Dragon

http://sify.com/news/gm-fund-donating-100k-to-haiti-relief-effort-news-environment-and-nature-kbofO3hhefc.html

General Motors Corp.'s charitable arm is donating $100,000 to the American Red Cross to help earthquake-ravaged Haiti, the automaker said Wednesday.

GM also has provided a direct web-link that its employees can access from their desktop work stations to contribute personally to the Red Cross disaster fund.

Thousands are feared dead in the quake, which toppled buildings and trapped untold numbers of people.

The GM Foundation was created in 1976.

some of these companies can be pretty persistent.

Just look at that small TO firm that took on Microsoft and got Word pulled.

http://www.allcarselectric.com/blog/103492...o-patent-issues

With sales of Toyota hybrids booming in its home country and elsewhere across the globe, Toyota leads the competition in the hybrid market. Seemingly every hybrid model developed by the company fares well including the newly released Lexus HS 250h. So what could hold Toyota back in this hybrid race? Patent infringements could. Depending on the judgment by U.S. courts, Toyota's imports of certain hybrid models could theoretically be entirely blocked from the U.S. shores.

Toyota faces patent infringement claims from a company called Paice LLC. Paice filed an official complaint with the U.S. International Trade Commission on Thursday in Washington, D.C. The fling, not immediately available for public viewing, claims that Toyota has infringed upon several of the patents awarded to Paice in regards to drive trains for hybrid vehicles. Paice's filing seeks a complete ban on several Toyota models from out market including the Prius, Highlander Hybrid, Camry Hybrid, and several Lexus hybrid models.

Does Paice have a viable case? Back in 2005, Paice won their initial case against Toyota claiming that the Prius, Highlander and Lexus RX400h used Paice inventions related to drive trains. The next trial is set to begin in a federal court in Marshall, Texas in October. This trial claims that the Camry hybrid infringes on the same patents discussed above. An additional case also looms ahead in Marshall claiming that both the Highlander hybrid and all Lexus hybrid models infringe upon those same patents.

The trials listed above are minor, and Paice wants the case heard in Washington which is the reason for their newest filing in this nation's capital. If the International Trade Commission agrees to hear the case of Paice LLC vs. Toyota Motor Corporation, the trial could begin immediately and last for up to 15 months.

If Paice wins, the commission has the power to entirely block all imports of the infringing models from our shores forever. Toyota should be concerned as this could significantly impact hybrid vehicle sales in the U.S. Though the case does seem to be a great example of the class David Vs. Goliath tale. But Paice does have the previous victory over Toyota going for them and at least a fighting chance of winning the case if and only if the commission agrees to hear it.

Imagine Toyota with no hybrids to sell in the U.S. and an EV years away. They would be in a heap of trouble hear if Paice manages to prove that the company stole their innovations. We will have to wait and see if the commission will hear the case and whether or not Toyota hybrids will exit our country for a long time.

Was the break job done at the dealership or 3rd party repair shop?

I stopped using Midas as they went to life time warranty on breaks and they are so damn noisy due to the excessive metalic in the pads. I would rather go OEM quite and have to replace them every 50K miles than to have a noisy pad.

3rd party.

Do these shoes have a life time warranty? I have found that shoes and pads with lifetime warranties usually are high metalic content and always squeal or whin. This could end up driving you nuts unless you cannot hear it when you play the radio.

I have never had shoes or pads that made noise during the first 500 miles to set / break them in. Only metallic pads / shoes do this.

don't know about the warranty. If it lasts more then the 1000km he said (which I should be through soemtime next week cause I'm moving) he'd fix the problem

http://www.theglobeandmail.com/globe-inves...article1148545/

General Motors of Canada Ltd. (GM-N1.78-0.14-7.29%) has reached a cost-cutting deal with the Canadian Auto Workers union, paving the way for Canadian governments to join Washington in a massive bailout of the teetering auto giant.

The CAW has scheduled a news conference for this morning, but sources say the two parties have reached a deal that will make GM Canada competitive with Japanese-owned auto makers in Canada.

The tentative agreement – which must be approved by GM unionized workers in voting this weekend – comes a day after the Detroit-based parent reached agreement with the United Auto Workers on a new cost-cutting labour contract.

CAW president Ken Lewenza warned Thursday GM's Canadian operations would face liquidation if the company did not have a labour agreement in Canada that would be part of its restructuring plan.

