Car News
GM recalls 1.7 million cars in North America
As a result of Mary Barra’s request for a comprehensive internal safety review following the ignition switch recall, General Motors today announced three separate recalls involving U.S. production and sales of approximately: 303,000 Chevrolet Express and GMC Savana from the 2009-2014 model years with gross vehicle weight under 10,000 pounds, 63,900 Cadillac XTS full-size sedan from the 2013 and 2014 model years, 1.18 million Buick Enclave and GMC Arcadia models from the 2008-2013 model years, Chevrolet Traverse from the 2009-2013 model years, and Saturn Outlook from the 2008-2010 model years.
GM to introduce 15 models in 2014
General Motors forecasts modest global industry growth in 2014 driven by the United States, China and Europe. Based on this outlook and the introduction of key vehicles globally, the company expects its total earnings before interest and tax (EBIT) adjusted to be modestly improved with improved underlying operating performance more than offsetting increased restructuring expense. Additionally, the company said it expects EBIT-adjusted margins will be similar to last year.
GM sells stake in PSA Peugeot Citroen
General Motors announced it is selling its entire 7 percent stake of 24,839,429 shares in PSA Peugeot Citroen (PSA) through a private placement to institutional investors. GM acquired the stake in PSA when it entered into its strategic alliance in March 2012.
Mary Barra to replace Dan Ackerson as GM CEO
General Motors announced that Dan Akerson, who guided today’s GM to record profits and dramatic improvement in vehicle quality while closing the chapter on government ownership in the company, will step down as chairman and CEO on Jan. 15, 2014.
GM and Honda, to join forces for future fuel-cell vehicles
General Motors and Honda announced today a long-term, definitive master agreement to co-develop next-generation fuel cell system and hydrogen storage technologies, aiming for the 2020 time frame. The collaboration expects to succeed by sharing expertise, economies of scale and common sourcing strategies.
GM announces 0.9 billion profit after first quarter
General Motors today announced first quarter net income attributable to common stockholders of $0.9 billion, or $0.58 per fully diluted share. These results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share.
GM to invest 230 million euros in Opel test center
GM announced today that it will invest 230 Million Euros for new testing facilities into its European Product Development Centre at the Opel headquarters in Ruesselsheim and at the proving ground in Dudenhofen. The investment will be executed in the next three to four years. It only comes two weeks after GM’s Board of Directors visit of the European Opel/Vauxhall operations and a commitment to invest 4 billion Euros for future product between 2013 and 2016.
General Motors sold 1million cars in China in 2013
General Motors sold its 1 millionth vehicle in China on Monday, the earliest it has ever done this in a calendar year. GM first sold 1 million vehicles in a single year in China in December 2007.
GM will invest 4 billion euros in Opel until 2016
The General Motors Board of Directors used its meeting in Rüsselsheim to approve a comprehensive investment program: GM will invest 4 billion euros in Germany and Europe through 2016.
Karl Neumann, ex-CEO for VW China, appointed as Opel Chairman
The Opel Supervisory Board named Dr. Karl-Thomas Neumann chairman of the Management Board of Adam Opel AG, effective March 1, 2013. In addition, GM appointed Dr. Neumann president of GM Europe and GM vice president.