general motors

Auto
2:03 pm
Tue June 12, 2012

GM shareholder meeting today amid sagging stock numbers

The track of GM stock prices since the IPO in November in 2010.
screen grab WSJ MarketWatch

Update 2:03 p.m.

General Motors CEO Dan Akerson told stockholders at today's annual meeting that "he regrets GM's stock hasn't done well." GM's stock price is hovering around $22 a share.  

That's a big drop from 2010, when GM held an initial public offering and the stock sold at about $33 a share.

"I mean it's great we had a good year last year, why is the stock down? Because there's uncertainty into the future.  The most obvious is, uh, Europe," said Akerson.

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Memorial Day
10:29 am
Tue May 22, 2012

GM group to honor U.S. military fallen today

Alan Crosthwaite

General Motors' Customer Care and Aftersales (CCA) Veterans Affinity Group (VAG) will honor U.S. Military personnel who lost their lives in Afghanistan at the first annual "Field of "Flags" event.

The formal semi-military event, featuring U.S. Navy Color Guard members and Military Buglers, will be held Tuesday, May 22 from 1:00-2:00 p.m., at the GM CCA Willow Run Complex located at 50000 Ecorse Road, Belleville, Mich., 48111. The event is also in conjunction with the GM UAW local 174.

"The Field of Flags event leading up to Memorial Day is another way we can honor their commitment and say thank you to the members of the U.S. Armed Forces and their families for their courage, service and sacrifice," said Steve Hill, GM North America Vice President of CCA and GM's corporate champion for the group. "This is a grassroots event sponsored by our employees, who have a passion for this cause, and spend their own time to demonstrate their support and respect for the U.S. Military."

Approximately 2,000 flags will be planted in a field on the lawn of the facility. The ceremony will include the raising of an American flag flown over Afghanistan, the playing of "The National Anthem" and "America the Beautiful," the reading of the "Field of Flags" declaration, remarks by guest speaker Steve Hill, a special CCA VAG presentation, the planting of the final flag and a memorial wreath, the ringing of a ships bell honoring service members lost, Taps, and the presentation of the flag flown over Afghanistan.

GM's VAG Customer Care and Aftersales, headquarters in Grand Blanc, conducts fundraising activities to support GM employees who are U.S Military Veterans, in the Reserves or National Guard. To date, the group has raised $20,000 for Piquette Square, a non-profit organization in Detroit that helps homeless veterans. Additionally, it provides support through various activities such as sending care packages and phone cards troops abroad.

"Our group's overriding objective is to take care of the military men and women who take care of us," said Don Gore, president of the Customer Care and Aftersales VAG Chapter. "I am proud of the job our team has done, which has resulted in overwhelming support for veterans, deployed military and fellow employee reservists."

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Auto/Economy
2:00 pm
Wed April 18, 2012

Former GM plant rebranded to attract new global company

The former GM plant is located near US-131 and 36th street in Wyoming. This is a picture from November 2010, before the plant was demolished.
Lindsey Smith Michigan Radio

A former General Motors plant in a Grand Rapids suburb is getting new life and a new identity.

The 2 million square foot stamping plant in Wyoming, Michigan was the first manufacturing plant sold after GM’s bailout. The more than 75 year old plant is almost completely demolished now. The plant was once the city of Wyoming’s largest taxpayer and employer.

Now it’s been rebranded as “Site 36”. (It’s located on 36th street in Wyoming.)

“We cannot go to a customer, a company, a site consultant and say ‘well we’ve got a former General Motors site.’ Okay? That brings with it a certain image,” said Birgit Klohs, President and CEO of The Right Place. It’s an economic development group based in Grand Rapids that’s helping market the site to international companies.  

Klohs says rebranding the site is important for the people who live here too. “We’re done grieving. We need to come up with the next strategy and rebranding to us was a key issue for us in saying it’s time for the 21st century,” Klohs said.

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Developing
2:35 pm
Wed April 11, 2012

Explosion at GM Tech Center in Warren, Michigan

GM's Technical Center in Warren, Michigan.
user localhero wikimedia commons

Update 2:35 p.m.

The Detroit News reports that Warren Mayor James Fouts toured GM's Tech Center after the exposion. He said he had a "chemical taste in his mouth" when touring the site.

"I just want to say how very fortunate we are that only one person was seriously injured," said Fouts, who toured the site after the fire was extinguished. "There were 80 people in that building, but only one person received a possible concussion and some chemical burns, from what I've been told."

...According to Fouts, the building housing the research lab received considerable damage.