U.S. and Canadian governments had rejected GM initial restructuring plan, saying it did not cut costs deeply enough to make the company competitive in the struggling North American car market.

As a result, unionized employees will have to vote for the second time this year on a new contract that slashes benefits, eliminates days off and achieves other cost-saving measures.

A major sticking point in the Canadian talks was GM Canada's huge pension shortfall, which sources have said tops $7-billion. That obligation had to be trimmed substantially to help the company achieve its competitiveness targets.

talked to the mechanic. he was able to repeat the sound without much effort and said it was just the shoes setting it. Said to come back after 1000km (I've put about 100-150km on it since the work was done on tues) if it was still making the sound

He only did the rear shoes this time around (he did the front pads last year).

the only other thing he did was to put on my summer tires. I wouldn't think this would be making the sound because a)they've been on before without making the sound

Just got a new set of shoes from my 2001 Sunfire. Now whenever I hit the brakes there's a constant whine, louder when speed is under 30kph. Its especially bad when the brakes are cold.

Any idea's what it could be?

http://business.theglobeandmail.com/servle...y/Business/home

TOM KRISHER

The Associated Press

May 11, 2009 at 11:44 AM EDT

DETROIT — Bankruptcy protection for the U.S.'s biggest auto maker is becoming more probable with a deadline just over two weeks away, the company's top executive told reporters Monday.

General Motors Corp. [GM-N] chief executive officer Fritz Henderson is still holding out hope that the company can restructure without court protection, but he says the tasks to complete before a June 1 government-imposed deadline are large.

The auto maker, Mr. Henderson said, is looking at its operations country-by-country to determine where it might have to file for bankruptcy, but he says a U.S. bankruptcy doesn't necessarily mean that GM would file in other locations.

“Certainly the task that we have in front of us is large,” Mr. Henderson said during a conference call updating the company's restructuring efforts. “There is still an opportunity and still a chance for it to be done outside of a court process.”

Fritz Henderson

General Motors CEO Fritz Henderson says any U.S. bankruptcy filing by the auto maker doesn't necessarily mean that GM would file in other locations.

General Motors

General Motors has received $15.4-billion (U.S.) in federal loans, and the government deadline to restructure or seek Chapter 11 protection is just over two weeks away. But the company must reach concessionary agreements with unions, persuade thousands of bondholders to exchange $27-billion in debt for 10 per cent of GM's stock, cut thousands of dealers, close plants and lay off more salaried workers.

Under Chapter 11 reorganization, a company can stay in operation under court protection while it sheds debts and unprofitable assets to emerge in a stronger financial position.

Also Monday, Mr. Henderson left open the possibility that GM would move its corporate headquarters out of Detroit. The company, he said, is looking at everything within its business.

“It's not like we have that queued up at the top of our list,” he said, adding that GM has a large number of people in Detroit and is proud to be here.

He would not comment about reports about Fiat Group SpA's interest in obtaining 80 per cent of GM's European Opel operations, saying that any structure must address the needs of both partners.

Mr. Henderson said GM has an urgent need for funding from the German government, so any partner for its European operations would have to be suitable to the government.

“We have a need for funding, actually, in our European business, that's important and urgent and the German government hasn't indicated an interest in running our business,” Mr. Henderson said. “We're going to make sure that any partner we pick in this business is going to be suitable for them, so that if we need their support, we obviously want them to find any partner to be reasonable and acceptable.

Mr. Henderson cast doubt on reports that GM may sell its Latin American operations, saying they have consistently brought great returns to the company.

“This is a business that we know and like very much,” he said.

GM is still in the process of negotiating with the United Auto Workers about six factories that the company intends to close, Mr. Henderson said, and it is negotiating with both the UAW and Canadian Auto Workers about concessions.

The company also plans to notify dealers later this week about its plans to reduce their ranks by about 2,600 by 2010. The company has 6,246 dealerships, many of which are not profitable because of lower sales volumes.

Mr. Henderson said GM has said the number of parties interested in its Hummer brand has dropped to two from three, and he expects a decision by the end of May. For GM's Swedish Saab unit, there are a number of interested parties, he said, adding that a resolution will take a month or two.

Negotiations are still under way to sell the Saturn distribution network, but GM would be open to selling factories to make the products if someone were interested, Mr. Henderson said.

“To date, haven't seen any specific proposals in that regard, but this is something we would be open to,” he said.

