**GM preparing for bankruptcy**

[R-Design]

Originally Posted by Outback

Ford should be going well after they accepted the first Government loan back in June 2009.

http://www.thenewamerican.com/index....inmenu-45/1290

I liked this comment under the article:

Originally Posted by Robert Coleman

Mr
This program was available in 2008 to ALL US Manufacturers. Currently 21 companies have participated(met the criteria). None of the big 3 at the time were capable of applying based on the requirements of the feds. So now that FoMoCo has become leaner and greener and now qualify you are condemning that and comparing them to GM and Chrysler? How biased and incompetent is the reporter who wrote this article only reporting edited versions of the whole story. I bet you agree 100% with Michael Moore's version of the state of our healthcare vs Cuba in "Sicko". Come on, give us all a break and do your job!

[vztrt]

Originally Posted by Outback

Ford should be going well after they accepted the first Government loan back in June 2009.

http://www.thenewamerican.com/index....inmenu-45/1290

Ford are gonna use the money for R&D...something GM has been cutting back on seeing as they had no money..GM/Chryslers loans were there to bail their butt out of poor management of their company.

[vztrt]

http://theage.drive.com.au/motor-new...0303-phld.html

Another Holden boss departs
ANDREW HEASLEY
March 3, 2010 - 2:27PM

Alan Batey becomes fourth MD in three years to exit Holden for another position.

Holden has lost its fourth managing director and chairman in three years, with no one announced as a successor, leaving the company virtually rudderless in uncertain times.

Englishman Alan Batey served just six months in the hot seat since his appointment in September last year, now poached by GM in Detroit to be Chevrolet's vice president of sales and service.

''This comes as a shock, not just to you but to me,'' Mr Batey said. ''It's happened very, very quickly.''

As recently as December, a Holden spokesman told Fairfax that rumours Mr Batey would soon leave the Australian car maker were ''completely and utterly false''.

Mr Batey was in Brazil last week scoping new products when he received the call that there was a position waiting for him in the US.

''I leave Holden at a time when clearly our fortunes are turning for the better, we have a great plan in place to return to profitability,'' he said.

Mr Batey said Holden's chief financial officer, Mark Bernhard, ''supported by Holden's senior leadership team, will ensure continuity and the seamless execution of the company's strategic plan until a replacement is named''.

A replacement was expected to be named ''very quickly...I think it will happen within the next month'', Mr Batey said.

The top job at Holden has proved to be a short term proposition of recent times.

Mr Batey was appointed after his predecessor, Mark Reuss, returned to the US to take up senior positions in the midst of GM's financial meltdown last year after just 18 months in Holden's top job.

Mr Reuss replaced Chris Gubbey, who stayed just seven months in the top job, before taking up a position in GM Russia.

Mr Gubbey succeeded Denny Mooney, who returned to GM in the US in August 2007, before retiring last year.

Mr Batey will report to his old boss, Mr Reuss, who is now GM's North America president, raising export hopes for locally made Commodores to be sold in the US as Chevrolets, after the Pontiac brand was axed to make way for the ''new GM'' post-bankruptcy.

''If there's opportunities for Holden product that can enhance our portfolio and help us sell more cars, we'll obviously look at it seriously,'' Mr Batey said.

At Holden before being elevated to the top position, Mr Batey was executive director of sales and marketing. He masterminded the tactic of ''ambush marketing'' by arranging a giant airship with a video screen on its flanks — unofficially dubbed the ''Holdenberg'' — to fly over major sporting events to promote the then new VE Commodore, upsetting events' official sponsors.

With so many ex-Holden chief taking up senior positions in the GM empire, speculation is rife the outgoing Mitsubishi Australia chairman and chief executive Rob McEniry, might be heading back to GM, too.

Mr McEniry, who served at GM for decades, announced last month he would leave Mitsubishi at the end of March ''to pursue other business interests''. Are those ''interests'' at GM?

''Mr McEniry is leaving and going on to another thing, but assures us that it's not at GM,'' a spokeswoman for Mitsubishi Australia said. ''He hasn't been approached.''

[vztrt]

Another Holden chief leaves

http://www.goauto.com.au/mellor/mell...2576DB0004CA47

New GM Holden boss yet to be named as Alan Batey departs for Chevrolet in the US

3 March 2010

By MARTON PETTENDY

GM HOLDEN has announced the departure of chairman and managing director Alan Batey just four days after a change of hands at the top of Mitsubishi’s Australian operations was made public.

Mr Batey, who has been appointed as Chevrolet’s US vice-president of sales and service – effective immediately – will be the third Holden executive to head to GM’s Detroit head office in a little over six months.

He follows his predecessor Mark Reuss, who was named as GM’s most senior product engineer last July before quickly becoming president of GM North America, and Holden’s former executive director of corporate affairs, Jason Laird, who was named executive director of GM North American product and brand communications in January.

No direct replacement has been announced for Mr Batey.

Holden said its chief financial officer, Mark Bernhard, will be supported by the company’s senior leadership team to “ensure continuity and the seamless execution of the company’s strategic plan until a replacement is named”.

The replacement for Mr Batey, who will also relinquish his role as president of the Federal Chamber of Automotive Industries, will be Holden’s fifth chief executive since August 2007, when Chris Gubbey replaced Denny Mooney – the longest serving GM Holden boss since Peter Hanenberger.

Mr Gubbey held the top Holden post for just six months before passing the baton in February 2008 to Mr Reuss, who is now assembling GM’s new US sales and marketing team, in which Mr Batey will play a key role at Chevrolet.

Mr Reuss was a central figure in the development of a Holden Statesman-based North American police vehicle, which will form the basis of a renewed export program to the US and is likely to be followed by an even more lucrative civilian version, following the axing of Holden’s G8 export deal when GM killed the Pontiac brand in 2009.

As Chevrolet’s US sales chief, Mr Batey would oversee such a project.

“After an exceptionally difficult year last year, Holden today stands on the threshold of great things – we’ve got a robust plan in place to return to profitability, we’ve got some great product on the ground and on the way and our team is focused on growing volume and share,” Mr Batey said today.

Holden chairman and managing director since September 2009, Mr Batey was previously executive director of sales, marketing and aftersales – a position for which he joined Holden in January 2006, following a GM career dating back to 1979, when he joined Vauxhall Motors in the UK as an apprentice mechanic.

Prior to becoming a Holden board member, Mr Batey was vice-president of commercial operations (sales, marketing and aftersales) for GM Daewoo, a position he assumed in 2002 when the new business was formed.

“There are few companies in the world as special as Holden,” Mr Batey said. “It’s a company with a passionate, highly skilled team that punches far above its weight on the global automotive stage. It’s a company with a fantastic history and a brilliant future.”

In a letter addressed to Holden staff, Mr Batey added: “I want you to know that this assignment was not a part of the plan when I took over as chairman and managing director of Holden in September 2009.

“I will be part of a new team led by Mark Reuss to win back sales and share in the critical North American market, which ultimately lays the foundations for a strong and sustainable company around the world.

“I will always be proud to have been a part of this iconic Australian brand,” said Mr Batey.

[phillyc]

Originally Posted by vztrt

Another Holden chief leaves

http://www.goauto.com.au/mellor/mell...2576DB0004CA47

“After an exceptionally difficult year last year, Holden today stands on the threshold of great things – we’ve got a robust plan in place to return to profitability, we’ve got some great product on the ground and on the way and our team is focused on growing volume and share,” Mr Batey said today.

So, GMHolden aren't profitable after all. GMHolden were suggesting they could be a few months back.

In contrast, Ford Australia confirmed they are already making money again.

[Bossxr8]

Originally Posted by Outback

Just remember which manufacture was the first to accept Government money.

They didn't take bailout money or go bankrupt, so try again troll. :

[cosmo20btt]

Originally Posted by Outback

Ford should be going well after they accepted the first Government loan back in June 2009.

http://www.thenewamerican.com/index....inmenu-45/1290

As others stated, it is not a bailout, it was a loan that was available for any US car manufacturer, regardless if Ford were bankrupt then a 5.6Billion dollar loan was never going to bail them out, as compared to GM which was in the vicinity of 60 Billion dollars. Good that you can always find the bad in anything blue oval.

[ebxr8240]

Slightly off subject..
I know a guy in Chicago who owned a Pontiac dealership..
Two years ago he was offered $6m+ for his business from G.M...
His business is worth NOTHING now.. Hardly able to keep his house...
Things are VERY VERY tough over there...

[naddis01]

Phil, do you have a link saying Ford Australia are making a profit? I thought it was Ford US.

