General Motors

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GM Doles Out Biggest Profit-Sharing Checks Ever

The company's 45K hourly workers to get around $4K each

(Newser) - General Motors will hand out profit-sharing checks totaling $189 million this year, or more than $4,000 per worker, the company announced today. That more than doubles the automaker’s previous record of $1,775, set in 2000, according to the New York Times . The payout will be less than...

GM Shares Jump 8% in Wall Street Return

Shares trading for $35.80

(Newser) - And, they're off! General Motors stock jumped from the initial IPO price of $33 per share to $35.80 after GM Chief Executive Dan Akerson rang the opening bell this morning, returning the icon of American manufacturing to life as a publicly traded company. The Dow Jones industrial average rose...

GM Prices Stock at $33 Ahead of IPO
GM Prices Stock at $33
Ahead of IPO
Nov 17, 2010 4:44 PM CST

GM Prices Stock at $33 Ahead of IPO

Historic offering will get government some money back

(Newser) - General Motors says its common stock will sell for $33 per share when its initial public offering takes place tomorrow. The IPO, one of the largest in history, brings the US government closer to getting back part of the $50 billion it gave GM last year. The government will sell...

Chevy Volt Will Make US Ethanol Fiasco Look Tame
Chevy Volt Will Make US Ethanol Fiasco Look Tame
george will
Nov 13, 2010 5:16 PM CST

Chevy Volt Will Make US Ethanol Fiasco Look Tame

George Will: Government should stay out of the auto business

(Newser) - Safe bet, you won't catch George Will driving one of GM's new Volts. He lays out everything he hates about the car, including that it's not quite the electric vehicle originally promised and that the government realizes people must be "bribed" with $7,500 subsidies to buy the $41,...

GM Earns $2B in Q3
 GM Earns $2B in Q3 
Nov 10, 2010 10:33 AM CST

GM Earns $2B in Q3

Biggest quarterly profit in more than a decade

(Newser) - General Motors has reported a $2 billion third-quarter profit, its biggest quarterly report in 11 years. The figure shows that GM doesn’t need to sell big to earn big anymore, writes Nick Bunkley in the New York Times . A week before its initial public offering—which will reduce the...

GM Doesn't Have to Pay Taxes

Little-noticed ruling costs government $45.4 billion

(Newser) - General Motors won’t be government-owned for much longer, but it’s getting a parting gift from Uncle Sam: a $45.4 billion tax exemption that could leave it tax-free for years. GM will be able to shield its future profits using past losses using so-called “tax-loss carry-forwards,”...

The Chevy Volt's Dirty Secret
 The Chevy Volt's 
 Dirty Secret 
OPINION
Oct 20, 2010 1:50 PM CDT

The Chevy Volt's Dirty Secret

Who says electricity is clean?

(Newser) - The Chevy Volt has a secret: It’s not run solely on electricity, it has a gas engine that, under some circumstances, directly moves the wheels. “I know. When I heard this, I ran about the house shrieking, ‘Well, then, the Volt is not an ‘extended-range’ EV...

China's SAIC Eyes Big Stake in GM

Move could pose dilemma for Treasury

(Newser) - China’s SAIC Motor Corp. is considering making a big grab for GM shares when the government sells off its stake in the company, creating a potential political dilemma for the Treasury, the Wall Street Journal reports. GM is set to go public again in November, and the government, which...

GM Files for Public Stock Offering

Company begins process of cutting ties to government

(Newser) - General Motors today filed the first batch of paperwork required by regulators to sell stock to the public, a step that brings the automaker closer to its goal of shedding government ownership. The 700-page registration form, filed with the SEC, begins a process that will lead to an initial public...

Disaster Awaits Chevy Volt
 Disaster Awaits Chevy Volt  
opinion
Jul 30, 2010 12:55 PM CDT

Disaster Awaits Chevy Volt

Nothing about this car makes sense

(Newser) - Like Rush Limbaugh , auto industry observer Edward Niedermeyer can't think of too many reasons to plunk down $41,000 on a Chevy Volt. Among his complaints: It's too expensive, it has the interior room of a cheap economy car, the business model is lousy—GM could have sold it...

