When large companies fall into financial difficulties, it always amazes me to see where they turn first for help in overcoming their problems -- to their hourly workers and other frontline employees, who are asked to take pay cuts and reductions in benefits such as health insurance and pensions.
General Motors HAS appointed Arvind Saxena, former Managing Director of Volkswagen Passenger Cars India, as the President & Managing Director of its Indian unit.
Three of this year's bankrupt companies -- GM, Chrysler and Thornburg Mortgage -- have found place among the 10 biggest ever bankruptcies in the American history.
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.
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.
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 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.
The engine plant will have an annual capacity of 1.6-lakh engines which could be expanded to 3-lakh engines per annum, the company said. The engine and car manufacturing plant will employ 1,400 people.
General Motors India on Wednesday said it would hike the prices of its multi-utility vehicle Chevrolet Tavera ranging from Rs 4,800 to Rs 8,700 across all variants from December 24.
Nearly $1 trillion in risky debt comes due from 2011 to 2015, and even if the credit crunch is long past, companies will likely struggle to refinance it says CreditSights.
The New York Post has reported that the US, which is wrapping up stress tests on banks, may oust Vikram Pandit as Citi's CEO. Pandit's future at Citi has been hanging in the balance as the financial services major has already received three lifelines from the Federal government to stay afloat.
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.
General Motors' Rick Wagoner on Monday said he has stepped aside as the chief executive officer of the company after US White House officials asked him to leave the ailing auto maker.
Upon completion, the factory will create almost 10,000 jobs and will initially have an annual capacity of 2 million units.
As the rupee continues its freefall against the dollar, cars, TVs, washing machines and other home appliances are set to cost more with companies set to hike prices to offset impact on their margins.
Car owners in India had fewer problems with their new vehicles, with the JD Power Asia Pacific Satisfaction Index Study revealing that eight of the 11 manufacturers had improved their performance.
The fourth largest car manufacturer by sales, General Motors, is planning to launch its mini commercial vehicles (MCV) sold in China under the brand name Wuling in India in the near future.
Automakers finish 2008 on a bleak note. Expect 2009 to be worse.
With less than a month to go for the two mega television shows - Kya Aap Paanchvi Pass Se Tez Hai of Star Plus and the BCCI-promoted Indian Premier League on Sony - companies have lined up in right earnest for sponsorship deals with the broadcasters. Star Plus has signed on a string of advertisers for the Shah Rukh Khan-anchored show. These include confectionery brand Halls, Pidilite Industries, Havells India, L'Oreal India, Tata Sky, Parle Products etc
After years of giving free passes to counterparts from Korea, Japan, US in the Indian auto market, Chinese automakers had planned a major push to grab the fifth largest car market in the world. But the shutdown of factories and logistics hubs in the country following the outbreak of coronavirus is slowly constricting the business of Chinese auto majors which have recently entered India.
George W. Bush on Friday handed the fate of US carmakers to president-elect Barack Obama as he announced plans to lend General Motors and Chrysler $17.4bn to survive the next three months.
Despite carmaker drama in the U.S., and a failed deal with Chrysler, China's auto champ may be poised to go international.
The move marks the entry of GWM, one of the largest manufacturers of sport utility vehicles (SUVs) and pick-ups, into the Indian market and a complete exit for GM from the country, two years after it stopped selling cars here.
Automobile manufacturer General Motors on Wednesday cut the price of its vehicles by up to Rs 30,500, following the government reducing excise duty.
US carmaker General Motors on Tuesday said it has won J D Power Asia Pacific 2008 award for its two cars Chevrolet Spark and Aveo U-VA produced by its Indian subsidiary.
General Motors also plans to increase sourcing from India over the next 4-5 years to $1 billion annually.
The move comes close on the heels of growth in developed auto markets such as the US and Europe dipping in the red. Analysts say that global auto companies are now focusing on developing new models for emerging markets like India, their with main focus on containing costs. The cost of development in India is considered to be the lowest in the world.
US-based global tech giants, including IBM, Amazon, Google and Microsoft, have partnered with the White House to "unleash the power of American supercomputing resources" for combating the novel coronavirus, President Donald Trump has said. From volunteering to manufacturing masks and ventilators to ramping up production of essential medical supplies and general items, the country's private sector have joined America's war against coronavirus in a big way, Trump said on Sunday, while launching a new public-private consortium organised by the White House, the department of energy and tech company IBM.
India's passenger vehicle exports rose by 26 per cent in April-June 2022 aided by enhanced shipments to Latin America and Africa and a low base of the year-ago quarter that was hit by the second wave of COVID-19. As per the latest data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle shipments rose to 1,60,263 units in the April-June period of this fiscal as compared with 1,27,083 units in the same quarter of 2021-22. Passenger car shipments saw an 88 per cent year-on-year growth at 1,04,400 units while utility vehicle exports rose 18 per cent to 55,547 units during the period under review, SIAM data showed.
Novelis world leader in flat rolled aluminium products, customers include Coke, GM.
The Tata Tech IPO will be the first from the Tata group since TCS listed its shares in 2004.
Carmakers seem to be driving in the right lane with their new models, with three of the new launches - Maruti Swift diesel and Mahindra Renault Logan as well as GM's Chevrolet Aveo U-VA - finishing on the top of their segments in a customer satisfaction survey.
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 research firm ranked small car Chevrolet Spark as the leader in terms of quality in the compact car segment with a score of 127, mid-size sedan Chevrolet Aveo topped the midsize segment with a score of 109 while Chevrolet Optra (97) was ranked highest in the premium midsize segment, GM India said in a statement.
General Motors subsidiary Chevrolet will introduce a diesel engine option in Optra by April-May this year. Currently, the car is only available with petrol engine.
Presently, a five-judge Constitution bench headed by the CJI is hearing pleas relating to regimes on grant of driving license for different kind of vehicles under the Motor Vehicle Act.
GM India presently sources engines for its products from its other global plants. Apart from multi-utility vehicle Tavera, which is 97 per cent localised, the company's other products run on sourced engines. The company is in talks with more than one state governments to set up the proposed plant, but has not zeroed down on one particular location as yet.
The feat was achieved under 'Project Himank' of the organisation.
After successfully marketing the state to American auto giant General Motors and German automaker Volkswagen, the Maharashtra industry department now wants Japanese auto major Honda to come to the state.
