General Motors Sales Climb xx% in November
General Motors Sales Climb xx% in November
Will the Chevy Volt -- General Motor's new plug-in hybrid, which was unveiled today -- be a game changer, as CEO Daniel Akerson hopes? We'll soon find out as the car is scheduled to begin shipping to dealers next month.
Rising confidence among U.S. consumers is expected to translate into healthier numbers for the nation's automakers when they report November sales figures Wednesday. Domestic automakers fared better than their foreign counterparts as sales rebounded further from last year's anemic levels, according to analysts.
After months of anticipation General Motors has priced its stock at $33 a share in its initial public offering slated to begin official trading Thursday in New York. The figure is at the high end of the offer, which in recent days saw its range rise from the initial range of $26 to $29 a share. The Detroit automaker is looking to raise nearly $23 billion through the sale of a combination of both common and preferred shares.
Considering where the iconic carmaker has been in recent years, the pending IPO -- and robust investor demand for shares -- is a remarkably positive step. But GM still has plenty of problem spots that will need fixing if this historic event is to have lasting meaning.
The automaker plans to roll out its first all-electric passenger car in 20 U.S. cities late next year.
After reporting a $4.3 billion loss during the last half of 2009, General Motors saw two positive quarters during the first half of the the year and is expected to report a third profitable quarter Wednesday.
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Buoyed by consumers' increased confidence in the U.S. economy, automakers with few exceptions reported higher sales of cars and trucks in the U.S. during October compared to a year ago.
GM said Wednesday its overall sales in October rose modestly on higher demand for pickup trucks and crossover vehicles.
Automakers on Wednesday are expected to report a mixed picture for October: mostly better than a year ago, but down slightly from September. Still, the pace appears strong enough that the upper end of full-year sales forecasts of 11.5 million to 12 million units is reachable.
Autoworkers laid off from a General Motors plant in Orion Township, Mich., have until the end of the day Tuesday to decide whether to take jobs at the automaker's Lordstown assembly plant, some 250 miles away in neighboring Ohio.
General Motors said Friday it is recalling more than 300,000 Chevrolet Impala sedans to fix front seat belts that may not adequately protect passengers in a crash.
Though vehicle sales have underperformed some analyst expectations in recent months, results are much improved compared to those of a year ago. The industry is seeing a broad trend that is benefiting nearly all automakers.
Tesla Motors has signed a $60 million contract with Toyota Motor to develop an all-electric version of the popular RAV4 compact sports-utility vehicle, Tesla said Wednesday.
General Motors is offering some 600,000 employees, retirees and dealers the chance to purchase stock in the resurgent company as the auto giant moves forward with its initial public offering, slated for next month.
General Motors unveiled plans Thursday to build a new compact Buick sedan at an idled plant in Michigan that once built Pontiacs. The automaker will invest $145 million to retool the Orion Assembly plant, which will build the new Buick Verano sedan as well as a yet-unnamed small Chevrolet car, GM said during a press briefing at the plant, about 40 miles north of Detroit.
When GM told David Derringer of Virginia that it wasn't going to reimburse him for the cost of a power steering pump that had repeatedly failed on his wife's Chevrolet HHR wagon, he didn't hang up the phone and give up. He got into his GMC pickup and took a drive -- to GM's headquarters in Detroit.
Auto sales turned in a strong performance in September. "People seem to be saying, 'It's not as quite as scary anymore,'" says Arthur Wheaton, automotive analyst at Cornell University's ILR School.
General Motors reported Friday that overall vehicle sales in September 2010 climbed 10.5% on a year-over-year basis, based on strong demand for its new generation of crossover vehicles. Among its four core brands -- Buick, Cadillac, GMC and Chevrolet -- GM sales rose 22%.
Overall demand for new cars and trucks, while better than a year ago, is likely to be lower than that recorded in August, itself an unimpressive month. That would mean auto sales are stuck in a four-month-long rut.
General Motors' share of the U.S. automobile market is expected to slip to 18% in September, the third lowest ever recorded by the Detroit automaker.
U.S. auto sales started off strong over the Labor Day holiday weekend, but have since dropped significantly, according to analysis by car-buying guide Edmunds.com.
underwhelming Chevy Cobalt, a model that had a hard time competing with the likes of Toyota's Corolla and Ford's Focus, new versions of which are due in coming months. A coming manual transmission model will have a 40-mpg highway rating.
As expected, automakers Wednesday reported sluggish sales for August. The nation's anemic economic recovery kept consumers away from dealerships, despite generous end-of-model-year incentives on the part of many manufacturers.
GM reported Wednesday that sales fell 25% in August as the U.S. economic 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.
General Motors Sales Rise/Fall __% in August
Auto sales braked sharply in August, starting out strong, then slowing to a level that may be the lowest in 28 years. The slowing economy made nervous consumers hesitant to buy, despite the bevy of end-of-model-year deals.
General Motors is recalling 243,403 vehicles because of a potential safety problem where safety belts could appear to be properly latched when they are not. The recall affects 2009-2010 models of the Chevrolet Traverse, Buick Enclave, GMC Acadia and Saturn Outlook, GM said today in a statement. Most of the vehicles are in the United States, with several thousand exported vehicles in countries such as Canada and Mexico also affected.
Akerson will need to convince shareholders that GM, which is only a year out of bankruptcy and has posted just two profitable quarters, is a worthy investment. He'll also have to make sure the carmaker's dramatic turnaround is built to last.