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Born with 'gasoline in his blood,' GM's Reuss adds president to long list of duties https://www.cnbc.com/2019/01/03/gms-reuss-adds-president-keeps-other-assignments.html General Motors named company insider Mark Reuss as president Thursday. The 55-year-old's father also served as GM president nearly three decades ago. Reuss was once seen as a contender for CEO before Mary Barra got the job. Mark Reuss, the global head of General Motors' product development operations, will add "president" to his already expansive list of duties — the latest in a series of management tweaks under CEO Mary Barra. The 55-year-old Reuss – whose father also served as GM president nearly three decades ago – replaces Dan Ammann. Ammann moved over to the company's autonomous vehicle subsidiary, Cruise Automation, last November. But Reuss will assume only some of Ammann's former duties in a paired down role as president, allowing him to retain his current focus on product. Saying that Reuss has played a "critical role" at GM in his current assignment, GM Chairman and CEO Barra added, "Mark's global operational experience, deep product knowledge and strong leadership will serve us well as we continue to strengthen our current business, take advantage of growth opportunities and further define the future of personal mobility." Gasoline in his veins Reuss is wont to say he has "gasoline in his blood." Having trained as an engineer, his duties as product development chief have been as much passion as avocation. It is a job that frequently lets him shed his suit and tie for a helmet and fireproof racing suit while testing new products at the General Motors Proving Grounds in Milford, Michigan, an hour northwest of its corporate headquarters along the Detroit riverfront. He joined the automaker in 1983 as a student intern. It was a period of massive change under then-Chairman and CEO Jack Smith. In 1990, as the controversial chairman retired, Mark Reuss's father Lloyd was named GM president, but he held that post only two years before being ousted in the first in a series of activist investor-led revolts. The younger Reuss remained with GM and, over the next two decades served in a broad mix of posts testing his business acumen as well as his engineering skills. That included a run as head of the automaker's long-struggling Australian subsidiary, Holden, which recently shuttered its manufacturing operations. Big break Reuss got his big break in 2001 when he was tasked with creating a new performance division where he got the chance to oversee development of a variety of vehicles, including the Chevrolet Corvette, as well as the reborn Chevy Camaro. While never generating significant volume, those products helped shine GM's star, tarnished by some of the poorly reviewed products it had produced during the 1980s and 1990s, an era when it was sometimes dismissed as "Malaise Motors." But things continued to go from bad to worse for the company saddled with debt and facing ever tougher competition from European and Asian imports. By 2010, GM was forced to enter a carefully managed bankruptcy, surviving only with the help of a massive federal bailout. Most of its top management team, starting with then-Chairman and CEO Rick Wagoner, were unceremoniously booted, much as Lloyd Reuss had been nearly two decades earlier. Son Mark was, however, one of the survivors. Plum assignment And he landed a plum assignment that would test both the business and product side of his skills as the new head of North American Operations. By mid-decade, Reuss was seen as a potential contender for CEO. But as Dan Akerson, an industry outsider who joined GM post-bankruptcy, announced his retirement, the job instead went to another top lieutenant. Like Reuss, Mary Barra had also started at GM as a college co-op student and also came from a GM family – though her father was a factory "shop rat." For his part, Reuss got a major consolation prize, heading global product development – a job that frequently leds him shed his suit and tie for a helmet and fireproof racing suit. Last June, he was also named head of Cadillac and has been heavily involved in the development of a stream of new vehicles expected to roll out of the luxury brand every six months through 2021. Too many hats Under his new assignment as president, Reuss will retain those roles, a decision that analyst Joe Phillippi, head of AutoTrends Consulting, questions. Though Reuss is "very talented," Phillippi said, "he had too many hats to start with. There should be someone running product development and that's all they do all day." Whether Reuss might eventually shed some of his duties remains to be seen, but observers say that GM's upper management ranks appear to be in a bit of a flux. If anything, the company had indicated it wasn't going to name a new president when Ammann moved over to Cruise Automation as CEO of the San Francisco-based autonomous vehicle development company last November. For those worried that Reuss may find his time spread thin, a GM spokesman told CNBC that the company's new president won't take over all of the duties that had been on Ammann's plate. Full speed When the former president was reassigned, CEO Barra took over responsibility for managing both the automaker's global regions, as well as its "captive" finance subsidiary, GM Financial. Chief Financial Officer Dhivya Suryadevara, meanwhile, assumed control over GM's corporate development operations. Reuss will take on one new role, overseeing GM's quality control operations which, the automaker noted, dovetails well with his product development duties. Long faulted for reliability issues, GM has, in recent years, made rapid gains, particularly with its Buick and Chevrolet brands, according to studies by outside arbiters such as J.D. Power and Associates. "I am very proud to have spent my entire career at General Motors, and to now take on this new role is truly a great honor," Reuss said in a statement Thursday. "With our current lineup of outstanding cars, trucks and crossovers around the world, I'm looking forward to keeping our momentum going at full speed."

