Earlier this year, Toyota Motor Corp was fined $1.2 billion for concealing problems related to sudden acceleration of some of its vehicles.
The company had identified some emission-related issue with Tavera and some quality issue with Sail.
The money will be drawn from the Troubled Asset Relief Programmeme set up to bail out financial institutions.
Indian IT majors like Tata Consultancy Services, Wipro and Satyam Computer Services -- which have running multi-million dollar deals with General Motors that has filed for bankruptcy -- are likely to face a short-term impact since any loss of business in these slowing economic conditions is a setback.
Attributing to a person familiar with the matter, The Wall Street Journal said, GM plans to begin paying back a $6.7 billion loan it owes to the US government starting late this year, which would put it on track to potentially repay the entire loan by the middle of 2011.
Bankruptcies of automakers General Motors and Chrysler could cost as many as quarter million people their jobs over the next year and a half, a media report says.
Nissan and Renault say they will compete with new models, especially small cars, and by growing their dealer network.
Noting that the talks between GM and Cerberus Capital Management, the private equity arm that owns Chrysler, began over a month ago, the New York Times said, 'negotiations are not certain to produce a deal.' Quoting two people close to the process, the newspaper said that chances of a merger were "50-50" as of Friday and "would most likely still take weeks to work out."
The Indian subsidiary of US auto giant General Motors Corp will launch a premium sedan Chevrolet Optra later this month, making India the second country in the world after South Korea where this vehicle would be produced locally.
Sources claim that 68-70 per cent of the workers at Halol are permanent ones, while the balance is tilted towards contractual workers at Talegaon.
All India Chess Federation (AICF) president Sanjay Kapoor said the federation is also working on organising an Indian Chess League.
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.
GM India is banking on the growing used car market in the country to bring incremental revenues amidst sagging sales of passenger cars in the aftermath of economic recession. General Motors clocked a sales volume of 65,702 units in the India market in 2008 as against its targeted sales of 85,000-90,000 units. The auto major had not set any sales target for 2009-10 but expected sales to be flat.
Auto major plans to cut technology outsourcing from 90 to 10 per #162 TCS, Wipro, others could be at receiving end
GM Chairman and Chief Executive Rick Wagoner is scheduled to outline the plan to employees, the Wall Street Journal reported. "This is real, hard stuff," one person briefed on the plan told the paper. "It not only assures our survival, but will make us a radically leaner, more focused company with much lower fixed cost."
General Motors Corp and popular professional golfer Tiger Woods said on Monday that they would end their endorsement deal at the end of the year. GM, which has warned it will soon run short of cash and is asking the US government for financial support amid the economic slowdown, and Woods, who is recovering from reconstructive knee surgery, called the arrangement "mutual and amicable."
GM India said customers will be able to book the Trailblazer on Amazon.in only from October 21-25, at a reservation deposit of Rs 25,000.
The recall will affect 2,910 units of the sedan version of Sail and 1,090 units of compact car variant of the model.
General Motors announced it will launch its new mini compact global car in 2010. It also announced that it would launch the Chevy Volt -- its first electric car, in the Indian market next year. But it ruled out an entry into the Rs 1 lakh car segment. The company is also looking at India as an export base in the coming years as it increases the capacity of the newly commissioned car and engine plant in Maharashtra from 140,000 to 300,000 vehicles.
As per the conditions set by General Motors, a dealer who does not accept its offer by July 15 would get only 50 per cent of the compensation amount being offered.
The company currently sells various vehicle brands in the country ranging from hatchback Spark to sports utility vehicle Captiva, priced between Rs 333,000 and Rs 25.71 lakh (Rs 2.57 million), respectivley, (ex-showroom Delhi).
US-based General Motors plans to launch 40 new products in international markets including India, where it is focusing on a turnaround.
Automobile manufacturer General Motors on Wednesday cut the price of its vehicles by up to Rs 30,500, following the government reducing excise duty.
GM India has last week announced plans for launching four new models in the Indian markets in 2010. "The new mini-car will be in the market by January next year and we will produce more than 40,000 units in the first year. Of this, we will export 20 per cent overseas, including to the European and the Asia-Pacific markets," GM India president and managing director Karl Slym told reporters on the sidelines of the SIAM annual convention in New Delhi.
The once-beleaguered auto maker, bailed out by the US government last year, had lost a whopping $13 billion in the 2009 June quarter.
General Motors, the US auto major, plans to double the level of sourcing of automotive components from India to $1 billion (Rs 4,500 crore) annually in the next two years. For the year 2010, the company has placed $550 million worth of orders to its Indian vendors.
GM India said it has already sent individual letters.
'The Indian govt's initiatives on EVs are very strong and customers want to buy EVs. This will make the country's conversion to EVs faster than other markets, and I hope even faster than the US'
The contractual workers at Halol were severed by 2016 as the contracts were not renewed, while the permanent workers were offered a separation package in the form of a voluntary retirement scheme
How President and Managing Director Karl Slym is steering General Motors India after its US parent filed for bankruptcy.
US President Joe Biden visited the Detroit Auto Show to highlight electric vehicle manufacturing in America.
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.
Barra says GM is working on putting out the right products here because it will be difficult to make a mark globally without India.
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