Though we were just warned that new deals between General Motors and the major auto unions in the U.S. and Canada were unlikely to be completed by their May 27 deadline, word has begun spreading that a tentative agreement has been reached between GM and the United Auto Workers union. While there's no word yet on a deal having been reached between GM and the Canadian Auto Workers union, the major obstacle of convincing the UAW to accept equity in the company in exchange for cash payments to its r
Looking to further tighten up its hammerlock on General Motors, the UAW would reportedly like a seat on the automaker's board as a reward for helping it garner federal dollars. Marc McQuillen, president of UAW Local 2404 in Charlotte, North Carolina, has posted on his group's website that the suspension of the jobs bank and a two-year delay on automaker payments into the retiree healthcare fund are concessions enough for the UAW to seek a seat at the big table. We visited the website ourselves a
Let's get the hard numbers out of the way. Today General Motors revealed that excluding special items, it posted a net loss of $23 million in 2007. Add in some funky deferred tax asset charge, and the automaker's net loss last year rises to $38.3 billion. Aside from that, we're interested in how GM fared in the business of selling cars and trucks around the world last year. In 2007, the automaker earned $553 million before taxes selling vehicles globally, compared to losing $339 million in 2006.