Tag Archives: GM

2020 Chevrolet Corvette C8 Losing Money for GM: Report | Digital Trends

Despite being redesigned, the 2020 Chevrolet Corvette Stingray carries a base price of $59,995 — a relatively small increase over the outgoing model. Given the extent of the changes over the previous-generation Corvette, this price sounded too good to break true. It turns out it was — in a bad way: Motor Trend reports that General Motors will lose money on every base 2020 Corvette sold.

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Tesla Takes on the Dealerships—and GM | Bloomberg Business

“We need your help,” Tesla wrote in a Feb. 19 e-mail to its customers in Indiana. The state legislature was about to move forward with a bill that would have forced the electric-car maker to find a franchisee to operate its one showroom in the state, setting a precedent that would make it harder for Tesla to open others elsewhere. The company claimed the legislation reflected the interests and influence of one rival: General Motors. “Don’t let GM tell you that your only option is to buy a car from a traditional franchised dealer by shutting out Tesla,” the e-mail continued. Tesla asked recipients to contact their lawmakers.

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GM fighting brake line recall | CnnMoney.com

General Motors, which has recalled nearly 29 million cars globally so far this year, is pushing back against critics clamoring that it should recall another 6 million pickups and SUVs for a problem with brake lines.

GM says the problem with the brake lines is due to normal wear-and-tear on vehicles that are all at least 10 years old, and that the problem only occurs in the so-called “Salt Belt” where corrosive salt is used on the roads during the winter.

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GM made $22.6 billion since bankruptcy. Taxpayers lost $10.6 billion on bailout | Money.cnn.com

GM has earned a stunning $22.6 billion since the dark days of the financial crisis, when the automaker was bailed out by the U.S. government. Taxpayers didn’t fare nearly as well. They’d lost $10.6 billion by the time the U.S. Treasury department closed the books on the $49.5 billion bailout in December.GM, which filed for bankruptcy five years ago this Sunday, has repaid everything it was obligated to pay Treasury. Taxpayers came up short because the U.S. decided to buy GM stock to keep the automaker alive instead of giving it a loan and saddling it with more debt.Although GM has been very profitable since 2009, its stock price never rose to a level that let Treasury to recoup that investment.

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