcoming stock sale, but gave no hint over whether it plans to take a stake itself.
GM executives in the U.S. and China likewise refused comment on reports that the automaker is in talks with its state-owned joint venture partner SAIC about buying a stake in the Detroit company through its initial public offering. Get the full story »
Volkswagen has named a former Ford and GM executive to lead the German automaker’s ambitious growth plans in the U.S. Get the full story »
The U.S. government is likely to take a loss on General Motors Co. in the first offering of the automaker’s stock, six people familiar with preparations for the landmark IPO said. Get the full story »
Auto sales, once a bright spot in the economic recovery, grew fainter last month.
The pain was widespread. Big car companies General Motors, Ford and Toyota all saw sales slip. Smaller automakers like Subaru suffered too, as did companies that appeal to the budget minded, such as Kia and Hyundai. Get the full story »
As U.S. companies shed millions of workers during the recession, the CEOs who laid off the most people brought home pay that was significantly higher than that of their peers, according to a Washington, D.C. think tank study.
The CEOs of the 50 U.S. companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 percent more than the average across the Standard & Poor’s 500, the Institute for Policy Studies study said. Get the full story »
General Motors Co. took a big step toward repaying a controversial taxpayer-funded bailout by declaring plans for a landmark stock offering that represents a critical test for the Obama administration.
The automaker said it planned to list the shares on the New York Stock Exchange and the Toronto Stock Exchange in an initial public offering that comes amid a still-weak global market for cars that is vulnerable to a further downturn.
The Obama administration wants to be able to cast its $50 billion GM bailout as a financial success in the face of public skepticism and Republican political opposition but some analysts are still wary of the offering. Get the full story »
General Motors Co. will list its shares on the New York Stock Exchange and Toronto Stock Exchange after its initial public offering, a source familiar with the situation said on Wednesday. The IPO, intended to repay a portion of the automaker’s government bailout, has been dubbed “Project Dawn,” the source said. Get the full story »
General Motors Co. is recalling nearly 250,000 crossover vehicles worldwide to inspect second-row seat belts that could be damaged and not latch. GM said Tuesday the recall affects 2009-2010 models of the Chevrolet Traverse, Buick Enclave, GMC Acadia and Saturn Outlook.
General Motors Co is considering selling a chunk of the carmaker’s stock to institutions who would commit to buy and hold major stakes as the company prepares for its initial public offering, people familiar with the discussions said on Monday.
GM is mulling a plan under which sovereign wealth funds or pension funds would serve as “cornerstone investors,” a technique often used for large initial public offerings to show that key investors are supporting the deal, four people said.
“It’s on the table and would be part of the normal course of the IPO,” one of the sources said, asking not to be named because the preparations for the IPO are private. Get the full story »
The United Auto Workers union has decided not to go ahead with a vote on a new wage-cutting contract for a General Motors Co. stamping plant in Indianapolis facing sale.
JD Norman Industries of Addison, Ill., had asked for pay cuts as a condition for buying the plant. Barring a sale, GM has said it will close the plant next year. Get the full story »
General Motors Co. will have four lead underwriters on its IPO, according to a source familiar with the situation.
They will be Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, the source said. JPMorgan and Morgan Stanley helped the automaker prepare the paperwork for the IPO. Get the full story »
General Motors said Thursday that CEO Ed Whitacre, 68, is stepping down as chief executive Sept. 1 and as chairman by year-end.
Dan Akerson, 61, a GM board member since 2009, will assume both roles by the end of the year. Get the full story »
