Muscle Car Powering GM Towards Comeback

(NEWSER) - Recession be damned, desire for the 2010 Chevrolet Camaro far outstrips supply—and some dealers are even charging a premium for the sporty new ride, USA Today reports. “Our current production schedule can’t meet the demand,” a General Motors spokesman said. But “that supply-demand tension is good. We don’t want to over-produce, nor do we want people waiting an unreasonable amount of time.” More»

Car giant tries to improve 'branding' by killing nickname

(NEWSER) - You can see the USA in your Chevrolet, but GM would rather if you stopped driving your “Chevy” to the levee or anywhere else. The company has sent out a memo to all its employees urging them to banish the ubiquitous nickname from their vocabularies. “We’d ask that whether you’re talking to a dealer, reviewing dealer advertiser, or speaking with friends and family, that you communicate our brand as Chevrolet,” the memo read. More»

Steering failures affect Chevrolet Cobalts, Pontiac G5s

(NEWSER) - General Motors is recalling 1.3 million compact vehicles sold in the US, Canada, and Mexico, to correct a power steering problem. The automaker says the problem, which affects 2005 to 2010 Chevrolet Cobalts and 2007 to 2010 Pontiac G5s, causes occasional power steering failures. GM says the cars are safe to drive until a fix is ready, the AP reports. More»

(NEWSER) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “new” post-bankruptcy GM apparently helped the company firm up its course of action. More»

(NEWSER) - If General Motors goes into bankruptcy next Monday—as is widely expected—the US government will own 70% of the automaker, the New York Times reports. Under a plan that GM officials detailed today to union members, the UAW would take a 17.5% stake though its health care fund, with a potential for 2.5% more. Bondholders, who have more money at risk than the UAW, would get just 10% of GM. More»