Sales figure in 2014 Toyota : 10.23m Volkswagen : 10.14m General Motors : 9.92m Hyundai : 7.9m Ford : 6.8m Nissan : 5.5m Fiat-Chrysler : 4.8m Honda : 4.3m PSA : 2.9m Renault : 2.7m

Long article below. The press conference after the address was interesting. Reporters asked whether Barra was aware of the design lapse since she was once Head of Safety (oops) and she dodged the question. WARREN, Mich.— General Motors Co. 's chief executive vowed to upend the corporate culture responsible for what she denounced as a "pattern of incompetence and neglect" in the auto maker's 11-year failure to recall cars equipped with a defective ignition switch. The scathing indictment by Mary Barra, a GM veteran who inherited the recall crisis shortly after she became CEO in January, coincided with the release of a company-funded report that could deepen GM's legal vulnerability and scrutiny from regulators, prosecutors and lawmakers. The 315-page report by former U.S. Attorney Anton Valukas concluded that information about the faulty ignition switches, which could abruptly slip from the "on" position, stall vehicles and disable their air bags, bounced around an "astonishing number of committees" inside GM. That led to a "troubling disavowal of responsibility" and devastating consequences, Mr. Valukas concluded. So far, GM has attributed at least 54 crashes and 13 deaths to switch-related air bag failures. GM President Dan Ammann didn't rule out the possibility that the death toll could climb. In the report, Ms. Barra was cited for a description of what she called the "GM Nod," or meetings where participants appeared to nod in agreement that action should be taken, then did nothing. Another official invoked the "GM Salute," or crossing arms and pointing toward other employees to indicate that "responsibility belongs to someone else, not me," the report said. In a meeting Thursday morning with GM employees at the company's technical center here, the 52-year-old Ms. Barra tried to position the report as a defining moment in a new effort to transform the auto maker's management after decades of dysfunction. She claimed responsibility for fixing problems still entrenched after the company's bankruptcy and 30 years of similar crusades by predecessors. "We will accept responsibility for our mistakes, and we will do everything in our power to make sure this never happens again," she said. Ms. Barra promised to expand an overhaul of GM's product-development organization and legal department to make sure that information about safety problems doesn't get bottled up in "silos." As expected, the report exonerated the CEO, executives who report directly to her and the company's board of directors. Fifteen employees have been dismissed from GM because of misconduct or failure to respond properly as evidence of the ignition switch's defects mounted, Ms. Barra said. More than half of those officials were executives, and Ms. Barra said five other GM employees have been disciplined but remain with the company. Ms. Barra wouldn't identify the employees by name, except to confirm that two low-ranking engineers involved with the design of the defective switch were dismissed. Also fired were lawyers and officials responsible for safety and dealings with regulators, according to people familiar with the matter. The internal report was especially critical of one of the fired engineers, Raymond DeGiorgio, who approved the initial ignition-switch design in 2001 even though he knew it failed to meet GM's standards, the report said. After problems surfaced, Mr. DeGiorgio tweaked the design but told no one about the change and didn't assign a new part number to the switch, which might have alerted GM to the problems, the report concluded. In a statement, General Motors CEO Mary Barra discusses the lack of accountability and responsibility in the problems the automaker experienced with faulty ignition switches in some of its vehicles. 