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23 July 2017 06:46 (South Africa)

GM looks to cash reserves to pull winning vehicle out of the hat

The new chief of General Motors, Edward E. Whitacre Jr., was appointed to take the bankrupt car maker to places it has never been before. And helping him along the way is $42.6 billion in cash reserves, much of which came from the US government, to develop new cars and trucks. In keeping with the climatic events in Copenhagen, the company will now build the Volt, a battery-powered sedan. Whitacre is eager to get GM spending again, after it had suspended many of its plans. But the company’s really big bosses (such as Barack Obama) want no less than a complete turnaround in thinking, to produce leaner and much greener vehicles. Read more: New York Times

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