Fouts said three "very large windows were blown out and thick, fortified doors were forced open by the blast."

The News reports that a GM official said the hospitalized worker "is expected to make a full recovery and that the injuries are not life threatening."

1:27 p.m.

GM says the explosion was unrelated to the Chevrolet Volt or any other production vehicle.

"The incident was related to extreme testing on a prototype battery," officials said in a statement.

11:32 a.m.

There was an explosion at the General Motors Technical Center in Warren, Michigan this morning.

The Detroit Free Press reports on one person who was seriously injured in the blast:

A woman working in a battery research laboratory was taken to St. John Hospital and Medical Center in Detroit, Warren Fire Commissioner Wilburt (Skip) McAdams said.

“She is conscious; she’s in a lot of pain. She’s a ‘Priority 2,’ which means she has life-threatening injuries,” McAdams said.

More from the Detroit News:

One person was transported to a hospital and four others were being evaluated Wednesday after a lithium battery exploded at a battery research lab at the General Motors Technical Center.

"We are aware of an incident this morning about 8:45 a.m. in one of the laboratories at the Alternative Energy Center at the General Motors Technical Center in Warren, Mich.," GM said in a release. "Fire and emergency authorities were called to the scene. The building was evacuated. All employees have been accounted for. We are aware of five employees being evaluated on scene by medical personal and only one employee is being further treated.

The incident is still under investigation by GM and the Warren authorities. Any information or discussion of the nature of the work in the lab or cause of the incident is entirely speculative and cannot be confirmed at this time."

Auto/Economy
1:44 pm
Mon April 2, 2012

GM extends summer shutdown at Volt factory

user Mariordo wikimedia commons

GM is planning to extend a production slowdown for its extended-range electric car, the Chevy Volt.

Last month, Michigan Radio's Tracy Samilton reported that GM was halting production of the Volt for five weeks in March and April to reduce inventory, in part because of lower-than-anticipated demand.

Samilton wrote:

The car has been highly praised, but it’s expensive.  Even with a $7,500 federal rebate, the Volt still costs about $32,000.  Meanwhile, people can buy a highly fuel-efficient regular car for much less – including GM’s own Chevy Cruze, which costs about $19,000.

Additionally, the Volt facility was scheduled to be shut down for two weeks in July---a common practice for car factories---but GM has now extended that period to three weeks, again citing a need to reduce inventory.

But according to the Associated Press, "a spokeswoman says the company sold a record number of the electric cars in March and may cancel the extra week if strong sales continue."

-John Klein Wilson, Michigan Radio Newsroom

Auto/Economy
6:28 pm
Wed March 14, 2012

Recycling a former home of Lansing's auto industry

Economic development leaders hope to turn this playground for bikers in Lansing Township back into a home for automotive manufacturing
(photo by Steve Carmody/Michigan Radio)

 Lansing area business and civic leaders say they are going to work together to market hundreds of acres of vacant industrial land.

The capital city region has more than 400 acres of land left vacant by cuts in the auto industry.

Bob Trezise is the president of the Lansing Area Economic Partnership.  He says in the past the different local governments tried to develop the old industrial land separately..

Year after tsunami - cars
10:38 am
Mon March 12, 2012

Japanese car companies 1 year after tsunami

Douglas Sprott / Flickr

Japanese car sales in the U.S. have nearly recovered, a year after a tsunami devastated parts of Japan.  

The disaster affected many Honda and Toyota suppliers, and the companies’ car inventories in the U.S. plummeted. 

Michelle Krebs is with Edmunds.com.  She says Hyundai and Kia, along with Ford, General Motors and Chrysler, all benefited from the situation.  

"The market share runs about 45-46% for the Big Three in the U.S.," notes Kreb.  "That shot way up to 50.3 % - a number we hadn’t seen in a long time."

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Auto/Economy
7:43 pm
Fri March 2, 2012

Chevy Volt production temporarily shuts down due to low demand

General Motors will temporarily suspend production of its electric car with extended range, the Chevy Volt, to manage excess inventory on dealer lots. 

The decision puts about 1,200 employees at GM’s Detroit Hamtramck plant on layoff. 

The Volt assembly line will shut down between March 19th and April 23rd, to give dealers time to sell the Volts they already have.    

Demand for the Volt has been lower than GM anticipated. 

The car has been highly praised, but it’s expensive.  Even with a $7,500 federal rebate, the Volt still costs about $32,000.  