15 GM employees were fired as a result of the investigation. General Motors fired 15 people, most in senior roles, amid its probe over defective ignition switches. Its investigation found a "pattern of incompetence" but no evidence of a coverup. GM will also establish a victim compensation fund. Joe White joins MoneyBeat with details. Photo: Getty Images. Does General Motors CEO Mary Barra deserve applause for how she handled the company's failure to act for years after becoming aware of its deadly ignition switch problem? Vianovo Partner Matthew Miller joins Lunch Break's Tanya Rivero to discuss. As a result, the company's investigators were stumped for years. Mr. Valukas said GM officials were "misled" by Mr. DeGiorgio, whose name was cited more than 200 times in the report and its footnotes. The report is a big step in Ms. Barra's scramble to bring the recall crisis under control, and the findings fill in many of the blanks that she declined to answer when questioned by lawmakers in early April. She now faces an uphill battle to instill urgency and accountability throughout a sprawling company long known for marathon meetings, PowerPoint presentations and a maze of departments largely cut off from other parts of GM. GM still is wrestling with a Justice Department criminal investigation, Securities and Exchange Commission probe and civil lawsuits from deaths, injuries and economic losses allegedly tied to the ignition-switch problems. Congressional committees are investigating the company's handling of safety defects, and Ms. Barra is expected to testify again as early as this month.Sen. Richard Blumenthal (D., Conn.) said the internal report is "not only a window into GM's incompetence but also a failure to come clean and acknowledge full responsibility." House Energy and Commerce Committee Chairman Fred Upton (R., Mich.) said GM and federal officials "must continue to cooperate and provide us honest answers as we work to determine what went wrong, if there are gaps in the law that allowed the system to fail, and what legislative remedies may be necessary." Plaintiffs' lawyers saw the report as ammunition to reopen wrongful-death lawsuits previously settled by the company. "It is critical that the civil cases move forward so that the American public may learn the whole truth, not just the truth GM chooses to disclose," said Lance Cooper, a lawyer representing the family of crash victim Brooke Melton. Ms. Barra and Mr. Ammann reiterated that GM will move ahead with an effort to compensate victims of crashes linked to the defect, using a fund set up and run by compensation expert Kenneth Feinberg. He also will decide how many deaths can be tied to the ignition-switch defect. "I am gathering some preliminary ideas, I will talk with plaintiff attorneys, the company and others and devise a plan within the next few weeks," Mr. Feinberg said Thursday. Separately, GM Chairman Tim Solso said the board had "retained independent counsel to advise us with respect to this situation and governance and risk management issues. We will establish a stand-alone risk committee to assist in overseeing these efforts." The report by Mr. Valukas used "failure" or similar words more than 150 times. Information about problems with Chevrolet Cobalt ignition switches was shuffled among an "astonishing number of committees." GM engineers investigating complaints about air bag failures failed to locate key documents in GM's own data systems. When senior executives in the engineering and quality departments realized in late 2013 that a recall might be necessary, they waited weeks to act while sending subordinates to find more data. Engineers and executives failed to recognize that a car's sudden shut-off was a safety concern or that turning the ignition switch to the "off" position would cut power to air bags, Mr. Valukas said. Employees saw the switch problem as a "customer convenience" issue, not a safety defect. "Had GM personnel connected the dots and understood how their own cars were built, they might have addressed the safety defect before injuries and fatalities occurred," the internal report concluded. From 2011 to 2013, GM engineers assigned to figure out why air bags were failing on the Cobalt and other vehicles bogged down in a search for "root causes" and an inconclusive hunt for an "ultimate solution." Ms. Barra refused to delve into the moves by Mr. DeGiorgio, the fired GM engineer. The report didn't address why Mr. DeGiorgio changed the ignition switch's design. "To this day, in informal interviews and under oath, DeGiorgio claims not to remember authorizing the change to the ignition switch or his decision, at the same time, not to change the switch's part number," the report said.