GM to Sell Chevy Volt for $41K
 GM to Sell Chevy Volt for $41K 
Jul 27, 2010 2:03 PM CDT

GM to Sell Chevy Volt for $41K

Electric car priced close to manufacturing costs

(Newser) - GM will sell its flagship electric car, the Chevy Volt, for $41,000, the Detroit News reports. GM executives announced the price, along with a 3-year, $350-per-month lease deal, at the Plug-In 2010 conference in California today. Buyers can get an additional $7,500 off the sticker price through a...

GM Now Sells More Cars in China Than US

Sales jumped nearly 50% in the first half of the year

(Newser) - The financial fortunes of GM are getting an unexpected bump from China, the New York Times reports. Sales in the first half of the year jumped nearly 50%, resulting in a company milestone: For the first time, more cars were sold in China than in America. And while the company...

US Vehicles Edge Out Imports in Quality

Ford highest-ranked carmaker overall, Toyota falls

(Newser) - American automakers scored higher marks on quality than their foreign rivals for the first time since the JD Power survey began in 1986, the Detroit Free Press reports. A dozen Ford models ranked in the top three in their segments, making it the highest-ranked automaker overall. Ford's namesake brand ranked...

GM: Stop Calling Them 'Chevys'
 GM: Stop Calling Them 'Chevys' 
Jun 10, 2010 12:15 PM CDT

GM: Stop Calling Them 'Chevys'

Car giant tries to improve 'branding' by killing nickname

(Newser) - You can see the USA in your Chevrolet, but GM would rather if you stopped driving your “Chevy” to the levee or anywhere else. The company has sent out a memo to all its employees urging them to banish the ubiquitous nickname from their vocabularies. “We’d ask...

GM Recalls 1.5 Million Cars After Reports of Fire

At least 5 vehicles caught fire thanks to washer fluid

(Newser) - General Motors is recalling 1.5 million vehicles in the wake of reports that at least five have caught on fire thanks to a problem with their heated windshield washer system. The recall covers vehicles made from 2006 to 2009 across a host of lines, including Buick, Cadillac, Chevy, and...

GM Reports Profit, Thanks to Cost Cuts, New Models

Consider this your shareholder statement, taxpayers

(Newser) - General Motors rode cost cuts and strong sales of new models to its first quarterly profit in nearly three years, it said in its earnings report today. The Detroit automaker says it earned $865 million from January through March, a strong sign GM has reversed course from staggering losses that...

Bailout Tab Plummets; Companies Quick to Repay

Expected costs down from $250B to $89B in past year

(Newser) - The financial bailout is looking a lot less expensive these days: At a projected $250 billion just a year ago, the expected federal bailout tab is now down to $89 billion—less than the government paid for the savings-and-loan crisis 20 years ago. The falling bailout costs come thanks to...

Electric Car Hardly Electrifying
 Electric Car 
 Hardly Electrifying 
chevy volt TEST DRIVE
Mar 30, 2010 2:00 PM CDT

Electric Car Hardly Electrifying

'Unremarkable' Chevrolet Volt as much publicity stunt as vehicle

(Newser) - The Chevy Volt is “the quintessential halo product," a loss leader intended to associate GM with innovation. With the pressure to make money off, the plug-in electric car's designers had the chance to create a vehicle that would make people "coo and stare," Cliff Kuang writes....

GM to Restore About 600 Dealerships

Half of those that appealed will be allowed to stay open

(Newser) - About 600 GM dealerships are getting a second life. Of the 1,160 dealers who appealed orders to shut down as part of bankruptcy proceedings, approximately half will be allowed to stay open. But one dealer tells the Detroit News that it's no cause for celebration until the conditions are...

GM Recalling 1.3M Compacts for Power-Steering Fix

Steering failures affect Chevrolet Cobalts, Pontiac G5s

(Newser) - General Motors is recalling 1.3 million compact vehicles sold in the US, Canada, and Mexico, to correct a power steering problem. The automaker says the problem, which affects 2005 to 2010 Chevrolet Cobalts and 2007 to 2010 Pontiac G5s, causes occasional power steering failures. GM says the cars are...

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