Key Developments: General Motors Co (GM)
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23 May 2013
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Latest Key Developments (Source: Significant Developments)
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
General Motors Co's Opel May Shut Bochum Plant Early-DJ
Dow Jones reported that Adam Opel AG, owned by General Motors Co, has not ruled out retiring its Bochum assembly line earlier than planned. Negotiations are in progress. It cites a letter to employees in which Steve Girsky, Opel's supervisory board chairman, says production in Bochum may be shut down in January 2015 because of weak European demand. The company has said it plans to stop producing complete cars in the German town near the end of 2016. Full Article
Treasury to Begin Selling Off Its Remaining General Motors Co's Stake-NYT
The New York Times reported that The Treasury Department said that it would begin selling off its remaining 19% stake inGeneral Motors Co, as part of the Obama administration’s plan to unwind its bailout of the automaker. Earlier this week, The Treasury Department said that it had hired Citigroup and JPMorgan Chase to lead the sales of its stock holdings in G.M. Full Article
General Motors Co And Isuzu Motors Limited To Discuss Joint Development Of New Truck-Reuters
Reuters reported that General Motors Co and Isuzu Motors Limited will look at jointly developing a pickup truck. The companies said in separate statements that they had signed a memorandum of understanding to start negotiations, but both declined to outline the timing of the talks or any other aspect of the potential deal. Full Article
General Motors Co's Opel To Cut Production By Over 10%-Reuters
Reuters reported that Opel, the European unit of General Motors Co, is planning to cut production by more than 10% in 2013 in light of the weak European car market, a German magazine reported. Loss-making Opel is planning to produce just 845,000 cars in Europe in 2013, Spiegel reported. A spokesman for Opel declined to comment on production plans. Full Article
Peugeot SA (PSA Peugeot Citroen) and General Motors Co Update on Strategic Alliance
Peugeot SA (PSA Peugeot Citroen) (PSA) announced the signature of agreements with General Motors Co (GM) in the execution of their Global Strategic Alliance. Consistent with the terms of the Master Agreement dated February 29, 2012, the Alliance partners have signed definitive agreements related to three of the initial vehicle projects as well as to the purchasing joint venture. The first common vehicle projects selected encompass platform/architecture developments in the following segments: a joint program for a C-MPV1 for Opel/Vauxhall and a C-CUV2 for the Peugeot brand; a joint MPV3 program for the B-segment for both Groups, and the co-development of an upgraded low CO2 B-segment platform to feed Opel/Vauxhall and PSA's next generation of cars in Europe and other regions. The first vehicles resulting from this cooperation are expected to be launched in 2016. In addition, the Alliance partners have signed a definitive agreement to create a joint purchasing organization in Europe supported by a purchasing joint venture. This new organization will draw on the combined purchasing reach of both companies to realize purchasing synergies. This is still subject to anti-trust approvals. The partners also announce their intention to co-develop small gas engines derived from PSA's global small petrol engine program (EB engine) and explore product and industrial initiatives in Latin America or other growth markets. Full Article
General Motors Co To Buy Stake From Treasury-Reuters
Reuters reported that General Motors Co said it will buy back 200 million of its shares from the U.S. Treasury, which intends to sell the rest of its GM stake over the next 15 months. Chief Financial Officer Dan Ammann said GM will pay $5.5 billion, or $27.50 a share, for the Treasury stake in a deal expected to close by year-end. That represents a 7.9% premium on December 18, 2012 closing price. Full Article
GM Chevy Spark electric car's price 38 percent less than sibling hybrid Volt's
DETROIT - The Chevrolet Spark all-electric subcompact car will cost U.S. buyers as much as 38 percent less than what it takes to buy its larger sibling, the hybrid Volt, General Motors Co said on Thursday.
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