Detroit

GM, Koenigsegg sign preliminary deal for Saab car unit

GM, Koenigsegg sign preliminary deal for Saab car unit

With General Motors (GM) and Swedish sports-car maker Koenigsegg reportedly having struck a preliminary deal pertaining to the loss-making Saab Automobile unit on Tuesday, the US ownership of the Swedish Saab carmaker will likely come to an end after nearly two decades. The GM-Koenigsegg deal is likely to come through in 2009 third quarter.

GM's Saab will be taken over by Koenigsegg

GM's Saab will be taken over by Koenigsegg

Manufacturer of high-end sports cars Koenigsegg (from Sweden, ranked in Forbes magazine's list of the world's 10 most beautiful cars) is ready to take over General Motor's uneconomic Saab unit.

GM posts $6 million loss in Q1; bankruptcy apparently on the cards!

General Motors

There are no two ways about the fact that General Motors (GM) is in dire straits! With the June 1 federal deadline for putting up a restructuring plan inching closer, the company that has already spent $10.2 billion - out of the $15.4 billion federal loan - finds itself right in the middle of all sorts of problems.

Ford zooms past Toyota to retain No. 2 position in US market share!

Ford zooms past Toyota to retain No. 2 position in US market share!

According to the Atlanta Journal-Constitution's Saturday reports, grabbing a larger chunk of the US auto market in April has helped Ford push past Toyota to regain its No.
2 position in US vehicle sales market share.

GM bondholders’ advisers disappointed with automaker’s debt restructuring plan

GM

Financial advisers to General Motors' have, in their letter to the Treasury and members of President Obama's auto task force, expressed their disappointment over the struggling automaker's proposed strategy of swapping debt for equity. They opine that the plan would likely result in "a bankruptcy that would have dire consequences."

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