The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup's India-born chief Vikram Pandit continues to steer the once financial colossus out of its biggest ever crisis.
The once-beleaguered auto maker, bailed out by the US government last year, had lost a whopping $13 billion in the 2009 June quarter.
The production and concept vehicles which are to be displayed include the company's hybrid sedan Chevrolet Volt, sports-car Chevrolet Camaro, sports utility vehicle Captiva Extreme, electric version of its small car Spark, CNG version of Chevrolet Aveo and its race car WTCC Cruze.
The LPG model was launched a fortnight ago. Chevrolet is now hoping to rev up the car's sales with a diesel option in June.
On Nooyi, who is now in her 10th year as CEO, Fortune said, she "shows no signs of slowing down"
Model 3 received 180,000 orders worldwide.
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.
Green vehicle set to hit Indian roads next year.
Cracking the whip on the practice of exorbitant salaries, the US government's pay czar has slashed the compensation of top executives by 50 per cent at seven largest bailed-out firms including Citigroup and AIG.
It is usually better to buy those shares which are members of an industry group which is leading the market's move.
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.
The recession triggered unemployment, which rose to all-time highs in the US and around the world. Markets felt the ripples of the meltdown wiping off trillions of dollars of investor wealth.
Undeterred by global credit freeze, India maintains a bullish outlook on attracting foreign direct investment which may be governed by easier rules, a top government official said.
The components would cater to GM facilities worldwide, said Karl Slym, president and managing director, GM India.
The New York Auto Show 2010 which opened at the Jacob Javits Center on April 2 has some of the hottest cars and trucks ever seen under one roof.
PepsiCo's India-born CEO Indra Nooyi has been ranked third most powerful businesswoman by Fortune, the only Indian-origin woman on the 2014 list topped by IBM Chairman and CEO Ginni Rometty and General Motors CEO Mary Barra.
Domestic passenger vehicle dispatches witnessed a 13 per cent year-on-year rise in April as demand remained robust across segments, industry body Siam said on Friday. The total passenger vehicle dispatches from companies to dealers rose to 331,278 units last month compared to 293,303 units in April 2022. Market leader Maruti Suzuki India dispatched 137,320 units to dealers last month against 121,995 units in April last year.
The decision reflected Birla's thinking that his stepping down would pave the way for the entry of strategic investors and allow for greater flexibility during discussions, the company said.
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.
General Motors India had completed all investments intended for the country well before its parent's bankruptcy filing, said Karl Slym, president & MD.
The past couple of years have been tough for everyone 'but things are now definitely looking up. There are certain signs of life in the industry,' General Motors Co's North American president Mark Reuss told reporters on the sidelines of the Chicago Auto Show.
The stand-off at the facility, which employs around 1,900 permanent workers and 2,500 contract workers, began on November 5 morning when the company management did not allow some of the contractual workers to go inside the plant.
The Italian car giant surprised the recession-hit global auto industry with an announcement that it is bidding to take over the GM's struggling Opel brand to consolidate its global base. Though Fiat entered India almost six decades ago, it is facing rough competition from car manufacturers from Japan and South Korea. It tied up with Tata Motors for building a manufacturing plant near Pune to increase its supply capacity in 2007.
General Motors India on Tuesday sought incentives for owners of cars driven on alternative fuel and tax rate cuts to encourage adoption of such eco-friendly vehicles.
The resignation of Fritz Henderson was approved by the board of directors of the company at its meeting on Tuesday.
The head of GM's European operations Nick Reilly assured on Thursday state premier of Thuringia in eastern Germany Christine Lieberknecht that Opel's Eisenach plant in the state will remain open.
Dr Devdas Shetty is the new dean of the College of Engineering at Lawrence Technological University, Michigan. He said his goal is to see the College of Engineering become a leader in engineering education. "I want to work on providing real-life challenges for students by forming industry partnerships and applied research at the undergraduate level," he said.
GM declined to put a timeframe on when the electric small car would hit the Indian market.
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.
The money will be drawn from the Troubled Asset Relief Programmeme set up to bail out financial institutions.
While Detroit's Big Three wrangle with the US Congress for a bailout, we could be witnessing another extinction story.
Auto component sourcing has touched $3 billion in India and is expected to double by next financial year-end. Such sourcing has provided Indian players with the opportunity to charge a premium that varies between 5 and 10 per cent.
General Motors Co. plans to remove its GM "Mark of Excellence" from all models launched by the company in the future.
GM India is working on launching a BS-IV variant of the car, but is in no hurry.
Among the Sensex firms, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra & Mahindra were the major gainers. Bajaj Finance and Larsen & Toubro were the laggards.
New units of the iconic Maruti 800, Ford Ikon (1.3 petrol), Fiat Palio, Skoda Fabia (1.2 petrol) and Octavia (1.9 TDI engine), and Chevrolet Tavera (2.5 DI) of General Motors will no longer be sold in the 13 notified cities from Thursday, which constitute 40-50 per cent of total car sales in the country.
Excise duty cut of Rs 6,000 on big cars to be passed to customers; LCDs cheaper by Rs 3,500.
"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."
