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Keyword: gm

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  • US businesses getting hammered by Venezuela crisis

    04/24/2017 11:47:39 AM PDT · by detective · 11 replies
    MSN News ^ | April 24, 2017 | BILL PUGLIANO
    The political and economic crisis in Venezuela is costing US companies dearly, as General Motors can attest following the unexpected nationalization of its plant there. The big auto-maker shut down its operations in Venezuela and laid off its 2,700 workers after the government on Wednesday seized the plant, which had been idle because of the chaotic market environment. The group had been operating in the South American country for 69 years. GM isn't the only US business to be walloped by Venezuela's crisis.
  • GM faces hard road getting compensated for Venezuela factory

    04/21/2017 9:52:29 AM PDT · by detective · 49 replies
    ABC News ^ | Apr 20, 2017 | tom krisher and joshua goodman
    General Motors became the latest corporation to have a factory or other asset seized by the government of Venezuela, and the Detroit automaker faces an uphill battle to recover any damages. GM said Thursday that its only factory in Venezuela was confiscated a day earlier, as anti-government protesters clashed with authorities in a country that is roiled by economic troubles. GM said assets such as vehicles were taken from the plant, causing the company irreparable damage.
  • Venezuela Seizes GM, Warning Sign to U.S. Companies

    04/21/2017 9:42:03 AM PDT · by detective · 19 replies
    Yahoo News ^ | April 20, 2017 | Brittany De Lea
    U.S. multinationals with plants in Venezuela are likely on edge Thursday, after American automaker General Motors (NYSE:GM) pulled the plug on its operations in the poverty-stricken country, following a government takeover of its plant amid large-scale violent protests. “All foreign companies, and especially U.S. firms, should be concerned with the increasingly extreme and aggressive behavior of the Venezuelan regime,” Ian Vasquez, director of the Cato Institute's Center for Global Liberty and Prosperity, told FOX Business. American beverage company Coca-Cola (NYSE:KO), however, indicated to FOX Business Thursday it didn’t have any plans to pull its operations from the distressed South American...
  • GM plans to launch 10 electric cars in China by 2020

    04/21/2017 7:29:43 AM PDT · by Olog-hai · 5 replies
    Associated Press ^ | Apr 21, 2017 8:24 AM EDT
    General Motors Co. says it plans to launch 10 electric and gasoline-electric hybrid vehicles in China by 2020 amid government pressure on the industry to promote alternatives to gasoline. The president of GM’s China unit, Matt Tsien, said Friday during the Shanghai auto show that the company will start production of a pure-electric model in China within two years. …
  • Venezuela seizes General Motors plant as property of the state

    04/20/2017 8:17:35 AM PDT · by SeekAndFind · 125 replies
    Hotair ^ | 04/20/2017 | Jazz Shaw
    This news broke overnight and it undoubtedly comes as a shock to anyone who hasn’t been paying to socialism in general and the regime of Venezuelan President Nicolas Maduro in particular. The government of Venezuela came in and seized control of the General Motors plant in the city of Valencia, taking over the property, assets and accounts. The automotive giant responded by saying that they were immediately halting operations. (CNN) General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.GM (GM) described the takeover as an “illegal judicial...
  • GM halts operations in Venezuela after factory is seized

    04/20/2017 7:52:36 AM PDT · by Olog-hai · 39 replies
    Associated Press ^ | Apr. 20, 2017 10:16 AM EDT | Tom Krisher
    General Motors has stopped doing business in Venezuela after authorities took control of its only factory there in what GM called an illegal judicial seizure of its assets. The plant was confiscated on Wednesday as anti-government protesters clashed with authorities in a country that is roiling in economic troubles such as food shortages and triple-digit inflation. The Detroit automaker said in a statement Thursday that other assets such as vehicles were taken from the plant, causing irreparable damage to the company. It’s not the first time the Venezuelan government has seized a foreign corporation’s facilities. In July of last year,...
  • GM Canada to move 600 jobs in Ontario to Mexico

    01/27/2017 3:13:01 PM PST · by Olog-hai · 26 replies
    Associated Press ^ | Jan 27, 2017 5:01 PM EST | Charmaine Noronha
    General Motors Canada is cutting 625 jobs at its assembly plant near London, Ontario, and moving those jobs to Mexico, where labor is cheaper, GM Canada’s union spokesman said Friday. Unifor Local 88 spokesman Mike Van Boekel said the layoffs will take effect in July at the CAMI Assembly plant in Ingersoll, which currently employs 2,800 Unifor workers. Unifor’s national president, Jerry Dias, said the decision “reeks of corporate greed” and is a clear sign that the North American Free Trade Agreement must be renegotiated. U.S. President Trump has told Mexico and Canada he wants to renegotiate NAFTA, or perhaps...
  • 2,000 GM workers to lose jobs on Trump Inauguration Day

