General Motors is recalling 322,409 model year 2009 and 2010 Chevrolet Impala sedans because front seat belts may not be properly anchored, the automaker and federal regulators said on Friday. Get the full story »
GM
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GM’s Whitacre sees IPO share price in $20-25 range
Shares of General Motors Co. are likely to be priced between $20 and $25 in the initial public offering by the automaker in November, Chairman Ed Whitacre said on Wednesday.
“It’s a little too early to say, but it is going to be somewhere in the $20 range…$20, $25, something like that would be my guess,” Whitacre said when asked what the price of the GM stock should be in the IPO. Get the full story »
Cadillac recalls 4,000 2010 SRX crossovers
Cadillac is recalling 3,996 2010 SRX crossovers for a possible damage to the power steering line.
If the line is damaged, power steering fluid could leak and cause a fire if it comes into contact with hot engine parts.
GM has had one report of such a fire but no reports of related crashes or injuries.
Chevy, Busch lead World Series advertisers
Fox Broadcasting has sold about 90 percent of the commercial time for Major League Baseball’s World Series, with automakers, phone companies and financial services firms buying advertising for postseason games. Get the full story »
Tesla recalls 400 Roadsters over fire risk
(AP)
Tesla Motors is recalling more than 400 of its battery-powered Roadsters because of the risk that a power cable in the vehicle could short and catch fire.
Palo Alto, Calif.-based Tesla said it had received one report of a 12-volt cable in the vehicle chafing against a panel, causing the cable to short. Get the full story »
GM reportedly scaling back IPO
General Motors Co. likely will seek to raise $8 billion to $10 billion through an initial public offering in November, less than it initially planned, Bloomberg News reports reported Thursday, citing two people familiar with the matter. Get the full story »
GM to put $483M into Tennessee engine plant
General Motors Co. will invest $483 million in its Tennessee plant and call back 483 workers to ramp up production of 4-cylinder Ecotec engines, the company said Friday.
The deal, however, is contingent on GM securing state and local incentives. Get the full story »
Filing puts GM CEO pay at $9M in cash, stock
New General Motors Co. Chief Executive Daniel Akerson will get a pay package worth $9 million in salary and stock to run the automaker. Get the full story »
Court OKs Visteon’s bankruptcy plan
Visteon Corp. received court approval Tuesday to exit bankruptcy, ending a 15-month fight among hedge funds, lenders and an industry giant for a piece of the revived auto-parts maker.
Visteon’s reorganization caps a two-year stretch in which dozens of U.S. automotive companies collapsed into bankruptcy. Chrysler, General Motors, Delphi Corp. and Lear Corp. used Chapter 11 to remove crushing debt, shed obligations and close underutilized factories. 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 »
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 »
