General Motors Corp. may no longer be the world’s biggest automaker, but it still operates the country’s largest pension fund.
U.S. seeks $16.4 million fine against Toyota Federal safety agency hits Toyota with largest possible fine for a single reporting violation. More fines still possible. The Department of Transportation’s National Highway Traffic Safety Administration is seeking the maximum fine of $16.4 million against Toyota Motor Corp. for failing to notify the agency of a “sticky […]
While other automakers are closing plants in the U.S., Kia, which is controlled by South Korea’s Hyundai Automotive Group, is preparing to open a brand-new assembly plant in West Point, Ga., southwest of Atlanta. The $1.2 billion, 2.2 millionsq.-ft
For many years, Ford Motor Co.
The health care of thousands of retired auto workers is about to change: On Friday the membership of the United Auto Workers overwhelmingly approved a restructuring plan with GM, according to UAW president Ron Gettelfinger. The plan gives the union’s health care vehicle some promissory notes plus a 17.5% stake in GM and warrants to purchase another 2.5%. Assuming the deals survive bankruptcy court, and experts expect it will, the change marks a new direction in health care for GM retirees, and now puts them in much the same camp as Chrysler retirees.