Toyota is the best-selling automotive brand for the second straight year and it is not slowing down with plans of selling 10 million vehicles worldwide in 2014. Sales across the globe increased 2.4 percent to 9.98 million vehicles last year as compared to General Motor's (GM) and Volkswagen's (VW) 9.71 million and over 9.7 million units respectively. According to Chief Executive Officer Akio Toyoda, Toyota remained in pole position while still earning well. He also claimed that the Japanese brand outearned GM and VW combined in the previous quarter. However, he acknowledged the fact that the competition is heating up. While Toyota led GM by about 460,000 units in 2012, this year, the gap has narrowed to about 270,000 units. The Americans have also been coming up with many great cars in the recent years. Plus, they have been winning awards like North American Car and Truck of the Year awards at the Detroit Motor Show with its Corvette Stingray sports car and Silverado pickup. Not to be left behind, VW will spending more than $7 billion during the next five years in North America. It will also try to increase sales of its namesake and Audi brands to 1 million vehicles by 2018 when it believes it would be the top-selling automotive brand in the world. So 2014 is shaping up to be an interesting year with Toyota trying to be the first automotive brand in the world to surpass the 10 million sales mark. Who do you reckon will emerge as the champ this year?

Chevrolet has confirmed it will stop selling cars across Europe at the end of 2015. The announcement came days after GM CEO Dan Akerson expressed his wish to put more distance between Germany-based Opel and the Bowtie brand. When the brand was launched in Europe in 2005, it focused on selling low-cost cars that were a little more than just rebadged, South Korean-built Daewoos. The business model was not popular and the company was hit hard by the economic crisis in Europe few years ago. Chevrolet tried to move upmarket and woo European buyers by focusing on its American heritage, but customers were not convinced by the company's new image and sales have been lingering at under 200,000 units with no signs of improvement. The final nail in Chevrolet's coffin came from Opel, GM's main European division. Most of the two companies' products are aimed at the same target audience and GM believes that shuttering Chevrolet will help Opel to return to profitability in its home market after years of crippling losses. Iconic Chevrolet models like the Corvette and the Camaro will continue to be imported with a Bowtie emblem but they will likely be distributed through Opel dealerships. Similarly, Opel dealerships will honor Chevrolet warranties and provide owners with parts and service. It is unsure how many jobs will be lost once Chevy's European arm shuts down.

As time goes by, China seems to be getting more lucrative when it comes to the automotive market. There are many global automakers out there that have seen huge sales of their car lineups in the country. The German automaker BMW, for example, managed to sell no less than 330,000 units of cars in China last year. In comparison, its rival automaker, Audi, sold at least 400,000 units within the same time period. So, it seems rational for another automaker to come and join the business. In this case, it's the US automaker Cadillac, which is a division that belongs to General Motors (GM). GM has now made clear its intention of building a plant in China after acquiring the signature from the National Development and Reform Commission in the country. The signature means approval for GM to build its plant which is estimated to cost $1.3 billion (S$1.6 billion) in total. The plan is that GM will start establishing the plant in June 2013. In terms of production capacity, the plant is expected to deliver 150,000 units per year. The plant is to be situated at the Jinqiao zone in Shanghai. This factory building approval seems critical for Cadillac as the company has already avoided being forced to pay 25 percent of import tariffs. This is possible thanks to Cadillac's decision to switch its XTS sedan production to China. Bob Socia, President GM China, even happened to comment that it was an imaginable probability that the Cadillacs manufactured in China could be sold in the United States of America. Well, it seems that globalisation has entered a whole brand new era. It's brave and yet, it's also strange at the same time.

