plus 4, G.M. Is Said to Agree to Sell Stakes to China Partner - New York Times |
- G.M. Is Said to Agree to Sell Stakes to China Partner - New York Times
- Automobiles : TRUCKS - Frederick News-Post
- Toyota Tops Auto Brands In Resale Value - WSMV
- Fremont family struggles through holidays - Inside Bay Area
- November Auto Sales Show Few Major Improvements - U.S. News Rankings & Reviews
G.M. Is Said to Agree to Sell Stakes to China Partner - New York Times Posted: 03 Dec 2009 08:02 AM PST HONG KONG General Motors has reached an agreement to sell about half of its India operations and a small stake in its China business to its main joint-venture partner in China, people with a detailed knowledge of the transaction said on Thursday evening. G.M.'s main partner in China, the Shanghai Automotive Industry Corporation, better known as S.A.I.C., suspended trading in its shares on the Shanghai stock market on Thursday pending an announcement, but declined to release details. G.M. said in a statement that it was constantly in discussions with S.A.I.C. on various issues, but also did not disclose any details. G.M.'s international operations have been in a quiet but intense search for cash this autumn to cover losses incurred when its South Korean subsidiary, Daewoo, lost $2 billion last year on a bad bet on financial derivatives based on the Korean won and then burned through its remaining lines of credit during the recent global downturn. G.M.'s lawyers advised Daewoo that it could not raise money from G.M.'s American operations because of the large role the United States government still played after G.M.'s recent bankruptcy and refinancing. It was not immediately clear on Thursday night how much cash G.M. would raise from the two transactions with S.A.I.C. "It's a big deal, it's a good deal," a person close to G.M. said. G.M. has become the second-largest automaker in China mainly through a 50-50 venture with S.A.I.C. that makes a wide range of G.M.-designed cars. Under the deal being completed, G.M. would sell a 1 percent stake in the venture to S.A.I.C., raising the Chinese automaker's share to 51 percent, although G.M. would retain equal voting rights in company decisions and have an option to buy back the stake later, people with knowledge of the transaction said. Michael Dunne, an auto consultant specializing in Asian markets, said that for G.M. to accept a minority holding in its main joint venture marked an inevitable decline in G.M.'s influence in China, which has overtaken the United States as the world's largest auto market. "Dropping below the 50-50 partnership is huge there may be a way to preserve voting rights, but symbolically, it is a step down," Mr. Dunne said. G.M. is separately putting its Indian operations into a new joint venture with S.A.I.C., effectively selling about half of the operations to S.A.I.C. as well. G.M. also holds a 34 percent stake in a successful manufacturer of very inexpensive minivans and pickup trucks, S.A.I.C.-G.M.-Wuling Automobile, while S.A.I.C. owns 50.1 percent. The city of Liuzhou, in southernmost China, owns the rest of that venture. Yale Zhang, the director of greater China vehicle forecasting at CSM Worldwide, a big auto consulting company, said that Wuling was a natural choice to expand in India because it sold some of the world's lowest-cost light vehicles. Its $4,000 minivans and pickups have been extremely successful in less prosperous areas of China. Wuling has little knowledge of the Indian market, however, and G.M. could provide that, Mr. Zhang said. This content has passed through fivefilters.org. |
Automobiles : TRUCKS - Frederick News-Post Posted: 03 Dec 2009 08:45 AM PST |
Toyota Tops Auto Brands In Resale Value - WSMV Posted: 03 Dec 2009 07:33 AM PST Copyright 2009 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This content has passed through fivefilters.org. |
Fremont family struggles through holidays - Inside Bay Area Posted: 03 Dec 2009 08:31 AM PST FREMONT — Angela DeRush has four children, a disabled mother, no job and no car. In mass transit-deprived Fremont, that equals tough times. "Things just seem like they're going down, down, down," DeRush said outside her parents' three-bedroom house in which she and her children have been living for the past year. "You don't think it can get any worse, and then it does." Her children's Christmas presents, like their Thanksgiving meal, will come courtesy of the Tri-City Volunteers, a Fremont-based nonprofit that helps people in need. It seems like a lifetime ago, but DeRush, an only child, used to get everything she wanted for Christmas. "My aunts and uncles said I was spoiled," she said. But the family's luck started to turn more than 20 years ago when her father was involved in a major traffic accident. The crash left him with major injuries and totaled the truck he used for work, DeRush said. The family ended up having to sell their Irvington district home and began to rent a nearby house. Meanwhile, in recent years, DeRush's relationship with her children's father soured and her mother's diabetes progressed to the point where doctors had to amputate a leg. Her dad, who works part time as a truck driver, does the best he can, DeRush said, but she and her eldest daughter must care for her mother, who recently suffered a severe stroke. DeRush, who sleeps in the same room as her son, awakes at 7:15 a.m. every morning and gets her youngest kids to school before the real work begins: feeding and bathing her mother, administering insulin shots and testing her blood."There's no time for yourself, ever," said DeRush, who is a young-looking 38. She has fleshy cheeks, shoulder-length brown hair and a stout nose. "I need to do something," she said. "I've got to work something out, even if it's a part-time job." Tri-City Volunteers provide the only outside help DeRush gets. She last worked as a temp at Fremont's NUMMI auto plant, but her unemployment benefits have expired, and she hasn't applied for welfare or food stamps. During the year, she, or a friend with a car, go to the charity's headquarters to pick up canned food. At Christmastime, she gets a gift basket and toys for the kids. Two years ago, the group provided stockings full of goodies; last year it gave an MP3 player and stuffed animals. Tri-City Volunteers, founded in 1970, is a volunteer group with nine employees who help distribute food, clothing and household items to needy families in Fremont, Newark and Union City. This content has passed through fivefilters.org. |
November Auto Sales Show Few Major Improvements - U.S. News Rankings & Reviews Posted: 03 Dec 2009 07:05 AM PST
The sales figures for November 2009 represent a bittersweet victory for automakers. On one hand, the November sales rate is the third best in the last 13 months, according to CNN. On the other, sales numbers are nearly unchanged from November 2008, which means the industry isn't doing any worse than it was – but it isn't doing too much better, either. Though most automakers are still seeing sales declines, there are a few bright spots. Toyota reported a three percent gain in sales as compared to last November. Bigger winners are Nissan, which reported a 20 percent sales increase since last year, and Hyundai/Kia, which reported a whopping 34 percent increase. However, despite year-on-year gains, all three automakers still posted sales declines as compared to last month (October 2009). Still, manufacturers appear to be gearing up for a slow but steady road to improvement. According to the AP, Ford and GM have announced first-quarter production increases: "Both plan to double production of cars to meet the growing demand for fuel-efficient vehicles. Truck production will also increase, but by smaller percentages." While revitalized sales in 2010 may be good for automakers, they won't be a boon for car buyers. If you're interested in a new car, you may want to act now. Most dealers will likely still be willing to negotiate just to make a sale, and there are plenty of leftover 2009s and new 2010 models on lots. To get started, check out the U.S. News rankings of this year's best cars. When you decide which models you like, check out this month's car deals for the best discounts and incentives. This content has passed through fivefilters.org. |
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