general motors
GM Posts $5.2 Billion Fourth Quarter Loss
General Motors has just released its fourth quarter “earnings” and they are anything but. GM posted a net loss of $9.6 billion, with an operating loss of $5.9 billion. The loss is the sixth consecutive quarterly loss by the struggling automaker, and is considerably worse than the $1.5 billion the company lost in Q4 last…
Saturn, Saab and Hummer.. Your Days Are Numbered
Along with asking for $16.6 billion more in loans from the Federal Treasury, General Motors has made it clear that Saturn, Saab and Hummer will be sold off or eliminated. GM has made it clear that Hummer is for sale if anyone is interested, and the same can be said for Saab, if the Swedish…
Bob Lutz to Retire at End of ’09
Bob Lutz with the Cadillac ConverJ at the 2009 Detroit Auto Show Bob Lutz, Vice Chairman of Global Product Development at General Motors, is stepping down from his current position at the company and will retire at the end of 2009. According to a press release posted on the company’s website, Lutz, one of the…
Toyota Officially World’s Largest Automaker
Yesterday General Motors announced its worldwide sales figures for 2008, and in doing so made it official that the U.S. automaker is no longer the highest volume seller in the world. That title now belongs to Toyota. The two companies have traded places several times over the past two years on who has sold more…
No Takers for Saab
According to a report in Automotive News, General Motors is looking to sell Saab but no one is looking to buy. Apparently Saab was put under “strategic review” by General Motors as part of its bailout proposal to Congress. The article quotes GM Vice Chairman Bob Lutz as saying that “strategic review” is “’code for…
GM & Tiger Woods No Longer Golfing Buddies, but Still Friends
As of December 31, 2008, General Motors ceased its endorsement deal with Tiger Woods after nine years. The deal, reportedly worth up to $7-million annually, ended due to several factors, including the current hardships in the auto industry. A joint press release also stated that Woods is eager for more personal time after the news…
Production “Pause” at Chrysler
Chrysler has just announced that starting this Friday (December 19th) it will cease production until January 19th – at the earliest. The month long “production pause” is not due to a lack of demand says Chrysler, which recently scheduled a meeting with dealers to assess the economic crisis. According to Chrysler dealers, 20 to 25…
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