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GM proposes $2.8 billion, 10-year investment in South Korea: government official
SEOUL (Reuters) - General Motors has proposed investing $2.8 billion into its loss-making South Korean operations over the next 10 years and has asked Seoul to provide funds for the investment, a South Korean government official said on Wednesday.
S.Korea has asked for audit into GM Korea's "opaque" management -trade minister
South Korea's trade minister said on Wednesday the government has asked for an audit into General Motors (GM) "opaque" management in the country in the wake of the carmaker's decision to shut down a factory in a city southwest of Seoul.
GM offers $2.8 billion investment in South Korea over 10 years: South Korea official
SEOUL (Reuters) - General Motors has proposed $2.8 billion fresh investment in South Korea over the 10 years as part of its plan to restructure its embattled Korean unit, a South Korean senior government official said.
S.Korea designates Gunsan city economic 'crisis zone' as GM shutting factory
SEOUL, Feb 20 (Reuters) - The South Korean government has
designated the city of Gunsan as a 'crisis zone' for industry
and employment, said presidential spokesman Kim Eui-kyeom on
Tuesday, after General Motors announced last week it
would be shuttering a factory there.
Exclusive: GM offers $2.2 billion debt for equity swap in return for Seoul's support - sources
SEOUL (Reuters) - General Motors has offered to convert debt of around $2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said.
GM plans to produce two new models in South Korea: South Korea lawmaker
SEOUL (Reuters) - General Motors Co plans to produce two new models in South Korea, a local lawmaker quoted GM executive Barry Engle as saying at a meeting with South Korean members of parliament.
GM plans to produce two new models in South Korea -S.Korea lawmaker
General Motors Co(GM) plans to produce two new models in South Korea, a local lawmaker quoted GM executive Barry Engle as saying at a meeting with South Korean members of parliament. Engle, president of GM International, did not elaborate on whether GM's plan for the two new car models were dependent on government support for the automaker, said Kim Sung-tae who attended the meeting.
South Korea's Moon bemoans GM plant closure, calls on government to be stern in U.S. trade talks
SEOUL (Reuters) - South Korean President Moon Jae-in said on Monday General Motors Co's decision to shut down a factory south of Seoul will be a blow to the region and asked relevant government ministries to take measures to shore up economic activity there.
Tesla delays, tax credit concerns spur sales of Chevy Bolts
Some potential buyers of Tesla's long-delayed Model 3 sedan are concerned that they will miss out on big federal tax breaks and are looking for alternatives, including General Motors Co's Chevrolet Bolt, according to postings by would-be Tesla buyers on websites and interviews with GM dealers.
Appaloosa ups investments in Micron, Facebook, Apple, adds new bets in Caesars, MGM in 4th quarter
Billionaire hedge-fund investor David Tepper's Appaloosa Management was a buyer of technology, energy and bank shares in the fourth quarter, according to a Wednesday regulatory filing. Between the end of the third and fourth quarter, Appaloosa boosted its stake in Bank of America Corp. , upping his position by 170% to 10.8 million shares. He also increased his stake in Apple Inc. , raising that investment to 3.2 million shares and raising his stake in Micron Technology Inc. to 10.45 million shares, representing his largest holding according to WhaleWisdom.com. The hedge-fund luminary also lifted his position in Facebook Inc. by about 70% to 2.2 million shares, while adding to his holdings in the tech-heavy PowerShares QQQ Trust Series 1 to 4.3 million shares. Meanwhile, Tepper took a long position in the exchange-traded Financial Select Sector SPDR ETF , purchasing $280 million worth, though the fund also sold call options in the ETF worth $35 million. Call