financial

A lawsuit that pits hedge funds against creditors is going to trial today, and the outcome could threaten to unravel "New General Motors." In the lawsuit, a trust for Motors Liquidation Co., better known as "Old GM," alleges that certain hedge funds took advantage of a last-minute opportunity ...

Tesla Motors is happy with its third quarter results, which boast a 10 percent increase in revenue from last quarter's $28.4 million to $31.2 million, an improved gross margin of 30 percent from 22 percent previously, and a net loss of $34.9 million compared to its second quarter figure of $38.5 ...

Visteon, the automotive supplier currently going through bankruptcy proceedings, is seeking to rid itself of pension obligations for 21,000 current workers and retirees. It wouldn't mean the end of pensions for the workers, but the payments would be taken over by the Pension Benefit Guaranty ...

Realizing that one of its keys to survival is retaining existing owners, General Motors is proactively enticing nearly one million customers – those loyal to now-closed dealerships – with significant financial incentives. According to Automotive News, GM started sending 950,000 ...

Volkswagen labor union chief Bernd Osterloh has called out Porsche's CEO for holding up a merger between the two German automakers: "Together, one could do a whole lot of more things if [Wendelin] Wiedeking would end his ego trip." Osterloh believes Wiedeking is standing in the way of a tie-up with ...

The Canadian Auto Workers union has ratified a new contract with General Motors that should help substantially reduce the automaker's operating costs in Canada. The template of the agreement is very similar to the one reached here in the U.S. between Ford and the UAW recently. CAW said 87% of its ...

The Wall Street Journal puts forth the case that the government's $5 billion lifeline to GMAC has given GMAC a competitive advantage compared to its rivals. After the taxpayer cash was received, GMAC dropped the required credit score to get a loan and began offering 0% financing on several models, ...

GMAC, General Motors' finance arm, was granted bank holding status, but there is still no word on whether the bond buyback was successful. The deadline for GMAC to have converted enough of its bonds - said to be 75 percent - into $28 billion in liquidity was on Friday, December 26, at 11:59 p.m. In ...

It's not getting any easier to be a Chrysler-Dodge-Jeep dealer. Last month, when Chrysler Financial asked banks and investors to renew their $30 billion line of credit, they came up about $6 billion short. To make matters worse, the investors forced the automaker to follow much tighter financial ...

If you're a regular reader here on Autoblog, it should come as no surprise that Spyker is in deep financial trouble. The exotic Dutch carmaker was forced to sell off its F1 team, cancel the production of the C12 Zagato supercar and even mortgage its own name. Never content to go quietly into the ...