Ford Motor Co. has resumed shipments of the Fiesta after temporarily halting them over a faulty part.
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1998-2004 Grand Cherokees probed for fire risk
Safety regulators have opened a preliminary investigation of about 3 million older Jeep Grand Cherokees with fuel tanks that may present a fire risk in a crash, the regulators’ website showed Tuesday.
The investigation was opened Monday by the National Highway Traffic Safety Administration. The action is short of a recall, and a Chrysler spokesman said owners of the 1993-2004 model year vehicles should take no action at this time. Get the full story »
U.S. intensifies investigation into Corolla stalling
The U.S. government has beefed up its investigation into Toyota’s Corolla and Matrix vehicles because of a possible engine defect that might cause them to stall. The investigation into the 2005, 2006 and 2007 model year Corolla and Corolla Matrix cars in the U.S. began Aug. 18, NHTSA said.
The National Highway Traffic Safety Administration said in a statement that it was raising its preliminary evaluation to a more serious scrutiny called an engineering analysis to look into the problems that could cause the engine to stall, not start or to shift gear harshly. Get the full story »
NHTSA upgrades Corolla, Matrix probe
U.S. auto safety regulators have stepped up a probe into the risk that up to 1.2 million Toyota Motor Corp. Corolla and Matrix vehicles could stall due to defective electronic engine control units.
Regulators began an engineering analysis Aug. 18 into the reports of stalling in Corolla and Matrix cars from the 2005, 2006 and 2007 model years. Get the full story »
GM files for IPO, expected to raise up to $20B
General Motors Co. took a big step toward repaying a controversial taxpayer-funded bailout by declaring plans for a landmark stock offering that represents a critical test for the Obama administration.
The automaker said it planned to list the shares on the New York Stock Exchange and the Toronto Stock Exchange in an initial public offering that comes amid a still-weak global market for cars that is vulnerable to a further downturn.
The Obama administration wants to be able to cast its $50 billion GM bailout as a financial success in the face of public skepticism and Republican political opposition but some analysts are still wary of the offering. Get the full story »
GM to list stock on NYSE, TSX
General Motors Co. will list its shares on the New York Stock Exchange and Toronto Stock Exchange after its initial public offering, a source familiar with the situation said on Wednesday. The IPO, intended to repay a portion of the automaker’s government bailout, has been dubbed “Project Dawn,” the source said. Get the full story »
Mazda recalls 215,000 cars for steering problem
Mazda Motor Corp. is recalling 215,000 Mazda3 and Mazda5 vehicles to fix problems with the power-steering system that could lead to a crash. Get the full story »
GM to recall 250,000 crossovers
General Motors Co. is recalling nearly 250,000 crossover vehicles worldwide to inspect second-row seat belts that could be damaged and not latch. GM said Tuesday the recall affects 2009-2010 models of the Chevrolet Traverse, Buick Enclave, GMC Acadia and Saturn Outlook.
GM mulls ‘cornerstone’ sales in IPO
General Motors Co is considering selling a chunk of the carmaker’s stock to institutions who would commit to buy and hold major stakes as the company prepares for its initial public offering, people familiar with the discussions said on Monday.
GM is mulling a plan under which sovereign wealth funds or pension funds would serve as “cornerstone investors,” a technique often used for large initial public offerings to show that key investors are supporting the deal, four people said.
“It’s on the table and would be part of the normal course of the IPO,” one of the sources said, asking not to be named because the preparations for the IPO are private. Get the full story »
Companies crackdown on calls, texts while driving
With cell-phone related crashing costing $43 billion a year and average claims costing companies an average $100,000 more corporate fleet managers are tightening policies on texting and talking on the phone while using company cars.
Now, about 63 percent of its companies have a written policy prohibiting the use of phones and other wireless communication devices while driving. Of companies that ban the practice, 32.7 percent bar any electronic device, while 67.3 percent say employees may use hands-free but not hand-held devices.
UAW halts vote on giveback at Indy GM plant
The United Auto Workers union has decided not to go ahead with a vote on a new wage-cutting contract for a General Motors Co. stamping plant in Indianapolis facing sale.
JD Norman Industries of Addison, Ill., had asked for pay cuts as a condition for buying the plant. Barring a sale, GM has said it will close the plant next year. Get the full story »
GM IPO to have 4 lead underwriters
General Motors Co. will have four lead underwriters on its IPO, according to a source familiar with the situation.
They will be Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, the source said. JPMorgan and Morgan Stanley helped the automaker prepare the paperwork for the IPO. Get the full story »
GM’s Whitacre stepping down after strong quarter
General Motors said Thursday that CEO Ed Whitacre, 68, is stepping down as chief executive Sept. 1 and as chairman by year-end.
Dan Akerson, 61, a GM board member since 2009, will assume both roles by the end of the year. Get the full story »
GM posts $1.3B profit ahead of IPO expected Friday
General Motors posted its second straight profitable quarter Thursday, putting it in position to move ahead with the sale of shares to the public that is needed to repay taxpayer assistance it received last year.
The No. 1 automaker in terms of U.S. sales reported earnings of $1.3 billion in the quarter after the payment of dividends on preferred shares held by the U.S. Treasury. That was a stark turnaround from the $12.9 billion it lost in the year-earlier period when the company went into bankruptcy. Get the full story »
GM could file IPO as soon as Friday
General Motors Co. could file paperwork for its initial public offering as soon as Friday, CNBC reported Wednesday. The U.S. automaker is expected to file for an IPO worth up to $20 billion. At that size, it would be the biggest U.S. IPO since Visa Inc’s $19.7 billion offering in March 2008 and one of the biggest IPOs of all time. Get the full story »