[vztrt]

http://www.autoblog.com/2010/03/03/b...tire-gm-again/

BREAKING: Lutz to retire from GM... again

by Steven J. Ewing (RSS feed) on Mar 3rd 2010 at 1:51PM

It's the end of an era, folks. There are reports this afternoon all over the internet that General Motors' Vice Chairman, "Maximum" Bob Lutz, will officially retire on May 1. Those keeping track will remember that Lutz initially announced his retirement back in February of 2009, but then later chose to remain with GM, heading the marketing and communications teams.

The 78-year-old Lutz has been credited for rejuvenating GM's product development, and has been the company's most outspoken champion of the all-important Chevy Volt. In recent months, as the pay scales for the company's top 25 executives were being reviewed by the U.S. Treasury Department, Lutz commented to The Detroit News that most executives were "way, way, way" underpaid, so it's possible that this could be a key factor in his decision to leave GM. However, we can only speculate at this moment since neither GM nor Lutz has released an official statement yet. As the ongoing executive shuffle at GM continues to work itself out, we won't be surprised if official word comes in the very near future.

[vztrt]

GM’s Lutz to retire – finally

http://www.goauto.com.au/mellor/mell...2576DC000208C3

Job done at GM, Bob Lutz set to drive off into the sunset in belated retirement

4 March 2010

By RON HAMMERTON

BOB LUTZ, the Swiss-born former US Marine pilot and 47-year veteran of the motor industry who postponed his retirement last year to help guide General Motors out of bankruptcy, is finally set to hand back the keys to GM’s product development operations.

Coincidentally, GM vice-chairman Mr Lutz, a youthful 78, was back in Switzerland for the Geneva motor show last night when GM announced he would retire on May 1, ending a career that took him full circle through four motor companies – GM, Ford, BMW, Chrysler and back to GM – with a side excursion to battery-maker Exide.

On the way, he became a champion of Australia’s GM Holden, lauding its rear-drive cars and promoting Holden export programs to North America for products such as the Pontiac GTO (Monaro) and Pontiac G8 (Commodore).

He visited Australia several times in his position as GM’s product development leader, once telling Holden dealers that his love affair with the Australian product started when he borrowed a Holden-made Chevrolet Caprice SS (a Middle Eastern export model based on the Holden Caprice) that was under evaluation by engineers in Detroit.

He said the sealer in his enthusiasm for the Holden-made rear-driver came when his wife wanted to keep the car for another week after he took it home for a weekend.

With GM now making headway under chairman Ed Whitacre, former Holden chairman and managing director Mark Reuss and a newly reorganised sales and marketing team in the US, the time is right for Mr Lutz to belatedly head into retirement to play with his private collection of planes, classic cars and motorcycles.

Robert Lutz was born in Zurich, Switzerland, in 1932, the son of a bank director. The family left Europe on the eve of World War 2, when he was seven.

He joined the US Marine Corps as a pilot in 1954, and while he quit full-time service in 1959, he remained an officer in the reserves until 1965. In fact, he has continued flying ever since, most recently in his own jet, a Czech-made Aero Vodochody L-39 fighter trainer.

After graduating from the University of California Berkley with a degree in production management in 1961, followed by an MBA in 1962, Mr Lutz started his motor industry career with GM Europe in 1963.

He switched to BMW in 1971 as executive vice-president of sales, apparently helping to develop one of BMW greatest success stories, the 3 Series.

In 1974, he was picked up by Ford, rising to become chairman of Ford of Europe in the early 1980s, driving the development of the Sierra. His career at Ford took him back to the US where he was put in charge of international operations and then truck operations, with the rank of vice-president, with the Explorer on his list of credits.

In the mid 1980s, he joined the dysfunctional Chrysler in his familiar role as product development executive, overseeing the development of exciting cars such as the Dodge Viper, Plymouth Prowler and Chrysler LH – cars that put sizzle back into Chrysler.

He was promoted by Chrysler to president and then vice-chairman, before making a switch of career, joining Exide Technologies as CEO. His efforts to save the company failed, and Exide filed for chapter 11 bankruptcy in 2002.

Never one to give up, Mr Lutz returned to his old stamping ground at GM, as the head of product development.

Just as he was about to ride off into the sunset in retirement last year, the global financial crisis intervened, bringing GM to the point of collapse. Then GM president Fritz Henderson asked Mr Lutz to stay on to re-shape the GM product line-up in the wake of the culling of Pontiac, Saturn and other brands, appointing him vice-chairman.

