Hummer Brand Being Sold to Chinese Machinery Company

Just yesterday we announced General Motors filing chapter 11 bankruptcy and just today they have found a buyer for the Hummer brand. Hummer will continue to live on through a Chinese industrial firm.

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General Motors (GM) Files for Chapter 11 Bankruptcy

 

We all knew this was coming as it was only a matter of time unfortunately. General Motors or GM, has filed for bankruptcy today. The chapter 11 filing comes about as economic conditions continue to effect corporations not only in the United States, but around the world.

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GM Being Prepped for Bankruptcy Next Week

So you may think the government is going to run GM and Chrysler… you may be right.

The Obama administration is preparing to send GM into bankruptcy as soon as next week (May 25^th- 29^th). Under the plan it would include an additional injection of $30 billion in capital. What’s another $30 billion compared to the billions already spent to bailout other companies right?

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General Motors Rolling Out Termination Plan for 1,124 Dealerships

General Motors has recently told about 1,124 dealerships, which are mostly poor performers, that their GM franchise agreements won’t likely be extended past October 2010.

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Sell-Off of Saturn Brand Accelerated by GM

General Motors Corp.’s Saturn brand will be either sold off or phased out by the end of this year. Earlier announcements said that it would have been at least 2 years before Saturn would technically “go anywhere”.

Saturn’s General Manager, Jill Lajdziak, said the brand, once billed as a different kind of car company, most likely will be sold, given the interest of several buyers who have surfaced. The decision to “off” Saturn this soon was mostly due to all of the talks surfacing of potential buyers. That will allow GM to restructure faster and thus helping to grow the company. Read more

GM Prepping to Announce Closure of Pontiac

Okay, the economic situation was already pretty serious. Now it is really hitting big companies like General Motors, very hard.

General Motors is preparing to announce the closure of the Pontiac brand. Yes, that is right; there will be no more Pontiac. The announcement will be made as part of an updated viability plan to the U.S. auto task force.

Other automotive news sources have said that GM was considering to phase out the brand instead of sticking with the current plan to have it continue as a niche brand or marquee.

GM is barely holding on to its cash even with the $15.4 billion in U.S. government loans as part of the bailout. Original plans for GM included keeping the brands Buick, Chevrolet, GMC and Cadillac while selling off Hummer, Saturn and Saab.

[source: autonews]

GM Plans to Shut-Down Plants For The Summer

At this point, there is no doubt in my mind; GM will be filing for bankruptcy soon. Confirmed by various sources, GM cannot file until after sometime in June of this year. General Motors is looking to conserve every last bit of the money that they have. With the date for them paying back the $1 billion is closing in on them they realize that it simply cannot be paid back. It has been reported that GM plans to idle most of its domestic plants this summer for as long as nine weeks. GM employees will be notified before any official announcements or moves are made towards the idle. It is expected that staggered closures could start as early as May.

Many fear that this could cause a trickle-down effect on the automotive suppliers who are trying to hold-on until some sign of relief or growth in the economy.

WE will all have to literally RIDE this one out and see what takes place.

What do you think? Will GM file bankruptcy in June? Should they?

GM Recalls 1.5 Million Vehicles Due to Oil Leak

GM is recalling about 1.5 million vehicles due to an oil leak that could cause an engine fire.

Apparently under hard breaking engine oil could leak past a heat shield and drip on the exhaust manifold causing a chance for a fire by igniting the oil from the hot surface of the manifold. This currently affects the following vehicles:

1997-2003 Buick Regal
1998-2003 Chevrolet Lumina
1998-2003 Chevrolet Monte Carlo
1998-2003 Chevrolet Impala
1998-1999 Oldsmobile Intrigue
1997-2003 Pontiac Grand Prix

A total of 1,497,516 vehicles are involved in the recall.

To address this issue, GM dealers will remove the plastic spark plug retention guide and install in its place two spark plug wire retainers. The service is free of charge of course. The fix is very simple be needed because of the potential severity of not addressing this issue which is FIRE! No one wants a fire on their older GM vehicle. That just may put someone over the edge and attempt to sue a company that is about to file bankruptcy.

Currently no fatalities have been reported but a total of three incidents related to the defects have happened. Only one of the three incidents was reported to have included an injury.

Note: This recall does not affect the supercharged version of the 3.8-liter engine used in any of the vehicles above.

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