Pardon me while I search for a tiny violin....

thats EXACTLY what I was planning on saying

http://www.cnn.com/2009/WORLD/europe/05/07...erge/index.html

Iconic German automakers Volkswagen and Porsche have reached an agreement to merge operations -- the latest move in an industry that has seen whiplash changes in recent weeks.

Porsche, which recently debuted its luxury sedan Panamera, will merge with Volkswagen.

The two companies have been in talks in recent weeks about merging manufacturing operations. A statement released on the Porsche Web site said the management boards of Porsche and Volkswagen have agreed in principle for the creation of an integrated car manufacturing group.

"In the final structure ten brands shall stand below an integrative leading company alongside each other, whereby the independence of all brands and explicitly also of Porsche shall be ensured," the statement said.

Porsche had been aggressively trying to take over Volkswagen, building a 51 percent stake in the company with ambitions to raise the stake to 75 percent. But Porsche also built a debt of nearly $12 billion as the world automotive market began to shrink during the financial crisis.

The agreement includes undisclosed "capital measures," the Porsche statement said.

The move comes as Chrysler filed for bankruptcy protection and Italian carmaker Fiat has announced ambitions to combine with Chrysler and GM Europe operations to form one of the world's largest car

http://business.theglobeandmail.com/servle...y/Business/home

if Fiat buys into Chrysler and Opel and/or Saturn, could we a Chrysler Sky/Lightening?

Vibe may be extended through '10.

ya. he mentioned something about talks with Toyo over NUMMI

Also, this will be the last model year for the G8. SO SAD....

Pontiac models won't move to other brands according to Fritz.

So with the Solstice dying and Lightening/Sky being sold off, Kappa is history

http://www.media.gm.com/servlet/GatewaySer...amp;docid=53944

GM Launches Exchange Offers and Consent Solicitations for Outstanding Notes

* Common stock plus accrued interest in cash offered for $27 billion of outstanding public debt

* Successful exchange to result in at least $44 billion reduction in total liabilities from bondholders, U.S. Treasury and VEBA

* Bondholders to own 10 percent of GM after successful exchange offer

* Exchange contingent on VEBA modifications and U.S. Treasury debt conversion conditions resulting in at least $20 billion reduction in liabilities

* Expect to seek bankruptcy relief if the exchange offers are not consummated

DETROIT - General Motors announced today that it is commencing public exchange offers for $27 billion of its unsecured public notes. The exchange offers are a vital component of GM's overall restructuring plan to achieve and sustain long-term viability and the successful consummation of the exchange offers will allow GM to restructure out of bankruptcy court.

GM is offering to exchange 225 shares of GM common stock for each 1,000 U.S. dollar equivalent of principal amount (or accreted value as of the settlement date, if applicable) of outstanding notes of each series set forth in the table below and is offering to pay, in cash, accrued interest on the GM notes from the most recent interest payment date to the settlement date. In respect of the exchange offers for the GM Nova Scotia notes, General Motors Nova Scotia Finance Company is jointly making the exchange offers with GM.

GM believes its restructuring plan and the successful consummation of the exchange offers will provide the best path for the future success of the company while enabling it to continue operating its business without the negative impacts of a bankruptcy and reducing the risk of a potentially precipitous decline in revenues in a bankruptcy.

In the event that GM does not receive prior to June 1, 2009 enough tenders of notes to consummate the exchange offers, GM currently expects to seek relief under the U.S. Bankruptcy Code. GM is considering its alternatives in seeking bankruptcy relief in consultation with the U.S. Treasury, GM's largest lender. If GM seeks bankruptcy relief, noteholders may receive consideration that is less than what is being offered in the exchange offers and it is possible that such holders may receive no consideration at all for their notes.

Concurrently with the exchange offers, GM is soliciting consents from noteholders to amend the terms of the debt instruments that govern each series of notes and insert a call option to redeem the non-USD notes.

Each of the exchange offers and consent solicitations will expire at 11:59 p.m. New York City time on Tuesday, May 26, 2009, unless extended. Tendered notes may be validly withdrawn at any time prior to 11:59 p.m. New York City time on Tuesday, May 26, 2009, subject to certain circumstances where we may extend or reinstate withdrawal rights.

