According to the daily, the move comes as the government is getting ready to lift another auto maker Chrysler from bankruptcy protection 'as soon as next week'. Attributing to a source, The Washington Post said under the GM draft bankruptcy plan, the company would receive just short of $30 billion in additional federal loans.
Beleaguered American auto maker General Motors is in emergency talks with its lenders over a multi-billion dollar debt-for-equity deal which could save the company from filing for bankruptcy, a media report on Sunday said.
General Motors India, 100 per cent subsidiary of General Motors Corporation, on Thursday said the company's entry level Chevrolet Spark has crossed the mark of 3 million customers globally.
The mini car is likely to be based on the auto maker's Beat concept, showcased at the New York Auto Show two years ago. It would offer the option of diesel or petrol engines and will be the third small car in GM's offering in the country after Spark and Aveo U-VA. India would be the company's export hub for the mini car, said Karl Slym, president and managing director, General Motors India.
"We probably could have sold another 20-30 per cent if there was an easy availability of vehicle finance. People continue to be interested in buying cars, but the sheer lack of finance is a concern.The buyer has to decide what his money can get him. I don't feel threatened that a customer of Chevrolet is going to buy the Nano instead," says Karl Slym, president and MD, General Motors India.
The car is powered by a 1-litre petrol engine.
The project has already entered the design stage, and the company has asked its part suppliers for initial cost estimates.
A government-instituted panel which probed the extent of non-compliance by General Motors in re-fitting pre-approved engines on Tavera models sent for inspection to meet specified emission norms, submitted its report late on Monday evening, holding the company responsible for corporate fraud.
"Out of the total sales, we feel that Chevrolet Spark would enjoy major share in total car sales for this year as small cars continue to have largest share in passengers cars market in the country," General Motors India Director (Operations) S Garg told reporters in Chandigarh on Friday.
The note mentioned "domestic problems".
The US-based auto maker told the government an internal probe had revealed the company had violated testing targets
Ajit Balakrishnan on mapping the Business Serengeti.
Leading manufacturers, including Maruti Suzuki, Hyundai and General Motors, are planning to raise prices of each of their models starting from the last week of this month or early next month.
The launch of Manchester United limited editions of Chevrolet Beat and SAIL hatchbacks comes at a time when the Chevrolet brand is making debut on the club's jersey.
The Spark will be available for Rs 2.79 lakh (ex-showroom Delhi) compared with its usual price of Rs 3.32 lakh. Hyundai Motor India (HMIL) will offer a discount of up to Rs 40,000 across various models till the end of next month aiming to cash in on the festive season.
The new hatchback will likely be powered with either 1.2 litre or 1.4 litre petrol engine.
R Balendran, director and vice-president, corporate affairs, General Motors India, said on Wednesday that the company might bring in the SUV as either a completely built unit or a completely knocked down unit.
Production was halted at the Halol plant of General Motors in Gujarat because of heavy rains, a senior company official said on Thursday.
General Motors used the Auto Expo 2012 platform wisely and introduced its much anticipated MPV.
Besides job loss, the exit of the American cult bike maker would also lead to a loss of up to Rs 130 crore for the brand's dealer partners in the country.
Fuel price hike will impact demand going forward.
Operations of several top companies, located in central and south Gujarat, continued to be affected on Friday with torrential rains lashing several parts of Gujarat for close to a week.
The recall will cover cars manufactured between 2008 to 2012 that use safety airbags made by its supplier Takata
General Motors India on Monday launched a new variant of Chevrolet Tavera priced at Rs 599,000.
The phenomenal success of Xcent, Grand and Santa Fe increased volumes creating positive momentum
Senior officials with the multinational car manufacturer say there is a need to improve the brand perception and are revising an earlier after-sales package to spruce it up.
Inspiring story of America's iconic CEO.
Cars have just got dearer with major automobile firms, including Maruti Suzuki India, Hyundai and General Motors, increasing prices this month in order to offset rising input costs.
General Motors Asia-Pacific on Friday announced the appointment of chief operating officer, Rajeev Chaba, as president and managing director of General Motors India with effect from June 1.
General Motors India on Wednesday launched three new cars in the Indian markets
American car makers are know for it but Indian manufacturers are soon catching up with the trend.
General Motors Co CEO Mary Barra on Tuesday called her company's slow response to faulty ignition switches linked to at least 13 deaths "unacceptable," but could not give U.S. lawmakers many answers as to what went wrong.
General Motors India on Tuesday introduced a new version of its multi-utility vehicle Chevrolet Tavera, the Elite range even as the company prepares to rev up capacity at its Halol plant to meet rising demands.
General Motors Corp. plans to source $1 billion worth of automobile parts from India each year by 2008 as part of cost-cutting measure at the world's biggest automaker, a senior executive at its local subsidiary said Friday.
General Motors India on Friday said it would be hiking the price of its multi-purpose vehicle 'Tavera' and premium sedan 'Optra' by 1-2 per cent and will invest Rs 100 crore (Rs 1 billion) to hike the capacity at its Halol plant to 80,000 units.
Global auto giant, General Motors Daewoo has sued a Chinese car-maker for allegedly copying the design of Matiz, one of its small car and is demanding a compensation of nearly $10 million.
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