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GM owes $9.6M to ArcelorMittal
US auto giant, bankrupt General Motors has to pay $9.55 million (almost Rs 45 crore) in trade debt to the steel maker ArcelorMittal. The US auto making giant, which filed for bankruptcy protection under Chapter 11 on Monday, owes as much as a staggering $172.81 billion in total debts to its 50 largest credit... »
GM to freeze wages in Canada till 2012
The US auto giant, General Motors (GM) announced on Sunday that the company is freezing the salaries and pensions of its Canadian workers until the year 2012. The company said that it had reached an agreement with the Canadian Auto Workers (CAW) union to avail the government allotted money. General Motors are slated to... »
GM and Chrysler ready to agree on a part merger
General Motors and Chrysler were open to a merger if the U.S. government mandated it as a condition for providing the emergency financing. They state that this would help them survive into 2009. GM Chief Executive Rick Wagoner and Chrysler Chief Executive Bob Nardelli were testifying at a U.S. Senate Banking Committee hearing held to... »
Auto sales drop to 26-year low
The auto sales in the US has plunged to 37 per cent last November; their worst in over 26 years. This has dashed all expectations for the demand in vehicles. Every major automaker has reported a year-over-year sales decline amounting to approximately 30 percent in the beginning of the week. The Detroit carmakers were... »
General Motors and Chrysler Pushing for an Urgent Deal
America’s biggest and the World’s Second largest automaker GM is feeling the heat from the Global financial crisis. The firm is seeking a merger deal with competitor Chrysler just days before the Presidential election. The US auto market has been hit hard and sales continue to decline. General Motors lost its position as the... »
