GM

Newly Ratified GM-UAW 2007 National Labor Agreement Modifications Eliminate Competitive Gap for GM

2009-05-29 -- DETROIT, Mich. - General Motors today confirmed that its UAW-represented employees have ratified the modifications to the GM-UAW 2007 National Labor Agreement. The amended agreement covers approximately 54,000 hourly employees located in 46 U.S. facilities.    » read more »

2009-05-28 -- "The U.S. Treasury proposal announced today provides incentives for GM's unsecured bondholders to support GM's restructuring efforts in the event GM decides to pursue a 363 sale as part of a bankruptcy proceeding.

Implementation of this proposal would result in a New GM with a healthy balance sheet, putting the new company on a clear path toward long-term viability and success.

GM appreciates the unwavering support of the U.S. Treasury and the President's Task Force on Autos and thanks the unofficial committee of bondholders for their support of the proposal."

Source: GM

2009-05-27 -- DETROIT - General Motors Corp. (NYSE: GM) today announced the expiration of its exchange offers for $27.2 billion of its unsecured public notes and the related consent solicitations that were commenced on April 27, 2009. No further tenders of notes will be accepted and any notes previously tendered pursuant to the exchange offers will be promptly returned to the tendering holders.    » read more »

May 25, 2009 -- CAW members working at General Motors in Oshawa, Windsor, St. Catharines and Woodstock, Ontario have voted overwhelmingly in favour of a new collective agreement, ratifying the deal by 86 per cent after a series of meetings were held over the past two days.

CAW President Ken Lewenza said this new deal should provide a much-needed sense of security to the thousands of active members and tens of thousands of retirees at General Motors in Canada.    » read more »

May 22, 2009 -- Washington – U.S. Senator Blanche Lincoln today said America’s automakers must be held accountable for their decisions to restructure and close franchise dealerships, which will eliminate thousands of jobs across the country, including Arkansas.

Last week, Chrysler LLC sent letters to eight dealerships in Arkansas informing owners they would be forced to close, affecting hundreds of Arkansas families and communities that depend on those businesses.

In a letter to Senate Commerce Committee leaders today, Lincoln said that auto companies, which have been the recipients of an extraordinary level of financial support from American taxpayers, should answer to dealership owners and their tens of thousands of employees regarding their restructuring process.    » read more »

Letter stresses community and economic impact of dealership closings

5/22/09 -- WASHINGTON, DC – Today, Wisconsin Senators Herb Kohl and Russ Feingold, sent the following letter to Steven Rattner in response to the closure of Chrysler and GM dealerships nationwide. They urge Rattner to protect car dealers and consider the economic and community impacts of these closings.

May 22, 2009
Mr. Steven Rattner
Counselor to the Secretary of the Treasury
Presidential Task Force on the Auto Industry
Department of the Treasury
1500 Pennsylvania Ave NW
Washington, DC 20220

Dear Mr. Rattner:    » read more »

Lawmakers Ask President to Justify Shut Down of Hundreds of Auto Dealerships

May 22, 2009 -- Washington – Senators Kent Conrad and Byron Dorgan and Congressman Earl Pomeroy today expressed serious concern about how the closing of Chrysler and General Motors dealerships will impact North Dakota and other rural states.

In a letter to President Obama the delegation requested that the Administration’s Auto Task Force provide more transparency and justification about the decision by the auto companies to shut down hundreds of dealerships, especially those in rural America. The delegation noted the closures could lead to additional hardships for rural auto owners, who will have to travel even further to get their vehicles serviced.    » read more »

May 22, 2009 -- Washington, DC – U.S. Senators Benjamin L. Cardin and Barbara A. Mikulski (Both MD), sent a joint letter to Treasury Secretary Timothy Geithner today urging him to obtain more detailed information from Chrysler and General Motors on their recent decision to abruptly close hundreds of local dealerships nationwide.

“Our constituents are rightly concerned about this latest economic threat to their communities, which is why I want to understand the reason General Motors and Chrysler took such quick action to cut off dealerships that cost them little or no money to maintain,” said Senator Cardin “The end-goal is clear: restore the viability of the U.S. auto industry. But how will this dramatic action help them to survive?”    » read more »

Request information on behalf of Missouri dealerships

May 22, 2009 -- WASHINGTON, D.C. – In a letter sent today to the Presidential Task Force on the Auto Industry, U.S. Senators Claire McCaskill and Kit Bond sought answers to concerns raised by those Missouri dealerships selling Chrysler and General Motors vehicles that learned last week that their contracts will soon be terminated.    » read more »

May 22, 2009 -- CHARLESTON, W.Va. - West Virginia Governor Joe Manchin today wrote a letter to President Barack Obama, urging him to carefully consider the potential economic consequences of plans by General Motors and Chrysler to close large numbers of locally owned dealerships as part of their reorganization.

In the letter, the governor wrote that he joins West Virginia’s congressional delegation in expressing concern about the economic impact and job loss that could come from closing dozens of small businesses that have for years been a part of communities across the state.    » read more »

May 22, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm today issued the following statement on GMAC:

"I am heartened by yesterday's U.S. Treasury announcement on GMAC. It is yet another strong signal that our government is willing to do whatever it takes to ensure the long-term viability of the U.S. auto industry.

"The announcement creates stability and certainty for both GM and Chrysler dealers and provides credit opportunities for people interested in buying new GM and Chrysler products.

"Coupled with yesterday's announcement by the UAW that it reached a tentative agreement with the Treasury Department and GM on contract and trust fund changes, this is positive news for the long-term viability of GM and Chrysler."

Source: Michigan Governor

2009-05-20 -- DETROIT – General Motors’ initiatives for developing new, fuel-saving technologies have led its engineers to put the squeeze on gasoline – literally.

GM’s continuing development of homogenous charge compression ignition (HCCI) is pushing this promising, fuel-saving and emissions-reducing engine technology closer to production reality. An HCCI engine, when combined with other advanced technologies, provides up to 15 percent greater fuel economy than a comparable, non-HCCI engine by radically altering the combustion process.    » read more »

Based on findings of CDC expert panel which used OnStar data

2009-05-20 -- DETROIT – OnStar has developed an Injury Severity Prediction based on the findings of a Centers for Disease Control and Prevention expert panel which will allow OnStar advisors to alert first responders when a vehicle crash is likely to have caused serious injury to the occupants.

Using a collection of built-in vehicle sensors, OnStar Automatic Crash Response system sends crash data to an advisor if the vehicle is involved in a moderate or severe front, rear or side-impact crash. The data includes crash severity, along with the direction of impact, air bag deployment, multiple impacts and vehicle type.    » read more »

2009-05-19 -- 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.    » read more »

Call for comprehensive plan for communities impacted by GM and Chrysler restructuring

May 19, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV and Senator Robert Byrd last week called for a comprehensive plan to assist communities, dealers, employees, and consumers affected by GM and Chrysler restructuring, urging the Secretary of the Treasury to keep as many dealerships open as possible.

In a letter to Treasury Secretary Timothy Geithner, Senators Byrd and Rockefeller wrote:    » read more »