General Motors Corp will file for bankruptcy on Monday, forcing the 100-year-old iconic car major which has been one of the most visible symbols of American capitalism and economic might into uncharted waters of nationalisation or government ownership.
GM India has asked customers facing problems with their remote keyless entry accessory to go to their Chevrolet dealer.
General Motors India, the joint venture company of General Motors, US, and Shanghai Automotive Industry Corporation, China, is looking to sell small-capacity engines made from its Maharashtra plant to companies willing to have a sourcing pact with it.
The offer would help enable General Motors India to increase sales of its all models including the recently launched Chevrolet Beat.
The decision to retain Opel in addition to restructuring its European operations was taken by the company's board of directors in the backdrop of "improving business environment," GM said.
'Four years after paying $2 billion to extricate itself from a partnership with Fiat, General Motors is seeking a stake in the Italian automaker in exchange for its Latin American and European operations,' The New York Times reported. It said GM is eager to cede control of its money-losing Opel unit in Germany. 'But Fiat has also expressed interest in GM's other European operations as well as its historically profitable Latin American business,' the report noted.
The world's largest automaker is jilting America's Super Bowl for the global variety of football.
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.
American car maker General Motors is likely to pull out of its technological partnership with REVA Electric Car Company, after domestic auto major Mahindra & Mahindra Ltd bought 55.2 per cent equity in the Bangalore-based company to stake its place in the fledgling electric vehicle market.
Workers fear that GM might close down one or two production plants in Germany in the process of restructuring Opel. It may also lay off thousands of workers and force the remaining workers to make sacrifices to protect their jobs.
Company officials have maintained that the closure is a routine exercise and is not a fallout of the ongoing global meltdown. "There will be no production at the company's Halol unit for about two weeks," said P Balendran, vice-president, GM India. The company has shut production from December 13 to December 30.
General Motors Co said on Tuesday Chief Executive Officer Dan Akerson will step down next month and be replaced by global product development chief Mary Barra, who will become the first woman to lead a global automaker.
"Just media hype," said a relieved Sachin Kumar, executive of the Auto Vikas showroom of General Motors India in West Delhi's Moti Nagar. "There were some showroom queries on the first two days, but it died down."
The United States government may own 70 per cent stake in the restructured General Motors, the ailing auto maker which is battling to avert a possible bankruptcy.
General Motors India on Wednesday said its sales grew 42 per cent in February 2005 and announced that expansion of its Halol plant would be completed later this month.
General Motors India would double its production capacity to 60,000 units per annum by March this year, a senior company official said on Thursday.
Car maker General Motors India is planning to launch up to eight new models over the next five-six years in the country as it looks to increase its share in the domestic auto market.
The car maker, which filed for bankruptcy protection under Chapter 11 on Monday, owes $172.81 billion in total debts to its 50 largest creditors, including ArcelorMittal. In its filing with the bankruptcy court in the southern district of New York, GM said it has a 'trade debt' of $9.55 million to be paid to NRI-billionaire Lakshmi Mittal-led ArcelorMittal. According to the filing, the auto maker has assets worth $82.29 billion.
General Motors will move ahead with bankruptcy process at a faster pace if it becomes necessary to restructure the auto maker, its new chief executive Fritz Henderson has said.
GM shares, which were listed at the New York Stock Exchange on December 20, 1916, were worth close to about $100 a piece in 2000. The going-under of this iconic carmaker has been billed as a 'surgical bankruptcy' by the government for its revival into a new GM in the next two-three months, but the long-running restructuring exercise could not help avoid a loss of over $10 billion in the past one year for investors.
General Motors India on Tuesday reported a 74 per cent sales growth to 1,401 units in April 2004 over 805 units in the same month last year and said it would bring in more 'Chevrolet' models.
Workers resorted to strike at the Halol facility in Gujarat that has an installed capacity of 85,000 units a year.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
US automaker General Motors' chief executive has apologised for the company's handling of the failed sale of its subsidiary Opel to Canadian manufacturer Magna and Russian investment bank Sperbank.
General Motors Corp and Chrysler LLC have reopened merger talks, as Chrysler owner Cerberus Capital Management LP has signalled its willingness to give away part of its ownership in the auto maker, a media report said today, citing people familiar with the goings-on.
General Motors also plans to increase sourcing from India over the next 4-5 years to $1 billion annually.
EDS, a leading global technology services company, has won the majority share of the five-year multibillion dollar General Motor systems integration awards that were announced on Friday, a release said.
The sales comprise 1,504 units of hatchback Chevrolet Spark, 1,550 units of multi-utility vehicle Tavera, 1,227 units of Aveo/Aveo U-VA and 498 units of sedan Optra, it said.
GM has invested $1 billion in the country since 1996.
GM India is working on launching a BS-IV variant of the car, but is in no hurry.
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