[extract] General Motors (GM) has announced plans to invest 4 billion euros in its loss making Opel/Vauxhall subsidiaries in Europe over the next four years. The announcement was made by GM's Board of Directors at Opel's head office in R

Cadillac has revealed part images of the upcoming 2014 Cadillac CTS, which will be making its world premiere at this week's New York Auto Show. The most prominent feature of the 2014 Cadillac CTS is the LED stripe at the headlight that extends to the front quarter panel of the car and towards the front bumper at the other end. Not everyone may like the design but I personally find the LED treatment quite refreshing and unique. The new CTS will be powered by a 3.6-litre twin-turbo V6 with 420bhp and 583Nm of torque. Mated to an eight-speed automatic transmission, the large American sedan will go from zero to 100km/h in 4.6 seconds before reaching a top speed of 274km/h. Other engine options include a naturally-aspirated 3.6-litre V6 with 321bhp and a 2.0-litre turbocharged four-cylinder churning 272bhp. The 2014 model will grow longer by some two to three inches as compared to the current model and will be based on GM's rear-wheel drive Alpha platform.

Cadillac has announced that the 2014 CTS, which will be unveiled at the upcoming New York Auto Show, will be equipped with a brand new 3.6-litre twin-turbocharged engine. The power plant will be mated to a conventional torque converter eight-speed automatic transmission supplied by Japan's Aisin. The 420bhp, 582Nm lump will enable the CTS to accelerate from zero to 100km/h in approximately 4.6 seconds before hitting an estimated top speed of 274km/h. The CTS will also be offered with a turbocharged 2.0-litre four-cylinder engine that develops 272bhp and a naturally-aspirated 3.6-litre V6 that pumps out 321bhp. The Cadillac CTS is a mid-size performance luxury car which is available in three body styles - Sedan, Coupe, and Sport Wagon. Its European rivals include the BMW 5-Series and Mercedes E-Class.The new CTS will be the latest model to be based on GM

[extract] The first generation Chevrolet Cruze compact sedan was launched in 2008 and the facelift version was presented at the 2012 Busan Motor Show. Hence, it is timely that General Motors begins the development of the second generation model. For the first time, the Cruze

Ailing PSA Peugeot Citroen Group has just been granted temporary approval by the European Union for 1.2 billion euros (S$1.9 billion) of French-backed bonds. As part of the deal to obtain final approval, PSA will have to submit a restructuring plan within the next six months to show how the group and its bank unit (Banque PSA Finance) intend to return to profitability without state help. "Now one needs to know what the commission will ask in terms of restructuring for the group and this remains unclear," said Pierre Bergeron, a credit analyst at Societe Generale in Paris. The temporary approval will allow the bank to pay back this year's maturities of 500 and 750 million euros in July and September respectively. In early 2012, PSA Group and General Motors announced the creation of a global strategic alliance to co-develop engines and a global purchasing joint venture for the sourcing of components and other goods and services. The alliance is expected to contribute to cost savings for both car manufacturers.

[extract] United States president Barack Obama's second inauguration took place just recently. As usual, the president arrived in the presidential state car which is commonly known as the Cadillac One or at times, The Beast. Not much is known about the vehicle as its specifications are heavily guarded by the US Secret Service. But, over the few years, some of these heavily guarded secrets were leaked out and below are some of the things you don

An ex-General Motors (GM) engineer, Du Shanshan and her husband, Yu Qin, were convicted of stealing trade secrets on hybrid car technology from their former company to help develop such vehicles in China. The 53-year old Du was found guilty of conspiracy to possess trade secrets without authorization and two counts of trade secrets. However, she was acquitted on wire fraud charges. The U.S claimed that Du copied GM's trade secrets and provided the documents to Yu. Prosecutors accused Yu of using the data to seek business ventures or employment with GM's competitors, including the Chinese automaker Chery Automobile. Yu was found guilty on all six counts and a seventh count, which is obstruction of justice. "These defendants stole trade secrets, which General Motors spent many years and millions of dollars to develop, to give an unfair advantage to a foreign competitor," US Attorney Barbara McQuade said after the verdict. "We hope that this prosecution will send a message that stealing proprietary information from an employer or competitor is a serious crime," McQuade added. The couple's attorneys said that the documents in question were not trade secrets, while GM declined to comment on the issue. The defendants face a maximum sentence of 10 years on each of the trade secrets counts. Yu could face a stiffer sentence on wire fraud and obstruction convictions. The trade secret counts, wire fraud and obstruction of justice carry a fine of US$250,000 each.

