GM has announced Ed Whitacre, Jr. will step down as CEO on September 1st. He will remain chairman of board, but will resign from that position by the end of the year. According to Whitacre, “My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this [...]
GM is back on track. The Detroit automaker has posted a net profit of $1.3 billion for the second quarter of 2010 on gross revenues of $33.2 billion, an increase of 44 percent over the $23 billion in revenue for the same period in 2009. GM also ended the second quarter with $31.5 billion in [...]
A Troy, Michigan couple has been in arraigned in U.S. federal court, accused of possessing trade secrets stolen from GM and trying to sell them to a Chinese party. Shanshan Du, a former GM employee, and her husband Yu Qin were indicted this week on six-counts of unauthorized possession of trade secrets, wire fraud and [...]
While GM interiors are getting better, the company knows they still have more work to do. Speaking with InsideLine, GM’s Vice President of Global Engineering, Karl Stracke, stated “We’re not yet at Audi quality. I want to be at Audi quality. Audi is the benchmark for interiors.” He added, “I’ve driven the Corvette Grand Sport [...]
GM is now backtracking on a memo it sent out to employees at its global headquarters in Detroit this week. In the original memo, employees were discouraged from using the “Chevy” nickname for the Chevrolet brand. GM later issued a statement to clarify the intention of the memo, saying that it was only meant to [...]
GM has retracted its request for aid in Europe. The company now says it can fund its restructuring efforts for its European unit Opel on its own. Last week the German government refused to provide Opel with a €1 billion ($1.23 billion) aid package, saying GM was now capable of financing the restructuring itself. GM [...]
Margins on auto sales may not be what they are in the United States or Europe, but China is now the world’s largest auto market and GM’s biggest market by volume too. GM posted record sales in China for the first half of 2010, with a 48.5 percent increase in sales over the same period [...]
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Morgan EvaGT revealedGM CEO Whitacre steps down 1st Sept, Akerson to take overGM posts $1.3 billion net income in Q2 on sales of $33.2 billion