TRENDING NOW:
As the judges gavel slammed earlier this week approving the liquidation of “Old GM” (or Motors Liquidation Company, if you prefer), the eleven properties, including the Pontiac, MI assembly plant have been sold or are ready to be sold to unnamed buyers, according to a report from the Detroit Free Press.
There are many possibilities for what the old building that used to build GM’s full-sized trucks could end up being, besides a revived assembly plant. For example, Raleigh Studios has purchased the nearby Pontiac Centerpoint Campus and is hard at work turning it into a movie studio.
Source: The Detroit Free Press
According to a report from LeftLane News, General Motors has nailed a deal to export $500 million dollars worth of vehicles and $400 million worth of parts to China for the company’s record-setting joint-venture, Shanghai-General Motors.
Ah, China.
Source: LeftLane
Continuing to put revenues to good use, GM has announced a “voluntary” $4 billion cash contribution to its United States hourly and salaried pension plans – a huge account that provides pension plans to roughly 688,000 people. That’s almost nine times more than the amount of people GM currently employs in the U.S. Continue reading.
Despite the General Motors bankruptcy happening over one year ago, many issues are still haunting the company. The latest happens to be coming from the Toyota/GM joint venture, known as New United Motors Manufacturing Inc. (NUMMI) and its sewing GM’s bankruptcy estate, known as Motors Liquidation Co. (a.k.a. “Old GM”) for refusing to pay its share of the cost needed to close the NUMMI plant. Continue reading.
Back in May, Tesla Motors came to an agreement with Toyota to buy the NUMMI plant in Fremont, CA. NUMMI was jointly owned by General Motors and Toyota before GM filed for bankruptcy last summer. When GM filed for chapter 11, it decided that it didn’t need the plant, transferring its stake of the ownership to Motors Liquidations (read: bad GM). Soon after, Toyota decided to shutter the plant and Tesla was happy to buy it.
Toyota’s deal with Tesla was for the plant and some surrounding land. The sale specifically excluded any production equipment used to build the Pontiac Vibe/Toyota Matrix and Toyota Tacoma. Now, however, Tesla has announced that it will purchase $15 million of the plant’s equipment from Toyota and Motors Liquidation Company. What kind of hardware are we talking about? We don’t know and Tesla didn’t say, but if we were to bet, we’d probably put our money on painting equipment and robots.
[Source: Autoblog]
General Motors has announced that it has signed an agreement with Motors Liquidation Company (MLC) wherein GM will purchase the Strasbourg transmission development and manufacturing center in Strasbourg, France. (more…)
Fisker Automotive, a plug-in luxury car maker based in Irvine, California, purchased GM’s shuttered Wilmington, Delaware assembly plant for $20 million. The Wilmington plant last produced the (much-missed) Kappa platform vehicles (Saturn Sky, Pontiac Solstice) and manufactured the Saturn L-series before that. Continue reading.
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