options give the holder the right but not the obligation to buy an asset a set price and time. Appaloosa also made bullish bets in the energy-centered Energy Select Sector SPDR ETF for $35 million. The investor was a buyer in gambling assets, with new stakes in Caesars Entertainment Corp. , about 5.86 million shares, and MGM Resorts International , where he picked up 2.3 million shares, from the end of the third quarter. Tepper notably divested his entire stake in Kinder Morgan Inc. , Chesapeake Energy Corp. , Whirlpool Corp. and General Motors , recent filings showed. Large investors are required to reveal their long equity holdings at the end of each quarter in filings with the Securities and Exchange Commission.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Einhorn adds to Brighthouse stake, trims GM in fourth quarter
Billionaire hedge fund investor David Einhorn's Greenlight Capital, as previously disclosed, boosted its stake in Brighthouse Financial Inc. and took a small stake in Twitter Inc. in the final quarter of 2018, while trimming holdings of General Motors Co. , according to a regulatory filing on Wednesday. In a 13-F form filed with the Securities and Exchange Commission, the fund said it boosted its holdings in Brighthouse by more than 4.2 million shares to a total of 11 million shares. It also bought nearly 2.8 million Twitter shares. Greenlight reduced its stake in GM by nearly 8.7 million shares from the end of the third quarter, leaving it with a stake of around 25.8 million shares. GM still made up the largest chunk of the fund's reported portfolio at 19.3%, while Brighthouse was No. 2 at 11.7%, according to filings tracking firm Whalewisdom.com.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
South Korea union says GM plant closure move is 'death sentence', threatens strike
Workers at a General Motors (GM) plant in South Korea that the U.S. automaker plans to close staged a protest on Wednesday, calling the decision a "death sentence" and threatening a strike. GM announced on Tuesday it will shutter the plant in Gunsan, in South Korea's southwest, by May and decide within weeks on the fate of the remaining three plants in the country.
S.Korea weighs options for GM Korea - finance minister
South Korea is considering several options regarding General Motors Co's (GM) operations in the country, the finance minister said on Friday after the U.S. automaker called for cooperation over its restructuring efforts. GM's Korea operations have been struggling with rising labour costs and slumping domestic sales, fuelling concerns over a potential pullout.
South Korea weighs options for GM Korea: finance minister
SEOUL (Reuters) - South Korea is considering several options regarding General Motors Co's operations in the country, the finance minister said on Friday after the U.S. automaker called for cooperation over its restructuring efforts.
GM's January China vehicle sales climb 14.5 pct y/y
General Motors CoÂs sales in China last month increased 14.5 percent from a year earlier to 367,712 vehicles, the U.S. automaker said on Thursday. The results compare to a 13.1 percent year-on-year increase in volume GM achieved in December. GMÂs sales volume in 2017 was 4.04 million vehicles, up 4.4 percent from the same period a year ago.
For 3rd time, General Motors seeks to avoid Takata recalls
For the third time in three years, General Motors has asked the U.S. government for permission to avoid recalls of potentially deadly Takata air bag inflators
If interest rates rise, GM likely to expand subsidized loans
If auto loan interest rates rise as expected this year, General Motors and others are likely to make more subsidized loans including zero-percent financing, the company's chief financial officer said
After profit beat, GM looks to trucks, SUVs to rev up margins
DETROIT (Reuters) - General Motors Co said on Tuesday a richer mix of full-size pickups and mid-size SUVs in North America should help it offset higher commodity costs in 2018 and maintain pretax margins above 10 percent.
