4 Articles
CFO Ray Young talks about the latest turns in GM drama

This afternoon, General Motors chief financial officer Ray Young held a conference call with bloggers to discuss the announcements made by CEO Fritz Henderson this morning. One of the biggest aspects of today's announcements was the wind-down of over 2,605 dealers between now and the end of 2010. When Oldsmobile was shut down earlier this decade, the process took several years and much of the billion dollar c

Surprise, surprise, Volt not enough to save GM

Click above for a high res gallery of the 2011 Chevy Volt

Saturn sends letter to faithful owners describing spin-off plan

Yesterday we told you about Saturn's proposed plan to become independent of General Motors. Today we have more details via a letter that Saturn General Manager Jill Lajdziak just sent to the brand's faithful owners that warns of changes to come. Using the company's "Different Kind of Car Company" tagline, she points out that Saturn has always sought to do things differently. Whether it's

GM requests $16.6 billion more in Viability Plan, Saturn and Saab futures bleak

General Motors has just revealed its Viability Plan that was due today to the U.S. Treasury Department under the loan agreement signed back on December 31, 2008. Just like Chrysler, GM is requesting more money than it was initially loaned due to domestic and global industry sales that were historically low in December and January. Today the company received the remainder of $13.4 billion in loans it was granted earlier, but is requesting an additional $16.6 billion to bring the total amount of m