Correspondent, Detroit
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Mar 3, 2015

Buffett questions putting activist on GM board

DETROIT (Reuters) – Berkshire Hathaway Chief Executive Warren Buffett, one of the largest shareholders in General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz), said on Monday he would be wary of putting former U.S. autos task force member Harry Wilson or anyone else on the company’s board if the focus was on the short-term performance of the automaker.

“I totally disagree with the idea of putting somebody on the board who has an option on some other people’s stock which is only good for two years,” Buffett said on CNBC. “It’s just not the way to run a business,” he added.

Mar 3, 2015

Major automakers miss bullish February sales expectations

DETROIT (Reuters) – For the second year in a row, ferocious winter weather slowed U.S. vehicle sales in February, with several major automakers missing analysts’ projections and dampening bullish expectations.

The lackluster sales reported on Tuesday were “likely due to inclement weather,” said Joseph Amaturo of Buckingham Research Group, who expects “any lost sales to be made up in March.”

Feb 27, 2015

After Indonesia retreat, GM retrenches in Thailand, too

By Norihiko Shirouzu and Ben Klayman

(Reuters) – A day after announcing it is to stop making GM-branded cars in Indonesia, General Motors (GM.N: Quote, Profile, Research, Stock Buzz) said on Friday it would cease production of its Chevrolet Sonic in Thailand by the middle of this year.

While GM will still sell cars like the Cruze sedan in parts of Southeast Asia, an emerging markets battleground for global automakers, it is shifting focus to push the ‘American heritage’ of its SUVs and pickups such as the Trailblazer and Colorado.

Feb 13, 2015
Feb 13, 2015

GM faces investor demand for slice of $25 billion cash hoard

DETROIT (Reuters) – An investor group demand that General Motors Co give back more of its $25 billion cash hoard confronts Chief Executive Mary Barra with a challenge to her plans for building the company and rewarding shareholders.

Barra and GM’s chief financial officer Chuck Stevens have signaled they will recommend returning more of the cash once the Detroit automaker knows how much it will have to spend to resolve legal issues related to the company’s recalls of millions of cars equipped with defective ignition switches. That includes a U.S. Justice Department criminal investigation.

Feb 13, 2015

Insight – GM faces investor demand for slice of $25 billion cash hoard

DETROIT (Reuters) – An investor group demand that General Motors Co (GM.N: Quote, Profile, Research) give back more of its $25 billion (16 billion pounds) cash hoard confronts Chief Executive Mary Barra with a challenge to her plans for building the company and rewarding shareholders.

Barra and GM’s chief financial officer Chuck Stevens have signalled they will recommend returning more of the cash once the Detroit automaker knows how much it will have to spend to resolve legal issues related to the company’s recalls of millions of cars equipped with defective ignition switches. That includes a U.S. Justice Department criminal investigation.

Feb 12, 2015
Feb 12, 2015
Feb 10, 2015
Feb 10, 2015
    • About Ben

      "Ben Klayman is based in Detroit and in April was named leader of the global automotive team for Reuters. Previously, Ben covered the business of sports as well as consumer and retail for three years and led the manufacturing/housing team for four years. He also covered the telecommunications sector for three years. He joined Reuters in Detroit in 1998 to cover autos. Prior to joining Reuters, he worked at a series of daily newspapers in Ohio and Maryland. Ben graduated from Washington University in St. Louis in 1989 with a bachelor's degree in English literature."
      Joined Reuters:
      1998
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