Consummation of the exchange offers is conditioned upon the satisfaction or waiver of several conditions including the following:

* U.S. Treasury Condition: the results of the exchange offers shall be satisfactory to the U.S. Treasury, including in respect of the overall level of participation by noteholders in the exchange offers and in respect of the level of participation by holders of the Series D notes in the exchange offers. GM believes that at least 90 percent of the aggregate principal amount of outstanding notes, including at least 90 percent of the aggregate principal amount of the outstanding Series D notes due June 1, 2009, will need to be tendered in the exchange offers or called for redemption pursuant to the call option (in the case of non-USD notes) in order to satisfy the U.S. Treasury condition. Whether this level of participation in the exchange offers will be required (or sufficient) to satisfy the U.S. Treasury condition will ultimately be determined by the U.S. Treasury.

* Completion of the U.S. Treasury Debt Conversion: the U.S. Treasury (or its designee) shall have been issued at least 50 percent of the pro forma common stock of GM in exchange for (a) the full satisfaction and cancellation of at least 50 percent of GM's outstanding U.S. Treasury debt at June 1, 2009 (such 50 percent currently estimated to be approximately $10.0 billion) and (b) full satisfaction and cancellation of GM's obligations under the warrant issued to the U.S. Treasury as part of one of the U.S. Treasury loan agreements.

* Evidence of the U.S. Treasury Financing Commitment: the U.S. Treasury having provided commercially reasonable evidence of its commitment to provide GM an additional $11.6 billion of funding that GM currently forecasts it will require after May 1, 2009.

* Binding agreements in respect of the VEBA Modifications and U.S. Treasury approval thereof: GM is engaged in ongoing negotiations regarding modifications required by the terms of one of the U.S. Treasury loan agreements to a new voluntary employee benefit association (the new VEBA) established as part of a settlement with The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the UAW) and the class of UAW GM retirees. A condition to the consummation of the exchange offers is that (a) at least 50 percent (or approximately $10 billion) of GM's future financial obligations to the new VEBA will be extinguished in exchange for GM common stock and (b) cash installments will be paid over a period of time toward the remaining amount of GM's financial obligations to the new VEBA. It is also a condition to the exchange offers that the terms of the VEBA modifications shall be satisfactory to the U.S. Treasury.

* The aggregate number of shares of GM common stock issued or agreed to be issued pursuant to the U.S. Treasury Debt Conversion and the VEBA Modifications shall not exceed 89% of the pro forma outstanding GM common stock (assuming full participation by holders of old notes in the exchange offers).

* Binding agreements regarding labor modifications required under one of GM's U.S. Treasury loan agreements, on such terms as shall be satisfactory to the U.S. Treasury.

GM will use its best efforts to enter into the agreements listed above, however, GM has not reached any agreements with respect to any of the conditions to the exchange offers, and there is no assurance that any agreements will be reached on the terms described above or at all. GM will disclose the terms of any agreement reached with respect to either the U.S. Treasury debt conversion or the VEBA modifications and currently expects to be able to do so prior to the withdrawal deadline of the exchange offers.

The aggregate amount of GM common stock to be issued to the U.S. Treasury (or its designee) pursuant to the U.S. Treasury debt conversion and to the new VEBA pursuant to the VEBA modifications would represent approximately 89 percent of the pro forma GM common stock (assuming full participation in the exchange offers), with the final allocation between the U.S. Treasury (or its designee) and the new VEBA to be determined in the future. Of the remaining pro forma outstanding GM common stock, noteholders would represent approximately 10 percent, and existing GM common stockholders would represent approximately 1 percent. We determined the foregoing GM common stock allocations following discussions with the U.S. Treasury where the U.S. Treasury indicated that it would not be supportive of higher allocations to the holders of notes or to existing GM common stockholders.

The exchange offers have not commenced outside the United States and will not commence until the requisite approvals are obtained from the appropriate jurisdictions.

Morgan Stanley & Co. Incorporated and Banc of America Securities LLC are serving as global coordinators in connection with the exchange offers.

