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GM is near agreements to sell its Saturn division and to help finance the buyout of bankrupt auto-parts supplier Delphi Corp., according to reports Friday in The Wall Street Journal. Reports say GM has inked a preliminary deal to sell off Saturn to major auto dealer and racing icon Roger Penske.

Automakers Make Case for Closings

The U.S. Senate Committee on Commerce, Science and Transportation held a hearing to review “GM and Chrysler Closures: Protecting Dealers and Consumers.” Sen. Jay Rockefeller, D-W.Va., chairman, opened the hearing defending automobile dealers against the dealership closures by automakers.

The top executives of GM and Chrysler have said that dealership closings are justified, as they try to overcome bankruptcy and survive. The executives acknowledged that cutting dealerships was causing pain around the country in front of the Senate Commerce committee on June 3.

THE PRESIDENT: Good morning, everybody. Just over two months ago, I spoke with you in this same spot about the challenges facing our auto industry, and I laid out what needed to be done to save two of America's most storied automakers -- General Motors and Chrysler. These companies were facing a crisis decades in the making, and having relied on loans from the previous administration, were asking for more.

Monday, 01 June 2009 17:08

GM has buyer for Hummer

In what may be the first significant act post-bankruptcy, GM has announced that a buyer for Hummer has come forward.

Eight Chrysler plants now seem likely to be closed down entirely. In addition to plants in south St. Louis, Missouri and Newark, Deleware that are already idle, the following 6 North American plants are in danger:

  • Sterling Heights (Mich.) Assembly Plant
  • Detroit (Mich.) Axle
  • Conner Avenue (Detroit) Assembly
  • St. Louis (Mo.) North Plant
  • Kenosha (Wisc.) Engine
  • Twinsburg (Ohio) Stamping Plant