Motor
GM agrees liability for ‘old’ GM claims
In the face of opposition to GM’s plan to free it from liability from pre-chapter 11 GM vehicle defects, they have now caved in and agreed to ‘assume all products liability claims’ regardless of when the vehicle was purchased.
A hearing is due on 30 Jun to determine the restructuring plans and possible emergence from bankruptcy – the goverment (taxpayer???) holding 60.8%, 17.5% United Auto Workers Trust and 11.7% by the Canadian taxpayer…
Could it be Ta Ta to Tata?
At first glance it might appear to have just been bad timing – spending $2.5Bn to buy Jaguar and Land Rover from Ford, the only manufacturer to still be surviving the downturn.
Tata, India’s largest auto maker, has reported losses of $522m for the 10 months it has owned Jaguar (sales dropped 4% to 47,000) and Land Rover (sales dropped 39% to 127,000) to March 2009