An advocate of alternative-fuel vehicles, Mr Lutz is an unapologetic greenhouse skeptic, famously describing global warming as a “crock of ********”. Instead, he says, his support for vehicles such as GM’s plug-in Volt is driven by the need for the US to be energy self-sufficient.

Announcing the new plan to retire, Mr Whitacre said Mr Lutz’s influence on GM’s commitment to design, build and sell the world’s best vehicles would last for years.

“I, along with many other men and women in GM and throughout the industry, have greatly benefited from his passion, wisdom and guidance,” he said.

Mr Lutz said he decided to retire now in part because his job was done, with GM products now strong and selling well.

“I can confidently say that the job I came here to do more than nine years ago is now complete – the team I have been fortunate to lead has far exceeded my expectations,” he said.

“Our product lineup is as strong as it has been in GM’s history. The perception of our products and brands is beginning to catch up with reality.

“And most importantly, the absolute commitment to being a product-driven company is ingrained throughout the organisation – from the top down – and I am confident that, under Ed Whitacre’s leadership, the straightforward, singular focus on product will endure.”

[Burnout]

Bloke was an achiever, just looking at the list of vehicle he influenced at BMW, Ford, Chrysler. You have to give him big brownie points for his work.

[phillyc]

Originally Posted by naddis01

Phil, do you have a link saying Ford Australia are making a profit? I thought it was Ford US.

http://www.carpoint.com.au/news/2010...-for-now-17922

Despite the low figures, Ford's recently appointed Asia Pacific boss Joe Hinrichs, who has a manufacturing background, says Ford Australia's output of 55,000 cars a year is sustainable and pointed out that Ford Australia turned a profit in the last quarter of 2009.

And yes, Ford US made a profit in 2009. A very nice $2.7B USD

http://www.freep.com/article/2010012...profit-in-2009

Ford said today it earned a profit of $2.7 billion, a stunning improvement over its historic, $14.7-billion loss in 2008, especially for a year that saw industry sales drop to their lowest level since 1982.

Ford’s year-end results were helped by a $4.7-billion one-time gain the company booked in the second quarter after it refinanced a portion of its debt. For the year, Ford netted $2.6 billion from special items including the gain from the debt refinancing and other charges.

But even without special one-time items, Ford reported a pretax operating income of $454 million compared with a loss of $6.8 billion in 2008.

Now, back to the dire financial situation at GM & GMHolden.

[vztrt]

http://www.autoblog.com/2010/03/04/g...onth-of-march/

GM offering 0% financing for month of March

by Steven J. Ewing (RSS feed) on Mar 4th 2010 at 6:29PM

General Motors just posted a 12-percent sales increase for the month of February, and now the automaker is hoping to continue its strong sales trend by offering 0 percent financing for 60 months on sales that occur during the month of March. Curiously, this announcement comes just a few days after Toyota started its own 0 percent campaign. GM's vice president for U.S. marketing, Susan Docherty, argues that the Toyota incentives had nothing to do with The General's decision to offer similar financing options, saying, "We're going headstrong into truck month for both Chevrolet and GMC, which is a traditional play that we have normally done during March."

GM's program will cover roughly 55 percent of all 2010 models on sale. What's more, the company is also offering 0 percent financing for 72 months on its remaining 2009 model inventory, covering about 97 percent of what's left on dealer lots.

We'll be interested to see if these incentives help boost sales for both Toyota and GM throughout the next month. We're also wondering if any other manufacturers (ahem, Ford) will follow suit.

[Source: Automotive News, sub. req.| Image: David McNew/Getty]

[dom_105]

Tax dollars at work.

[vztrt]

http://www.autoblog.com/2010/03/09/t...gm-incentives/

Toyota dealer group peeved over tax dollar use for GM incentives targeted at Toyota owners

by Steven J. Ewing (RSS feed) on Mar 9th 2010 at 7:24PM

Recently, General Motors has been offering special buying incentives specifically tailored to steer people away from Toyota and Lexus dealerships, and even get current Toyota owners out of their cars. And while most people look at this as just a clever marketing technique to promote other automakers in the wake of Toyota's recall wound, a group of dealers are none too happy about the marketing campaign. What's more, because the U.S. government currently owns a 60 percent stake in GM, Toyota dealers have made accusations that American taxpayer dollars are being used to fund these incentives.

