General Motors

2009-05-14 -- DETROIT - General Motors (NYSE: GM) today filed a prospectus supplement with the Securities and Exchange Commission relating to its exchange offers for $27 billion of its unsecured public notes and the related consent solicitations that were commenced on April 27, 2009.

The prospectus supplement, which amends the information in GM's Registration Statement on Form S-4 dated April 27, 2009 and GM's Tender Offer Statement on Schedule TO filed on that date, includes:

* GM's unaudited historical and unaudited pro forma financial data for the first quarter of 2009 and GM's pro forma financial data for the year ended December 31, 2008;    » read more »

Latest 3D technology brings emergency locations to life

2009-05-13 -- DETROIT -- OnStar builds on its reputation for trailblazing emergency services by tapping technology from Microsoft Corp. to provide OnStar advisors with critical 3D details to more accurately guide first responders to hard-to-find or rural locations.    » read more »

Results reflect continuation of global economic downturn and lower industry-wide sales volume; Losses partially offset by strong structural cost reduction due to aggressive restructuring efforts

2009-05-07 -- DETROIT – General Motors (NYSE: GM) today announced its financial results for the first quarter of 2009, which predominantly reflect the effects of continued global economic pressures and low auto industry volumes worldwide. Industry sales volume was down 21 percent globally in the first quarter versus the year-ago period, leading to significantly reduced volume and revenue for GM.    » read more »

2009-05-04 -- DETROIT - General Motors is proceeding to the next step with respect to the sale of Saturn. A number of potential buyers have surfaced and expressed interest in the Saturn brand and retailer network.

GM will be reviewing expressions of interest from the potential buyers and will look to secure an agreement with a specific buyer later this year.

S.J. Girsky&Co. has been retained by GM as advisor for this transaction. Saturn will continue to keep its retailers updated on its progress throughout this process.    » read more »

2009-04-28 -- DETROIT – The United Kingdom Listing Authority has approved a prospectus to be published by General Motors Corporation in certain jurisdictions in the EU for GM’s exchange offers and consent solicitations in which GM is offering to exchange 225 shares of its common stock for each 1,000 U.S. dollar equivalent principal amount (or accreted value as of the settlement date if applicable) of its outstanding notes of each series set forth in the prospectus and is offering to pay, in cash, accrued interest on such notes from the most recent interest payment date to the settlement date.

In respect of the exchange offers for the notes issued by General Motors Nova Scotia Finance Company, GM is jointly making the exchange offers with GM Nova Scotia.    » read more »

Common stock plus accrued interest in cash offered for $27 billion of outstanding public debt; Successful exchange to result in at least $44 billion reduction in total liabilities from bondholders, U.S. Treasury and VEBA

2009-04-27 -- DETROIT - General Motors announced today that it is commencing public exchange offers for $27 billion of its unsecured public notes. The exchange offers are a vital component of GM's overall restructuring plan to achieve and sustain long-term viability and the successful consummation of the exchange offers will allow GM to restructure out of bankruptcy court.    » read more »

13 North American assembly plants to be down multiple weeks in second and third quarters; Launch vehicle schedules - Camaro, LaCrosse, Equinox and SRX - to be maintained

2009-04-23 -- DETROIT - General Motors Corporation (NYSE:GM) announced today that, due to certain business developments, it is scheduling multiple down weeks at 13 assembly operations in North America. Under this plan, approximately 190,000 vehicles will be removed from GM's North American production schedule in the second and early third quarter of this year.

There are three primary reasons for this scheduled downtime:

1. Dealer vehicle inventories are at high levels, given the current depressed market.
2. The shutdown will allow GM the opportunity to bring production in line with current market demand.    » read more »

2009-04-24 -- GM confirmed today that it will draw an additional $2 billion in U.S. Treasury loans to maintain adequate liquidity as the company undergoes an aggressive restructuring. As indicated in GM's February 17 viability report to the U.S. Treasury, the additional funding will be consistent with projected incremental draws that GM could need in the 2nd Quarter of 2009.

Today's loan draw will bring the total U.S. Treasury funding received to date to $15.4 billion. We appreciate President Obama's and his Administration's ongoing support of GM and the domestic U.S. auto industry as we undertake the difficult but necessary actions to reinvent our company.    » read more »

2009-04-27 -- DETROIT -- General Motors (NYSE: GM) today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker.

The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock and accrued interest in exchange for certain outstanding notes.

Revised Viability Plan goes further and faster    » read more »

2009-04-20 -- Detroit - While General Motors continues its ambitious investments in alternative fuel and advanced propulsion technologies, the company is also continuing to make dramatic improvements in reducing the environmental impact of its worldwide manufacturing operations. Through this focus, GM is aggressively reducing energy and water use, looking for renewable energy opportunities and significantly reducing waste generated in the company's global network of manufacturing facilities.

As the significant global effort is underway to develop hybrid and other "green" vehicle programs, such as the Chevrolet Volt, GM is also setting the industry standard for "sustainable" manufacturing methods.    » read more »

2009-04-15 -- "As noted in GM's viability plan (Feb. 17, 2009 submission), GM announced it would review the potential spin-off or sale of Saturn and if those options did not prove viable Saturn's operations would be wound down over time.

Over approximately the past 60 days, a sub-committee of Saturn retailers has been studying the feasibility of the sale or spin-off options, and has identified some parties that are potentially interested in a purchase or spin-off of Saturn.

We are advised that one of the interested parties is Black Oak Partners. We are not at liberty to discuss any other interested party.    » read more »

Unique solution opens new horizons in personal mobility

2009-04-07 -- NEW YORK - General Motors Corp. and Segway today demonstrated a new type of vehicle that could change the way we move around in cities.

Dubbed Project P.U.M.A. (Personal Urban Mobility and Accessibility), GM and Segway are developing an electrically powered, two-seat prototype vehicle that has only two wheels. It could allow people to travel around cities more quickly, safely, quietly and cleanly - and at a lower total cost. The vehicle also enables design creativity, fashion, fun and social networking.

GM and Segway announced their collaboration, while demonstrating the Project P.U.M.A. prototype in New York City this morning.    » read more »

2009-04-08 -- NEW YORK – The all-new, five-passenger 2010 GMC Terrain joins the rapidly growing list of vehicles with GM’s direct injected (DI) engines that use less fuel, make more power and produce fewer emissions. The Terrain brings to 18 the number of North American GM models that will feature DI in 2010 – more than any other manufacturer.    » read more »

WASHINGTON, DC, April 8, 2009 -- The U.S. Department of the Treasury released the following statement today from spokesperson Jenni Engebretsen on the launch by Chrysler LLC and General Motors Corporation of Auto Supplier Support Programs. The programs launched today are open to any receivable created with respect to goods shipped after March 19, 2009 made on qualifying commercial terms. Suppliers interested in participating in the program should contact Chrysler and GM.    » read more »

Program Adds to Progress Made Toward GM's Viability Plan

2009-03-26 -- DETROIT, Mich. – General Motors Corp. (NYSE: GM) continued to make important progress on its restructuring plan by announcing approximately 7,500 of its UAW-represented employees have decided to take advantage of the company’s attrition program. Most of the employees participating in the program will leave the company no later than April 1, 2009.

GM will fill job openings with current employees whenever possible, as spelled out in the provisions of the GM-UAW National Labor Agreement. In facilities where new employees are needed, GM will hire individuals at the entry-level wage and benefit structure. The extent of the new hiring at each facility will be determined on a plant-by-plant basis.    » read more »