Key Developments: General Motors Co (GM)
34.01USD
18 Jun 2013
$0.28 (+0.83%)
$33.73
$33.80
$34.06
$33.44
9,926,717
14,037,480
$35.49
$18.72
Latest Key Developments (Source: Significant Developments)
General Motors Co Expands SUV Recall To Cover All U.S. States-DJ
Dow Jones reported that General Motors Co. said it is expanding an existing recall to include an additional 193,652 midsize sport-utility vehicles due to concerns of a possible fire hazard. The original safety recall, initiated and involving 258,000 SUVs, covered 20 states and the District of Columbia, and the latest move covers all states. GM said it is rare that a fire might start while the vehicle is unattended. Overall, the Company said there have been 58 fires and 11 minor injuries reported. The recall covers Chevrolet TrailBlazer, GMC Envoy, Buick Rainier, Isuzu Ascender and Saab 97-X SUVs from the 2006 and 2007 model years, GM said, adding that dealers will make repairs free of charge. Full Article
General Motors Co Recalls SUVs-Reuters
Reuters reported that General Motors Co is recalling about 231,000 sport utility vehicles (SUV) that might be in danger of an electrical short that could cause a fire. The move is an expansion of a recall from last August to check 249,000 SUVs for a short in a circuit board in the driver's door that could lead to a fire. Vehicles involved in both recalls include the 2006 Chevrolet Trailblazer EXT and GMC Envoy XL and 2006-2007 Chevrolet Trailblazer, GMC Envoy, Buick Rainier, Saab 9-7X and Isuzu Ascender. Of the more than 480,000 recalled SUVs, about 443,000 are in the United States, GM said. The automaker said it has received 58 reports of vehicle fires and 11 minor injuries related to the issue, most of them on vehicles in the original recall. Full Article
General Motors Co Halts Sales Of Three Models-Business Standard
Business Standard reported that General Motors Co has temporarily halted retail sales of diesel versions of Sail, Sail UVA and Tavera owing to technical issues. The Company said that it had identified some emission related issue with the Tavera and some quality issue with the Sail product line thereby asking its dealers to stop accepting bookings for these models. None of the issues are safety related. The makers of Chevrolet brand of cars had to suspended production of these vehicles early last week and has engaged technical officials from the US to sort the matter. The Delhi-based company is working towards resolving the issue as early as possible. Full Article
General Motors Co Recalls Some 2013-14 Cars To Fix Brake Lamps, Cruise Control Glitch-Reuters
Reuters reported that General Motors Co is recalling 1,627 new Cadillac and Chevrolet sedans to correct an electrical glitch in the brake lamps and the cruise control. The recalled cars include the just introduced 2014 Chevrolet Impala, as well as the 2013 Cadillac ATS and XTS, both released last year. GM, in a statement, said the brake lamps on a small number of vehicles may flash intermittently without the brake pedal being applied. The condition also could cause the cruise control to disengage. Full Article
General Motors Co To Sell More GM Shares As It Winds Down Stake-Reuters
Reuters reported that the Treasury Department announced the plans to sell 30 million shares of General Motors Co common stock as part of its ongoing effort to wind down the government's stake in the bailed out automaker. The Treasury said it would sell the shares in a public offering in conjunction with the Company's inclusion to the Standard & Poor's 500 index on June 6, which should help spur demand for the stock. The offering will take place along with the sale of 20 million shares of GM stock held by the UAW Retiree Medical Benefits Trust, bringing the total size of the sale to 50 million shares. Full Article
NHTSA Probes Air-Bag Issue In 400,000 General Motors Co Cars-Reuters
Reuters reported that Safety regulators are investigating whether to expand a General Motors Co recall to 400,000 vehicles to address a potential issue with the driver-side air bag. GM previously recalled 6,845 cars, including the 2012 Chevrolet Cruze, Sonic and Camaro and the 2012 Buick Verano, for the problem. The recalls were issued in October 2012 and January 2013. An electrical short could cause the driver-side air bag not to deploy in a crash in those vehicles, according to GM and the National Highway Traffic Safety Administration. Full Article
General Motors Co To Add Four More Plants In China-Reuters
Reuters reported that General Motors Co will add four new plants in the next three years in China to bring its production capacity to five million vehicles a year, the head of GM China said at the Shanghai auto show. The four new factories will bring to 17 the number of assembly plants owned by GM and its partners, and increase production by another 30%. Full Article
General Motors Co and Ford Motor Co Agree To Jointly Develop Fuel-saving Transmissions-Reuters
Reuters reported that General Motors Co and Ford Motor Co have agreed to jointly develop a new line of nine- and ten-speed automatic transmissions to boost the fuel economy and performance of their lineup, the companies said. GM and Ford will build both front- and rear-wheel drive transmissions as part of this effort. Engineering teams for both companies have already started initial design work. Full Article
General Motors Co's Australian Unit Cuts 500 Jobs-Reuters
Reuters reported that General Motors Co Australian unit General Motors Holden is cutting 500 jobs, or 18% of its workforce. Full Article
Peugeot SA, General Motors Co Alliance To Adopt Peugeot Vehicle Platforms-DJ
Dow Jones reported that Peugeot SA and its alliance partner General Motors Co (GM) their first three common vehicle projects will be based on platforms developed by the French car manufacturer. The alliance partners also said their joint purchasing venture (JV) is now operational after having received anti-trust approval from various authorities including China. GM and Peugeot, which are both struggling to reduce chronic losses in their European operations, forged their alliance 11 months ago to extract cost reductions by pooling development and manufacturing costs for identified vehicle projects. Full Article
GM aims for 10 percent of China's luxury car market by 2020
SHANGHAI - General Motors Co aims to have 10 percent of China's luxury market by 2020, its China chief said on Wednesday.
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