Big Three, Gm | featured news

Republican presidential candidate Mitt Romney defended himself Thursday against questions over why he opposed a federal bailout of General Motors and Chrysler two years ago.

The U.S. economy is on increasingly unsteady footing, hurt by stubbornly high unemployment and volatile oil prices, the head of General Motors Co told reporters on Tuesday.

General Motors' U.S. sales fell 1.2 percent in May as it offered fewer deals to customers.

General Motors' U.S. sales of cars and truck jumped 27 percent in April as the economy continued to improve and $4 a gallon gasoline pushed buyers into more efficient vehicles.

General Motors on Tuesday reported that U.S. sales jumped 49 percent last month, aided by sweeter financing and lease deals that drew a response from other major automakers.

General Motors said the payments, worth “upwards of $4,000” for hourly workers, were the largest profit-sharing checks in the automaker’s history.

General Motors is planning to pay its hourly workers in the U.S. at least $3,000 each under a profit-sharing provision in its UAW contract.

General Motors said that 90% of GM dealers are reporting profits, up from 40% at the end of 2009.

General Motors Co posted a 7.5 percent rise in December U.S. auto sales and said it expects the industry to report sales at a 13 million-vehicle annualized rate for last month -- far higher than many forecasts and what would be the highest rate of 2010.

Investor demand for General Motors stock has been so strong that the company will expand its initial public offering by 31 percent, to 478 million common shares, a person briefed on the sale said Tuesday.