    01/18/2017 7:12:55 PM PST · by Mariner · 54 replies
    CNN Money ^ | January 18th, 2017 | by Heather Long
    Robert Sheridan is a 40-year-old GM worker who voted for Donald Trump. He can barely contain his excitement about Inauguration Day, even though it will be a rough day for him on a personal level. He's one of 2,000 GM factory workers losing their jobs on Friday, the same day that Trump will be sworn in as the 45th president. Sheridan -- and thousands like him -- are desperately hoping Trump will save their jobs. "Please help us in Lordstown," says Sheridan, a soft-spoken Midwesterner with three kids. "This is a great middle class job. You can't find one better...
  • General Motors Plans at Least $1 Billion in Fresh U.S. Investment [TRUMP EFFECT]

    01/18/2017 10:18:14 AM PST · by UMCRevMom@aol.com · 6 replies
    wsj ^ | Jan. 16, 2017 7:53 p.m. ET | Mike Colias
    General Motors Plans at Least $1 Billion in Fresh U.S. Investment: Auto maker's move is expected to create more than 1,000 new jobs General Motors Co. this week will announce plans to invest at least $1 billion across several U.S. factories, two people familiar with the plan said, a move aimed at underlining its commitment to U.S. manufacturing jobs in the wake of President-elect Donald Trump's criticism of the auto maker's imports from Mexico. GM's announcement could come as early as Tuesday, the people briefed on the plan said. The company will cite a number... RELATED VIDEO General Motors says...
  • GM CEO: Won't change production plans despite Trump tweet

    01/08/2017 6:11:39 PM PST · by Olog-hai · 89 replies
    Associated Press ^ | Jan. 8, 2017 9:00 PM EST
    General Motors has no plans to change where it produces small cars because of criticism from President-elect Donald Trump, the company’s top executive said Sunday night. CEO Mary Barra said the auto business has long lead times for where it produces vehicles, with decisions are made two to four years ahead. Last week Trump threatened on Twitter to slap a border tax on GM for importing the compact Chevrolet Cruze to the U.S. from Mexico. …
  • Trump blasts General Motors: Make Chevy Cruze model in US or 'pay big border tax'

    01/03/2017 5:53:42 AM PST · by monkapotamus · 110 replies
    CNBC ^ | January 3, 2017 | CNBC.com staff
    President-elect Donald Trump on Tuesday attacked General Motors in a tweet, claiming the auto giant is making a Chevy Cruze model in Mexico and then sending them to U.S. dealers tax free. "General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A.or pay big border tax!" Trump said on Twitter...
  • Phone Call to General Motors

    10/17/2016 10:26:26 AM PDT · by Morgana · 4 replies
    Edward Santos youtube ^ | Published on Apr 14, 2012 | Edward Santos
    Phone Call to General Motors
  • Ford idles Mustang plant amid slow sales

    10/11/2016 10:09:56 AM PDT · by Brilliant · 107 replies
    mlive.com ^ | October 11, 2016 | David Muller
    Ford Motor Co. is idling its Flat Rock Assembly Plant, where the Dearborn automaker builds the Ford Mustang and the revived Lincoln Continental. The site will be idled for one week, Ford spokeswoman Kelli Felker said in an email. "We continue to match production with demand," Felker said in response to a query about whether the idling was due to slower Mustang sales. "Mustang remains the top seller in its segment in total and retail sales..." Sales of all Ford-brand cars fell by double-digits in the U.S. in September, as Americans continue to gravitate toward crossovers and SUVs, but the...
  • GM’s Tax Shelter-Another $16 billion not available to other car makers [Has Hillary condemned this?]

