Nov. 11, 2010 at 11:16 a.m.
Filed under:
Autos,
Environment
By Reuters
A 2011 Chevrolet Volt charges at a station in Rochester, Mich., , October 10, 2010. (Rashaun Rucker/Detroit Free Press/MCT)
General Electric Co. plans to buy 25,000 electric vehicles from makers including General Motors over the next five years, in a move it said could spark demand for the charging equipment it sells.
The largest U.S. conglomerate aims to swap out half its fleet of 30,000 cars — used by sales people and technicians, for instance — with electric vehicles and to start shifting customers who lease fleets of vehicles over as well.
GE, which over the past five years has made a major push into green businesses, said Thursday it hopes the move will speed acceptance of electric cars by getting more of them on road more quickly and prompting investment in the equipment that users will need to charge them. Get the full story »
Nov. 11, 2010 at 10:17 a.m.
Filed under:
Autos,
Recalls
By Reuters
General Motors will recall 13,780 Cadillac DTS and Buick Lucerne luxury sedans because of possible power steering fluid leaks that could cause a loss of steering or an engine fire. Get the full story »
Nov. 10, 2010 at 5:13 p.m.
Filed under:
Autos,
China,
IPOs,
International,
Investing,
Manufacturing
By Reuters
General Motors Co. is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp. in conjunction with its landmark initial public offering, two people familiar with the matter said.
The two government-funded automakers are determining how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC’s ambitions to move beyond China, the sources said. Get the full story »
Nov. 10, 2010 at 1:57 p.m.
Filed under:
Autos,
Banking,
IPOs
By Associated Press
Swiss bank UBS is no longer working on General Motors’ initial public stock offering because a bank employee leaked information about the sale in an unauthorized e-mail, a person briefed on the matter said Wednesday.
GM disclosed the e-mail in a filing with the Securities and Exchange Commission. UBS had been listed as a proposed underwriter in GM’s IPO until Nov. 3, when it was dropped without explanation. Get the full story »
Nov. 10, 2010 at 10:55 a.m.
Filed under:
Autos,
IPOs
By Reuters
General Motors confirmed on Wednesday that it has dropped one of the proposed underwriters of its initial public offering due to an “unauthorized” e-mail sent by an employee of the bank. Get the full story »
Nov. 10, 2010 at 10:24 a.m.
Filed under:
Autos,
Earnings,
Updated
By Reuters
General Motors posted a $2 billion third-quarter profit Wednesday, driven by an accelerating turnaround in North America as it rushes to complete an initial public offering of stock set for next week. The quarterly profit was the largest for GM since it emerged from bankruptcy in July 2009 and provides the last piece of financial data for investors evaluating the automaker’s $13 billion IPO.
GM said it expected to post solidly profitable results for 2010, its first full-year profit since 2004.
Get the full story »
Nov. 8, 2010 at 3:05 p.m.
Filed under:
Advertising/Marketing,
Autos
From Automotive News | General Motors Co. is dropping the GM Goodwrench car mechanic brand in the United States as the company moves to redirect the marketing emphasis around its four core vehicle brands, sources say.
Nov. 8, 2010 at 7:00 a.m.
Filed under:
Autos,
Earnings
By Associated Press
A 2011 Jeep Grand Cherokee at the Jefferson North Assembly in Detroit. (AP Photo/Carlos Osorio)
Chrysler cut its losses in half between the second and third quarters as a new version of the Jeep Grand Cherokee notched strong sales.
The automaker raised its full-year profit forecast, its confidence boosted by the arrival of nearly a dozen new or revamped vehicles in the next few months.
Nov. 4, 2010 at 4:30 p.m.
Filed under:
Advertising/Marketing,
Autos,
China,
International
By Associated Press
General Motors Co.’s strength in China and its global growth potential are the focus of the automaker’s sales pitch as it shops for investors ahead of its initial public offering this month. Get the full story »
Nov. 4, 2010 at 9:54 a.m.
Filed under:
Autos,
Manufacturing,
Transportation
By Reuters
FreightCar America Inc. posted a much wider-than-expected quarterly loss, hurt by challenging market conditions and low demand for coal-carrying railcars, and said it expects tough competition to continue to hurt pricing. Get the full story »
Nov. 3, 2010 at 5:39 p.m.
Filed under:
Autos,
IPOs
By Reuters
General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.
GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.
The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »
Nov. 3, 2010 at 2:39 p.m.
Filed under:
Autos,
Earnings
By Associated Press
General Motors Co. says it expects net income of $1.9 billion to $2.1 billion when it announces third-quarter results next week.
The earnings forecast was announced ahead of an expected filing with federal regulators giving details of the company’s initial public stock offering. Get the full story »
Nov. 3, 2010 at 11:38 a.m.
Filed under:
Autos
By Associated Press
Ford Motor Co. says its October U.S. sales rose 19.2 percent, led by big increases in trucks and small cars. In the Chicago area, Ford’s sales rose 20.9 percent.
General Motors, Honda and others have already reported strong sales of crossover wagons last month, and Ford was no exception. Sales of the redesigned Edge crossover were up 24 percent, while Ford Escape sales rose 17 percent.
Ford says sales of the F-Series pickup rose 24 percent, thanks in part to a month-long truck promotion. Get the full story »
Nov. 3, 2010 at 10:07 a.m.
Filed under:
Autos,
Bankruptcy,
IPOs,
Taxes
By Reuters
General Motors can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.
The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.
This figure also includes $18.88 billion of carry-forwards, according to the automaker’s annual filing from April. Get the full story »
Nov. 2, 2010 at 5:49 p.m.
Filed under:
Autos,
Bankruptcy,
IPOs
By Reuters
General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »
