General Motors

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Stocks Send Mixed Messages
 Stocks Send Mixed Messages 
MARKETS
Sep 3, 2008 3:36 PM CDT

Stocks Send Mixed Messages

Falling oil prices have lost their ability to spur gains in equities

(Newser) - The markets saw mixed gains today as investors weighed falling oil, mildly positive manufacturing news and another big drop in domestic auto sales, the Wall Street Journal reports. The Dow closed up 15.96 at 11,532.88. The Nasdaq added 15.51 to close at 2,333.73, and...

Sales Skid Again for GM, Ford, Toyota

Detroit heavies off at least 20% each; Japanese giant down 9.4%

(Newser) - General Motors, Ford and Toyota reported dramatic declines in sales for August stemming from the weak US economy and record gas prices, Bloomberg reports. Ford's domestic sales plunged 27% and GM's 20%, and both automakers will cut second-half production by the tens of thousands. Toyota fared better, down just 9....

Small Cars Carry Big Price Tags
 Small Cars Carry Big Price Tags 
Sep 3, 2008 10:57 AM CDT

Small Cars Carry Big Price Tags

As public turns from SUVs, automakers jack up prices on compacts

(Newser) - With sales of SUVs and trucks dwindling, car companies have begun to push smaller, more fuel-efficient models—but not for the same small prices. Without the $10,000 profit that was typical on SUVs, automakers can no longer sell cars like the Ford Focus for an average profit of $100....

GM Recalls 800K Over Electric Issues

Short circuit in wiper-fluid system may cause fires in popular SUVs, other models

(Newser) - An electrical glitch has General Motors recalling 857,735 vehicles today, Reuters reports. GM will recall all cars with a heated windshield wiper fluid system for faults that may lead the system to short circuit, increasing the likelihood of fire or other electrical malfunctions. See below for a full list...

Arab Investors Interested in GM's Hummer Brand

As US sales slide, GM looks overseas to unload gas-guzzler unit

(Newser) - There may soon be more Hummers heading to the Persian Gulf, this time as two Gulf Arab investors signal interest in buying GM's troubled brand of SUV—modeled on the military vehicle. Analysts have expected the gas-guzzler to be tough to unload, but low fuel prices, economic prosperity, and Hummer’...

GM Plans New Chevy Compact
 GM Plans New Chevy Compact 
Aug 21, 2008 4:55 PM CDT

GM Plans New Chevy Compact

(Newser) - General Motors will invest $500 million to build its new compact car in the US, the Detroit News reports. The Chevrolet Cruze, expected to get about 45mpg, will go into production in 2010 in Lordstown, Ohio. The ailing automaker, once heavily reliant on SUVs, continues to alter its production line...

America's Fastest-Dying Cities
 America's Fastest-Dying Cities
Aug 12, 2008 7:30 PM CDT

America's Fastest-Dying Cities

Ohio and Michigan feel the worst of nation's woes

(Newser) - America’s Rust Belt continues to corrode a little more each day, reports Forbes in its analysis of the nation’s fastest-dying cities. Cities in Ohio and Michigan take 6 of the top 10 spots in the survey, which is based on population flight and unemployment:
  • Canton, Ohio
  • Youngstown, Ohio
...

Chrysler Looks to Team With Nissan on Midsized Cars

US automaker plans to expand outsourcing deals as it searches for profitable course

(Newser) - Chrysler is in talks to team up with Nissan to produce midsized cars, the Wall Street Journal reports, following an earlier deal to jointly produce pickup trucks and subcompact cars. The move could represent what the Journal calls a "radical new business model," in which Chrysler becomes a...

Jobs, Earnings Spur Losses
 Jobs, Earnings Spur Losses
MARKETS
Aug 1, 2008 3:25 PM CDT

Jobs, Earnings Spur Losses

Downbeat session kicks off August

(Newser) - Stocks fell today as investors absorbed a slate of poor earnings reports and glum but not awful economic reports. Crude rose $1.02 a barrel, and shares in every sector other than energy fell, MarketWatch reports. The Dow dropped 51.70 to 11,326.32, the Nasdaq shed 14.59...

GM Loses $15.5B, Stuns Street
 GM Loses $15.5B, Stuns Street 
Earnings
Aug 1, 2008 8:20 AM CDT

GM Loses $15.5B, Stuns Street

$27.33 per-share loss much worse than analysts predicted

(Newser) - General Motors stunned Wall Street today, reporting a $15.5-billion second-quarter loss—a figure far worse than anything analysts had predicted—as sales collapsed on the company's most profitable products, trucks and SUVs. Prognosticators had estimated the automaker would lose $2.62 per share, excluding items; instead the loss came...