Many would know that the type of tyres used on a car plays a significant role in fuel economy. And in an effort to create more efficient tyres, General Motors has partnered with engineers and scientists at the National Tyre Research Centre. This partnership will accelerate the development of new tyre technologies which will improve vehicle fuel economy. The facility which is located in Halfiax County, Virginia, USA; uses state of the art machinery to allow engineers and researchers to replicate real life events and also improve vehicle highway safety. With certain estimations, tyre design can improve fuel efficiency by seven percent. A tyre

Sometime in the middle of this year, assets to defunct Swedish automaker, Saab, was bought over by a Chinese-Swedish group National Electric Vehicle Sweden and the group planned to produce electric versions of Saab vehicles. At that time, National Electric Vehicle Sweden did mention it will take them at least eighteen months to produce and sell an electric Saab which was rumoured to be based on the Saab 9-3. And it seems now, that the group is trying to re-launch the 9-3 with an internal combustible engine instead. You might wonder, why won

According to the US National Highway Traffic Safety Administration (NHTSA), General Motors is recalling 12,626 units of the 2013 Cadillac XTS model due to improper rear seat head restraints. "The rear seat head restraints may not lock in the upright position after being folded forward," said NHTSA. "If the head restraint is at its lowest position and it falls forward, it will not meet the height required by the standard. In the event of a vehicle crash, the lowered head restraint may increase the occupant's risk of neck injury." The affected vehicles were made between 12 Oct 2011 and 30 Aug 2012. To GM's credit, the automaker discovered the problem themselves. The single piece rear headrest design looks classy and unique but is sadly lacking in its functionality. The Cadillac XTS is a full-size luxury car that is meant to be a replacement for the STS and DTS. The XTS proved to be a popular model. For the first 10 months of 2012, the XTS is already the 4th best-selling car in the states.

[extract] General Motors is beefing up its senior management at Cadillac with the creation of a new position called global vice president. Taking on the new role is GM senior executive, Robert Ferguson. He shall be responsible for marketing, brand management and advertising for Cadillac in markets around the world. Mr Ferguson will report directly to GM chairman and chief executive Daniel Akerson. "I'm excited to join a talented team during a period of revitalized growth," said Ferguson. He added that the Cadillac brand needs a new flagship model,

Although GM and Ford are rivals in the automotive industry, these American car makers are collaborating to develop 9 to 10-speed automatic transmissions. This is not the first of their partnership though. In 2002, they cooperated to create a new automatic transaxle, designed for transverse engine applications in cars and light trucks. According to reports, GM will be in charge of designing a 9-speed gearbox for front-wheel drive cars while Ford will take the lead in developing a 10-speed transmission for rear-wheel drive cars such as SUVs, performance vehicles and pick-ups. Cars with a larger number of gear selections enable the engine to operate more efficiently, thus reducing CO2 emissions and fuel consumption. GM and Ford are not alone in the quest for additional gear ratios. Hyundai is already working on a 10-speed automatic transmission that will be used on a range of Hyundai and Kia vehicles in the future, particularly luxury models. It is scheduled to hit the showroom in 2014. If the collaboration proves to be a success, GM and Ford, the world's second and fifth largest car maker respectively, will be able to enjoy great economy of scale due to the sheer volume of their annual output. According to IHS Automotive powertrain analyst, David Petrovski, GM and Ford benefit from reduced investment risk by working together. By developing their own gearbox instead of purchasing them from manufacturers such as ZF and paying license fees, a car maker can reduce their cost of production.