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Auto/Economy
4:17 pm
Wed February 29, 2012

GM forms alliance with Peugeot to stem Europe losses

GM CEO Dan Akerson and PSA Peugeot Citroen Chairman of the Managing Board Phillipe Varin
GM

General Motors is forming an alliance with French carmaker Peugeot to help the company make progress in getting to a breakeven point in Europe. 

GM made a record profit last year, but it was no thanks to Europe, where the company lost $700 million.  

The limited alliance with Peugeot will involve the joint development of some car platforms and joint parts purchasing. 

The companies estimate it will save a total $2 billion within a few years.

GM CEO Dan Akerson says the two companies will continue to compete in other areas.

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Auto
10:04 am
Mon February 27, 2012

Auto Bailout Is Hot-Button Issue In Michigan

Originally published on Mon February 27, 2012 7:03 am

Transcript

STEVE INSKEEP, HOST:

General Motors made a record-breaking profit last year. And to date, taxpayers have recovered close to half the $50 billion federal investment in the company. So the auto bailout worked, right? Wrong, say Republican presidential candidates, who insist the bailout was a huge mistake.

DAVID GREENE, HOST:

Michigan Radio's Tracy Samilton reports.

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GM profit
10:25 am
Thu February 16, 2012

GM makes record profit of $7.6 billion despite losses in Europe

General Motors posted a record profit of $7.6 billion in 2011, although its losses in Europe were very high -- $700 million.

In a conference call with analysts, GM CEO Dan Akerson  called Europe a "rather challenging market, not only for GM and Opel, but also for our competition."

GM also lost $100 million in South America.

Most of the money GM made came from sales in North America.  GM made $7.2 billion before taxes in the region.

GM plans to make major structural changes in Europe to reduce its persistent losses there.  

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Flint
6:23 pm
Fri February 10, 2012

Marking the end of the Flint Sit Down Strike

Surviving Flint Sit Down Strikers John Briggs (left) and James Todd (center) talk with one of the people who attended Friday's celebration of the 75th anniversary of the end of the sit down strike
(photo by Steve Carmody/Michigan Radio)

Saturday marks the 75th anniversary of the end of the Flint Sit Down Strike.   

Hundreds of UAW members gathered in Flint today to commemorate the pivotal moment in the history of the union movement.   

Union members honored in song the six surviving sit down strikers and women’s brigade members who gathered to mark the anniversary of the strike that many say legitimized the United Auto Workers union.

Art Reyes is the president of UAW local 651.   He says the surviving sit-down strikers are an inspiration.

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Auto/Economy
9:31 am
Tue February 7, 2012

Former President George W. Bush says he'd bail out automakers again

Former President George W. Bush reflected on the auto bailouts of GM and Chrysler yesterday.
Facebook

Candidates on both sides of the political fence, especially during this presidential election cycle,  have been trying to make hay out of the U.S. government bailouts of Chrysler and GM.  

At a speech to the National Automobile Dealers Association convention yesterday, former President George W. Bush said the reality of the severe economic downturn led him to his decision to begin the bailouts of GM and Chrysler.

From Bloomberg News:

“I didn’t want there to be 21 percent unemployment,” Bush said in a speech yesterday to cap the annual National Automobile Dealers Association convention, attended by more than 20,000 people. “I didn’t want to gamble. I didn’t want history to look back and say, ‘Bush could have done something but chose not to do it.’ And so I said, ‘no depression.’” 

Bloomberg reports the Bush administration loaned GM and Chrysler $17.4 billion "before Barack Obama’s administration expanded the rescue of the companies to $62 billion."

The Detroit Free Press reports that Bush said he believed GM and Chrysler were mismanaged and should pay for their own problems...

"But sometimes circumstances get in the way of philosophy," Bush said. "I would make the same decision again."

Chrysler repaid its loans last year, and GM has repaid around $23 billion, but the U.S. Government still holds around a quarter of GM stock.

Auto/Economy
5:58 pm
Wed February 1, 2012

General Motors ready for gas price spike but doesn't really expect one

General Motors reported U.S. car sales in January were down 6% from the same month a year ago.

But GM's head of U.S. Sales, Don Johnson, says comparing the two months is tough.  That's because the Detroit automaker boosted sales significantly last January with incentives. 

Johnson says the good news is GM increased its market share in the U.S. last month, compared to December.  GM had about a 19% market share last month.

Johnson says it's not possible to predict gasoline prices, but for most of 2012, he thinks they'll stay under $4.00 a gallon.

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Economy
7:08 am
Tue January 31, 2012

Obama plays up auto industry success story

President Obama visits the Washington Auto Show today.
Richardo Giaviti Flickr

President Barack Obama is expected to visit the Washington Auto Show on Tuesday.