Series of Notes

CUSIP

/ISIN

Outstanding

Principal Amount

Title of Notes to be Tendered

Applicable Debt Instrument

Shares of GM Common Stock Offered per 1,000 U.S. Dollar Equivalent

Accrued Interest per 1,000 U.S. Dollar Equivalent as of June 30, 2009 (3)

USD Notes

370442691

USD 1,001,600,875

1.50% Series D Convertible Senior Debentures due June 1, 2009 (2)

1995 Indenture

225

$7.50 (4)

370442BB0

USD 1,500,000,000

7.20% Notes due January 15, 2011

1995 Indenture

225

$33.00

37045EAS7

USD 48,175,000

9.45% Medium-Term Notes due November 1, 2011

1990 Indenture

225

$11.81

370442BS3

USD 1,000,000,000

7.125% Senior Notes due July 15, 2013

1995 Indenture

225

$32.66

370442AU9

USD 500,000,000

7.70% Debentures due April 15, 2016

1995 Indenture

225

$16.04

370442AJ4

USD 524,795,000

8.80% Notes due March 1, 2021

1990 Indenture

225

$29.09

37045EAG3

USD 15,000,000

9.4% Medium-Term Notes due July 15, 2021

1990 Indenture

225

$11.75

370442AN5

USD 299,795,000

9.40% Debentures due July 15, 2021

1990 Indenture

225

$43.08

370442BW4

USD 1,250,000,000

8.25% Senior Debentures due July 15, 2023

1995 Indenture

225

$37.81

370442AV7

USD 400,000,000

8.10% Debentures due June 15, 2024

1995 Indenture

225

$43.88 (5)

370442AR6

USD 500,000,000

7.40% Debentures due September 1, 2025

1990 Indenture

225

$24.46

370442AZ8

USD 600,000,000

6 3/4% Debentures due May 1, 2028

1995 Indenture

225

$11.06

370442741

USD 39,422,775

4.50% Series A Convertible Senior Debentures due March 6, 2032 (2)

1995 Indenture

225

$14.88

370442733

USD 2,600,000,000

5.25% Series B Convertible Senior Debentures due March 6, 2032 (2)

1995 Indenture

225

$17.35

370442717

USD 4,300,000,000

6.25% Series C Convertible Senior Debentures due July 15, 2033 (2)

1995 Indenture

225

$28.65

370442BT1

USD 3,000,000,000

8.375% Senior Debentures due July 15, 2033

1995 Indenture

225

$38.39

370442AT2

USD 377,377,000 (1)

7.75% Discount Debentures due March 15, 2036

1995 Indenture

225

n/a

370442816

USD 575,000,000

7.25% Quarterly Interest Bonds due April 15, 2041

1995 Indenture

225

$15.10

370442774

USD 718,750,000

7.25% Senior Notes due July 15, 2041

1995 Indenture

225

$15.10

370442121

USD 720,000,000

7.5% Senior Notes due July 1, 2044

1995 Indenture

225

$18.54

370442725

USD 1,115,000,000

7.375% Senior Notes due May 15, 2048

1995 Indenture

225

$9.22

370442BQ7

USD 425,000,000

7.375% Senior Notes due May 23, 2048

1995 Indenture

225

$7.58

370442766

USD 690,000,000

7.375% Senior Notes due October 1, 2051

1995 Indenture

225

$18.23

370442758

USD 875,000,000

7.25% Senior Notes due February 15, 2052

1995 Indenture

225

$9.06

Euro Notes

XS0171942757

EUR 1,000,000,000

7.25% Notes due July 3, 2013

July 3, 2003 FPAA

225

$71.81

XS0171943649

EUR 1,500,000,000

8.375% Notes due July 5, 2033

July 3, 2003 FPAA

225

$82.49

GM Nova Scotia Notes

XS0171922643

GBP 350,000,000

8.375% Guaranteed Notes due December 7, 2015

July 10, 2003 FPAA

225

$47.02

XS0171908063

GBP 250,000,000

8.875% Guaranteed Notes due July 10, 2023

July 10, 2003 FPAA

225

$86.20

1 Represents the principal amount at maturity. The exchange consideration offered to holders of discount notes will be based on the accreted value thereof as of the settlement date. As of June 30, 2009, the accreted value of the discount notes will be $568.94 per $1,000 principal amount at maturity thereof.

2 Denotes convertible notes.

3 For illustrative purposes only. The amount of accrued interest payable on the settlement date in respect of tendered notes, other than the discount notes, will be the amount of accrued interest on such notes from and including the most recent interest payment date to, but not including, the settlement date. We do not expect to consummate the exchange offers prior to June 30, 2009 because the satisfaction of certain conditions to the exchange offers is expected to require a significant period of time.

4 Represents accrued interest per $1,000 principal amount as of June 1, 2009.

5 Represents accrued interest on such notes from and including December 15, 2008. Such amount does not reflect, and has not been reduced for, the interest payment scheduled for June 15, 2009.

