Source: GM plans more production cutsIn this June 3, 2008 file photo, trucks sit in the parking lot as a General Motors employee arrives at the truck plant in Oshawa, Canada.
GM shows 3 new models for China General Motors Corp. put three new models for China on show Tuesday, maneuvering to keep its edge in a market vital to its future as it struggles for survival back home.
The massive Buick Enclave SUV, sporty Chevrolet Cruze sedan and zippy but powerful Cadillac CTS-V unveiled in this aspiring auto industry hub in southern China are meant to cover the whole range of potential customers in China _ from the wealthy pleasure-seeker to young professionals buying their first vehicles.
'China is very, very important to us when you talk about the emerging markets,' said Robert Socia, vice president of Shanghai General Motors, one of GM's eight joint ventures in China. 'We're expanding very, very fast here and we're going to continue to do that.'
Stocks hit fresh lowsUS stocks lost ground in choppy trade on Tuesday as ongoing worries about the worsening global economic downturn offset Hewlett-Packard's upbeat quarterly results and profit outlook.
Stocks point lower on economic worries U.S. stocks looked to extend their losses at the open Thursday as investors found little relief from worries about the fate of Detroit's three automakers and broader fears about the struggling economy.
Stock futures contracts fell more than 1 percent following a late-day sell-off Wednesday that sent stocks to their lowest levels since 2003. The major indexes fell more than 5 percent, while the Dow Jones industrial average tumbled below 8,000, a psychological benchmark for the market.
Investors who have been groping for a bottom to the yearlong market rout are now worried that Washington's disagreement over whether to bail out the auto industry could lead to bankruptcy of major automakers like General Motors Corp. and could send ripple effects through the economy _ including a further blow to consumer confidence.
Bailout with a price: Chapter 11 bankruptcy Mention a corporate bailout in the nation's capital these days and chances are someone will offer a harsh condition to go along with it. Chapter 11 bankruptcy.
Lately, the term 'prepackaged bankruptcy' has been gaining currency in the halls of Congress as lawmakers struggle with pleas for help from the auto industry.
The idea, embraced by some Democrats and Republicans, would extend taxpayer help in exchange for a company undergoing an accelerated Chapter 11 reorganization. The arrangement could represent a model, or a deterrent, for any other strapped companies considering seeking government help.