GM Vice Chairman Stephen Grisky says that Opel is not for sale. "Opel is not for sale. GM fully stands behind Opel," said Mr Girsky in a statement recently. "Opel is a fully integrated part of GM's global footprint and vital for GM's future success in Europe. The GM-PSA alliance is fully on track." The statement comes after an Italian newspaper implied Fiat was ready to buy the loss-making brand should the alliance between GM and PSA/Peugeot Citroen fail. The publication reported that Fiat CEO Sergio Marchionne is already preparing a proposal to acquire the European brand in the event that GM decides to pull out of the alliance. The first time Fiat was trying to buy over Opel was in 2009 when the company was briefly in the red. Car makers are currently going through a deplorable phase as they struggle to control increasing losses in Europe after 11 consecutive months of declining sales. GM is one of the companies that were badly hit as it lost almost US$16 billion in its European operations over the last 12 years. The GM-PSA alliance allows both the manufacturers to share vehicle platforms, components and modules. In addition, the creation of a global purchasing joint venture enables both entities to enjoy greater economy of scales when sourcing for materials. I believe Opel has a future as it has plans to revamp its engine line up over the next 12 months. The new 1.6-litre SIDI (spark ignition direct injection) ECOTEC engine has been introduced recently and production will start in late 2012. Opel, hang in there!

[extract] The world

The Saab name might be no more and it seems like the saga that has embroiled the Swedish automaker is going to come to an end. But that might not be the case because BMW has sued Saab Automobile Parts AB for unpaid deliveries. BMW has filed a US$3.2 million lawsuit at a Swedish district court against Saab Automobile Parts AB, the parts division of the now bankrupt automaker, for receiving parts and other engine components. The original agreement between the two companies was signed in September 2010. In the agreement, it states that Saab Automobile AB will acquire engine parts and other components from BMW and also in the same agreement, Saab will work with BMW to develop and continue using a four cylinder engine for the Saab 9-3 sedan provided by BMW. This lawsuit might encounter some problems. Firstly, Saab is bankrupt and has a debt of around US$2 billion and with only US$500 million worth of assets. Another interesting thing is that Saab Automobile Parts CEO, Lennart Stahl, has stated that Saab Automobile Parts never ordered or received parts from BMW and he felt that the company should not require paying the US$3.2 million amount. BMW has spent the last one and a half years chasing Saab for the unpaid bill and Saab clearly does not have the funds to repay the German automaker. When Saab filed for bankruptcy, the company made its parts division as collateral to get state-backed guarantees for its loans in the European Investment Bank. Some of us would remember that recently, Spyker launched a US$3 billion lawsuit against General Motors. Spyker claims that General Motors forced the Swedish brand to go under. And another interesting report is that the company which reportedly has bought Saab, National Electric Vehicle Sweden, has not close the deal yet and it might take several more months for it to happen. No reason was given on why the deal has not been completed. It is clear that we are going to hear more interesting reports about the Swedish automaker in the near future. Photo credit: Net Car Show

[extract] In 2008, Chevrolet launched the Cruze compact sedan in an attempt to penetrate the segment dominated by the likes of the Toyota Corolla and Honda Civic. Now, details are starting to emerge on the first generation

[extract] Envia Systems, a small battery company with investment from General Motors (GM), is working on new technology that could allow an electric car to travel up to 322km on a single charge within the next 2 to 4 years. That is about the distance between Singapore and Kuala Lumpur. Speaking at an employee meeting, GM

[extract] Prior to its global premiere at September's Paris Motor Show, General Motors has released the first set of photos and details regarding Chevrolet

As automakers try to achieve better fuel efficiency, they are looking for ways to reduce overall vehicle weight. General Motors has taken what could be a game changing decision by investing in NanoSteel, a leader in nano-structured steel materials design. The new steel alloy technology offers unique material characteristics that are not currently available today that will reduce vehicle weight and increase fuel economy. David Paratore, President and CEO of NanoSteel, said that the new material is stronger yet easier to form than conventional automotive steel. Additionally, the new alloy can be formed using conventional steel processes and no new welding techniques or machines are needed. More importantly, NanoSteel claims huge weight-saving advantages. "We're not talking about saving grams. We're talking about saving kilograms," said Paratore. GM Ventures LLC, a subsidiary of General Motors, is hoping that the investment in the nano-structured steel material designs will have a widespread impact on the auto industry.