General Motors Co has not yet arrived at a decision on whether to exit manufacturing in Australia but said government help would be needed for its long-term survival.
Automotive
Peugeot enters final talks on €3.5 billion share sale
French automobile manufacturer PSA Peugeot Citroen is nearing a €3.5 billion share sale deal with Chinese carmaker Dongfeng Motor Co. and the government of France. Under the terms of the deal, Dongfeng and the French state will each hold a 20% stake in Peugeot.
Akerson leaves GM from bailout to profitability
Detroit-based company said yesterday on a conference call that the departure of its chief executive officer Dan Akerson was personal, as his wife of over 40 years has been diagnosed with advanced cancer.
Leonardo DiCaprio invests in Monaco's Formula E team
Hollywood actor Leonardo DiCaprio has invested an undisclosed amount in Monaco-based electric car startup Venturi Automobiles and co-founded a new electric racing team which will compete in the Formula E series next September.
General Motors names first female CEO
General Motors Co. has named Mary Barra as new chief executive officer a day after the US government exited its final shares of GM. Barra will replace GM CEO Dan Akerson who is retiring on January 15.
Latest News
The US government has finally sold its last remaining stake in General Motors, the largest automaker in the US in terms of sales, according to a Financial Times report.
Brazil-based car parts supplier Autometal is looking for acquisition deals with midsize competitors as global car manufacturers are planning production in the South American country.
California dealership Lamborghini Newport Beach marketing director Cedric Davy clarified that its sale of a Tesla Motors Inc. Model S electric car via Bitcoin did not mean the company is in the business of speculation.
American private equity firm Jordan Company has put up for sale its chemical management business Haas Group International. Sources estimated that the deal could be valued in between USD500 million to USD700 million.
Private equity firm KKR agrees to a restructuring deal for Germany-based car repair chain Auto-Teil Unger or ATU through a debt-for-equity swap with the latter's main creditors.
The Chinese government on Thursday cleared the USD1.3 billion car-making joint venture between Dongfeng Motor Group and France's Renault. Under the deal, the two companies will manufacture 150,000 multi-purpose vehicles annually.
General Motors (GM) is investing USD11 million to build a new source of energy for its Fort Wayne Assembly Plant, a move that will save the company USD5 million a year.
A source told Reuters that hedge fund Hayman Capital has acquired a stake in General Motors and believes that the stock price of the automaker will soar once the US Treasury has exited its remaining stake in the firm.
General Motors Corporation LLC is looking to put up for sale the last of its holdings in Ally Financial Inc. via a private placement. Ally, GM's financing arm, is reportedly eyeing an initial public offering.
