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President Barack Obama spoke about the automotive industry's recovery from the 2009 recession and the federal government's role providing financial assistance to automakers during a Jan. 20 speech in Detroit.
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The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
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General Motors has elevated Mary Barra as its new CEO to replace Dan Akerson, making her the first female to head a global automotive manufacturer.
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The U.S. Department of the Treasury has sold off the remaining shares of General Motors stock, ending a five-year federal bailout of the automotive industry, the department announced Monday.
Read More →The U.S. Treasury said it plans to sell more General Motors’ common stock. The Treasury currently owns approximately 241.7 million shares of GM’s stock.
Read More →DETROIT – GM said the buyback is part of the Treasury’s plan to fully exit its holdings of GM stock within 12 to 15 months. GM is purchasing the shares for $27.50 apiece.
Read More →WASHINGTON - The U.S. Treasury has now fully exited its investment in Chrysler Group LLC.
Read More →DETROIT – General Motors Corp. has asked for $2.6 billion of low interest government loans to support the development of three new hybrid vehicles, according to a business plan update released April 1.
Read More →DETROIT – GM and Chrysler outlined a combination of organization restructuring, product line overhaul, and cost-trimming measurements.
Read More →DETROIT – General Motors released a statement announcing the creation of a Presidential Task Force on Autos to ensure its "long-term viability and to meet the requirements of the U.S. Treasury loan agreements."
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