GM still wants to sell Opel; Germany

Germany believes the management of General Motors Company is still committed to finding a buyer for its European unit Opel/Vauxhall, government officials said after talks with the US carmaker in Berlin.

At a meeting last Friday, GM’s board of directors postponed a decision on management’s proposals to relinquish a controlling stake in Opel either to Canadian [...]

GM angers Germany over Opel decision

The game of brinkmanship that General Motors has been playing over the future of its loss-making European subsidiary, GM Europe, which makes Opel and Vauxhall vehicles, has started to unravel it would seem.

GM has been suggesting for more than a week that it was about to decide between two suitors for Opel/Vauxhall and would announce [...]

GM pushing to conclude Opel sale

General Motors Company has no intention of reopening the sale process for its European operations, which build Opel and Vauxhall vehicles, and remains intent on reaching a deal with one of the two remaining bidders as quickly as possible.

GM Chief Financial Officer Ray Young said the company was looking to wrap up the Opel/Vauxhall sale [...]

Investor sells out of Saab rescuer

Following reports that the Swedish Government was investigating claims that there were problems with the investor base of niche sports car maker Koenigsegg, which is planning to take over General Motors subsidiary Saab, Reuters Newsagency says a major investor has sold his share in the company.

North American investor Mark Bishop has sold his 22 per [...]

No GM buy back of Opel; German minister

Germany’s economics minister has ruled out any attempt by General Motors to include an option to buy back majority control of GM Europe, which produces Opel and Vauxhall vehicles, as part of a deal to give up more than 50 per cent of its German subsidiary in exchange for state aid.

“This is incompatible with our [...]

Economic worst over, Daimler CEO

The relaunch of German carmaker Daimler’s key Mercedes-Benz E-class luxury sedan has supported earnings in the second quarter and bolstered the carmaker’s optimism that the worst is finally behind it, CEO Dieter Zetsche said today.

“From today’s perspective, not only will we not experience any more negative surprises in terms of the whole year, rather we [...]

Toyota loss balloons to US$8.6 billion

Showing that even the apparent mighty are not immune in the current financial times, the world’s biggest car maker, Toyota, has forecast a much bigger than expected loss of US$8.6 billion.

Toyota Motor Corporation, announcing its latest results in Tokyo, said it would also sell about one million fewer vehicles this year, leaving it desperately trying [...]

GM on ‘brink’ of bankruptcy

The giant US carmaker General Motors has today admitted its auditors had raised “substantial doubt” about its ability to survive outside bankruptcy if it fails to stem its losses and stop chewing through its cash reserves.

Reuters newsagency says the “going concern” warning from the struggling carmaker had been expected, but underscored how high were the [...]

Ford to reduce $16 billion in debt

Ford Motor Company is planning to reduce its debt by more than $16 billion (US$10.4 billion) in the near future. The plan will see the swapping of company stock and cash for existing debt.

The blue oval’s debt-reduction plans are in line with the US government’s contractual agreement with General Motors and Chrysler to hand out [...]