For More Information Regarding the Exchange Offer

The exchange offers and consent solicitations are being made to holders of notes (as set forth in the table above titled Series of Notes) solely upon the terms and subject to the conditions set forth in the Registration Statement on Form S-4 dated April 27, 2009, which includes a combined prospectus and proxy statement and information in accordance with the disclosure requirements of the tender offer rules of the Securities and Exchange Commission (SEC), and the related letter of transmittal (or form of electronic instruction notice, in the case of notes held through Euroclear or Clearstream), as each may be amended from time to time (collectively, the Prospectus Documents). GM strongly encourages you to carefully read the Prospectus Documents, together with the Schedule TO relating to the exchange offers (including all amendments and supplements thereto), that have been filed (or will be filed) with the SEC, because they contain important information regarding the proposed transaction. Noteholders can access free copies of the Prospectus Documents and the Schedule TO at the SEC's website (at www.sec.gov), and at GM's website (at http://www.gm.com/corporate/investor_information). Any requests for paper copies of the Prospectus Documents and/or the Schedule TO should be directed to the D.F. King & Co. by mail at 48 Wall Street, 22nd floor, New York, NY 10005, and by telephone at (800) 769-7666.

GM and its directors and executive officers and other members of management and employees may be deemed participants in the solicitation of proxies with respect to the consent solicitations. Information regarding the interests of these directors and executive officers in the consent solicitations will be included in the documents described above. Additional information, including information regarding GM's directors and executive officers, is available in GM's Annual Report on Form 10-K, which was filed with the SEC on March 5, 2009 and can be obtained without charge at www.sec.gov.

Cautionary Statement

A registration statement relating to the securities offered in the exchange offers has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The exchange offers and consent solicitations are not being made to (nor will tenders be accepted from or on behalf of) holders of notes in any jurisdiction where the offers or the acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction, including Japan and Hong Kong.

Offers to holders in the United Kingdom, Austria, Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain and. Switzerland will be made only following the approval of a separate prospectus approved by the United Kingdom Listing Authority as competent authority under EU Directive 2003/71/EC, which will indicate on the front cover thereof that it can be used for such offers. Outside of these jurisdictions (and the United States) only non U.S. qualified offerees are authorized to participate in the exchange offers and consent solicitations. If you are outside of the above jurisdictions (and the United States and Canada), you are only authorized to receive the EU Approved Prospectus. If you are in Canada you are only authorized to receive and review a separate Canadian offering memorandum prepared in accordance with applicable Canadian securities laws. The exchange offers in Italy are subject to clearance by CONSOB pursuant to Article 102 onwards of Legislative Decree No. 58 of February 24, 1998. Therefore, the exchange offer period in Italy will only commence following such clearance.

General Motors

FOR RELEASE: 2009-04-27

DETROIT -- General Motors (NYSE: GM) today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker.

The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock and accrued interest in exchange for certain outstanding notes.

Revised Viability Plan goes further and faster

The Viability Plan announced today builds on the February 17 Viability Plan submitted to the U.S. Treasury.

http://media.gm.com/servlet/GatewayServlet...amp;docid=52168. The revised Plan accelerates the timeline for a number of important actions and makes deeper cuts in several key areas of GM's operations, with the objective to make us a leaner, faster, and more customer-focused organization going forward.

Significant changes include:

• A focus on four core brands in the U.S. - Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitive level of marketing support per brand.
• A more aggressive restructuring of GM's U.S. dealer organization to better focus dealer resources for improved sales and customer service.
• Improved U.S. capacity utilization through accelerated idling and closures of powertrain, stamping, and assembly plants.
• Lower structural costs, which GM North America (GMNA) projects will enable it to breakeven (on an adjusted EBIT basis) at a U.S. total industry volume of approximately 10 million vehicles, based on the pricing and share assumptions in the plan. This rate is substantially below the 15 to 17 million annual vehicle sales rates recorded from 1995 through 2007.

"We are taking tough but necessary actions that are critical to GM's long-term viability," said Fritz Henderson, GM president and CEO. "Our responsibility is clear - to secure GM's future - and we intend to succeed. At the same time, we also understand the impact these actions will have on our employees, dealers, unions, suppliers, shareholders, bondholders, and communities, and we will do whatever we can to mitigate the effects on the extended GM team."

