According to the Free Press report, talks between UAW and GM are heating up and there is hope that the deal between these two will soon be finalized.

The bond exchange from GM is also coming near as 26th of May is a deadline for it, the automaker will have to successfully restructure its debt by June without going into court otherwise it will have to bear bankruptcy.

However, the offer has been criticized by the bondholders.
A source that is aware with the talks between GM and UAW reports that things seem to go in the right direction.

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The new 2010 Chevy Camaro will soon be treading the road and GM’s Pontiac seems quite on its way. If it had occurred nearly one or two decade earlier, there would be a Pontiac version with the same sickness known as the Trans-Am.

Even the final nail wasn’t put in the coffin of Pontiac and lo!  GM didn’t have any intention at all to develop the newest Camaro based Trans-Am.

But if not GM, someone else would certainly do it and now ASC comes to accomplish that. ASC or American Specialty Cars is a subcontractor that is quite popular for its different convertibles that can be seen on the road these days like Toyota Camry, Mitsubishi Eclipse Spyder and Solara Convertible.

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The first quarter of the current financial year was quite shattering for many automakers and most of them had to face untoward financial troubles under the shadows of deepening recession and slow down in sales.

The Detroit-based GM have been looking towards the US Government for a bailout to avoid a possible bankruptcy and this is because of these very fears and slowdown in worldwide sales that the giant automaker had to undergo $6 billion loss in the first quarter of the current financial year.

The company’s revenue cut nearly 50% as most of the buyers had shown concerned that the company would soon announced a bankruptcy and wouldn’t be able to honor its various warranties.

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With that of the poor economic slump down felt around the world and mainly in United States, the General Motors, a famous automaker has announced that it will drop Pontiac by the end of 2010, a famous automobile brand produced and sold by GM and in turn it has planned to phase out and concentrate on its 4 remaining brands such as Buick, Cadillac, GMC and Chevrolet.

In order to reduce its large number of debts, GM has planned to offer some of its stocks to its debt holders and it prefers not to file for a chapter 11 bankruptcies. GM intended to resolve the demise of Saturn this year, which is sooner than expected. In addition to that of cutting down Pontiac, GM desires to cut down its dealer count in U.S nearly 42% by the year 2010.

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To bring more and more electric cars and plug-in on the British roads, the UK government has unveiled an incentive program worth £250m.

One can get rebates of over £5,000 to buy some plug-in hybrid or fully electric car and that is being considered the heart of this incentive program.

Various auto companies Nissan, GM and Mitsubishi are quite happy with the announcement. Different Japanese automakers thinking to introduce battery electric cars in the coming years and similarly, General Motors is also planning to launch its Vauxhall Ampera during the next year.

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