DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) said on Monday it would buy back just under half of its preferred shares held by the United Auto Workers health-care trust for about $3.2 billion, essentially cutting company costs by financing the deal with lower-cost debt.
To finance the purchase of 120 million of the Series A preferred stock from the UAW Retiree Medical Benefits Trust at $27 a share, GM said it would raise funds with a debt offering.
DETROIT (Reuters) – Buick customers in the United States and China could see more European design and engineering in an expanded range of new models by 2020, as General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) more closely integrates global product development between Buick and GM’s German brand Opel.
GM is hoping to strengthen both brands by more closely aligning their products, a strategy that could shave development costs and time, and increase their respective product offerings in major global markets.
DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research, Stock Buzz) Chevrolet Silverado was the top-scoring full-size pickup truck in a road test, edging Chrysler’s Ram 1500, which was the preferred vehicle to drive on a daily basis, according to Consumer Reports.
Who has bragging rights in tests such as those released by the influential consumer magazine is critical because the big trucks generate profits of more than $12,000 per vehicle in a growing segment that has always been dominated by the U.S. automakers. Consumer Reports is one of the most heavily consulted sources of information by car shoppers.
, Sept 16 (Reuters) – General Motors Co’s
electric vehicle program will continue to focus on
affordable electric cars for the mainstream public even though
it plans to launch a luxury Cadillac-badged companion to its
Chevrolet Volt, a top executive said on Monday.
While the Cadillac ELR coupe will debut late this year and
bring GM more closely into competition with electric carmaker
Tesla Motors Inc, GM Vice President for Global Product
Programs Doug Parks said the automaker wants to improve the
performance and lower the costs of the Volt and its future