General Motors' Saturn Aura won the 'Car of the Year' at the North American International Auto Show this year.
General Motors is on an India overdrive. A mini car, a small car and an SUV
Bondholders would initially get a 10 per cent stake, along with warrants for 15 per cent. Citing people familiar with the matter, the newspaper said, 'Bondholders with slightly more than 50 per cent of GM's $27.2 billion in bond debt agreed to support the plan.' GM had offered the bondholders the opportunity to take a larger stake in the company after they had overwhelmingly rejected a previous exchange offer.
The company has about 1,500 workers on its roll while 400 odd workers have been on strike since March 16 to press for their various demands.
US auto major General Motors on Thursday launched its locally-developed engine in India.
Beleaguered General Motors on Tuesday said it will acquire its strongest operations, including the Indian business, once the company steers itself out of bankruptcy.
Auto major General Motors India is harbouring definite plans to launch a mini car that would be competitively priced and would aim to get a market share of 10 per cent, a top official of the company said on Saturday.
Hindustan Motors, owned by C K Birla group, has concluded an arrangement to supply engine and gearbox to General Motors' sports utility vehicles, which are yet to hit the Indian roads.
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.
Till now, the company was selling the Beat in petrol and liquefied petroleum gas variants.
General Motors India on Thursday unveiled its new mid-size sedan Opel Vectra in the premium car segment with ex-showroom price of Rs 15.99 lakh (Rs 1.59 million) in Delhi and Rs 16.9 lakh (Rs 1.69 million) in Mumbai.
Aiming to bolster its sagging auto sales and ultimately getting into the black, General Motors is set to emerge leaner and cost-competitive through drastic restructuring, according to the firm's bankruptcy filing.
'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 loss of input tax credit (ITC) following the rationalisation of the goods and services tax (GST) on individual life and health insurance from 18 per cent to nil is may weigh on the profits of life insurers in the third quarter (Q3) of 2025-26 (FY26).
Auto makers Tata Motors and General Motors India on Monday announced they will cut prices of their products after Finance Minister P Chidambaram decided to reduce excise on automobiles in the interim Budget 2014-15.
'We have given riot-free Maharashtra in our 18-month rule.'
Automotive giant General Motors will make fresh investments in India to expand its Opel product line with a few models lined up for release this year.
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.
Calling the decision a win for the people of Karnataka, a Rapido spokesperson said it was not just a legal victory but a milestone moment for urban mobility in the state.
The company has purchased 43 per cent stake from its Chinese partner Shanghai Automotive Industry Corporation Group for an undisclosed sum.
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
The announcement comes a day after the iconic car maker filed for bankruptcy protection, being bogged down by huge losses and plunging sales in recent months. Without revealing the identity of the buyer, General Motors said it has entered into a memorandum of understanding with a buyer for Hummer, its premium off-road brand.
General Motors India expects to double sales of its vehicles to touch 16,000 units by December this year, Aditya Vij, the company's managing director, said in Bangalore on Wednesday.
General Motors India on Monday launched a new premium mid-size car - Chevrolet Optra - as part of the aggressive plans to grow its sales over five-fold to about 50,000 units in the next three years.
Orice ranges between Rs 4.41 and Rs 7.64 lakh.
The tragedy struck the 39th Surajkund International Crafts Mela on Saturday evening, when about 19 people were riding the swing before it suddenly tilted and then crashed onto the ground.
The prices of the company's vehicles start at Rs 2,85,000 for Spark and go up to Rs 24.6 lakh or Rs 2.46 million (ex-showroom Delhi) for the Captiva.
Maruti, Tata Motors and Ford Motor India have already made similar announcements.
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."
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.
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."
Led by strong growth in its luxury sedan Chevrolet Optra, auto major General Motors India on Tuesday reported a 123.5 per cent growth in car sales in June 2004 to 2,418 units from 1,082 units in the same month last year.
General Motors India on Thursday said its car sales surged by 162.8 per cent in January 2003 to 1,477 units over 562 units in the same month last year.
The vehicle will compete with Maruti Suzuki India's Ertiga, which is priced between Rs 598,000 and Rs 870,000 (ex-showroom Delhi).
General Motors India launched its new Chevrolet Sail U-Va car on Monday with a target to sell around 2000 cars monthly in Jaipur.
Bajaj Auto is planning a slow, calibrated push to take the Chetak, its electric scooter, to more than 100 countries on the strength of its distributor network and market-specific localisation rather than an aggressive global rollout, reports Sohini Das.
Insurance intermediaries who receive disproportionately high commissions are likely to see a decline in their payouts, post the new Insurance Amendment Bill. The new Bill gives the Insurance Regulatory & Development Authority of India (Irdai) the power to disgorge unlawful gains made by insurers and intermediaries as well as the right to limit commissions paid to intermediaries.
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