General Motors | featured news

President Obama is making a formal announcement this hour about his plans for troubled automakers General Motors and Chrysler, which have already been given $17.4 billion to keep them running.

Stocks slumped on worries about the auto sector and more selling in financials. The Dow industrials fell about 200 points.

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.

General Motors said 7,500 of its U.S. hourly workers accepted buyout offers, as the auto maker continues to shrink its operations amid heavy losses and a global slump in demand.

General Motors frequently holds up the Chevrolet Volt as a symbol of its future and a testimony to its ingenuity when it asks Washington officials for billions of dollars in federal aid.

US carmaker General Motors says it will not need the $2bn it had previously requested for March from the government.

General Motors Corp. is ending its 22-year support for Emmy Award-winning documentary filmmaker Ken Burns.

General Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan.

Markets fall sharply at opening bell as investors begin to give back gains one day after rally.