General Motors said today that it is moving forward with public exchange offers for $27 billion of unsecured public notes. The Detroit automaker said that it is offering common stock plus accrued interest in cash for $27 billion of outstanding public debt. It said that bondholders will get to own 10 percent of GM after a successful [...]
We’ve been hearing it for some time now and today we have BMW officials speaking out on the matter. Both BMW and Mercedes-Benz have been considering bringing back 4-cylinder engines to the United States in an effort to cut their lineup’s overall fuel-economy. According to BMW of North America CEO Jim O’Donnell, BMW is considering [...]
Sources familiar with the matter said that Fiat will move forward with a Chrysler LLC alliance even if the company is forced to enter bankruptcy. Insiders said that Fiat officials will continue to work with the U.S. Treasury Department to complete an agreement, reports Automotive News. Chrysler has until this Thursday, April 30th, to complete [...]
Speaking to the press today from the Renaissance Center in downtown Detroit, Fritz Henderson confirmed that GM will cut 21,000 U.S. factory jobs by next year and will phase out the Pontiac brand as a part of a major cost-cutting effort. While GM is still working on its final plans for Hummer, Saab and Saturn (which [...]
GM has provided us with live access to CEO Fritz Henderson’s press conference where he will update the media on the company’s viability plan. The conference will begin in exactly 5 minutes. Follow the jump for the live video.
Ferrari unveiled its 599XX at the 2009 Geneva Motor Show in March as a vehicle that combines the most advanced technologies from Ferrari”s road-going and F1 research. Targeted to a select group of clients, Ferrari will organize a program of dedicated track events for a few lucky individuals in 2010/2011. Just last week it was [...]
Nissan has announced the pricing on the 2010 Nissan Armada full-size SUV, which will hit dealerships later next month. Pricing starts $37,210 for the 2010 Armada 4×2 SE and $42,810 for the Armada 4×4 SE. All 2010 Nissan Armada models are powered by a 5.6L V8 engine making 317-hp and a peak torque of 385 lb-ft [...]
GM President and CEO Fritz Henderson will hold a press conference later today at 9 a.m. EDT to update the media on GM’s revised viability plant. GM did not say exactly what Henderson will talk about; however, we can expect announcements on more job cuts, plant closing and maybe the elimination of the Pontiac brand. [...]
The Canadian Auto Workers voted 87 percent for a new agreement with Chrysler that introduces benefit cuts and giving up break time, bonuses, tuition reimbursement and other concessions that amount to $240 million a year savings for the struggling Auburn Hills automaker. “We are pleased that the men and women of the CAW have voted to [...]
As we told you earlier this week, Aston Martin confirmed that it would show the completed Aston Martin One-77 concept at the 2009 Concorso d”Eleganza. Well – here it is. The covers came off of the most exclusive Aston Martin ever built on a rainy day in Lake Como, Italy. We’re sure you’re dying to see all the [...]
