GM, UAW Near Deal on Buyouts
General Motors Corp. and the United Auto Workers are
reporting progress on reaching an agreement that would offer early retirement
buyouts to thousands of General Motors Corp. and Delphi Corp. workers. The
agreement, however, would not eliminate the threat of a potential strike against
The buyout agreement is not expected
to require ratification by union members, though it would probably require
approval by the federal bankruptcy judge overseeing
Paul Krell, UAW director of communications, said there was progress being made on the buyouts. "There is progress and they were planning to work over the weekend," Krell said.
GM, UAW Near Deal on Buyouts (3/19/2006)
Deal could mean thousands move off
GM Keeps GMAC On The
General Motors Corp. is still pursuing efforts to sell off a majority stake in GMAC, its big financial subsidiary, as part of its restructuring plan.
However, the effort to sell off a majority interest in the General Motors Acceptance Corp. suffered a serious setback last week when GM announced it was delaying the filing of its annual report with the Securities Exchange Commission (SEC) because of accounting issues at ResCap. ResCap is GMAC's residential mortgage subsidiary and has been one of its most profitable operations in recent years, making it essential to any spin-off. However, The Wall Street Journal reported Saturday that ResCap's outside auditors had refused to sign the division's annual audit report.
Jerry Dubrowski, GM spokesman, said GM is working to get the issues resolved and expects to file the annual report in about two weeks. The changes will not have any impact on net income at GMAC or at GM, which also disclosed that it was adding $2 billion to its overall loss for 2005, raising that figure to $10.6 billion.
GM Keeps GMAC On The Block
Accounting issues dragging down company's Wall Street cred.
Geely Marching Forward to
Geely, the ambitious automaker that wants to become the first company to sell Chinese-made cars to American consumers, is still on track to enter the
John Harmer, Geely
Geely, however, is now moving as quickly
as they can to address the issue, Harmer said during an appearance at the
Society of Automotive Analysts in
Geely Marching Forward to '08
Chinese company still wants to be the first to land in
Audi Diesels Dominate Sebring
The first sound you caught was the rush of wind, then the whine of gears and the scrubbing sound of the brakes. The Audi R10 was already launching out of the corner before you heard the surprisingly deep and muted rumble of its big engine.
It took a bit of work to get used to the low, sleek racer that dominated the circuit at the 12 Hours of Sebring on Saturday. At first glance, the R10 looked a lot like Audi's older R8 racer - which has so far rolled up 61 wins during its 77 races - but the big TDI decals gave the first clue that this wasn't a traditional race car.
The R10 is, in fact, the first
diesel ever to enter the grueling American
"The main reason for developing the Audi R10 was to compete at the 24 Hours of Le Mans, as we want to be the world's first automobile manufacturer to win with a diesel engine," said Dr. Wolfgang Ullrich, director of Audi Motorsport, who described the development of the diesel racer as "the biggest challenge ever given to Audi Motorsport."
Audi Diesels Dominate Sebring (3/19/2006)
Audi win sets up R10 assault on
No Chinese Knight for GM
world where Indian entrepreneurs are rising to dominate the world's steel
industry and companies from the Persian Gulf have a big stake in the shipping
trade, it's no surprise that talk about who might run big American companies
such as say, General Motors Corp., turns overseas. The Chinese automakers,
after all have already bought up the rights to
Battle for World's Cheapest Car
A most unusual battle is raging in
The Alif four-seater is made by Pakistani firm Transmission, and has just gone on sale costing the equivalent of $2,870. But it might not hold the crown for very long. An Indian firm is working on a rival that is known as the 100,000 Rupee car - which is just $2250.
While the Alif is not exactly the height of luxury it does have some excellent features. Seat belts are standard, there's a canvas roof and the spare wheel is mounted on the rear tailgate. It's just under three meters long and available in five colors. The single-cylinder 200cc four-stroke engine offers close to 80 mpg, but it's also available powered by natural gas.
The car is being promoted as an alternative to the traditional three-wheel rickshaws which are being phased out because they have inefficient two-stroke engines. Pickup truck and van versions are also available.
Its challenger for the world's cheapest car crown comes from well-known Indian company Tata. Codenamed Project X3, it's due for launch in 2008 and is expected to be powered by a 700cc, 45-hp petrol engine that will meet the latest European emissions laws. However, there's speculation that despite its low price, it won't be a big hit. Industry experts believe such a no-frills vehicle is unlikely to appeal to status-sensitive Indian buyers.
There's also skepticism about how vehicles such as the Alif and X3 can be made so cheaply. While they may meet the latest anti-pollution laws, safety experts believe there's so little in the way of crash protection that they can only be a hazard on the road.-Richard Yarrow
GM Daewoo Rehiring Line Workers
GM Daewoo, General Motors Corp.'s South Korean unit, is rehiring all 1,725 assembly line workers who were laid off in 2001 by its defunct predecessor Daewoo Motor Co. In an unprecedented action, the automaker had already rehired 1,081 Daewoo Motor workers. The 1,725 workers will return to their jobs in May.
created GM Daewoo in 2002 after acquiring a majority stake in Daewoo Motor,
which was declared bankrupt in 2000. GM Daewoo now is
"We have succeeded in building a labor-management culture that is based on mutual respect," GM Daewoo President and CEO Nick Reilly said in a press release. "This new culture has given us the confidence to bring back all Daewoo Motor Co. employees and expand our Bupyung operations."-Peter Chang
FROM THE SOURCE headlines from the latest press releases
SIRIUS Satellite Radio (Nasdaq: SIRI) and Volkswagen of America, Inc. today announced that Volkswagen will offer SIRIUS as its sole satellite radio provider for vehicles sold in this country through 2012. Volkswagen will exclusively offer SIRIUS beginning with the introduction of its 2007 model year vehicles, and expects to equip approximately 80% with SIRIUS satellite radio receivers. Additionally, Volkswagen will offer three months of complimentary service.
|American Axle & Mfr. Holdings Inc.||AXL||16.23|
|Ballard Power Systems Inc.||BLDP||6.09|
|DaimlerChrysler AG (ADR)||DCX||56.87|
|Dura Automotive Systems||DRRA||2.24|
|Ford Motor Company||F||7.81|
|General Motors Corporation||GM||21.13|
|Goodyear Tire & Rubber||GT||13.73|
|Honda Motor Co. Ltd. (ADR)||HMC||30.44|
|Johnson Controls Inc.||JCI||75.96|
|Magna International Inc.||MGA||75.90|
|Nissan Motor Co. Ltd. (ADR)||NSANY||23.32|
|Sonic Automotive Inc.||SAH||27.83|
|Sirius Satellite Radio||SIRI||4.89|
|Toyota Motor Corporation (ADR)||TM||108.20|
|TRW Automotive Holdings||TRW||24.58|
|Tower Automotive Inc.||TWRAQ.PK||0.07|
|United Auto Group Inc.||UAG||44.74|
|XM Satellite Radio Hold.||XMSR||20.74|