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China has been stocking up on steel, iron ore, coal and oil as the voracious country prepares for continued growth. And automakers such as Volkswagen AG, Hyundai Motor Co. and Toyota Motor Corp. (NYSE:TM) have poured money into the country hoping to get a piece of the pie. So...
Posted on August 31, 2009 10:20 AM
A memo detailing a plethora of organizational changes at General Motors Co., leaked to jalopnik.com, shows the once bankrupt company will focus on more global alliances. It names seven people, including current director of global business development Greg Hagy, that will "support the executive committee in long-term strategy development" and...
Posted on August 17, 2009 4:14 PM
While automakers and suppliers vie for position in the sector, Chevron Corp. (NYSE:CVX) is exiting a hybrid car battery business. Cobasys LLC is being sold to SB LiMotive Co. Ltd., an electric vehicle battery joint venture between Samsung SDI Co. Ltd. and Robert Bosch GmbH.With the deal, Chevron ends an...
Posted on July 14, 2009 3:17 PM
News of General Motors Corp. exiting bankruptcy at a breakneck pace, creating a leaner greener company majority-owned by the U.S. government, flooded financial news outlets Friday morning. What got less press was a giant state-of-the-art research facility opening in Michigan.How will GM compete with rivals in the hybrid and electric...
Posted on July 10, 2009 9:47 AM
At 9 a.m. EST Friday General Motors Corp. CEO Fritz Henderson held a press conference on GM's exit from bankruptcy. As we detail on The Deal Pipeline (subscription required), incoming chairman Ed Whitacre was on hand as well. Whitacre's presence is important -- for political as well as business reasons....
Posted on July 10, 2009 8:59 AM
More details have been reported about Beijing Automotive Industry Holding Corp.'s eleventh-hour bid for General Motors Corp.'s Adam Opel GmbH European unit. In its approach, the Chinese automaker said it was ready to sink $2 billion into Opel's first plant in China, which would open in 2012 and produce cars...
Posted on July 7, 2009 9:15 AM
Is it just us, or is there something unusually public about the auction of General Motors Corp.'s Adam Opel GmbH division? Perhaps it has something to do with the number of parties involved. Here's the state of play as of Monday. In the lead to buy the unit is Canadian...
Posted on July 6, 2009 1:42 PM
Can auto dealers do anything to fight back against the mass closings ordered by General Motors Corp. and Chrysler Group LLC, and the changes being required of those dealers who are retaining their franchises? Not a whole lot, according to National Automobile Dealer's Association chairman John McEleney, speaking on CNBC...
Posted on July 2, 2009 2:04 PM
"Our customers don't want drills," the tool company CEO told his sales force. He waited a beat. "They want holes!"In that spirit it pays to at least be aware of all the new or semi-new ideas being pursued in the hard-hit auto industry, which we may someday come to think...
Posted on June 17, 2009 1:09 PM
Japan's second-largest carmaker Honda Motor Co. Ltd. (NYSE:HMC), which just celebrated 50 years in the U.S., said it wasn't interested in buying any General Motors Corp. or Chrysler LLC assets, but it would be open to sharing hybrid and other technology.In an interview in Tokyo, executive vice president Koichi Kondo...
Posted on June 12, 2009 10:21 AM
LG Chem Ltd., the South Korean chemicals giant that bankrupt General Motors Corp. chose to supply it with lithium-ion batteries for its Chevrolet Volt plug-in, will invest W1 trillion ($799 million) to build a battery plant near Seoul.The money in the electric car battery plant will be invested over...
Posted on June 10, 2009 10:04 AM
Let's see: plenty of experience in telecom services and M&A. Not much in manufacturing, restructuring or marketing consumer durables. Known for assertiveness and huge paychecks.So why him?OK, we're not even clear on what the board of the new General Motors Corp. is expected to do, if and when a streamlined...
Posted on June 9, 2009 1:23 PM
Does political ideology loom large in car-buying decisions? If not, the barking on the far right about boycotting products from "Government Motors" (see, for example, this Hugh Hewitt column) will probably soon give way to outrage about something else.Yet it does represent one more scratch in a brand that needs...
Posted on June 8, 2009 1:31 PM
Friday brought news, reported on The Deal Pipeline (subscription required) and elsewhere, that Penske Automotive Group (NYSE:PAG) will buy the Saturn brand from bankrupt General Motors Corp. For anyone pondering the future of the global auto industry, this is a far more important development than the sale of GM's oddball...
Posted on June 8, 2009 11:07 AM
There are reasons to believe that China may block General Motors Corp.'s sale of Hummer to Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., a private Chinese company. For one thing, it doesn't fall in line with the country's initiative to make more fuel efficient vehicles.China is also looking to consolidate...
Posted on June 5, 2009 12:07 PM
Let's be honest: Owning a stake in a wobbly car company in this global economy is not for most corporations. The chief executive of Russia's Sberbank on Thursday told Reuters his lender had no plans to remain a long-term investor in Adam Opel GmbH, General Motors Corp.'s European unit....
Posted on June 4, 2009 1:04 PM
General Motors Corp. signed a preliminary agreement with an unnamed buyer to sell its Hummer brand, the symbol of gas guzzling excess that helped push it into bankruptcy. The automaker filed for Chapter 11 on Monday and received permission to sell some assets. GM says the deal is expected...
Posted on June 2, 2009 8:27 AM
The widely expected news of General Motors Corp. filing for Chapter 11 bankruptcy has news outlets -- and Americans for that matter -- in a frenzy. GM will get $30.1 billion in financing as it cuts jobs and debt, and looks to a greener future.The Deal has reporters in bankruptcy...
Posted on June 1, 2009 9:17 AM
Telesto Ventures, one of the bidders vying to take control of General Motors Corp.'s (NYSE"GM) Saturn brand and dealer network, has reportedly assembled a team of auto industry veterans that they hope will have a chance to give the left-for-dead GM unit a second life.The Telesto team, according to The...
Posted on May 28, 2009 9:50 AM
For a while now we've covered news of automakers driving ahead with plans for electric vehicles and lithium-ion battery makers jostling for position to profit from this initiative. The Wall Street Journal shone its own light on this race and highlighted the government's role.The report said the Energy Department has...
Posted on May 26, 2009 1:14 PM
While much is being made of the chasm that separates General Motors Corp. (NYSE:GM) and the United Auto Workers as they enter a new round of concession talks, there appears to be at least a road map for the two sides to reach a compromise ahead of a June 1...
Posted on May 18, 2009 3:02 PM
Decisions by six General Motors Corp. (NYSE:GE) executives to liquidate their holdings in the company say little that was not already known about what will become of the troubled automaker. But the highly publicized moves, if nothing else, seemingly have at long last sent the message to company shareholders that...
Posted on May 12, 2009 4:01 PM
Capital goes where it's wanted and stays where it's well-treated, Walter Wriston famously observed.Labor stays put and demands good treatment right where it is. This is as true, by the way, for the labor provided by rich bankers as it is for auto workers with cushy work rules and benefits....
Posted on May 6, 2009 10:35 AM
The White House auto task force was careful to say it has made "no final decision regarding the treatment of its current loan to General Motors Corp. (NYSE:GM) or with respect to any future investments in the company." But following the release of GM's new plan -- detailed in Deal...
Posted on April 27, 2009 2:44 PM
Citing members of Congress who were briefed on the dire situation at General Motors Corp. (NYSE:GM) and Chrysler LLC, Bloomberg News is reporting that President Obama believes a quick, negotiated bankruptcy is the most likely way for GM to restructure and become a competitive automaker. Such a move may satisfy...
Posted on April 1, 2009 8:23 AM
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