general motors

Auto/Economy
10:03 am
Tue December 14, 2010

GM offering buyouts

A view from GM's Renaissance Center
Santosh Krishnan

GM is offering some of its employees a buyout this Christmas. The buyout offer will target at 8 assembly plants in Michigan. 

The Associated Press reports:

General Motors is offering buyouts to several thousand skilled trades workers at 14 plants around the U.S. 

The automaker will pay eligible workers $60,000 to retire with full benefits. Younger workers will have the option to take the $60,000 in exchange for giving up retiree health care and other benefits.   GM spokesman Chris Lee didn't know how many workers will get the offers.

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Auto Industry
9:13 am
Fri December 10, 2010

GM CEO says automaker has been humbled

General Motors Headquarters, Detroit, MI
Sarah Hulett Michigan Radio

Dan Akerson, General Motors' CEO, told the Economic Club of Washington D.C. this morning that his company was humbled by its "near-death experience" during its 2009 bankruptcy.

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Auto Industry Jobs
11:16 am
Tue November 30, 2010

GM to hire 1,000 in MI

General Motors has just announced that it will hire 1,000 engineers to work on battery technology in Michigan. The jobs include helping to develop batteries for hybrid, electric and hydrogen fuel cell vehicles. Most of the jobs will be at a technical center in Warren.

The Detroit Free Press reports the jobs come as GM:

…prepares to deliver the first Chevrolet Volt extended-range electric cars next month… GM plans to build 10,000 Volts by the end of 2011 and at least 45,000 in 2012. Initially, the Volt will sell in California, New York City, Washington, D.C., and Austin, Texas. Next spring, those markets will expand to include Michigan, New Jersey, Connecticut and the rest of New York and Texas. Within a year and a half, GM plans to sell the Volt nationwide.

GM invests more for Chevy Volt
4:11 pm
Wed November 24, 2010

UAW celebrates new GM investment in Flint and Bay City

General Motors formally announced today that it is investing more than 160 million dollars in plants in Flint, Bay City and in Defiance, Ohio.


 The three plants produce components for the Chevy Volt, Cruze and a third unnamed Chevrolet small car.


 Bill Jordan says GM’s announcement is an early "Christmas present.”   Jordan is the president of United Auto Workers local 599.    He says GM’s investment shows workers are doing the job right. 

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GM IPO
11:32 am
Fri November 19, 2010

Just what does GM's IPO mean for Michigan

General Motors

General Motors (GM) stock returned to trading on Wall Street yesterday for the first time since the company collapsed, declared bankruptcy, and was rescued by an infusion of fifty billion taxpayer dollars.

While Michigan has been focusing on diversifying its economy to make up for the loss of jobs in the auto industry, GM's return to public trading suggests that the auto industry in Michigan will continue to be a major economic player in the region.

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General Motors
8:39 am
Tue November 16, 2010

GM boosts stock price

General Motors says it’s raising the price range for its initial public stock offering.

The stock will sell for $32 to $33 per share.

That price range is about 14% higher than was previously expected.

GM didn’t give a reason for the increase but people who have been briefed on the sale say it’s because of high demand from investors.

The IPO is expected on Thursday.  The Detroit Free Press reports, "the U.S. Treasury is selling 365 million shares, which will reduce its stake in GM from 60.8% to about 40%."

General Motors
5:12 pm
Mon November 15, 2010

Background on the GM IPO story

The old GM Headquarters in Detroit.
Historic American Buildings Survey

General Motors (GM) will be in the news a lot this week, so if you sat out the GM story up until this point, here's a quick summary to get you caught up.

Today's General Motors is not your father's General Motors. The old GM went bankrupt. The company couldn't pay its bills (they had some big ones).

But instead of letting the whole company collapse, a court stepped in to reorganize the auto giant (under chapter 11 bankruptcy).

The court split the old GM in two.

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Auto
9:21 am
Fri November 12, 2010

Auctioneers sell off items at shuttered GM plant

GM's Wyoming Stamping Plant closed in June of 2009. Auctioneers are selling of the contents of the plant.
Lindsey Smith Michigan Radio

Michigan Radio's Lindsey Smith covered the auction at the former GM Wyoming Stamping plant. The plant closed in June 2009 as part of GM's bankruptcy.

The auction was held on Wednesday and Thursday of this week. The auctioneers said they'll sell off anything leftover today.

Smith said it was easy to get lost as she took photos of the more than 2 million square foot building. Here's an audio slideshow she put together:

AUTO EARNINGS
9:17 am
Wed November 10, 2010

GM posts 3rd quarter profit

General Motors Logo
(c) GM Logo/Photo Courtesy of General Motors

General Motors announced this morning that it made $2 billion in the third quarter.  The Associated Press reports:

The profit was fueled by GM's international operations and strong revenue from newly introduced car and crossover models in North America.

The automaker's actual revenue rose 36% to a little more than $34 billion.  This was the third-straight quarter in which GM was profitable.

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GM IPO
8:57 am
Mon October 18, 2010

Is the General Motors IPO losing steam?

GM's Headquarters in Detroit
John F. Martin Creative Commons

 Next month’s General Motors’ big stock offering is expected to be much less than at one time predicted.

The GM Initial Public Offering is expected to hit the market around November 18th.

 When GM initially started talking about selling stock, the speculation was that November’s sale could be easily one of the largest initial public offerings in history.   Perhaps generating more than $16 billion.

Now some analysts are predicting the GM IPO will collect only about $6 billion. 

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'Government Motors' no more?
2:23 pm
Tue October 12, 2010

GM moving closer to November stock sale

GM's Renaissance Center in downtown Detroit.
Steve Carmody Michigan Radio

General Motors (or should I say General Motors Holding Company) is planning to hold a public stock sale in mid-November. It will be the first since the world's largest company emerged from chapter 11 bankruptcy reorganization last year.

General Motors Holding Company emerged as the wheat. Motors Liquidation Company emerged as the chaff.

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