Tag: general

BREAKING: General Motors files for IPO

Filed under: Government/Legal, GM, Earnings/Financials

GM Renaissance Center Headquarters with Flags

General Motors, the largest automaker based in the United States, has officially filed paperwork with the Securities and Exchange Commission for an Initial Public Offering.

By offering preferred stock along with its IPO, GM is looking to allow the U.S. Treasury (and by extension, American taxpayers) the chance to reduce its stake in the automaker as much as possible. Unlike common stock, preferred stock carries both debt and equity, is rated by the world’s credit rating companies and typically has priority over common stock in the event that the company goes into bankruptcy.

According to Bloomberg, the U.S. Treasury intends to sell a fifth of its 304 million common shares as part of the IPO, which will make the government a minority shareholder.

If GM raises the expected $16 billion in its IPO, it will rank as the second-largest in U.S. history behind Visa’s $19.7 billion in 2008. The offering will be led by Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. Official GM fine print is available after the jump.

[Sources: General Motors, Bloomberg | Image: Associated Press/Paul Sancya]

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BREAKING: General Motors files for IPO originally appeared on Autoblog on Wed, 18 Aug 2010 16:15:00 EST. Please see our terms for use of feeds.

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General Motors and SAIC to jointly develop small engine and dual clutch transmission

Filed under: China, Technology, GM

General Motors has reached an agreement with one of its primary Chinese partners, Shanghai Automotive Industries Corp. (SAIC), on the joint development of powertrains for small vehicles.

GM and SAIC will develop and produce a family of four-cylinder engines ranging from 1.0- to 1.5-liters with direct injection and turbocharging. The GTDI engines should cut fuel consumption by around 20 percent compared to similarly-sized engines with equivalent output.

The engine will be used in GM and SAIC vehicles in China and around the world, and to go along with the new engine, the partners will also develop a small dual-clutch transmission that should provide a 10 percent boost in efficiency over current six-speed torque converter automatics. Work on the engine and transmission will occur at GM’s powertrain engineering center in Pontiac, MI and the Pan Asia Technical Automotive Center in Shanghai.

GM has yet to announced when the new powertrains will debut in production, but mid-2011 is a safe bet.

[Source: General Motors]

Continue reading General Motors and SAIC to jointly develop small engine and dual clutch transmission

General Motors and SAIC to jointly develop small engine and dual clutch transmission originally appeared on Autoblog on Tue, 17 Aug 2010 23:01:00 EST. Please see our terms for use of feeds.

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Introducing Dan Akerson, the next Chairman and CEO of General Motors

Filed under: Etc., Hirings/Firings/Layoffs, GM

Another round of CEO Musical Chairs is being played at General Motors.

When Daniel F. Akerson officially begins his tenure as GM’s chief executive officer on September 1st, he will be the fourth person to sit in that chair in less than two years. Rick Wagoner stepped down from the position at the request of the United States government and was replaced by Fritz Henderson, who then resigned in December of 2009. Ed Whitacre took the reigns in early 2010, and now Akerson will replace him as both CEO and chairman of the board by year’s end.

But who is Dan Akerson? After all, most of us had never heard his name before this big announcement, and he must be awfully qualified if he’s been offered the top-ranking position at one of the world’s largest automakers.

Akerson, 61, has been a member of GM’s board of directors since July of 2009 where he worked closely with Whitacre. In addition, he currently serves as managing director for the Carlyle Group, a United States buyout firm, and is one of the directors at American Express.

GM picked a successor for Whitacre who has had plenty of experience with business management. Akerson is the former CEO of Nextel Communications, a wireless carrier now owned by Sprint, as well as a former CEO of telecom services provider XO Communications.

He was also appointed to GM’s board of directors after the company emerged from bankruptcy reorganization last year. He may not be much of a car guy by our definition, but in terms of someone capable of running a major corporation, both Whitacre and the rest of the GM board of directors are confident that Akerson will use his years of experience to continue to reshape GM during this crucial time of restructuring. Godspeed, Dan.

[Source: General Motors, The Wall Street Journal]

Continue reading Introducing Dan Akerson, the next Chairman and CEO of General Motors

Introducing Dan Akerson, the next Chairman and CEO of General Motors originally appeared on Autoblog on Thu, 12 Aug 2010 13:58:00 EST. Please see our terms for use of feeds.

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Report: General Motors bringing back mild hybrids next year

Filed under: Hybrid, Sedan, China, Technology, GM

Let’s try this again, shall we? General Motors has announced that it will jump back into the mild hybrid game by the third quarter of 2011. Larry Nitz, the company’s director of hybrid and electric powertrain engineering, made the announcement at a seminar in Traverse City, Michigan, though he declined to comment on exactly which models would get the fuel-saving tech next year. Nitz did say that at least one American model and one Chinese model would be a mild hybrid by the end of 2011, which leads us to believe that the tech will work its way into the Buick lineup.

