General Motors says it made $510 million in the fourth quarter and $4.7 billion last year in net income on revenues of $135.6 billion. It's the first time an automaker named General Motors has posted a gain since 2004.
Earlier this week, an automotive blogger took to the pages of the New York Times to argue that the Detroit bailout didn't work. Why can't the New York Times op-ed page find writers who know anything about the auto industry?
In the depths of the financial collapse, the U.S. Federal Reserve pumped $3.3 trillion into keeping credit moving through the economy. It eventually lent $57.9 billion to the auto industry — including $26.8 billion to Ford, Toyota and BMW.
The "new" General Motors gets listed on the New York Stock Exchange in just 30 minutes. For now, watch GM get it's name plastered on the outside of the NYSE. By the way, where's the "old" big blue logo?
Last week we solved the mystery behind an abandoned Ohio car dealership caught on Flickr. Our story set off a flurry of responses from readers about similarly abandoned sales relics. Here's a ghostly gallery of America's lost car dealerships.
General Motors won't start the hard sell of its shares to investors, called a "road show," until Nov. 3, one day after mid-term elections, and the actual IPO now expected Nov. 18. Why? Politics, of course.
UAW President Bob King wrote a two-page letter to a reporter explaining why he wasn't allowed to park his Toyota Camry at a UAW hall lot (or any union property): Toyota hates the First Amendment. [KCBJ, Detroit News]