On Wednesday, Chevrolet brand owner, General Motors (GM), unveiled the new, high-tech 6.2-liter V-8 engine for the company's next-generation model of Chevrolet Corvette.
The engine of the new Corvette model - which will be introduced at the North American International Auto Show in Detroit in January 2013 - will replace the existing 6.2-liter powerplant of the 2013 Corvette; and will be the first of the fifth generation of GM's "small block" V-8 engines.
According to a recent statement by General Motors (GM), the total value of the company's common and preferred shares in its initial public offering (IPO) has reached $23.1 billion, largely because of the fact that the underwriters exercised the option to purchase addition stock.
Further revealing that the underwriters - which included investment banks Morgan Stanley, JPMorgan Chase, Citigroup, and Bank of America Merrill Lynch - have exercised their over-allotment of an additional 71.7 million shares of common stock, GM said that the value of the additional shares was $2.37 billion.
On Sunday, an insider announced that the Shanghai Automotive Industry Corporation (SAIC), the leading automaker Company in China, reported earlier that it would be buying a stake in General Motors Company (GM), an American auto manufacturer, whenever GM puts its stocks for sale. This news came after GM's announcement that it would be divesting part of its stakes, by November 2010.
General Motors' fourth CEO, Dan Akerson has made sure that he will draw profit of $1.7 million in cash and $7.3 million from the restricted stock annually.
However, the CEO of Ford Alan Mulally, who last year earned $12.9 million including salary and benefits, along with that he also, received $5.1 million in stock options.
The Companies which need a support and run on federal aid are being enforced to have salary restrictions by the U. S. Treasury “pay czar”, which still needed to approve the compensation of top GM executives.
Daniel F. Akerson, the CEO of General Motors is going to get an annual compensation package of $9 million. This will include a cash payment of $1.7 million and the rest will be paid in form of stocks and other benefits.
The annual pay will also include a long-term incentive plan for the new leader of the bankrupt Detroit-based company.
Daniel's pay package was disclosed by GM by filing regulatory filing. His salary is structured in the same way his predecessor, Edward E. Whitacre Jr. had his salary done. Edward had stepped down as the CEO on September
Beleaguered automaker General Motors Co (GM) is now facing the anger from various sections after it decided to pay $3.5 billion to buy a lender dealing with auto loans.
The trouble is that the company is trying to get shoppers with less top-notch credit. And GM is currently a bankrupt company which has 61 per cent of its stake involved with the US treasury.
General Motors Co. has decided to give a sum of $3.5 billion to buy a lending arm that would be dedicated in providing loans to shoppers who do not have the required credit.
The decision of the automaker has invited severe criticism from experts. The US Treasury owns 61% of the shares of the Company.
The new arm of the Company would be employed in writing auto leases and also in increasing the subprime loans.
General Motors Co GM. UL said on Wednesday that it would sell odd its Nexteer Automotive unit to a China Government-backed group, as GM focuses on its center car trade, whilst the Chinese look to strengthen their competitive energy at the international levels.
GM said that it reached a specific concord to sell the maker of steering systems to Pacific Century Motors, which is a joint venture between Chinese auto parts provider Tempo Group, and the Financing and investing division of the Beijing municipal Government.
According to a recent report, General Motors have identified China as their top sales market.
The iconic American automaker declared on Friday that it has marketed 1.21 million vehicles in China along with its Chinese joint enterprise associates. The U. S. sales of the Company were declared to be 1.08 million on Thursday.
With an announcement by Toyota that it will be resuming its construction of Mississippi unit and the elevation in the output for America, the auto majors are hinting at the economic revival.
It was declared by Toyota that it will be employing 2,000 workers for re-initiating the building of Corolla compact cars at its $1.3 billion plant in Blue Springs by the fall of
About 18 months ago, Toyota had stopped the operation due to the sliding sales across the industry even as 90% of the work at the unit had been completed.
General Motors Co. is in talks with Google Inc. regarding a transaction to connect phones using the Internet Company’s Android operating system with the car maker's OnStar driver information service.
The partnership would possibly include a method for users of Android based smart phones to make use of OnStar features from their phone whilst not in their car.
Auto giant General Motors said Friday that it had started repaying the loans it received from the US and the Canadian government at the peak of economic crisis last year.
GM made the first payment on Friday, returning $1 billion to the US Treasury and $192 million to the Canada.
Speaking on the issue, GM's chief executive Ed Whitacre said, "We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business."
Dutch sports car maker Spyker is still pursuing discussions to buy Swedish auto brand Saab.
The announcement followed reports that China's BAIC had agreed with American auto giant GM to acquire some of the Swedish firm's assets.
Speaking on the issue, Victor Muller, chief executive of Spyker, said in a statement that the deal with BAIC would be 'good news' for the Dutch firm as he described those assets as equipment for old Saab models.
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