GM offers buyouts to 74,000

Looks like GM is weeding out more employees by a buyout. Times are hard it seems with the slumping economy as GM takes a hit to buyout 74,000 of it’s employees… wow, thats a lot!

Details from CNN.com:

No. 1 U.S. automaker heralds new cost-cutting efforts – aiming at entire U.S. hourly workforce – while posting improved financial results in fourth quarter.

NEW YORK (CNNMoney.com) — General Motors posted better-than-expected financial results for the latest quarter, but indicated that its efforts to shave costs are not behind it as the automaker offered lucrative buyouts to 74,000 employees – its entire U.S. hourly workforce.

The nation’s largest automaker reported improved fourth-quarter results from its overseas auto operations, which helped to balance out continued losses at its North American plants. But problems at finance unit GMAC, of which it still owns 49%, coupled with large charges taken in the third quarter related to tax credits, left GM with a company record $38.7 billion net loss for 2007.

Lucrative buyout packages are not new at GM (GM, Fortune 500) and other U.S. automakers such as Ford Motor (F, Fortune 500) and Chrysler LLC. GM offered similar deals to all its U.S. workers in 2006, as it sought to close plants and trim capacity to bring it in line with reduced demand for its products. That package helped it pare U.S. hourly employment by nearly 40,000 in the last two years.

But the latest range of offers to the remaining 74,000 GM workers represented by the United Auto Workers union is designed to allow the company to save money by paying new workers significantly less in pay and benefits than its current workforce, rather than lead to the large reduction in staffing sought in previous buyout packages.

GM spokesman Dan Flores said the company had no announced target for headcount reduction this time. “We certainly expect to be doing hiring as a result of this package,” he said.

About 46,000 of the GM employees are eligible to retire today and they can take pension incentives worth between $45,000 to $62,500 to retire. In addition there are inducements for those who are five years from retirement to leave early and receive benefits.

Those who leave and agree to sever all ties with the company – including giving up lucrative pension and health care coverage – will receive a lump sum of $140,000 if they have 10 years of service, or $70,000 for those with less than 10 years…. READ MORE

2008 Saab 9-7X Aero Wrap-up Review

2008 Saab 9-7X Aero Review

New Saab’s are composed of a bit more than just a few parts left over in the GM parts bin. It is a nice combination of the original Swedish roots and GM’s new found strength. The new Saab 9-7X Aero is proof of the new found strength and the taste of the Swedish background. The new 9-7X Aero uses GM’s new 6 Liter V8 with 390 horsepower with a stunning 0-60 time in 5.9 seconds. Towing capacity is bumped to 6600 lbs. The new Aero version comes in at $46,755 while the test vehicle shown here tops $50,200. This is the Chevy TrailBlazer SS’s other sister.

The pitfall we find at Automotive Addicts would be the eye sore fuel economy stats. We feel this may hurt a buyer’s excitement when this bad boy starts drinking down some $3 plus a gallon gas at the rate of Obama and Clinton fighting each other.

We like the “look” of the new Saab 9-7X Aero, sportiness and sexiness in one big SUV package.

Wrap-up

•Engine:6L V-8

•Dimensions: 113″ wheelbase; 193.2″ length

•Base price: $46,755/tested $50,200

•Fuel economy: 12/16 mpg

The results are in: Toyota beat out GM in 2007 Sales!

 

It has been a long 2007 with several changes in our economy happening, layoffs at big American plants and the introduction of some pretty cool looking cars. Whatever GM did might have been good, but it didn’t beat Toyota.

DETROIT — General Motors had a solid year in 2007, with global sales up 1.9 percent from 2006. But it is now the world’s second-largest automaker.
GM slipped well behind Toyota Motor Corp. in global sales. GM sold 8,885,599 total vehicles in 2007, while Toyota says it sold an estimated 9,370,000. Toyota will issue an official total in about a month.
It was widely reported this week that the two automakers finished in a dead heat for the No. 1 spot. Here is why: GM includes in its total 516,435 vehicles of the Wuling brand in China.
But GM owns only 34 percent of the Chinese company that produces Wuling vehicles, SAIC-GM-Wuling Automobile Co.
Shanghai Automotive Industry Corp., a major automaker in China, owns 50.1 percent of SAIC-GM-Wuling Automobile Co.

