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Aug 13, 2010

GM CEO steps down on cusp of IPO filing

DETROIT (Reuters) – General Motors Co Chief Executive Ed Whitacre resigned on Thursday in an abrupt move that renewed questions about leadership at the automaker as it readied a stock offering critical to paying back its controversial U.S. government bailout.

Dan Akerson, 61, a veteran private equity investor little known in auto circles, replaces Whitacre, 68, as of September. Akerson had been appointed by the Obama administration as one of the directors meant to safeguard the government’s $50 billion financing to restructure GM.

Aug 12, 2010

GM posts largest quarterly profit since 2004

DETROIT (Reuters) – General Motors Co posted its biggest quarterly profit in six years on Thursday, a day ahead of an expected IPO filing that would open the gates for the U.S. government to slash its stake in the automaker.

The top U.S. automaker reported second-quarter net earnings of $1.3 billion, compared with $865 million in the first quarter. The second-quarter profit was the largest since 2004.

Aug 11, 2010

GM results to show gains over first-qtr: sources

NEW YORK/DETROIT (Reuters) – General Motors Co GM.UL is preparing to report second-quarter results that will show a substantial gain over the first quarter in a report it will use to bolster its bid to return to capital markets and pay back taxpayers, two people familiar with the matter said.

GM, now 61 percent-owned by the U.S. government, is counting on the momentum from its quarterly results to help it clinch a $5 billion bank credit facility as it prepares a stock offering expected to be the largest ever for the U.S. market.

Jul 30, 2010

Ford apologizes for Fiesta delays, offers cash

DETROIT, July 30 (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) has
acknowledged shipments of its all-new Fiesta are weeks behind
schedule and apologized to still-waiting U.S. customers in a
bid to protect one of its most important vehicle launches of
the year.

The unusual move by Ford to apologize to the 2,300 U.S.
customers with unfilled orders for the new subcompact and offer
all of them $50 gift cards comes amid signs early Fiesta buyers
were becoming increasingly frustrated by delays in vehicles
reaching dealerships.

Jul 27, 2010

GM sets $41,000 price for electric Chevy Volt

DETROIT (Reuters) – General Motors on Tuesday set a price of $41,000 for its electric Chevrolet Volt — $8,000 more than its nearest competitor, the Nissan Leaf.

GM said on Tuesday it has begun taking orders for the Volt and would offer a $350 per month lease option for the much-anticipated vehicle as it launches in a handful of U.S. markets starting with California.

Jul 23, 2010

Saving Volvo:Geely buys brand and management test

DETROIT/GOTHENBERG/NINGBO, July 22 (Reuters) – It was a
miserable winter day in January 2007, the kind that makes auto
executives in the Motor City wonder why they hold the Detroit
Auto Show at the most inhospitable time of the year.

Li Shufu, a farmer’s son from China’s Zhejiang province who
last week become the unlikely chairman of Volvo Cars, was
looking for some cheer from Ford Motor Co’s (F.N: Quote, Profile, Research, Stock Buzz) finance chief
Don Leclair in his office at Ford’s glass-sheathed
headquarters.

Jul 23, 2010

GM to buy AmeriCredit for $3.5 billion

DETROIT (Reuters) – General Motors Co GM.UL plans to buy auto finance company AmeriCredit Corp (ACF.N: Quote, Profile, Research, Stock Buzz) for $3.5 billion in a cash deal financed by government bailout money and aimed at removing a major investor concern before a planned IPO.

The deal announced Thursday would give GM an in-house lending arm for the first time since it sold a controlling stake in GMAC in 2006 and a chance to compete with faster-growing rivals led by Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), by offering riskier forms of financing including subprime loans and leases.

Jul 23, 2010

GM to buy AmeriCredit for $3.5 bln, key for IPO

DETROIT, July 22 (Reuters) – General Motors Co [GM.UL]
plans to buy auto finance company AmeriCredit Corp (ACF.N: Quote, Profile, Research, Stock Buzz) for
$3.5 billion in a cash deal financed by government bailout
money and aimed at removing a major investor concern before a
planned IPO.

The deal announced Thursday would give GM an in-house
lending arm for the first time since it sold a controlling
stake in GMAC in 2006 and a chance to compete with
faster-growing rivals led by Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), by offering
riskier forms of financing including subprime loans and
leases.

Jul 22, 2010

AutoNation posts profit, says recovery underway

DETROIT, July 22 (Reuters) – AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), the
biggest U.S. auto retailer, posted a stronger-than-expected
quarterly profit on Thursday on a 20 percent gain in revenue,
as car and truck sales bounced back in key markets like
California and Florida.

AutoNation’s earnings were also boosted by cost-cutting
while profit on a per-share basis was lifted by $414 million in
share buybacks, about 12 percent of outstanding shares.

Jul 22, 2010

Special Report: Saving Volvo – Geely buys brand, management test

DETROIT/GOTHENBERG/NINGBO (Reuters) – It was a miserable winter day in January 2007, the kind that makes auto executives in the Motor City wonder why they hold the Detroit Auto Show at the most inhospitable time of the year.

Li Shufu, a farmer’s son from China’s Zhejiang province who last week become the unlikely chairman of Volvo Cars, was looking for some cheer from Ford Motor Co’s (F.N: Quote, Profile, Research, Stock Buzz) finance chief Don Leclair in his office at Ford’s glass-sheathed headquarters.

    • About Kevin

      "Kevin Krolicki is Reuters bureau chief in Detroit where he has been based since 2006. He has also worked as an editor and reporter in Los Angeles and Tokyo."
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