Thousands of Opel workers went on strike in Germany on Thursday in protest at the decision by U.S. parent General Motors to abandon the sale of the automaker.
The restructuring plan of Opel by automobile giant General Motors would include cuts of as many as 10,000 jobs at the European subsidiary.
General Motors has decided to keep its European Opel unit, canceling the planned sale to Canadian firm Magna, the company said.
GM has abandoned its planned sale of Opel to Canada's Magna and Russia's Sberbank . The surprise move will be an embarrassment for the German government which has expended a lot of political capital on the controversial deal.
General Motors expects to announce a market share gain for the third month in a row in October, GM executive director of corporate planning Mike DiGiovanni told reporters on Wednesday.
Electric carmaker Fisker Automotive said Tuesday it is buying an old General Motors plant in Wilmington, Del., and plans on making up to 100,000 vehicles a year at the recently shuttered facility.
If you think General Motors should bring in some "new blood" to shake up its hidebound corporate culture, CEO Fritz Henderson agrees with you. He just has one problem.
I've written a lot about car companies since I started covering business in the 1960s, but I've written very little about cars, because they just don't interest me much.
The "Valley of Death," in auto-industry-speak, is a metaphorical desert where emerging technologies reside while car executives figure out which of the experiments ought to make their way into actual cars.
Support the U.S. economy. Buy American.
Thousands of Opel workers went on strike in Germany on Thursday in protest at the decision by U.S. parent General Motors to abandon the sale of the automaker.
The restructuring plan of Opel by automobile giant General Motors would include cuts of as many as 10,000 jobs at the European subsidiary.
General Motors has decided to keep its European Opel unit, canceling the planned sale to Canadian firm Magna, the company said.
GM has abandoned its planned sale of Opel to Canada's Magna and Russia's Sberbank . The surprise move will be an embarrassment for the German government which has expended a lot of political capital on the controversial deal.
General Motors expects to announce a market share gain for the third month in a row in October, GM executive director of corporate planning Mike DiGiovanni told reporters on Wednesday.
Electric carmaker Fisker Automotive said Tuesday it is buying an old General Motors plant in Wilmington, Del., and plans on making up to 100,000 vehicles a year at the recently shuttered facility.
If you think General Motors should bring in some "new blood" to shake up its hidebound corporate culture, CEO Fritz Henderson agrees with you. He just has one problem.
I've written a lot about car companies since I started covering business in the 1960s, but I've written very little about cars, because they just don't interest me much.
The "Valley of Death," in auto-industry-speak, is a metaphorical desert where emerging technologies reside while car executives figure out which of the experiments ought to make their way into actual cars.
Support the U.S. economy. Buy American.
General Motors moved a step closer to selling its Hummer brand Friday when it announced that it had signed a definitive agreement with a Chinese manufacturer.
"The key to change ... is to let go of fear." -- Rosanne Cash
General Motors is losing its top U.S. sales executive, a key player in the automaker's reorganization, to a job in another industry, CEO Fritz Henderson announced Wednesday.
For General Motors, the road out of bankruptcy isn't proving to be as smooth as its quick trip through it.
Until last week I had been one of General Motors' most reliable customers for more than 15 years. But my customer relationship with GM ended the very day that GM announced it was closing its Saturn operation -- something I learned when I came home from trading in my 2003 Saturn Vue on a new, spiffy 2010 SUV with an Asian nameplate (I won't name it because I don't want to look like a shill).
Car dealership operator Penske Automotive Group announced on Wednesday that it has cancelled plans to acquire General Motors' Saturn unit. As a result, GM said it will wind down the brand and dealer network, potentially putting 13,000 Saturn dealership jobs at risk.
The demise of Saturn is a good thing for the new General Motors.
Inside General Motors' iconic Detroit headquarters, scores of retail tenants are waiting to find out what happens to their own businesses in the wake of their landlord's bankruptcy.