    10/03/2016 6:01:55 AM PDT · by SJackson · 6 replies
    As everyone else’s taxes rise, one favored outfit may not have to pay federal taxes for years: General Motors. In another sweet deal from its benefactors on Pennsylvania Avenue, the government-owned car company is set to profit from billions of dollars in tax breaks not available to other businesses in the same predicament. The new GM will be allowed to claim a tax benefit from some $16 billion of net operating losses carried over from the old company, allowing it to avoid paying taxes on future profits, perhaps for years. The issue is a common accounting practice called “tax-loss carry...
  • GM not protected from ignition switch claims: U.S. appeals court

    07/13/2016 12:09:53 PM PDT · by jazusamo · 20 replies
    Reuters ^ | July 13, 2016 | Jessica Dye
    In a blow to General Motors Co (GM.N), a federal appeals court on Wednesday reversed part of a bankruptcy court ruling that protected the automaker from some lawsuits over an ignition switch defect that prompted the recall of 2.6 million vehicles in 2014. The 2nd U.S. Circuit Court of Appeals in Manhattan said barring plaintiffs from suing the automaker over crashes and lost vehicle value stemming from the faulty switch would violate their constitutional rights to due process, since they had not been notified of the defect prior to GM's 2009 bankruptcy. The ruling effectively rebuffs GM's attempts to shield...
  • After Original Bondholders Stiffed, GM Issues New Debt

    02/25/2016 1:08:22 PM PST · by jazusamo · 30 replies
    NLPC ^ | February 25, 2016 | Mark Modica
    "Fool me once, shame on you; fool me twice shame on me." That is a cliché that investors should keep in mind if they are considering buying into General Motors' latest debt offering. In fact, holders of GM common stock should also assess the growing similarity that New GM has with the bankrupted Old GM. GM announced last week that it will be offering an estimated $2 billion of unsecured debt to help prop up underfunded pensions with additional proceeds used for general business purposes. The move follows a contradictory continuing dialogue that proclaims the company is so cash...
  • Worker who pulled gun to stop stabbing attack at GM Tech Center says he was fired ( Detroit )

    02/11/2016 8:24:21 AM PST · by george76 · 44 replies
    WJBK ^ | Feb 11 2016 | Hannah Saunders
    WARREN, Mich. - An employee at the General Motors Technical Center in Warren stabbed by someone visiting the plant Wednesday. The 52-year-old victim was hospitalized and suspect arrested by police - but the valet service supervisor with a valid CPL who pulled his gun to stop the attack, says he was fired. Didarul Sarder, SP+ Valet Supervisor was heading into work Wednesday morning at the General motors technical center in Warren, when he heard the cry for help. The lady kept saying 'I'm dying, someone help' and it was just natural reaction," said Didarul Sarder, SP+ Valet Supervisor. "I just...
  • North America, China power GM to record $9.7b annual profit

    02/03/2016 10:09:04 AM PST · by Olog-hai · 6 replies
    Associated Press ^ | Feb 3, 2016 12:25 PM EST | Tom Krisher
    If you're an automaker, especially one from Detroit, conditions probably aren't going to be better for you to make a lot of cash. For General Motors, that's what happened last year as the company posted a record $9.7 billion net profit. [...] Yet even with the earnings, GM gets no respect from the stock market. Its shares were down 3.5 percent at midday Wednesday to $28.61. Investors haven't been kind to auto stocks for years. GM shares are down more than 15 percent in the past year, and are more than $4 below the company's initial public offering price of...
  • GM Finally Puts Cadillac ELR Out Of Its Misery

    02/03/2016 9:47:36 AM PST · by jazusamo · 26 replies
    NLPC ^ | February 3, 2016 | Mark Modica
    Here's one that wasn't hard to see coming. General Motors has announced that it is ending production of the Cadillac ELR , which was essentially a gussied upChevy Volt at twice the price. You can call this one a mercy killing as the overpriced, pseudo-green, government-subsidized vehicle was doomed for failure as low sales figures reflected the lack of value offered by the vehicle. That failure was predicted here back in December of 2013 when the ELR was rolled out. As with the sales-challenged Chevy Volt, most of the media bought into the Cadillac ELR hype, calling it a...
  • Justice Dept. Assails VW as Barra is Elevated to GM Chair

    01/05/2016 2:38:41 PM PST · by jazusamo · 5 replies
    NLPC ^ | January 5, 2016 | Mark Modica
    The Obama Administration's Justice Department is now suing Volkswagen for "up to $90 billion for allegedly violating environmental law." Politically-favored General Motors was fined $900 million, or 1% of that amount, for covering up an ignition switch defect that led to the deaths of at least 124 people. At last count, the number of people who lost their lives as a result of emissions' tampering by VW stood at zero. Meanwhile, the GM board unanimoulsy elected CEO Mary Barra as its Chairman, demonstrating that it is still not independent of the White House political operation, even years after the...