Posts Tagged ‘General Motors’

News, Politics - Tuesday, June 2, 2009 15:07 - 0 Comments

Hummer Bought By Chinese Company

In the aftermath of General Motors going bankrupt yesterday, the Detroit automaker continued its attempts at downsizing by selling Hummer to Sichuan Tengzhong Heavy Industrial Machinery Co. of China. GM said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.

As part of the proposed transaction, Hummer will continue to contract vehicle manufacturing and business services from GM during a transitional period. For example, GM’s Shreveport, La., assembly plant would continue to contract to assemble the H3 and H3T through at least 2010.

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Business, Homepage, Politics - Monday, June 1, 2009 15:27 - 3 Comments

Obama claims ‘New Beginning For GM’ After Bankruptcy

After years of losses, the troubled car manufacturer is forced into bankruptcy. GM is set to close a dozen facilities and cut more than 20,000 jobs. General Motors filed for bankruptcy protection earlier today, a move that became inevitable after years of losses and market share declines capped by a dramatic plunge in sales in recent months. President Obama today announced that General Motors was entering bankruptcy protection, and that the federal government was giving it an additional $30 billion, making taxpayers a 60% owner of the auto giant. “Understand we’re making these investments not because I want to spend the American people’s tax dollars, but because I want to protect them. Instead of taking so much stock in GM, we could have simply offered the company more loans.”