Obama sometimes calls his decision to rescue General Motors and Chrysler a tough choice that saved jobs in an important industry.

The auto show will give him another forum to talk about GM and Chrysler, along with the administration's attention to manufacturers and efforts to boost fuel efficiency standards.

The president's advisers view the auto bailout as a potential point of contrast with Republican Mitt Romney, who opposed Obama's decision to pour billions of dollars into the companies.

During his State of the Union address last week, Obama said the auto industry has hired tens of thousands of workers, and he predicted the Detroit turnaround could take root elsewhere.

Auto/Economy
3:34 pm
Thu January 26, 2012

Chevy Volt hearing an "opportunity" says Mark Reuss

General Motors North American President Mark Reuss weighed in on his boss's testimony Wednesday before a Congressional subcommittee. 

The hearing was entitled, "Volt vehicle fire: What did NHTSA know, and when did they know it?"

Reuss says, "It was a huge opportunity for us, yesterday, and the whole company is proud of Dan [Akerson - GM's CEO].  But more importantly it gives the whole country a look into what this company can be."

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Auto/Economy
4:17 pm
Wed January 25, 2012

GM CEO defends safety of Chevy Volt at Congressional hearing

General Motors CEO Dan Akerson strongly defended the safety of the Chevy Volt during his testimony before a House subcommittee Wednesday.    

The hearing was entitled "Volt vehicle fire:  What did NHTSA know, and when did they know it?"   

Last June, a fire broke out in a Chevy Volt, three weeks after it had been damaged in a crash test.

The National Highway Traffic Safety Administration opened an official investigation into the fire risk of the Volt in late November, after performing two other tests on the Volt's battery alone.

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Auto/Economy
6:51 pm
Fri January 20, 2012

Federal investigation into Chevy Volt fire danger ends

The Chevy Volt
(photo by Steve Carmody/Michigan Radio)

The government ended its safety investigation into the Chevrolet Volt on Friday after concluding that the Volt and other electric cars don't pose a greater fire risk than gasoline-powered cars.

The agency began studying the Volt last June after a fire broke out in one of the cars three weeks after it was crashed as part of safety testing. Two other fires occurred later related to separate safety tests, and NHTSA opened an official investigation into the vehicle on Nov. 25.

The agency and General Motors Co. know of no fires in real-world crashes.

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Auto/Economy
3:15 pm
Thu January 19, 2012

GM retakes "top selling automaker" crown... sort of

General Motors claims "top automaker" crown.
user paul (dex) Flickr

For those of you keeping score at home, it's GM 9,030,000 to Toyota's 7,900,000 for 2011.

Those are "around" numbers for the number of vehicles sold in 2011 by the automakers from the Associated Press.

GM has retaken a crown it owned for 77 years before Toyota snatched it away in 2008.

Since that time, Volkswagen has been an up and comer as well. That company is the no. 2 automaker. It sold around 8,160,000 vehicles last year.

But some argue there's some fuzzy math going on to make GM the "top automaker" in the world.

More from the Associated Press:

Some analysts have said that VW is the world's biggest automaker because GM's figures include vehicles made by its Wuling joint venture in China. Many don't count Wuling because GM doesn't have controlling interest in the company, but GM includes it in global sales figures.

Excluding Wuling, GM would have been topped by Volkswagen.

Being the world's top-selling automaker doesn't mean much for the bottom line. But GM retaking the title is an example of how far the company has come since its 2009 bankruptcy.

Bloomberg Business Week's Tim Higgins quotes one analyst saying the top automaker crown means "bragging rights" and might help with stock prices.

Higgins writes GM's stock did go up with the news, but the stock would have to go up significantly before the U.S. government would break even on its investment:

GM rose 0.5 percent to $24.63 at 11:26 a.m. New York time.

The U.S. government still owns almost a third of GM. The government would have to sell its stake at an average of $53 a share to break even. GM earned $6.17 billion in 2010 and $8.47 billion in the first nine months of last year.

Auto/Economy
4:55 pm
Wed January 11, 2012

75 years ago: Flint autoworkers clash with police

National Guard troops were called in following a confrontation between strikers and Flint police on Jan. 11, 1937
Library of Congress

Last month, Michigan Radio's Steve Carmody visited Flint to report on the 75th anniversary of the start of the Flint sit down strike, a work stoppage at multiple GM facilities beginning in 1936, which Carmody says was "pivotal to the birth of the United Auto Workers," and had profound implications for American organized labor in general.

Carmody writes:

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