News

Outlook Congratulations to Mary Barra, who has become the first female boss of a big US car maker by taking over General Motors just as it stopped being unofficially known as Government Motors.

Jeremy Warner: Even the boss is sceptical about GM's rescue plan

Outlook: If bondholders think they are getting a raw deal, what about existing equity holders?

General Motors debt deal to give government majority stake

Bankruptcy seen as likely if bondholders block plan

Fiat linked to deal to buy Vauxhall and Opel

Sources close to GM were last night downplaying claims from a German state minister that Fiat is in the running to buy the beleaguered US car giant's European business.

General Motors warns of 'substantial doubt' over its future

General Motors, the hobbled car manufacturer, reminded the world yesterday that it is still unable to say with certainty that it will be able to avoid bankruptcy protection, declaring in an annual filing with the US government that there remained "substantial doubt" about its viability going forward.

GM Europe to go bankrupt within weeks without aid

Fresh from its ultimatum over the future of its Swedish Saab brand, GM warned yesterday that its entire European operations could run out of money within weeks without state help.

General Motors fights for survival as it posts $31bn loss for 2008

General Motors lost $30.9bn (£22bn) in 2008 as it careered towards the edge of bankruptcy, and it is still tussling with its auditors about whether it can be labelled a "going concern".

Saab board meets amid reports of reorganisation

The board of General Motors' Saab met today, a union representative said, amid reports the Swedish carmaker was set to file for protection from creditors

GM calls for state aid in Europe and wants buyers for Vauxhall and Opel

GM, the American motor giant, is considering selling its European brands including Vauxhall in the UK and Opel in Germany to try to extricate itself from its financial problems.

General Motors to cut 47,000 jobs worldwide

General Motors, presenting a dire outlook for the future, said yesterday it may need £21.1 billion ($30bn) in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shut five more US factories in a massive restructuring plan.

Fate of GM and Chrysler in the balance as deadline for loan restructuring looms

Bondholders with the fate of General Motors in their hands are playing a game of brinkmanship with Barack Obama ahead of a restructuring deadline this week.

World markets take heart from GMAC's $6bn bailout

Treasury support means it is now 'highly unlikely' GM's auto arm will be liquidated

General Motors receives $5bn bailout

The US Treasury Department said that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors, in a move that's expected to stave off a bankruptcy protection filing at the company but also severely limit GM's control over it.

Bush hands car-makers a $17bn lifeline

George Bush handed a $17.4bn (£11.6bn) lifeline to the US car industry yesterday. The President justified the move to provide emergency loans to car-makers by saying that the US economy could not withstand the bankruptcy of General Motors, Ford or Chrysler.

US car bailout deal 'very likely'

A deal with the US Congress to help America's failing car industry will "very likely" be reached, the White House said today.

US car makers get frosty reception in bailout plea

The bosses of the big three US carmakers were lambasted for flying on corporate jets as they came to Washington to plead for money to stave off their companies' bankruptcy.

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