Correspondent, Detroit
Ben's Feed
Feb 12, 2015
Feb 10, 2015
Feb 10, 2015
Feb 10, 2015
Feb 10, 2015

GM investor seeks board seat, $8 billion stock buyback

DETROIT, Feb 10 (Reuters) – Chief Executive Mary Barra’s
plan to keep a big cash cushion for General Motors Co is
under attack from a group of shareholders led by a member of the
auto task force that helped restructure the company during its
2009 bankruptcy.

Harry Wilson, who was a member of the government-appointed
task force, notified the Detroit automaker on Monday that he
wanted it to spend $8 billion to buy back shares, and that he
will nominate himself for election to the board of directors
this spring. GM, which has 13 people on its board, disclosed the
letter on Tuesday.

Feb 10, 2015

Ex-auto task force member seeks GM board seat, big stock buyback

DETROIT, Feb 10 (Reuters) – Plans by General Motors Co’s
chief executive officer to keep a big cash cushion for
the automaker have come under attack from a group of
shareholders led by a member of the auto task force that helped
restructure the company during its 2009 bankruptcy.

Harry Wilson, who was a member of the task force, notified
the Detroit automaker on Monday that he wanted the automaker to
spend $8 billion to buy back shares, and that he will nominate
himself for election to the board of directors this spring. GM,
which has 13 people on its board, disclosed the letter Tuesday.

Feb 10, 2015

Exclusive: GM’s Barra faces roadblocks in rebuilding Cadillac brand

DETROIT (Reuters) – General Motors Co Chief Executive Mary Barra’s strategy of rebuilding the Cadillac brand has run into twin roadblocks: the carmaker can’t persuade enough American sedan buyers to switch from foreign competitors such as BMW or Mercedes, and it can’t make enough of its Escalade SUVs to satisfy domestic demand.

Even though chrome-bedecked Escalades retailing for more than $100,000 each are rolling every day out of an Arlington, Texas, factory that’s been working weekend overtime for months, Cadillac still can’t keep more than a few weeks’ worth of the big SUVs in stock. By contrast, its dealers are offering discounts of thousands of dollars on the ATS sedan, intended to compete with the BMW 3 series, and on the CTS sedan, meant to rival the Mercedes E-class.

Feb 9, 2015
Feb 4, 2015
Feb 3, 2015

AutoNation posts higher profit on strong new and used car demand

DETROIT, Feb 3 (Reuters) – AutoNation Inc, the
largest U.S. auto dealer group, on Tuesday posted a
higher-than-expected quarterly profit due to strong profit
margins from new and used vehicle sales, driving its shares up
nearly 8 percent.

“While unit volume and revenues were strong across the
board, new and used margin performance was especially
surprising,” Morgan Stanley analyst Ravi Shanker said in a
research note.

    • 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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