However with today’s IPO it’s hoped that the amount of money generated from the share offering will allow GM’s CEO Dan Ackerson to return a healthy portion of the $49.5 billion in bailout funds GM received last year.
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Steve Rattner, who oversaw President Obama’s auto industry bailout, told Bloomberg News that GM’s Initial Public Offering share price was undervalued. “There is definitely a greater level of confidence in the ability of the carmakers to perform,” Rattner said at an Automotive Press Association event in Detroit. “That’s because of the profit numbers.” According to...
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Another day, another smartphone app. This time around, it’s courtesy of GM. They’ve released a free app that allows owners of all 2011 Chevrolet, Buick, GMC and Cadillac vehicles to access vehicle information and OnStar services. There are two different apps available. The first is called myChevrolet (or myBuick or myCadillac, depending on what GM...
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Another issue is that the proximity of the hose to the cable could actual wear away the protective wrap on the cable, resulting in metal to metal contact which could drain the battery or cause sparks, potentially resulting in an under hood fire.
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General Motors upcoming IPO is attracting a lot of attention, not least from Chinese car manufacturer SAIC. A long time partner of the General, SAIC is looking to buy a significant portion of GM’s IPO, and with nearly $6 billion in cash reserves, the company is in a good position to do so. According to...
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A source also said that dropping the Goodwrench brand would likely only apply to the US – in Canada the brand would continue as it enjoys greater cachet north of the border.
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For all you lovers of body on frame chassis and four wheel drive, we bring you our favorite trucks of the 2010 SEMA Show. If you prefer big motors, Made In America and think that lifting a truck is better than slamming a sport compact, check out the gallery below for all sorts of pickup-bed...
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For the first time ever, SEMA awarded three vehicles the distinction of “Hottest Car”, “Hottest Truck” and “Hottest SUV”. Not surprisingly, the winners were all domestics, with the Chevrolet Camaro, Ford F-Series and Jeep Wrangler winning their respective categories. The vote is something of a popularity contest, as organizers used the “influence” of the cars,...
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With the launch of the Chevy Volt, GM is now pushing ahead with plans for more electric vehicles but the newest EV from Detroit won’t be sold here. In fact, it won’t even really be from Detroit, instead it will be built in China and exported to India. Based on the Chevrolet New Sail subcompact,...
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How’s this for a little added incentive? In the hopes of attracting more consumers, OnStar is teaming up with auto insurance companies to offer subscribers discounts on their car policies. Going in their favor is the fact that OnStar’s subscribers are safer drivers and more conscientious on the road. Also in the pro column is...
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The actual timing of when the new jobs will start, along with this new model of baby Cadillac has yet to be determined, but one thing’s for certain an announcement like this could not have come at a better time.
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General Motors will buy $2.1 billion worth of preferred stock as part of a move to pay off its $49.5 billion in federal bailout loans. GM will also launch a series of measures to reduce its debt by $11 billion. GM will make contributions to the UAW pension fund, to the tune of $6 billion, and secure...
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Chevrolet will debut their first television commercial for their Volt electric car during Game 1 of the World Series on Wednesday. The ad will tout the Volt’s ability to go farther than other electric vehicles by using its gasoline-engine range extender. The range issue is a major concern for many potential EV customers, and Chevrolet...
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Consumer Reports has released its latest reliability study and while little has changed in respect to the industry-leading Asian brands, domestic automakers are catching up. Toyota and Honda each recorded the highest scores in five vehicle segments in the 2010 Annual Auto Survey, while General Motors posted considerable improvements while Ford is ranked best among...
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Chevrolet‘s next Aveo will see more bodystyles beyond the traditional hatchback, with a crossover and a sedan among them. A sedan model will be essential for the U.S. market, where hatchbacks are slowly gaining acceptance, but have been a traditionally tough sell. The Aveo sedan will likely debut at the Detroit Auto Show in January,...
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General Motors’ Chinese division is on track to outsell its American unit, a not entirely surprising development in light of the sheer enormity of China’s auto market. GM China has been bolstered by the strength of their two domestic nameplates, Baojun and Wulin (seen above), which are popular in export markets as well as in...
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General Motors auctioned off assets from the “old GM” that existed before the company’s bankruptcy filings in 2009. The sale, which lasted for more than 10 hours and was broadcast online, was largely composed of heavy machinery and plant equipment. The assets come from GM’s Livonia plant, which built the Northstar V8 engine for high-end...
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That robust formulation is also designed to improve heat resistance and the reduce risk of thermal breakdown under high heat situations – i.e. turbocharged and supercharged engines.
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On the heels of the soon-to-be-released Chevrolet Volt, GM has announced its in-home charger, which will sell for the reasonable price of $490. Once you factor in what it would cost for gas, you’re probably willing to dip into your wallet. But it’s the installation cost for the in-home charging unit that will shock you....
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Picture this: It’s Sunday, the early dawn hours and you’re cruising down an empty country road. You already know what’s under the hood of your new acquired ride, but you’ve yet to test what your new car’s stereo can do—save for the constant chattering of talk radio. It’s time for a little speaker blast, you...
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While only a small percentage of buyers actually opt for a manual transmission, offering one usually indicates that a company seriously cares about how their products perform. The Chevrolet Cruze, with it’s 1.4L turbo engine, has all the right stuff to be a fun-to-drive compact, but the sole transmission choice, a 6 speed automatic, wasn’t...
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General Motors has just announced a safety recall of 3,996 2010 Cadillac SRX crossovers due to possible damage that may have occurred to the power steering lines. Out of the 3,996 vehicles that have been recalled, GM only believes that only two or three are actually affected by this issue. If the power steering line...
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Companies have been using major sporting events to pitch new products for decades, and now Chevrolet will use the World Series, starting this month, to premiere ads for the debut of the Volt plug-in hybrid sedan. General Motors Co.’s marketing chief Joel Ewanick says that the ads will start during the World Series and run...
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However, part of the increase in pickup sales, also reflects demand for GM’s substantially revised 2011 Heavy Duty pickups, which are proving particularly popular.
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