While President Obama and General Motors CEO Fritz Henderson are both expected to hold press conferences today, officially GM has already filed for Chapter 11 Bankruptcy Protection. Once the world’s largest automaker and a symbol of the success of free market economics, GM is now a symbol of failure. In the 1950s it employed over...
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Oddly, it seems as though Saturn is far more interesting and far more loved as the up-for auction arm of a doomed for bankruptcy company than it ever was as regular old car brand. To date the Penske Automotive Group, automaker Nissan/Renault and investment firm Telesto Ventures have all been cited as potential buyers. Now...
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Due to the overall turmoil at General Motors these days a lot of projects have been put on hold. Included in that list is the replacement for the current Aveo. A new Aveo, code named the T300, was due out in April of 2010, but now that product has been delayed until January of 2011....
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As a government imposed June 1st bankruptcy deadline looms on the horizon, the UAW is reporting that it has reached a tentative agreement with General Motors and the U.S. Treasury. The specifics of the agreement will not be made public until the contract is ratified, however, the UAW did say that changes have been made...
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General Motors will cut 1,124 dealerships loose by October of 2010. The struggling automaker on the verge of bankruptcy sent letters out to the dealerships last week as it searches for ways to reduce it’s current dealer network of 5,969 to just 3,600. GM says it will not renew dealership agreements with the 1,124 companies...
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Days after General Motors announced it would cut it’s number of dealerships in the U.S. by 1,124, GM Canada is following suit. The number of Canadian GM dealerships being closed may sound much smaller at 292, however, with roughly 700 dealerships nationwide, the cuts represent a 42 percent dealership reduction. GM Canada says the Sales...
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According to a leaked document, General Motors is planning on selling Chinese-built cars to Americans in the near future. The document does not specifically state which vehicle or vehicles could be exported to the U.S., but it does suggest that small cars would be the focus. There is speculation that it could be a sub-compact...
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GM Vice Chair Bob Lutz Kisses a Saturn Astra. Recently he kissed-goodbye to all his stock in the company. In a move that should probably be illegal (but isn’t) six General Motors executives recently sold off all their shares in the company. That’s right, those same guys who helped drive GM into bankruptcy traded in...
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It’s not exactly the sort of news worthy of a celebration, but some cautious optimism is certainly appropriate as word comes that the Pontiac Solstice and Saturn Sky might not suffer the same fate as almost every other fun vehicle under the General Motors umbrella. Fritz Henderson, GM’s new CEO said that the company would...
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Late last week we reported that GM was ceasing production of the Cobalt SS Sedan and now the automaker has confirmed several other performance models will get the axe. That’s right, the latest vehicles to face the guillotine in this French Revolution-style automotive bloodbath are three (or four depending on how you look at it)...
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General Motors has built a one-off “Hero Edition” Corvette ZR1, which will be raffled-off for charity. The car will be paired up with a 1967 Corvette 427 convertible and will be given away to the lucky ticket holder at the end of the year as a part of the Win The Vettes Corvette Dream Giveaway....
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Thanks to a little investigative journalism, the folks over at Autoblog have uncovered that General Motors will cut the Cobalt SS Sedan from its product lineup for 2010. A sad day indeed. The discovery came about due to GM hosting its Order and Reference Guides online. Look for the Cobalt and noticeably absent is the...
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As General Motors continues to report record losses, there are still some small success stories to report. The reborn Chevy Camaro is one of them. While plants are being idled and employees being let go across the company, at the Camaro assembly plant in Oshawa, Canada, workers can’t keep up with demand. The Peterborough Examiner...
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General Motors has once again posted a massive quarterly loss, coming up short to the tune of $6 billion for Q1 of ’09. That is roughly the equivalent of the value of 473,000 Chevy Aveos. The company burned through $10.2 billion during the period, lowering its cash reserves to $11.6 billion from $14.2 billion at...
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The sale of Saturn to Nissan-Renault could see cars like this Mégane Renault Sport roaming U.S. streets. The rumor mill keeps churning out new and exciting candidates interested in buying GM’s Saturn brand. The most recent speculation is that Nissan/Renault might be interested. The Wall Street Journal is reporting the Nissan-Renault interest in Saturn, while...
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Roger Penske and Daimler Chairman Dr. Dieter Zetsche take a ride in a SMART car. Penske currently distributes SMART cars for Diamler in the U.S. and is rumored to be interested in purchasing Saturn from GM. A day after General Motors released a vague statement declaring that it is moving to “the next step” in...
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Jim Waldron, the owner of a Pontiac dealership in Michigan has revealed that he and a group of investors submitted an offer to buy the scheduled-for-termination Pontiac brand from GM. Waldron made the announcement on ABC’s local WJRT station and said that he expects to hear back from the company this week. GM representatives, including...
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With the Pontiac brand gone, GM is looking to get out of its arrangement with Toyota that spawned the Vibe/Matrix models In stark contrast to official statements by General Motors reps (and to a story we ran yesterday) the struggling U.S. automaker does indeed want out of the joint project with Toyota that saw the...
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Cadillac’s entry-level European BLS Amid all the terrible news coming out of the U.S. auto sector, there are some glimmers of hope… sort of. While General Motors is cutting models and whole brands, it is making a commitment to introduce a new Cadillac model under the CTS. Unfortunately it won’t be the rear-drive 3-Series fighter...
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Only yesterday it seemed as though Italian car maker Fiat was likely to purchase GM’s European Opel brand, but now a new player has emerged. Magna International, the Austrian-Canadian parts supplier to OEMs like Chrysler, Ford and Mercedes has “announced” plans to purchase a controlling share in Opel. The news didn’t come from Magna, however,...
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With news today that the Pontiac brand will in fact be eliminated, General Motors is eager to get working with Toyota to build a new shared platform to replace the Vibe. The Vibe is to GM what the Matrix is to Toyota, and both models come from an evenly shared joint venture known as New United...
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As we reported last week, General Motors has indeed made the decision to kill the Pontiac brand. The news comes as a part of a new viability plan (yes… another one) submitted to the federal government today. The new plan will see Pontiac eliminated by the end of 2010, but that’s not all… not by...
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Chevrolet has decided to bring back the Corvette Grand Sport for 2010 and thanks to a long list of track-ready features, it certainly lives up to the historic name. The Grand sport replaces the Z51 model and offers performance closer in line to the Z06, thanks to a revised suspension, wider tires, bigger brakes, shorter...
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As the saying goes, “It’s all over but the crying.” Edmunds is reporting that its source inside General Motors has let slip that the Pontiac brand will officially be eliminated. The announcement is expected to be made next Monday as a part of a more thorough reorganization of the struggling automaker. General Motors PR rep...
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