The Toyota National Dealer Council, which represents approximately 1,250 Toyota dealers across the United States, claims that using taxpayer dollars for this purpose is "reckless, unfair and detrimental to the entire auto industry." And while we believe it's a potentially rational argument for the TNDC to make, we must remember that no specific evidence has been presented to completely prove their point. GM may be mostly owned by the U.S. government, but it's still an autonomous company, and no one can say for sure if its marketing decisions are, in any way, influenced by the officials in Washington, D.C. Hit the jump to read the entire TNDC press release.

[Source: Toyota National Dealer Council | Image: Ronaldo Schemidt/AFP/Getty Images]

[vztrt]

http://www.autoblog.com/2010/03/12/w...g-stake-in-gm/

WSJ speculates about Renault-Nissan taking stake in GM

by Jeremy Korzeniewski (RSS feed) on Mar 12th 2010 at 7:01PM

Rumors that Renault-Nissan may be interested in taking on a third head have popped once again, with the would-be merger candidate this time being General Motors. Huh, sounds familiar, doesn't it? In actuality, The Wall Street Journal is really just speculating on the possible effects of such a deal, and it's done so with all kinds of number crunching and colorful pie charts.

The lone quote from Renault-Nissan head Carlos Ghosn that seems to have sparked the article: "The name of the game is scale and co-investments and sharing technologies." That's a common thread from Ghosn and most recently stated at the Geneva Motor Show earlier this month.

After reading through the article, it seems possible that such a merger could make sound business sense for the Franco-Japanese automaker for a couple of reasons. First is Ghosn's seemingly insatiable appetite for large-scale synergies. Second, the two automaker's sales footprints appear to be rather complimentary. Finally, Renault-Nissan has enough cash reserves and holdings on hand that it could afford to purchase a 10-percent stake in the American automaker when it hopefully goes public again in early 2011.

So, does any of this have an actual chance of happening? We have absolutely no idea, but that hardly seems to matter – we're always up for a little speculation when it comes to our favorite topic of conversation. As always, questions, comments and snide remarks can be left in "Comments." What say you? Does Renault-Nissan-General Motors have a nice ring to it?

[Source: The Wall Street Journal | Image: Raveendran/AFP/Getty]

[vztrt]

http://www.autoblog.com/2010/03/16/c...m-dealerships/

Cadillac stores make up bulk of reinstated GM dealerships

by Chris Shunk (RSS feed) on Mar 16th 2010 at 6:01PM

When General Motors entered bankruptcy last spring, the automaker announced the closure of 1,350 dealers and another 650 dealerships that had more than one brand. Recently, The General announced that it planned to reinstate 661 dealers of the 1,161 that applied for a stay of execution, though GM was short on details surrounding why those dealers were chosen. Many of those dealers never actually left the GM dealer group when the automaker gave dealers until October, 2010 to wind down their stores.

A report from Automotive News quotes multiple sources who say that a large percentage of reinstated dealers carried the Cadillac brand. While GM hasn't publicly announced any brand breakdowns of which dealerships were reinstated, 55 of the 75 dealers AN spoke to that were given a new lease on life were of the Wreath and Crest variety.

When GM sent out notices to dealers around the country informing owners that their dealerships were being phased out, a large portion of those stores were reportedly rural Cadillac outlets. AN reports that The General was looking to decrease the dealer footprint of Cadillac from 1,422 U.S. stores to closer to 500. The idea was to more closely mimic the urban-centric model used by Lexus and BMW; a plan that AN says GM has now ditched.

Still, GM reportedly earmarked 922 Cadillac stores for closure. Even if the majority of reinstated stores sell Cadillacs, we're thinking The General has still managed to significantly shrink the retail footprint of its luxury marquee.

[Source: Automotive News - Sub. Req. | Image: Mark Wilson/Getty Images]

[vztrt]

http://www.caradvice.com.au/64346/hu...ff-road-brand/

Hummer officially shuttered as GM receive no viable bids for off-road brand

April 8, 2010 by Matt Brogan

It’s official: General Motors has today announced it will shutter its Hummer brand following the collapse of sales talks with China’s Sichuan Tengzhong Heavy Industrial Machinery.

GM’s Director of Network Support, Jim Bunnell made the announcement to the brand’s 153 US dealers today, saying that although GM is still open to other offers for its premium off-road division, it has yet to receive any viable bids.

