Word: gm
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...their suppliers - are suffering under the double burden of super-tight credit and unpaid receivables that is forcing them to burn through cash and capital in a manner not seen in generations. Detroit North is asking for C$6.8 billion in government assistance, including C$800 million that GM Canada needs immediately to keep its lights on over the holiday season...
...NASA discovers what could perhaps be traces of fossils fuels on Mars. GM, Ford and Chrysler immediately halt R&D on any fuel-efficient cars...
...White House chief of staff Josh Bolten and Vice President Dick Cheney. The GOP leaders emerged from the lunch only to acknowledge that they were far from having the necessary votes. Not only are many strongly opposed to a plan they believe will only postpone the inevitable bankruptcy of GM and Chrysler, they feel that the President has a much easier alternative that would provide them political cover; allow the money instead to be taken from the Wall Street bailout funds without a vote, as Democrats had previously pushed for but the Administration has steadfastly resisted...
...That's especially bad news for General Motors, currently begging for a bailout from the U.S. government. China has been a rare success story for GM in recent years, where its Buicks and Chevys have been consistent market leaders. A sharp downturn in China, auto analysts say, will add to GM's woes. While sales of Chevrolet-branded cars have remained robust, sales of Buicks fell 14% so far this year, according to GM. Still, GM remains committed to China, where earlier this month, Kevin Wale, president of GM China, said the company plans to introduce 10 new models...
...Detroit With an entire region depending on the automobile industry, it is almost impossible for politicians to vote against another financial bailout [Nov. 24]. There is just too much at stake. Yet this is a crucial moment for car manufacturing, and governments have to ensure that auto giants like GM are aware they have to radically change their ways. Carmakers must be obliged to commit to developing greener technology, while U.S. carmakers in general have to finally realize that the big cars they have been building for decades are no longer what people want. Sebastian Sommer, GREUSSENHEIM, GERMANY...