Media Companies Brace as Advertising Slump Worsens

A slowing economy has prompted a sharp reduction in spending

(Newser) - A major slump in advertising is moving beyond newspapers and radio and is now starting to hurt TV and the entire media industry, reports the Financial Times. Major advertisers—especially car dealers, airlines, and banks—are cutting back on marketing as the economy slows. And, analysts say, even the windfalls...

Haters, Gas Fail to Crush Hummer Pride

Soaring fuel may be stunting sales, but owners won't surrender

(Newser) - Sure, the Hummer may be going the way of the dinosaur: Sales are down 40% this year on soaring gas and an eco-image problem, and GM is looking to ditch its troubled brand. But for owners, the AP reports, outsized pride remains part of the package. "It definitely sparks...

On Mixed News, Modest Gains
 On Mixed News, Modest Gains 
MARKETS
Jul 25, 2008 3:33 PM CDT

On Mixed News, Modest Gains

Crude falls, durable goods rise, but foreclosures also climb

(Newser) - The Dow and S&P 500 seesawed to minor gains today amid mixed economic reports, MarketWatch reports. The Dow rose 21.41 to 11,370.69, the S&P 500 5.22 to 1,257.76. Bolstered by the relative insulation from the economic slump enjoyed by tech stocks , the...

GM, Utilities Join to Speed Plug-Ins

Three-dozen utilities agree to help integrate electric cars with their grids

(Newser) - General Motors and three dozen electric utilities in nearly 40 states have agreed to work together on the transition to plug-in electric vehicles that are expected to begin rolling out within 2 years, the Wall Street Journal reports. With GM’s Chevy Volt and Saturn Vue  expected to hit the...

McCain Flips on Emissions Standards
McCain Flips
on Emissions Standards
Jul 18, 2008 3:37 PM CDT

McCain Flips on Emissions Standards

After favoring a national norm, candidate says states should decide

(Newser) - John McCain seemed to flip-flop on auto-emissions standards today, telling a group of General Motors engineers he supported states’ rights to set their own levels, the Detroit News reports. McCain told the newspaper last month he supported a nationwide standard. Automakers support a national standard because they fear the expense...

GM Developing Futuristic Windshield

Looking forward to an aging driver, tech would compensate for poor eyesight

(Newser) - America’s driving population is aging, and GM aims to do something to help older motorists: develop a high-tech windshield that compensates for declining eyesight, the AP reports. The system, now in the research phase, uses lasers and infrared sensors to identify hazards in the road—or perhaps the edge...

Dow Sinks Below 11K
 Dow Sinks Below 11K  
MARKETS
Jul 15, 2008 3:34 PM CDT

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

(Newser) - The markets ended mixed today after a seesaw session. An $8 decline in crude encouraged investors, but concerns about the fate of the mortgage GSEs and regional banks persisted, MarketWatch reports. The Dow ended down 93.39 at 10,961.80, the first time in over 2 years the average...

GM Will Cut Salaried Jobs, Benefits to Survive Slump

Company aims to cut costs to boost liquidity, cope with lower sales

(Newser) - General Motors will cut salaried jobs, accelerate factory closings, and eliminate health care coverage for many salaried retirees in order to raise $15 billion to survive the industry's deep downturn, the Wall Street Journal reports. GM will also suspend dividends, sell some assets, lower capital spending, and cut production of...

GM to Announce New Round of Major Cuts

$4 gas threatens workforce, car and truck production

(Newser) - General Motors is expected to announce another big round of cost-cutting measures today, Bloomberg reports. Insiders say the ailing automaker, hit hard as consumers leave gas-guzzlers standing in car lots, is likely to slash thousands of jobs and reduce production of trucks and SUVs for the second time in two...

Rental Biz Sees Small-Car Shortage

Demand for small cars on rise, as is anger at 'upgrades'

(Newser) - Rental car companies can't meet the soaring demand for more fuel-efficient small cars and are forcing irritated customers to take "upgrades" to gas-guzzlers. Rocketing gas prices are putting pressure on Hertz, Avis, and other companies to sell their luxury cars and SUVs to pay for fuel-efficient models. Bookings for...

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