Fewer U.S. brands, nameplates, and dealers

As part of the revised Viability Plan and the need to move faster and further, GM in the U.S. will focus its resources on four core brands, Chevrolet, Cadillac, Buick and GMC. The Pontiac brand will be phased out by the end of 2010. GM will offer a total of 34 nameplates in 2010, a reduction of 29 percent from 48 nameplates in 2008, reflecting both the reduction in brands and continued emphasis on fewer and stronger entries. This four-brand strategy will enable GM to better focus its new product development programs and provide more competitive levels of market support.

The revised plan moves up the resolution of Saab, Saturn, and Hummer to the end of 2009, at the latest. Updates on these brands will be provided as these initiatives progress.

Working with its dealers, GM anticipates reducing its U.S. dealer count from 6,246 in 2008 to 3,605 by the end of 2010, a reduction of 42 percent. This is a further reduction of 500 dealers, and four years sooner, than in the February 17 Plan. The goal is to accomplish this reduction in an orderly, cost-effective, and customer-focused way. This reduction in U.S. dealers will allow for a more competitive dealer network and higher sales effectiveness in all markets. More details on these initiatives will be provided in May.

Sales volume and market share projections

The Viability Plan anticipates improved financial results despite more conservative U.S. sales volume expectations going forward. The lower volume expectations are the result of managing the business with fewer nameplates and dealers, leaner inventories, and reduced market share. To address the inventory issue, GM on April 23 announced U.S. production schedule reductions of approximately 190,000 vehicles during the second and early third quarters of 2009.

The Viability Plan also reduces GM's market share projections to adjust for the impact of the brand and dealer consolidation, as well as for the short-term impact of speculation regarding a GM bankruptcy. The plan assumes a 19.5 percent share in 2009, with share stabilizing in the 18.4 to 18.9 percent range in subsequent years.

"We have strong new product coming for our four core brands: the Chevrolet Camaro, Equinox, Cruze and Volt; Buick LaCrosse; GMC Terrain; and Cadillac SRX and CTS Sport Wagon and Coupe," said Henderson. "A tighter focus by GM and its dealers will help give these products the capital investment, marketing and advertising support they need to be truly successful."

Lower structural costs, lower breakeven point

The Viability Plan also lowers GMNA's breakeven volume to a U.S. annual industry volume of 10 million total vehicles, based on the pricing and share assumptions in the plan. This lower breakeven point (at an adjusted EBIT level) better positions GM to generate positive cash flow and earn an adequate return on capital over the course of a normal business cycle, a requirement set forth by the U.S. Treasury in its March 30 viability plan assessment.

GM will lower its breakeven point by cutting its structural costs faster and deeper than had previously been planned:

• Manufacturing: Consistent with the mandate to accelerate restructuring, we plan to reduce the total number of assembly, powertrain, and stamping plants in the U.S. from 47 in 2008 to 34 by the end of 2010, a reduction of 28 percent, and to 31 by 2012. This would reflect the acceleration of six plant idling/closures from the February 17 plan, and one additional plant idling. Throughout this transition, GM will continue to implement its flexible global manufacturing strategy (GMS), which allows multiple body styles and architectures to be built in one plant. This enables GM to use its capital more efficiently, increase capacity utilization, and respond more quickly to market shifts.
• Employment: U.S. hourly employment levels are projected to be reduced from about 61,000 in 2008 to 40,000 in 2010, a 34 percent reduction, and level off at about 38,000 starting in 2011. This further planned reduction of an additional 7,000 to 8,000 employees from the February 17 Plan is primarily the result of the previously discussed operational efficiencies, nameplate reductions, and plant closings. GM also anticipates a further decline in salaried and executive employment as it continues to assess its structure and execute the Viability Plan. More details will be announced as soon as they are finalized with the various stakeholders.
• Labor costs: The Viability Plan assumes a reduction of U.S. hourly labor costs from $7.6 billion in 2008 to $5 billion in 2010, a 34 percent reduction. GM will continue to work with its UAW partners to accomplish this through a reduction in total U.S. hourly employment as well as through modifications in the collective bargaining agreement.

As a result of these and other actions, GMNA's structural costs are projected to decline 25 percent, from $30.8 billion in 2008 to $23.2 billion in 2010, a further decline of $1.8 billion by 2010 versus the February 17 Plan.

Strengthening GM's balance sheet

Another key element of GM's restructuring will be taking the necessary actions to strengthen its balance sheet. GM today took an important step in improving its balance sheet by launching a bond exchange offer for approximately $27 billion of its unsecured public debt. If successful, the bond exchange would result in the conversion of a large majority of this debt to equity.