Read more…

Toyota sold more than GM: Toyota is a big 3 now?

 

Toyota is inching close to becoming the branded big 3 in America. Just before Toyota reveals the actual stats for sales, a lot of people seem to think Toyota surpassed GM in sales for 2007. Its getting close to the knuckles with the slumping economy and pushy salesmen pushing out more SUV’s than ever still with the high gas prices. Toyota sales the most hybrids out of all automakers and GM has some pretty cool stuff that just came out… but is it too late for GM to battle it out with Toyota?

DETROIT (Reuters) – General Motors on Wednesday reported total global sales of 9.37 million vehicles in 2007, coming in neck-and-neck with Japanese rival Toyota Motor Corp.
GM said its global sales rose 3 percent from a year earlier to sales of 9,369,524 vehicles, driven by strong growth in regions outside North America.
Toyota, which was expected to have surpassed GM as the world’s largest automaker, said on Jan. 10 that it sold 9.37 vehicles in 2007, but did not detail the figure further. It is expected to do so later this month.
“We set a record in China with more than a million vehicles sold. We nearly doubled our sales in Russia to an all-time record of more than 258,000 vehicles delivered. And we set a record in Brazil with nearly a half-million vehicles sold… Read More

Cadillac goes green at the CES Show

 

The Cadillac Provoq Hydrogen – Battery powered Vehicle at the Consumer Electronics Show – Las Vegas, NV

Hydrogen fuel cell powered Cadillac gets about 300 miles to one tank of hydrogen. It is sort of a hybrid where it primarily runs on hydrogen but uses battery power for storing electricity for the duration of a long trip. The Cadillac Provoq should go up to 100 MPH and achieve a 0-60 tile of 8.5 seconds. Speculation is that this Caddy is based off of the Chevy Volt, an electric car with batteries changed by an ethanol or gas powered motor.

2008 Saturn Astra and Pontiac G8 Microsites from GM

GM launches two new micro-sites for two new upcoming vehicles BIG and SMALL. The new Saturn Astra is due out January 2, 2008 as a small car with a sporty attitude. View the Saturn Astra Microsite Here!

 

The sporty attitude does not stop there, also due out as a 2008 model the new Pontiac G8, yes, that is an “8” after the “G”, has a new micro-site to visit also HERE.

GM strikes – UAW strikes GM

 

Source: Sharon Terlep and Bill Vlasic / The Detroit News

The United Auto Workers launched a national strike today against General Motors Corp. after 10 days of marathon bargaining failed to produce a new labor pact for the automaker’s 73,000 hourly U.S. workers. A news conference is scheduled for 12:15 this afternoon.
The UAW hasn’t staged a national strike against General Motors since 1970.
At 11 a.m. officials at Local 599 in Flint got on their cell phones, called in plant reps and said, “Take them out.”
A few minutes after calls were made, workers began streaming into the local hall, where picket signs were laid out on folding tables in front of huge murals that celebrate this union’s militant background of sit-down strikes and mass marches.

Read more

Ford sees plug-in hybrids in 5-10 years

 

Story Highlights

Car maker, California utility to test 20 rechargeable electric vehicles

Ford was first U.S. car maker to introduce gas-electric hybrid

GM has set 2010 as target date for its plug-in hybrid car  

Ford Motor Company Chief Executive Alan Mulally says he expects the company to sell plug-in hybrids in five to 10 years.

“Within five to 10 years we will start to see this technology in our hands,” Mulally said on the sidelines of a press event to announce an alliance between Ford and utility Southern California Edison to test 20 rechargeable electric vehicles.

When asked if that meant plug-in hybrids would be available on showroom floors, Mulally said, “Yes. Sure.”

Mulally said the rollout of Ford plug-in hybrids is dependent on advancements to lithium ion batteries that will be charged by the car’s owners using regular household electrical outlets.

He declined to give a more precise production target, saying: “I can’t go further than that. We will know a lot more in the next few years.”

Read the full article on cnn.com HERE!

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