Citing an improving economy as well as the strategic importance of the brand, General Motors Board of Directors has voted to keep its Opel unit. It had been considering selling a majority stake to Magna International Inc. and partner OAO Sberbank.
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General Motors has divested itself of its Hummer brand, shipping off the brand to China, where much of U.S. manufacturing is anyway. The Humvee was once the gold standard for egregiously large SUVS, but it became tarnished as gas prices rose and the recession began.
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General Motors announced today that it’s shutting down the Saturn brand after an agreement with Penske Automotive Group Inc. to acquire the unit fell apart. Penske, cited concerns as to whether GM could continue to supply vehicles after a manufacturing contract with the automaker ran out. They ended talks to acquire the brand from GM on Wednesday.
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Starting Monday, General Motors will begin offering a 60 day money back guarantee for all its vehicles. Buyers that don't like their new Chevrolet, GMC, Buick or Cadillac, can bring it back for a full refund. The Pontiac brand, which GM is phasing out, is not eligible.
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There is breaking and good news on GM, Opel and Magna front regarding Opel's sale. Germany's chancellor Angela Merkel, who was scheduled this morning, announced that GM's board supports Opel sale to Magna. GM just said that it has agreed to sell a majority stake in European automaker Opel to a Russian and Canadian consortium. GM will sell 55 percent to Magna.
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The German government maintains its commitment to Magna Austrian-Canadian consortium in the sale of Opel by General Motors. This is despite the new improved and sweetened offer by RHJ International: a Belgian company. The news came from Economy Ministry spokesman.
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Sometimes the parts equal more than the whole. This might just be the case for General Motors. On Tuesday, an announcement was made that the decision for GM to remove logo from their vehicles had been made as part of the company’s new focus.
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GM this morning announced that its new Chevy Volt will get the U.S. drivers 230 miles per gallon, making it the first U.S. mass-produced car that will allow more than 100 miles per gallon. Chevy Volt will have 100 miles electrical efficiency in city cycle and plugging in daily will be key to high-mileage performance.
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General Motors completed an unusually quick exit from bankruptcy protection today with plans for building cars people are eager to buy. Once the world's largest and most powerful automaker, the new GM is now leaner and better able to compete in the world marketplace.
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Perhaps trying to rival fellow troubled automaker Chrysler in terms of speed of exit from Ch.11, General Motors on Friday completed restructuring and exited bankruptcy protection.
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Things are changing quickly in the auto industry. As GM works through bankruptcy, there is some confusion on the part of customers and local dealerships. When all is said and done, service and parts will be readily available. It’s profitable for someone to supply the parts and do the work. There is plenty of demand for car repairs, especially in a down economy where people are putting off buying a new car.
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The General Motors announced this afternoon that Chinese industrial giant Sichuan Tengzhong has entered into advanced talks with GM to buy Hummer. This gives much wanted relief to the business community in the auto industry as everyone were asking the question who bought Hummer, giving rise to many speculations.
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