General Motors, Big Three | featured news

Automaker to sell its Swedish unit Saab to sports car manufacturer Koenigsegg.

G.M is close to selling Saab to Koenigsegg, a Swedish maker of high-end sports cars, a person close to the negotiations said.

General Motors Corp said on Tuesday that former chairman and chief executive of AT&T Inc Edward Whitacre will become chairman of the restructured automaker later this summer.

General Motors Corp has reached a preliminary agreement to sell its Saturn brand to Penske Automotive Group in a deal that could preserve more than 350 dealerships and 13,000 jobs, the companies said on Friday.

Jack Fitzgerald, who faces the closure of 7 of his 11 auto dealerships, pleads his case to lawmakers.

AP - Top executives from General Motors and Chrysler face tough questions from lawmakers about sweeping plans to close hundreds of car dealerships as the auto companies undergo government-led bankruptcies.

General Motors Corp said it had reached a preliminary deal to sell its Hummer brand, part of its effort to shed half of its eight U.S. lines and leave bankruptcy court protection as a leaner company.

CEO Fritz Henderson calls the move 'a defining moment' in the company's reinvention. In trading, shares of GM dropped 28%. Meanwhile, Chrysler takes another step toward emerging from bankruptcy.

A majority of bondholders agree to swap their debt for a stake in a reorganized GM, which is expected to file for Chapter 11 on Monday.

General Motors and Canadian auto parts group Magna International have reached an agreement in principle that could rescue ailing German carmaker Opel, sources close to the negotiations said on Friday.