Here's George McGregor, autoworker. He's 63 years old, a gregarious, barrel-chested graybeard with a gold stud in his ear and a gold cross around his neck.
No city in America has been more entwined with the fortunes of a single industry as Detroit with autos. The nicknames "Motor City" and "Motown," coined years ago, have stuck for good reason.
If you want to understand how the old General Motors stumbled for 30 years until it collapsed into bankruptcy, consider the story of GoFast.
General Motors' rapid trip through bankruptcy is done. Now comes the hard part.
When General Motors announced its new money back guarantee Thursday many people no doubt envisioned the automaker's Detroit headquarters buried under a mountain of returned Chevys and Buicks.
Buy a new General Motors car. Don't like it? Return it and get your money back.
General Motors has agreed to sell a major portion of its European Opel division to a consortium led by the Canadian auto supplier Magna, the automaker announced Thursday.
Much of the money given to General Motors and Chrysler to prevent them from collapsing will never be recovered, according to a report released Wednesday by the Congressional Oversight Panel.
The popular Cash for Clunkers program gave a strong boost to auto sales in August, resulting in the industry posting its best month this year by far. But sales dropped sharply in the last week of August -- after Cash for Clunkers ended.
While Detroit has benefited from Cash for Clunkers, foreign automakers have gained even more.
General Motors is looking at shelving a German-backed bail-out of its Opel European car arm amid growing fears that long-running talks on the deal will end in failure.
General Motors is upping production and calling 1,350 of its U.S. and Canadian auto workers back to work due to increased demand for its vehicles.
The other day, General Motors did two things it has never done before:
More customers trading in vehicles under the Cash for Clunkers program bought cars from Toyota than any other manufacturer, according to new government statistics. In previous reports, General Motors has topped that list.
The Volt may get 230 miles per gallon, and GM says it will cost only 40 cents to charge up the car from a regular household outlet. But guess what...it still might not be worth it to buy one.
The Chevrolet Volt, GM's electric car that's expected to go on sale in late 2010, is projected to get an estimated 230 miles per gallon, the automaker announced Tuesday.
It's not exactly buying a car online -- not yet. But General Motors' new eBay portal for its California dealers is a buyer's opportunity to avoid haggling face to face with a salesman, doing it byte to byte on a computer instead.
More than 225 General Motors dealers in California will sell vehicles through the eBay online auction site in a four-week trial, the companies announced Monday.
President Obama ended his first 100 days in office amid hopes that both General Motors and Chrysler Group might both still avoid bankruptcy. In his second 100 days, he created a new U.S. auto industry.
The federal government on Wednesday named which companies will get $2.4 billion in stimulus grants to develop batteries, parts and programs for electric cars.
The independent overseer of the $700 billion bailout has caused a ruckus over an important question: How much do taxpayers have on the line?
Most forecasts of future performance in the auto industry tend to be variations of tea-leaf reading. Analysts take a look at what companies are planning in the way of future models, make a guess about sales volumes, and lay that over a macroeconomic outlook. The results are compromised by too many hard-to-quantify variables.
From the cries of protest emanating from Washington this week, you would think that General Motors and Chrysler were guilty of clubbing baby seals. Or perhaps drowning kittens.
A controversy over the way the Obama administration, General Motors and Chrysler decided to shutter more than 3,000 auto dealerships has reached Congress, with a House subcommittee now taking a closer look and a bill under consideration that could reverse the decision.
The independent overseer of the $700 billion bailout has caused a ruckus over an important question: How much do taxpayers have on the line?
Dealers who have been muscled out at Chrysler Group and General Motors are trying to get Congress to force the automakers to take them back.
Steve Rattner, the Obama administration's point man on negotiations with General Motors and Chrysler through their bailouts and bankruptcies, is returning to the private sector.
Fresh out of bankruptcy, the new General Motors hopes to soon start selling its whole line of cars on eBay through a pilot program.
