General Motors | featured news

General Motors' financial woes continue as the automaker teetering on the edge of bankruptcy reported a $6 billion loss during the first three months of the year Thursday.

GM is in talks about turning its Saturn division over to Renault. Separately, China's Geely Automobile has submitted a bid to acquire GM's Saab unit.

The Italian carmaker that just took over Chrysler is in talks to buy GM's European operations.

General Motors Corp. said it will cut 21,000 U.S. factory jobs by next year, phase out its storied Pontiac brand and ask the government to take more than half its stock in exchange for half of GM's government debt as part of a major restructuring that would leave current shareholders holding just 1 percent of the company.

General Motors Corp is set to announce on Monday an accelerated restructuring that would close additional plants and pave the way for a debt exchange by the struggling automaker, sources briefed on the plan said on Sunday.

General Motors (GM) has received another $2bn (£1.4bn) in loans from the US Treasury, it has been announced.

Despite plummeting sales, its per-share loss is about half of what analysts had predicted. Also today, GM borrows more federal funds, and reports point to Chrysler bankruptcy.

Automaker may halt production at some factories this summer to help cut stockpile of vehicles.

General Motors Corp. will not make a $1 billion debt payment due June 1, its CFO, Ray Young, told reporters on Wednesday. Instead, it is hoping to complete a debt-for-equity exchange or be forced to resort to bankruptcy.

GM's stock plummeted on the news.

General Motors Corp. could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.