"A stronger balance sheet would free the company to invest in the products and technologies of the future," Henderson said. "It will also help provide stability and security to our customers, our dealers, our employees, and our suppliers."

Another important part of improving the balance sheet will be the ongoing discussions with the UAW to modify the terms of the Voluntary Employee Benefit Association (VEBA), and with the U.S. Treasury regarding possible conversion of its debt to equity. The current bond exchange offer is conditioned on the converting to equity of at least 50 percent of GM's outstanding U.S. Treasury debt at June 1, 2009, and at least 50 percent of GM's future financial obligations to the new VEBA. GM expects a debt reduction of at least $20 billion between the two actions.

In total, the U.S. Treasury debt conversion, VEBA modification and bond exchange could result in at least $44 billion in debt reduction.

Throughout the Plan, GM will continue to make significant investment in future products and new technologies, with an investment of $5.4 billion in 2009, and investments ranging from $5.3 to $6.7 billion from 2010 to 2014. Very importantly, development and testing of the Chevy Volt extended-range electric car remains on track for start of production by the end of 2010 and arrival in Chevrolet dealer showrooms soon thereafter.

"The Viability Plan reflects the direction of President Obama and the U.S. Treasury that GM should go further and faster on our restructuring," Henderson said. "We appreciate their support and direction. This stronger, leaner business model will enable GM to keep doing what it does best - provide great new cars, trucks and crossovers to our customers, and continue to develop new advanced propulsion technologies that are vital for our country's economy and environment."

# # #

About GM - General Motors Corp. (NYSE: GM), one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 243,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.

Forward-Looking Statements - In this press release and in related comments by our management, our use of the words "plan," "expect," "anticipate," "ensure," "promote," "believe," "improve," "intend," "enable," "continue," "will," "may," "would," "could," "should," "project," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to comply with the requirements of our credit agreement with the U.S. Treasury; our ability to execute the restructuring plans that we have disclosed, our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; the ability of our foreign subsidiaries to restructure and receive financial support from their local governments or other sources; our ability to restore consumers' confidence in our viability and to continue to attract customers, particularly for our new products; our ability to sell, spin-off or phase out some of our brands, to manage the distribution channels for our products, and to complete other planned asset sales; and the overall strength and stability of general economic conditions and of the automotive industry, both in the U.S. and globally.

Our most recent reports on SEC Forms 10-K, 10-Q and 8-K provide information about these and other factors, which may be revised or supplemented in future reports to the SEC on those forms.

Definitely in the eye of the beholder.

that beholder and this beholder agree

OK guys, time to sell all the GM stock you have now. Once GM files, you'll get pennies on the dollar for shares, so at least now you'll lose less selling.

depending on when you bought them, pennies on the dollar might be what you get anyway

http://www.cbc.ca/money/story/2009/04/23/gm-fiat-stake.html

Italy's Fiat Group SpA is reportedly close to an agreement to take a majority stake in General Motors Corp.'s European business.

Citing unidentified sources, the online version of Germany's Der Spiegel magazine says Fiat was expected to sign a declaration of intent next Tuesday.

Fiat, in the meantime, is already in talks to take a minority 20 per cent stake in Chrysler in exchange for small car and other technology.

Zurich-based GM Europe spokesman Frank Klaas confirmed to The Associated Press there are talks, but wouldn't specify with whom.

"We're in talks with several investors," Klaas said.

"We won't, however, provide any information on the current situation, in which investors are involved, and ask for understanding concerning that."

maybe its just my area (Toronto), but bigger RWD cars arne't very popular these days.

I almost never see G8's, new Chargers or 300's on the road. So as much as I personally would love to see more Zeta products, I just don't think it worth even the pittance it would cost to bring them over right now. Maybe in a two to three years or whenever things get better would be a better time

mmmmmmm

at this point I don't care if its an Impy, Cruze or whatever, I just want a decent sized wagon.

I can so see this coming back to bit him/GM in the ass.

I agree he shouldn't have to cut his salary, but public perception is everything right now and we've all seen who ends up winning and losing when the spotlight is shone on the topic.

might as well do it now before he's backed into a corner by the public via Obama

though I still believe he should be rewarded when GM does turnaround so maybe agree to take the cut but only if bonuses based on set targets amounting to at least what his current compensation is now are given