General Motors' stock gains after earnings beat expectations
Shares of General Motors Co. gained 0.2% in premarket trade Tuesday, bucking the selloff in the broader stock market, after the automaker reported fourth-quarter earnings that beat expectations. Dow futures were down 168 points in recent trade. GM's net loss for the quarter to Dec. 31 was $5.17 billion, or $3.65 a share, after a profit of $1.84 billion, or $1.19 a share, in the same period a year ago. Excluding non-recurring items, such as a $7.3 billion non-cash charge related to tax legislation and a $6.2 billion non-cash charge from the sale of Opel/Vauxhall, adjusted earnings per share came to $1.65, above the FactSet consensus of $1.39. Revenue fell 5.5% to $3.72 billion from $39.90 billion, but topped the FactSet consensus of $36.98 billion. Vehicle sales for 2017 totaled 8.9 million, up 0.8% from 2016. The company ended 2017 with an underfunded pension position of $14.1 billion, compared with $18.2 billion at the end of 2016. The stock has lost 6.2% over the past three months through Monday, while the Dow Jones Industrial Average has gained 3.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
GM to launch 15 new and redesigned models in China this year
BEIJING (Reuters) - General Motors Co plans to launch 15 new and redesigned vehicles in China this year, in a bid to "strengthen sales momentum" in the world's biggest automobile market, the company said on Tuesday.
Billionaire Gupta looks to make electric cars in Australia
British industrialist Sanjeev Gupta is set to bid for industrial assets at General Motors Co's (GM) former Holden manufacturing site in South Australia, according to the state's treasurer, aiming to use the equipment to build electric vehicles.
Judge tosses GM settlement on ignition switch
NEW YORK, Jan 18 (Reuters) - A federal bankruptcy judge on
Thursday said a settlement agreement that would require General
Motors Co to pay $1 billion in stock to car owners suing
the company over faulty ignition switches was not enforceable.
Peugeot CEO outlines ambitious plan to re-enter U.S., go electric
Peugeot SA Chief Executive Carlos Tavares said on Wednesday the French automaker is using the know-how of former Opel engineers acquired from General Motors Co (GM) to develop vehicles to re-enter the U.S. market, and said Peugeot will offer electrification as an option on all its vehicles by 2025.
UPDATE 2-Peugeot CEO outlines ambitious plan to re-enter U.S., go electric
DETROIT, Jan 17 (Reuters) - Peugeot SA Chief
Executive Carlos Tavares said on Wednesday the French automaker
is using the know-how of former Opel engineers acquired from
General Motors Co to develop vehicles to re-enter the
U.S. market, and said Peugeot will offer electrification as an
option on all its vehicles by 2025.
Peugeot CEO: All PSA vehicles will electrified by 2025
DETROIT (Reuters) - Peugeot SA Chief Executive Carlos Tavares said on Wednesday that by 2025 "the PSA Group will be 100 percent electrified," and said the French automaker will use the know-how of former Opel engineers acquired from General Motors Co to design vehicles for the U.S. market that would compete in GM's home market.
UPDATE 1-Peugeot CEO: All PSA vehicles will electrified by 2025
DETROIT, Jan 17 (Reuters) - Peugeot SA Chief Executive
Carlos Tavares said on Wednesday that by 2025 "the PSA Group
will be 100 percent electrified," and said the French automaker
will use the know-how of former Opel engineers acquired from
General Motors Co to design vehicles for the U.S. market
that would compete in GM's home market.
Big portion of future GM electric vehicles for China market: executive
DETROIT (Reuters) - General Motors Co's China unit will sell a "substantial portion" of the automaker's future electric vehicles, GM China President Matt Tsien said on Wednesday.
Big portion of future GM electric vehicles for China market -exec
General Motors Co's China unit will sell a "substantial portion" of the automaker's future electric vehicles, GM China President Matt Tsien said on Wednesday. In a briefing at GM headquarters, Tsien said, "China is at the heart of our electrification strategy." Tsien did not say which GM brands would sell electric vehicles in China.
Exclusive: GM, DHL use a Chinese plant to lead manufacturing change
Inside General Motors Co's vehicle assembly plant in this southern China city, many workers wear the red-and-yellow uniforms of DHL, the logistics company.
Ford gives disappointing outlook, says turnaround to take years
DETROIT (Reuters) - Ford Motor Co on Tuesday estimated financial results for 2017 and 2018 that fell short of investor expectations, in a downbeat forecast that contrasted with a more positive outlook from rival automaker General Motors Co .
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