Shockingly poor financial management at General Motors and Chrysler weakened their case for a federal bailout, but officials feared letting them collapse, the former head of a government auto task force said Wednesday.
General Motors on Thursday joined hands with Reva Electric Car Company to develop and produce electric vehicles in the Indian market as part of its plan to make the country a global hub for environment friendly vehicles.
Magna`s planned acquisition of Opel is proof that carmakers have lost the upper hand in the industry by outsourcing development work to suppliers and relying on them for technological knowhow, a top GM executive said.
General Motors, which for months has been trying to sell Opel, reportedly is now trying to keep the ailing German brand, a move that would drive a stake in Berlin`s favored option: a takeover by Magna.
General Motors` newly-appointed board has failed to support a plan backed by its executives that would sell the US auto giant`s European subsidiary, Opel, to Canadian auto supplier Magna International Inc, according to reports.