general motors
Report: Spyker Would Sell Its Cars in Saab Dealerships
Later this week General Motors is expected to pronounce on the fate of its loss-making Swedish unit, with a potential purchase by Dutch exotic car maker Spyker still a possibility. In an interview with AOL Autos, Spyker CEO Victor Muller discussed many of his plans to rejuvenate Saab, as well as another plan to sell…
Report: Saab Enthusiasts Planning Rally at GM Headquarters
With General Motors announcing recently that it would drop Saab’s December 31st deadline and continue to search for a capable buyer for the Swedish brand, enthusiasts of the Swedish brand are banding together in an effort to save Saab. In a post on enthusiast site SaabHistory, a blog post urges owners to join in a…
Report: Dutch Billionaires Steping-In and Russian Ones Exiting May Save Saab
There are almost too many stories and rumors about Swedish automaker Saab to keep up with, as the latest reports suggest not one but two Dutch billionaires are involved in a new deal that would see Spyker purchase the loss-making division from General Motors. Dutch business daily Het Financieele Dagblad suggests Dutch media tycoon John…
Breaking: Saab Not Dead Yet As Spyker Submits New Proposal
Those digging the grave for Saab might want to put their shovels down after Spyker Cars has submitted a new proposal to purchase the Swedish automaker from General Motors. On Friday GM announced that a deal could not be reached and said it would begin an orderly wind down for Saab. According to Spyker CEO…
Report: GM shutting down Saab
General Motors has announced it will close down Saab after discussions to sell the brand fell through. “Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time,” said Nick Reilly, president of GM Europe. “In…
Breaking: Spyker Only Remaining Bidder for Saab
Dutch exotic car maker Spyker is likely to become the new owner of Swedish automaker Saab after GM Chairman and CEO Ed Whitacre confirmed there are no other bidders. Earlier this week GM reached a deal with Beijing Auto to sell off old Saab assets so the Chinese company could produce previous generation Saab models…
Breaking: GM Sells Old Saab Platform Rights to China’s Beijing Auto
General Motors has reached an agreement to sell off part of its struggling Saab division to China’s Beijing Auto (BAIC). The deal would see BAIC take control of Saab’s rights assets and tooling assets of the past 9-5 and 9-3 models in order to build those vehicles in China. Saab’s future has been uncertain for…
Report: Dutch Exotic Car Maker Spyker Top Candidate in Bidding for Saab
Dutch exotic car maker Spyker is likely the favored candidate in the resumed bidding for GM’s Saab division. Saab went back on the open market just a few weeks ago when a group led by Swedish supercar maker Koenigsegg retracted its offer. In an report published in Swedish daily Svenska Dagbladet a source described GM’s…
Report: GM Needs to Decide on Saab Sale This Week Says Swedish Car Czar
The Swedish government is putting the pressure on General Motors, saying that it must make a decision this week on the sale of Saab if the deal is to go through by the end of the year. “They must at least have chosen one of the interested parties this week, otherwise it will be tough…
Report: GM CEO Fritz Henderson Resigns
Frederick “Fritz” Henderson has resigned as General Motors chief executive officer. Henderson (left, in the photo above) was appointed CEO on March 29, replacing Rick Waggoner who shown the door by the Obama administration. Over the last eight months, Henderson worked at reorganizing the company. GM announced that Chairman Ed Whitacre Jr. (right, in the…
Report: Pontiac Reaches its Inglorious End As Last U.S.-Market Car Rolls off the Line
Earlier this week General Motors produced its last Pontiac for the U.S. market, ending the brand’s 82 year run. The final vehicle to roll off the assembly line at 12:45 p.m. on Wednesday, November 25th at the Orion Township plant was a rather unspectacular white G6 sedan which is scheduled to be sold to a…
Breaking: Koenigsegg Cancels Purchase of Saab
Swedish supercar maker Koenigsegg has canceled its plans to buy the struggling Saab brand from General Motors, leaving the future of the brand in jeopardy. “We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson. “Many have worked tirelessly over the past several months…
Breaking: General Motors Will Begin to Repay Government’s $6.7 Billion Loan