After a six-week trip through bankruptcy, the "new" General Motors was born Friday owned by the government and free of tens of billions in debt and shed of unaffordable brands, dealerships and plants.
There are a lot of changes at the "new" General Motors. Billions less debt. Fewer plants. Fewer workers.
The cars of the future will run on electricity, most major automakers agree on that. What they don't agree on is how soon drivers will be ready to fully embrace electric power and how aggressively to push electric cars.
A leaner General Motors was close to starting a new life under government ownership Friday.
General Motors' rapid trip through bankruptcy is almost done. Now comes the hard part.
Thanks to a bankruptcy court decision issued late Sunday night, General Motors is close to making a quick trip through bankruptcy. But that doesn't mean that its reorganization is almost done.
Stocks cut losses, ending mixed Monday, as worries about the duration of the recession were tempered by a rally in select blue chips.
General Motors' plan to restructure, with a lot of help from the federal government, has been approved by a bankruptcy judge.
U.S. stocks were poised for a lower open Monday after General Motors' bankruptcy plan received a federal judge's approval, and at the start of a week that will kick off second-quarter corporate financial reporting.
A U.S. federal judge in the GM bankruptcy case late Sunday approved the sale of the troubled automaker's assets to a "new GM," court documents showed.
Lawyers wrapped up their closing arguments in the GM bankruptcy case Thursday, opening the way for the judge to decide whether to approve or deny the sale of the automaker's assets to a "new GM."
General Motors returned to bankruptcy court Thursday seeking approval of its plan to restructure and create a "new GM."
The head of General Motors, seeking swift approval of a plan to leave the automaker's debt behind, told a bankruptcy court Tuesday that the company's June sales are stronger than expected -- in part because the bankruptcy process is going swiftly.
General Motors is racing through the early stages of its bankruptcy, in the hope of emerging as a new, independent company by August or early September.
Compared to the past three Sprint Cup seasons, Richard Childress Racing has been mired in a slump. With 10 races remaining before the Chase, none of its four drivers are in the top 12. Jeff Burton (15th in the points and 46 behind current final qualifier Juan Pablo Montoya) and Clint Bowyer (16th and 65 back), still have a chance, but Casey Mears (21st and 300 back) and Kevin Harvick (25th and 380 back) really don't.
One road to regulatory reform runs through Detroit and Utah -- and there are signs the ride could get bumpy.
For much of the last year, Ford Motor has been the strongest U.S.-based automaker.
A plea by struggling auto parts makers for $8 billion to $10 billion in additional federal loan guarantees was turned down by the Obama administration's auto task force last week.
As Chrysler morphs into a new company and as General Motors moves ahead with its bankruptcy process, injured plaintiffs are getting left behind.
These are hard times for car dealers. Across the nation, General Motors and Chrysler dealerships are pulling down their big roadside signs and closing their doors.
General Motors has been pretty active in its first two weeks as a bankrupt company.
General Motors took a big step toward its reinvention as the "New G.M." today when it opened what it calls the largest automotive battery laboratory in the United States, a move the struggling company believes will hasten the development of electric vehicles.
The role of the United Auto Workers used to be a simple one: adversary to the Detroit Three, fighting in recent decades to keep jobs in the U.S. and maintain the great wages and benefits that helped create a blue-collar middle class that stretched from Indiana to Michigan.
Stocks struggled Friday at the end of another up week for Wall Street as investors welcomed a report showing that the pace of job losses is starting to slow, but showed caution after the market's recent advance.
With car companies going in into bankruptcy and shedding famous names left and right, it's important to remember that today's automotive titans started out as tiny startups, not unlike Silicon Valley entrepreneurs.
Bankrupt automaker General Motors Corp. announced Friday that it will sell its Saturn unit to car dealership operator Penske Automotive Group.
The last thing the battered U.S. labor market needs are the current problems at GM and Chrysler.
General Motors has been the largest automaker in terms of U.S. sales for 78 years. Whether it runs that streak to 79 is an open question.
