Bernie's Feed
Sep 24, 2014

U.S. Treasury denies allowing ‘excessive’ executive pay at GM, Ally

DETROIT (Reuters) – The U.S. Treasury last year permitted top executives at General Motors Co and Ally Financial Inc to collect “excessive pay” while those companies were part of a taxpayer-funded government loan program, a special inspector general reported on Wednesday.

The Treasury responded that the report contained “many inaccuracies and omissions,” saying the department balanced limits on executive compensation “with allowing companies to repay taxpayer assistance.”

Sep 23, 2014

General Motors appoints its first cybersecurity chief

BOSTON/DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) on Tuesday named an engineer to serve as its first cybersecurity chief as the No. 1 U.S. automaker and its rivals come under increasing pressure to better secure their vehicles against hackers.

The No. 1 U.S. automaker promoted manager Jeff Massimilla to the post as part of an eight-month review of its product design and engineering, said GM Vice President of Global Product Development Mark Reuss.

Sep 19, 2014

Other automakers to challenge Tesla in over-the-air software upgrades

DETROIT, Sept 19 (Reuters) – Electric carmaker Tesla Motors
Inc on Friday announced it is rolling out a software
upgrade over-the-air to its current Model S owners, a unique
ability that other automakers are expected to offer within a few
years.

Tesla, based in Silicon Valley, has completed more than a
dozen over-the-air software upgrades since the Model S was first
sold in mid-2012, said Egil Juliussen, director of research for
automotive electronic technology for IHS Automotive.

Sep 19, 2014

GM’s Cadillac to introduce high-end sedan in late 2015

DETROIT, Sept 19 (Reuters) – As it strives to energize its
Cadillac brand that once led the U.S. luxury auto market,
General Motors Co said on Friday it will begin production
of a new “top-end, high-technology car” by the end of 2015.

The as-yet unnamed flagship sedan will be positioned “above
today’s CTS and XTS product lines,” and “will add to rather than
replace any model in the portfolio,” GM said in a statement.

Sep 3, 2014

Heavy discounts, low gas prices drive strong U.S. car sales

DETROIT, Sept 3 (Reuters) – U.S. August auto sales were
unexpectedly strong, thanks in part to heavy discounting by the
manufacturers, with the industry selling at an annualized pace
not seen since early 2006.

General Motors Co narrowly missed expectations, but
held on to the top spot, while Toyota Motor Corp edged
Ford Motor Co for the second straight month.

Sep 3, 2014

Chrysler, Nissan U.S. August sales sizzle, top expectations

DETROIT, Sept 3 (Reuters) – Chrysler Group, a unit of Fiat
SpA, handily beat analysts’ expectations by showing a
20 percent gain in U.S. auto sales for August, and forecast a
stronger-than-expected month for the full industry.

Chrysler said on Wednesday it expects U.S. auto sales to
rise 3 percent form last year, which would easily top analysts’
expectations of a gain of 0.1 percent.

Aug 29, 2014

U.S auto sales seen ending summer without a sizzle

DETROIT (Reuters) – U.S. auto industry sales in August will be about even with a year ago, not quite ending the summer in a sizzling fashion but still warm enough to continue the recovery from a recession now five years in the rear-view mirror.

Analysts polled by Thomson Reuters expect monthly sales of about 1.5 million new vehicles when automakers report them on Wednesday, with a seasonally adjusted annualized sales rate of 16.6 million. It should be the sixth straight month showing an annualized rate above 16 million, a level reached only twice in 2013.

Aug 28, 2014

GM plans to move some Chevy Equinox assembly to Mexico – source

DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) and the United Auto Workers on Wednesday trumpeted the news that production of the Cadillac SRX would be shifted from Mexico to Tennessee, but Reuters has learned that GM also plans to move some other assembly work in the opposite direction.

The company plans to shift some production of the Chevrolet Equinox from Spring Hill, Tennessee, to Ramos Arizpe, Mexico, when the crossover vehicle is redesigned in 2017, according to an industry source familiar with GM’s plans. That move could partially offset any new jobs created by the shift of SRX work from Ramos Arizpe to Spring Hill, which is expected in mid-2016, the source said.

Aug 28, 2014

Exclusive: GM plans to move some Chevy Equinox assembly to Mexico -source

DETROIT (Reuters) – General Motors Co and the United Auto Workers on Wednesday trumpeted the news that production of the Cadillac SRX would be shifted from Mexico to Tennessee, but Reuters has learned that GM also plans to move some other assembly work in the opposite direction.

The company plans to shift some production of the Chevrolet Equinox from Spring Hill, Tennessee, to Ramos Arizpe, Mexico, when the crossover vehicle is redesigned in 2017, according to an industry source familiar with GM’s plans. That move could partially offset any new jobs created by the shift of SRX work from Ramos Arizpe to Spring Hill, which is expected in mid-2016, the source said.

Aug 27, 2014

Exclusive: GM moving some production between Mexico and Tennessee

DETROIT (Reuters) – General Motors Co is shifting some production of the Cadillac SRX from Mexico to Tennessee, but will partly offset that by moving some Chevrolet Equinox manufacturing from Tennessee to Mexico, an industry source told Reuters.

GM announced the Cadillac move on Wednesday at its Spring Hill, Tennessee plant outside Nashville, but declined to comment on the Chevrolet move.