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On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
On 20 February, an administrator was appointed to restructure Saab and assist in it becoming independent of its troubled parent General Motors. General Motors have confirmed their intention to sell their Swedish subsidiary, Saab. [58] Of Sweden's 9 million population, 140,000 work in the car industry and they account for 15% of exports. [57]
Hyundai is recalling 1,545 of its 2019-2024 Nexo vehicles. The automotive company said in the NHTSA report that “the thermally activated pressure relief device may break and cause a hydrogen gas ...
General Motors Company (GM) [2] is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. [3] The company is most known for owning and manufacturing four automobile brands: Chevrolet , Buick , GMC , and Cadillac , each a separate division of GM.
General Motors says it will close a large computer center near Phoenix at the end of October, eliminating 940 jobs. The information technology center in Chandler, Arizona, opened in 2014 as part ...
On Sunday, May 31, 2009, bankruptcy judge Arthur J. Gonzalez approved a proposed government restructuring plan and sale of Chrysler's assets. The sale allows most of the assets of Chrysler to be purchased by a new entity in which Fiat would own 20%, and the autoworker's union retirement health care trust (voluntary benefit association "VEBA") 55%, with the U.S. and Canadian government as ...
When will I be notified if my GM has a recall? Dealers were notified on Nov. 7. Owner notification is estimated to start on Dec. 23. Owners may contact GM customer service at 1-888-988-7267 ...