After announcing it will cut thousands of its car dealers, General Motors is asking its remaining retailers to sign more demanding contracts in what one auto dealer group calls "a gun-to-the-head" scenario.
Ever since it filed for bankruptcy protection on the morning of June 1, General Motors has been energetically trying to get the word out that the new GM will be a much better company than the old GM. Executives have been interviewed on radio, appeared on television, and held endless rounds of conference calls with securities analysts and the media. The message, according to CFO Ray Young: "We will fix GM once and for all."
By the time General Motors filed for bankruptcy protection Monday, few in the auto industry doubted that's where the troubled automaker belonged. Whether GM's plan for a quick trip through bankruptcy will be enough to turn around the company is still up for debate.
General Motors Corp. has struck a deal to sell its Hummer truck unit to a Chinese industrial business, the two companies confirmed Tuesday.
The General Motors bankruptcy is the fourth-largest in history. It is also one of the most complex.
Despite unprecedented turmoil in the auto industry General Motors, Chrysler LLC and Ford Motors all reported auto sales that, while still anemic, were much better than expected.
General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable that became inevitable after years of losses and market share declines capped by a dramatic plunge in sales in recent months.
Now that General Motors has filed for Chapter 11 bankruptcy protection, car shoppers might figure they're about to get screaming deals on GM cars and trucks.
Stocks rallied Monday, sending the Dow Jones industrial average near the breakeven point for the year, as better-than-expected readings on manufacturing activity raised hopes that a global economic recovery is brewing.
General Motors unveiled plans to close 14 plants and three warehouses Monday in a move that could ultimately slash up to 20,000 workers from its payrolls, as the company undergoes an historic bankruptcy restructuring.
Oil prices rose Monday after global stock markets rallied and the dollar and Treasurys fell, following General Motors Corp.'s bankruptcy filing.
It finally happened. General Motors has filed for bankruptcy. And like most other bits of bad news that have taken place in the past few weeks, investors didn't even blink.
With General Motors' Chapter 11 filing, Ford Motor stands alone among Detroit's Big Three in dodging a shareholder-crushing government bailout. If the car market continues to slide, that may be a short-lived accolade. If not, it's a testament to the carmaker's hard work, smart financial planning and competent management.
General Motors idled its Spring Hill, Tennessee, facility as part of its bankruptcy plan Monday, leaving hundreds of employees -- and thousands of residents who rely on the plant's economic thrust -- in limbo.
The future of thousands of car industry jobs in Europe remained uncertain Monday as General Motors filed for bankruptcy after reaching a deal to sell off its European operations, including German automaker Opel, UK-based Vauxhall and Saab.
The screams produced by the Chrysler bankruptcy are nothing compared with the howling that will accompany General Motors' bankruptcy filing as various creditors claim that the case is going too fast and their rights are being trampled.
U.S. stocks were poised to soar at the start of trading Monday after General Motors filed for bankruptcy and a bankruptcy court judge ruled in favor of Chrysler's asset sale.
Chrysler and GM employees are on the edge of their seats, waiting to find out what will be left standing after the dust settles. Meanwhile, a vast network of companies outside Detroit are bracing for impact.
With General Motors having filed for bankruptcy, the question arises: What will the bankrupt company look like and how will it be different?
General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday.
General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday.
A Canadian auto parts supplier has come to the rescue of German carmaker Opel, negotiating a deal with the German government that will save the company from insolvency.
Talks on the future of German carmaker Opel failed to reach a resolution despite stretching into the early hours of Thursday, officials said.
There was a time, not very long ago, when getting a job on the production line at a big automaker meant an instant ticket to the American dream, even for someone with little formal education. Not anymore.
Once the bankruptcy process at General Motors plays itself out, what will the company be worth?
Germany has agreed to a deal allowing Canadian car parts maker Magna International to take over Opel, news reports said early Saturday.
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