Hummer, which has been up for sale since 2007, is the third brand closure for GM in recent times with Saturn and Pontiac also going the way of the dodo.

GM also sold its Swedish premium vehicle manufacturer Saab to Dutch-based Spyker Cars earlier this year.

General Motors will offer zero per cent finance over 72 months to US customers wishing to buy one of the 2200 remaining Hummers in inventory. It will also offer a $4000 discount on all 2010 plated models, $5000 on 2009 plated H3T models and $6000 on 2009 built H2 and H3 models.

Hummer’s CEO, Jim Taylor will retire, effective immediately.

CarAdvice has approached Holden Australia, the local representative for Hummer, for comment on what the end of the brand means for local dealers and existing customers. We will update this post as soon as we know more.

[vztrt]

http://www.autoblog.com/2010/04/10/b...eer-nears-end/

Bob Lutz waxes nostalgic as career nears end

by Zach Bowman (RSS feed) on Apr 10th 2010 at 6:08PM

General Motors Vice Chairman Bob Lutz is likely counting down the days until the end of this month. Come May 1, 2010, Maximum Bob will retire from his post in Detroit, supposedly for good. The guy has around twelve lifetimes of experience charting the waters of the auto industry, and as such, has a thing or two to say about his time with both The General and Chrysler, as well as some of his juicier quotes from the past. AOL Autos correspondent Kevin Ransom recently sat down with Lutz for a quick interview.

While no one will be shocked to hear that Lutz is most proud of his work on the Chevrolet Volt, the guy did offer a few insights into the workings of one of the world's biggest car manufacturers. Some of the suits at GM were against bringing the extended-range plug-in to market, and not just because of the company's experience with the EV-1.

In the interview, Lutz says that GM was previously committed to fuel cells as a solution to everyone's fossil-fuel woes, and the company was dumping plenty of cash on R&D in that direction before he managed to steer the Volt into the limelight.

And what about climate change? Lutz famously voiced his disbelief in the theory that CO² emissions from vehicles contribute to global warming. When Ransom asked if he had changed his opinion, the soon-to-be-retired Lutz simply stated that he's not the only skeptic out there. We'll miss you, Bob.

[Source: AOL Autos]

[bobthebilda]

Does this link, provided by PhillyC before

http://www.carpoint.com.au/news/2010...-for-now-17922

Indicate that Falcon Ute will cease in 2012. Its big call to say they are planning to wipe out out 12000 of its 55000 annual production (especially if the territory and falcon sales dont pick up by then)

[Fordman1]

Originally Posted by bobthebilda

Does this link, provided by PhillyC before

http://www.carpoint.com.au/news/2010...-for-now-17922

Indicate that Falcon Ute will cease in 2012. Its big call to say they are planning to wipe out out 12000 of its 55000 annual production (especially if the territory and falcon sales dont pick up by then)

What the ???

This is about GM Bankruptcy... if you want to, start your own thread with your own agenda :

[vztrt]

http://www.autoblog.com/2010/04/14/g...-of-directors/

GM adds head doctor to board of directors

by Zach Bowman (RSS feed) on Apr 14th 2010 at 5:39PM

General Motors has officially added a 13th seat to its board of directors just for Cynthia A. Telles. If you live in the greater L.A. area, there's a good chance that name sounds familiar. She spent a lengthy 13 years as a Los Angeles commissioner, and has background steeped in ethics and equality. But while you'd expect Telles to have some connection to manufacturing or the automotive industry, as far as we can tell, she doesn't.

Telles has her Ph.D. in Clinical Psychology from Boston University, and currently serves as the director of the UCLA Neuropsychiatric Institute Spanish-Speaking Psychosocial Clinic. Try fitting that on a business card. According to the GM press release, she's also had quite a bit of work published in the mental health field, which means that eventually, Telles may provide us with the answer behind what GM was thinking with cars like the Pontiac Aztec.

She is quite accomplished in the business world, though. Telles has sat on a number of boards in her time, including slots on the Kaiser Foundation Health Plan and Hospitals, Americas United Bank and Sanwa Bank California, among others. What impact will Telles have on GM? It's hard to say just yet, but we'll keep our eyes peeled.

[Source: General Motors]

[Falc'man]

Oh my God that's funny. They really are trying to fix this problem from all angles, and I think a shrink is exactly what they needed.