GM walked away from mild hybrids after Saturn was sent to the company’s scrap heap. At the time, both the Chevrolet Malibu and the Saturn Vue wore the tech, but with the Vue out of the picture, the company couldn’t justify the cost of investing in the drivetrains. Unlike a full hybrid, mild-hybrid vehicles can’t cruise along on just electric power. Instead, the system allows the gasoline engine to shut off when the vehicle is stopped. The electric motor then starts the engine again when the accelerator pedal is depressed.

If we were guessing, we’d say that GM will debut the rebirth of the tech on the Buick LaCrosse – a model that has enjoyed equal success in China and has the potential to revitalize the brand in the U.S.

[Source: Autoweek]

Report: General Motors bringing back mild hybrids next year originally appeared on Autoblog on Wed, 04 Aug 2010 15:32:00 EST. Please see our terms for use of feeds.

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BREAKING: General Motors to announce Chevy Volt pricing/ordering on Tuesday [w/poll]

Filed under: Hybrid, Sedan, Hatchback, Chevrolet, GM, Earnings/Financials, Electric

2011 Chevrolet Volt – Click above for high-res image gallery

The three-year-long wait for the 2011 Chevrolet Volt’s official U.S. price tag will finally be over in less than 24 hours. At the Plug-In 2010 Conference in San Jose, California on Tuesday, GM VP of Marketing Joel Ewanick will announce pricing details and the ordering process for the Volt. Following the announcement, there will be a live online webchat with Volt Marketing Director Tony DiSalle.

While we’re waiting for the official announcement, you can through to the jump for a brief press release and then take our poll below.

View Poll

Gallery: 2011 Chevy Volt

[Source: General Motors]

Continue reading BREAKING: General Motors to announce Chevy Volt pricing/ordering on Tuesday [w/poll]

BREAKING: General Motors to announce Chevy Volt pricing/ordering on Tuesday [w/poll] originally appeared on Autoblog on Mon, 26 Jul 2010 14:00:00 EST. Please see our terms for use of feeds.

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OnStar expands smartphone control to most 2011 General Motors vehicles [w/Video]

Filed under: Technology, GM

OnStar mobile applications – Click above for high-res image gallery

Early this year, General Motors’ OnStar telematics unit unveiled a smartphone application it had developed for the Chevrolet Volt that allows drivers to remotely manage the charging, locking and unlocking of their vehicle and pre-warm or cool it while plugged in. OnStar is now extending that basic concept to nearly the entire General Motors lineup for 2011.

One of the key hardware differences between OnStar and Ford’s Sync technology is that GM integrates cellular radios into the car while Ford relies on the driver’s existing phone connected via Bluetooth or a cable. This allows Ford to offer services like turn-by-turn directions without charging a subscription fee. OnStar has long struggled to find a way to convince customers to continue paying the subscription after the initial complimentary period expires.

The integrated cellular radio allows OnStar to offer services like remote starting, car location and lock/unlock from anywhere that can’t be done with Sync or just a short-range key fob. The applications will also provide access to vehicle data like tire pressures and oil levels, and allow owners to call an OnStar adviser or schedule service appointments with a dealer. The applications will be available for Androids and iPhones. You can check out a video after the jump.

Gallery: OnStar mobile applications

[Source: General Motors]

Continue reading OnStar expands smartphone control to most 2011 General Motors vehicles [w/Video]

OnStar expands smartphone control to most 2011 General Motors vehicles [w/Video] originally appeared on Autoblog on Thu, 22 Jul 2010 12:33:00 EST. Please see our terms for use of feeds.

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General Motors announces 8-year/100,000-mile warranty for Chevy Volt battery

Filed under: Hybrid, Sedan, Technology, Chevrolet, GM, Electric

Chevrolet Volt battery pack – Click above for high-res image gallery

During a media briefing at its Brownstown Township, MI battery plant this afternoon, General Motors Vice Chairman Tom Stephens announced that the lithium ion battery pack for the 2011 Chevrolet Volt would be warranted for eight years or 100,000 miles. Since the beginning of the program, it has been General Motors’ intention to develop the battery pack to last for the life of the vehicle.

Despite the fact that the Volt is considered an electric car by GM, the presence of an on-board gas engine for range-extending means that the EPA and California Air Resources Board consider the battery to be part of the car’s emissions control system. As a result, it is subject to the same regulations as parts like a catalytic converter, and therefore, it must have the eight-year warranty.

GM has released some additional specifications on the battery pack. In its final production form, 95 percent of the components were designed and developed in-house by GM, it weighs in at 400 pounds and has an output of 110 kilowatts. Internally, the water-cooled pack consists of 288 LG Chem lithium polymer cells. Over the next few months, GM will be ramping up the production rate at Brownstown in preparation for the start of Volt production this Fall.

Gallery: 2011 Chevrolet Volt battery pack

General Motors announces 8-year/100,000-mile warranty for Chevy Volt battery originally appeared on Autoblog on Wed, 14 Jul 2010 16:58:00 EST. Please see our terms for use of feeds.

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