US: General Motors Q3 net loss $2.5bn; liquidity a worry
GM has reported a net loss of $2.5 billion or $4.45 per share for the third quarter, including special items. That compares with a net loss from continuing operations of $42.5 billion or $75.12 per share in the third quarter of 2007, which included a non-cash charge of $38.3 billion to establish a valuation allowance against some of the company's net deferred tax assets.
GM Stocks On Hold As We All Wait For An Announcement [General Motors]
General Motors has halted trading in advance of the big third-quarter announcement we've been waiting for. This isn't catastrophic news, but it underlines the fact that the announcement (which was supposed to made a few minutes ago) is going to be bad. Really bad. It's raining in Detroit right now and CNBC's Phil LeBeau is sitting on the phone waiting for his producer to give him the numbers so that he can report them to the world. It's a rather ...
General Motors, Driven to the Brink
G.M., like other American automakers, tied its fortunes to the S.U.V., a product line that may be the industry?s undoing.
General Motors holds sustainable biofuels workshop in Beijing
Filed under: Biodiesel, Ethanol, GM, ChinaChina is already the third largest producer of ethanol in the world behind Brazil and the US. However, General Motors wants to make the industry sustainable just as it is trying to do here in the U.S. with its investments in Coskata and Mascoma. To that end, the company held a workshop on sustainable non-food biofuels for media in Beijing China this week. GM is working with the China Automotive Energy Res...
Report: GM Considering Absorbing Chrysler, Eliminating Brands [General Motors]
The Detroit News is reporting that GM is considering absorbing Chrysler under a takeover deal, then phasing the automaker out of existence. Similar to the Chrysler takeover of AMC in 1987, GM would eliminate overlapping models, integrate its own parts and engineering into the remainder and likely dump the Chrysler and Dodge brands. Analysts predict that GM would keep the Jeep brand as well as Chrysler's minivan models, adding them to its own prod...
What's Bad for General Motors is Bad for Chrysler ... And Vice Versa
DETROIT - Walter P. Chrysler left General Motors as head of the Buick Division 88 years ago. He cashed out his GM stock and four years later, started his own automaker. Eighty-four years later, his company's latest owner,...
Pension Board Blinks As GM Seeks $500 Million For RenCen Refinance [General Motors]
Though no formal up or down vote has been called, General Motors may be out of luck getting the $500 million in local refinancing for its Renaissance Center world headquarters we reported on Tuesday. The Detroit News now says members of Detroit's city pension board and Police & Firefighter's Fund board think GM's refi request is too much money for the funds to support given the current global auto market. Talk about a vote of no confidence in one...
HUNGARY: General Motors engine unit slows output
General Motors' Hungarian unit will suspend engine production for an unspecified period this month. The news follows confirmation on Tuesday that GM Europe German unit Opel would cut production in the rest of this year by 40,000 cars.
General Motors? New Plant Will Build Smaller, Fuel-Sipping Engines
General Motors said Thursday that it would invest $370 million in a plant to build its most fuel-efficient engines ever.