[vztrt]

http://www.autoblog.com/2010/04/17/r...s-development/

Report: GM forced Saab to pay for Cadillac BLS development

by Zach Bowman (RSS feed) on Apr 17th 2010 at 3:59PM

Way back in 2005, General Motors decided it needed a small four-door sedan in order for Cadillac to compete in Europe. The end result? The Cadillac BLS. The car was little more than seriously restyled Saab 9-3 (itself an already aging model), and since most Europeans are neither blind nor ignorant, the car didn't fare well in a market loaded with goods from the likes of BMW and Mercedes-Benz. It was scrapped after a mere four years of production.

As usual, there's a little more to the story than that. According to Ny Teknik, GM stuck Saab with the cost of reworking the 9-3 into a Cadillac to the tune of around $140 million after the model tanked. The site quotes Jan-Åke Jonsson, the managing director of Saab, as saying that being out from under GM control will have its advantages. Yeah, we can see how he might feel that way. Top tip, Tom!

[Source: Ny Teknik via Saabs United]

[bobthebilda]

I wonder how much goodwill is actually left in the company. As per following link
http://www.gm.com/corporate/investor_information/sec/

If you look at the assets and liabilities section of the 8K report (9th april), you notice the assets of GM are worth 136 billion (inlcuding 30.6 billion in goodwill, and 14.5 in intangibles), and 107 billion in liabilities. You have to wonder how a company who just went into bankruptcy, is running on government handouts, and has just run a 4 billion loss for 6 months, could possibly say that they have 46 billion in goodwill and intangibles.

Take these out, and you have a company with net liabilities of 17 billion dollars. Who in their right mind would buy shares in loss making company, with 17 billion in net liabilties.

[uranium_death]

I hereby declare that a strand of my hair contains 3 million dollars in goodwill.

[vztrt]

http://www.autoblog.com/2010/04/19/r...n-full-on-wed/

Report: GM to announce repayment of federal loans in full on Wednesday

by Jeremy Korzeniewski (RSS feed) on Apr 19th 2010 at 6:00PM

According to The Detroit News, General Motors will announce that it is fully repaying the federal loans it received last summer from both the United States and Canadian governments. In total, General Motors will have paid back about $6.7 billion ($2 billion of which has already been returned) of the $50 billion it received from the U.S., the majority of which was recovered by acquiring a 61-percent share of the automaker.

For those keeping track of such things and assuming this report is accurate, GM will have paid the entire amount agreed upon with the U.S. Treasury a full two months earlier than anticipated. This accelerated schedule is said to be seen as good news by both the automaker and the federal government. We'd guess that this is also a sign that GM is likely still on track for an initial public offering sometime this year.

GM CEO Ed Whitacre is expected to make the announcement on Wednesday when he makes a speech at a GM plant in Kansas. Later that day, Whitacre will make his first appearance at Capitol Hill since taking over at the head of the company in January. For what it's worth, the automaker has also called a press conference on Wednesday that we'll be attending. Stay tuned.

[Source: Detroit News | Image: Bill Pugliano/Getty]

[bobthebilda]

Originally Posted by vztrt

http://www.autoblog.com/2010/04/19/r...n-full-on-wed/

So a corporation that is 84% owned by the US and Canadian governments, is paying back 4.7 billion to the US and Canadian Government.
I wonder if I tell my wife to give me my wage each week, my income will have increased 100%

[vztrt]

http://www.caradvice.com.au/65518/ge...ernment-loans/

General Motors repays remaining $6.3B of government loans

April 22, 2010 by Tim Beissmann

General Motors has paid off almost $9 billion in US and Canadian government loans just two weeks after it promised to clear them by June.

GM paid back the remaining $US5.8 billion ($6.3 billion) of its loans, which totalled $US6.7 billion ($7.2 billion) from the US and $US1.4 billion ($1.5 billion) from Canada, and CEO Ed Whitaker said it was a sign that the new business structure was working.

“We are able to repay the taxpayers ahead of schedule because we are designing, building and selling the best cars and trucks GM has ever produced,” he said.

Mr Whitaker also announced $US257 million investment to update its Detroit-Hamtramck and Kansas City factories which will build the next generation Malibu, due in 2011.

GM still has a way to go to be debt free however, with the US Treasury currently holding a 60.8 percent equity stake in the company.

Much of the $US50 billion GM received from the US Government during its bailout last year was converted into stock, with the company now working towards a public offering to allow the government to reduce its stake.

(with ABC Online, Automotive News)