General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

“Today´s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we’re all happy for the positive outcome,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time. Read the rest of this entry »

General Motors Co. today confirmed it has signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100% of the shares of Saab Automobile AB. The deal is expected to conclude in the next months and will then secure Saab’s future. Saab Automobile plans to exit legal reorganization shortly.

The stock purchase agreement will be subject to agreed closing conditions. Conditions to close the sale include expected funding commitments with Swedish government support and guarantees, as well as transitional assistance from GM, as Saab becomes independent. Saab is about to launch several new cars, developed with General Motors, that are in the final stages of development.

As part of the proposed transaction, GM and Saab will continue to share technology and services during a defined time period. This will be managed through licenses and service agreements. Read the rest of this entry »

The new General Motors Company began operations today with a new corporate structure, a stronger balance sheet, and a renewed commitment to make the customer the center of everything the new GM does.

“Today marks a new beginning for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers,” said Fritz Henderson, president and CEO. “We are deeply appreciative for the support we have received during this historic transformation, and we will work hard to repay this trust by building a successful new General Motors.”
Created from the old GM’s strongest operations in an asset sale approved by the bankruptcy court on July 5, the new GM is built on:

• Four core brands in the U.S. and the largest, strongest dealer network in the country,
• A fresh lineup of Chevrolet, Cadillac, Buick and GMC cars, trucks and crossovers, each with leading-edge designs and technologies that matter to both consumers and the environment,
• A competitive cost structure, a cleaner balance sheet, and a stronger liquidity position that will enable GM to invest in new products, key technologies, and its future,
• A winning culture focused on customers and products.

“One thing we have learned from the last 100 days is that GM can move quickly and decisively,” said Henderson. “Today, we take the intensity, decisiveness and speed of the past several months and transfer it from the triage of the bankruptcy process to the creation and operation of a new General Motors.

“Business as usual is over at GM,” said Henderson. “Today starts a new era for General Motors and everyone associated with the company. Going forward, the new General Motors is fully committed to listening to customers, responding to consumer and market trends, and empowering the people closest to the customer to make the decisions. Our goal is to build more of the cars, trucks, and crossovers that customers want, and to get them to market faster than ever before.” Read the rest of this entry »

Zurich. General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab’s future.

The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab’s operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process. Read the rest of this entry »

The Chevrolet Volt, an extended-range electric vehicle that delivers up to 40 miles of gasoline- and emissions-free electric driving, will use battery packs manufactured in the United States by General Motors, Chairman and CEO Rick Wagoner announced at the North American International Auto Show.

GM will establish the first lithium-ion battery pack manufacturing facility operated by a major automaker in the United States to produce the Volt’s battery pack system. It consists of lithium-ion cells that are grouped into modules, along with other key battery components.

The plant will be located in Michigan, subject to negotiations with state and local government authorities. Facility preparation will begin in early 2009, with production tooling to be installed mid-year and output starting in 2010. Read the rest of this entry »

General Motors dealers in the United States delivered 221,983 vehicles in December, down 31 percent compared with a year ago. However, total deliveries were 67,000 vehicles more than November’s result, up more than 43 percent month over month. GM December car sales of 87,506 were off 25 percent and truck sales of 134,477 were down 35 percent compared with a year ago.

For the year, GM delivered 2,980,688 vehicles while maintaining an expected market share just above 22 percent. Annual deliveries were down 23 percent compared with 2007, largely due to building weakness in the marketplace throughout the year spurred by economic headwinds such as the dramatic reduction in credit availability experienced in the fourth quarter, coupled with historically low levels of consumer confidence. Additionally, the American Axle strike and several supply disruptions impacted GM’s performance in the first half of the year. Read the rest of this entry »

Troubled US automaker General Motors is planning to cut white-collar jobs in the United States because of rising financial problems, a source close to the situation said Thursday.

The source confirmed a letter published in the online The Wall Street Journal on Thursday from GM chief executive Rick Wagoner and chief operating officer Fritz Henderson. Read the rest of this entry »

General Motors (GM) and OnStar today launched Stolen Vehicle Slowdown on more than 1 million model year 2009 GM vehicles in the U.S. and Canada. Stolen Vehicle Slowdown is the latest enhancement to OnStar’s Stolen Vehicle Assistance service and enables OnStar to further help law enforcement in the recovery of subscribers’ stolen vehicles, while helping to reduce fatalities and injuries resulting from police chases. Working with law enforcement and utilizing its unique built-in technology, OnStar can remotely send a signal that interacts with the vehicle’s engine, gradually slowing it down, aiding in a safe recovery. Read the rest of this entry »