General Motors

After Chrysler filed for bankruptcy one month ago, it was the turn of General Motors to file for bankruptcy under Chapter 11 protection. Today at 8 A.M. local time, General Motors declared bankruptcy at the federal court in Manhattan after they reported $81 billion losses in the last four years. GM is the biggest car [...]

General Motors has announced it’s plans to close about 1,100 dealerships and they are currently waiting for the letters to find out if they remain in business or not. According to GM, the dealers are expecting to get the letters, becuase they are only closing the ones that didn’t met the minimum sales volume and [...]

The Detroit based car manufacture is currently on the verge of bankruptcy and it’s starting to close up the gates on their dealerships around the nation. Starting from June 9th, Chrysler is expecte to shut down 789 dealerships from the total of 3200 all around the US. The marked dealerships received the bad news yesterday [...]

Even though General Motors Corp are operating under a federal bailout, reports show that it burned through $10.2 billion in the first quarter.
As we all know, the car sales declined drastically all over the Globe, leading to a 50% drop of GM’s revenue to $22.4 billion. On Thursday, General Motors posted a quarterly net loss [...]