Less than two years after they exited bankruptcy, Chrysler Group and General Motors will soon distribute bonuses to salaried employees in recognition of their efforts to help revive the once-flagging Detroit automakers. The payout is likely to anger the companies' unionized workers.
The federal government's stake in banking-giant Citigroup presents a conflict of interest in General Motors' pending initial public offering, the automaker said Thursday.
China's SAIC Motor is considering taking a stake in General Motors when the Detroit-based automaker begins its public offering of stock later this year. Though some Americans will likely object to foreign ownership, GM's stakeholders will likely need all the help they can get unloading shares.
Akerson, who assumed the post Sept. 1, will also receive a portion of his salary in the form of stock, totaling $5.3 million, which will be paid out over three years beginning September 2011.
GM reported Wednesday that sales fell 25% year-over-year in August as the recovery appeared to stall and cautious consumers held back on buying cars. But despite the downturn, GM officials said they remain upbeat that the hard-hit auto industry will continue to improve in the months ahead.
Who would have thought Ford would emerge as one of the most innovative -- and one of the most profitable -- automakers after being declared almost dead three years ago? The stock is well off its recent high and some analysts say that's just wrong.
December may go down as one of 2009's better months for car sales thanks to a late rush by bargain-hunters. A major factor is a big sale by Pontiac and Saturn, which comes as General Motors prepares to shut down the struggling brands.
After announcing Friday that it would shutter Swedish car maker Saab, GM has reportedly received several inquiries from potential buyers. One is from previously rejected Saab suitor Spyker Cars, which has submitted a revised bid that expires at 5 p.m. Monday. Spyker says that it has removed the obstacles that ended negotiations previously.