In a surprising move, General Motors has announced that it will begin to pay back $6.7 billion in loans to the U.S. and Canadian governments, starting as early as December. GM wasn’t required (or expected) to begin paying back the loan until 2015. The news comes as GM releases its third quarter results with a…
Breaking: General Motors Decides to Keep Opel
General Motors has decided to keep it’s European operations after all. GM has announced that due to the improved economy and improvements in the company’s bottom line, it will not sell off Opel and British automaker Vauxhall. General Motors had been negotiating to sell the group to a Russian-backed group fronted by Canadian autoparts maker…
Report: Top Chevy Volt Engineer Leaving GM for Opel
Frank Weber, the engineer that is currently running Chevy’s Volt project is parting ways with General Motors. Weber, will be returning to his homeland of Germany, where he will take up a senior management roll at Opel. GM is currently in the process of selling Opel to Canada’s Magna International and Opel is set to…
Report: GM Expects First Monthly Sales Increase in Almost Two Years
GM’s sales numbers for October must be good because the company is already announcing that it expects to post its first monthly sales increase in 21 months. Still several days away, Mike DiGiovanni, GM’s executive director of global market and industry analysis, told the Detroit Free Press the good news. Looking back to October of…
Report: GM Puts Opel Sale to Magna On Hold
The sale of GM’s European Opel division to Russian-backed Canadian autoparts maker Magna has been put on hold. The on-again, off-again saga is off-again as GM board is set to meet on November 3rd to review changes to the agreement. The changes, include a request by the German Economy Minister to GM, asking the company…
Breaking: GM Sells Hummer to China’s Sichuan Tengzhong
General Motors has sold its Hummer brand of SUVs to Chinese heavy industrial machinery builder Sichuan Tengzhon. No details have been released but the sale was reportedly made for a sum of just $150 million. GM CEO Fritz Henderson had estimated in documents filed during GM’s bankruptcy proceedings that the brand could be worth as…
Report: Sweden Grants Saab $610 Million Loan
Saab has secured a $610 million loan from the European Investment Bank after the Swedish government said it would stand behind the loan. This may just be the last step in finalizing the sale of Saab to a group of investors headed by Swedish supercar maker Koenigsegg. The sale of Saab by General Motors to…
Breaking: GM’s U.S. Sales Boss Resigns
In the latest chapter of the ongoing sage of corporate restructuring at General Motors, the company’s head of U.S. sales has announced his resignation. Mark La Neve, who became VP of sales and marketing in 2005, has said he will leave on October 15th. La Neve’s position has been in question since industry veteran Bob…
Breaking: Penske Cancels Plan to Buy Saturn
Penske’s deal to buy the Saturn arm of General Motors has reportedly fallen through. Back in June the Penske Automotive Group (PAG) had announced it would buy the brand from GM, along with its dealer network. “This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn…
Report: China’s Beijing Auto Backs Koenigsegg in Purchase of Saab
Koenigsegg’s bid to purchase GM’s Swedish Saab brand was contingent on the company securing additional funding, either through external investment or through loans. With the Swedish government not overly excited about bailing out Saab and after rejecting attempts by Volvo to secure assistance, Keonigsegg has looked to the private sector and overseas for an interested…
Breaking: GM Agrees On Opel Sale to Magna
General Motors has just announced a deal that will see it’s European Opel brand sold off to Canadian autoparts supplier Magna International. The deal has yet to be finalized, but this morning GM announced Magna was the preferred bidder. The sale will see Magna and Russian backer Sberbank take a 55 percent stake in both…
Report: Consumer Reports Survey Shows 81% Of Consumers Considering Buying Domestic
According to a recent Consumer Reports survey, the overwhelming majority of car shoppers are considering a domestic vehicle as their next purchase. Results of the “Auto Pulse” survey indicate that 81 percent of respondents looking at a new car are considering buying American. That number is significantly higher than the numbers for Asian imports (47…
