A six-year prison sentence is what Daniel Bealko, a former General Motors aluminum trader, will serve for his participation in a multimillion-dollar kickback scheme.

Randall Samborn, a spokesman for the US Justice Department office in Chicago, said that Bealko, formerly of suburban Detroit, was sentenced by the US District Court for the Northern District of Illinois. Aside from the 70-month prison sentence, Bealko will have to pay $6.5 million in restitution to GM. Last November, Bealko pleaded guilty to charges related to a scheme to divert sales of aluminum from GM to third parties in return for kickbacks that cost the automaker over $80 million. Bealko had unexpectedly left his position at GM in early 2004.

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Tags:car news, daniel bealko sentenced, GM, gm trader sentenced
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General Motors Co.’s CFO Chris Liddell stated that the carmaker has a “reasonable chance” of showing a profit in 2010. Liddell gave this statement during his first time to talk to reporters in his new role after joining GM from Microsoft Corp.

He also said that it’s possible GM could make an initial public offering, however, he said that there is no hard timetable for it yet and that it won’t rush into one. GM had plans for an IPO within a year after emerging from bankruptcy through a reorganization supported by the US government, which now holds a more than 60% stake. Liddell, who had only been GM’s CFO for about two months, said that it’s “possible” an IPO would come in the second half of the year. He said that so far, he has been encouraged by the progress made but that it’s “impossible” to say when the IPO will all come together. Liddell also said that GM is on track to complete post-bankruptcy fresh start accounting.

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Tags:car news, general motors, GM, gm 2010 profit
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A new hydrogen fuel cell system intended for production is currently being tested by General Motors Co., according to Charles Freese, executive director of GM’s global fuel cell activities.

When compared to the system used in the Chevrolet Equinox Fuel Cell test vehicle, this new system (which is slated to start production in 2015) is half the size and about 220 pounds lighter. GM revealed that this new system also uses about one-third less platinum. In an interview, GM spokesman Alan Adler said that it can be packaged in several types of vehicles (such as a sedan, a crossover, or compact) due to its smaller size. Continued after the jump!

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Tags:car news, general motors, GM, gm hydrogen fuel cell system
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General Motors revealed today the fact that it is currently developing a windshield display system designed to outline the edges of roads in the fog.

What is really interesting about this windshield is that it will highlight a deer before it crosses into traffic. How is that? Apparently, the system collects information through vehicle sensors and cameras and projecting laser-generated images onto the windshield. And this is not all, because the system can also highlight road signs and tell drivers when construction is coming or even when the desired exit is approaching. Continued after the jump!

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Tags:car news, general motors, GM, gm new windshield
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To the sound of millions of General Motors Co. dealerships and customers breathing a sigh of relief, the carmaker has announced that it will no longer go through with a plan to cut the number of Cadillac franchises by two-thirds.

Previously, GM has said that it wanted to reshape its Cadillac dealer network similar to that of Lexus. This meant that from 1,422 dealerships on Jan. 1, 2009, there would only be about 500 left by the end of this year. This lean network would be similar to import luxury brands, which only require a few hundred dealerships that focus on coastal urban markets. Continued after the jump!

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Tags:Cadillac, cadillac dealer network reshape, car news
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The network of ethanol stations would have to be greatly expanded for General Motors Co.’s vehicles running on ethanol-gasoline blends to make a significant effect in its aim of cutting emissions, according to Tom Stephens, GM’s vice chairman for global product operations.

He said that unless this network grows, US dependence on foreign oil will continue. Stephens predicts that by the 2012 model year, about 50% of GM’s lineup will be able to run on E85, a mix of 15% gasoline and 85% ethanol. Stephens told the Renewable Fuels Association conference that the 2,200 [ethanol fuel stations] are not enough, especially since 2/3 of the pumps are concentrated in 10 states.

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Tags:car news, general motors, GM, gm ethanol fueling stations
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To ease the shortage of Chevrolet Equinoxes and GMC Terrains, the Canadian Auto Workers has proposed a plan for General Motors Co. to build the models in Oshawa, Ontario.

North American President Mark Reuss said that to make more crossovers that are currently being assembled in Ingersoll, Ontario, GM may add production or reopen plants. After emerging from bankruptcy, GM was left owning two idled plants that don’t have plans for products: Spring Hill, Tenn. and Janesville, Wis. CAW President Ken Lewenza suggested that GM intensify its crossover production at Oshawa, located about 125 miles from Ingersoll. Continued after the jump!

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Tags:car news, general motors, GM, gm equinox shortage, gm terrain shortage
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General Motors Co. wants dealerships to pay up starting this month certain sums racked up due to alleged infractions of its Standards for Excellence incentive program.

And these dealers won’t be able to protest these chargebacks, under the agreement they signed last year in order to continue as GM dealers. Dealers are being asked to pay back sums of up to five- and six-figures. Jeff Watts, GM’s dealer mediation chief, explained that the “participation” agreement releases GM from “any and all claims.” It was in 1994 that the lucrative program was introduced to Cadillac dealers. Continued after the jump!

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Tags:car news, general motors, GM, gm dealer paybacks
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Under General Motors Co.’s new model introduction strategy, it will redesign its models more frequently and stagger the introduction of future model derivatives, according to GM’s vice president of global design Ed Welburn.

This strategy is said to closely resemble other brands, including BMW. GM previously introduces all model derivatives simultaneously but instead, it will do what BMW does with the 3 series. The variants will be introduced in a span of more than 24 months. In an interview at the Geneva Motor Show, Welburn said that the launching of the 3-series sedan will be followed by a coupe or a convertible after a year or so. Continued after the jump!

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Tags:car news, general motors, GM, gm redesign
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New incentives offered by Toyota and General Motors have enlivened the US car market in early March, a pace that Web site Edmunds has said is the fastest rate so far this year.

Edmunds senior analyst Ray Zhou said that from March 1 to 8, the US seasonally adjusted annualized sales rate was 12.5 million units. Zhou asserted that this is the highest level since the sudden rise in sales posted in August 2009 due to the cash for clunkers program. Zhou attributes the surge in sales to the two car firms’ generous incentives but he believes that this will eventually cool off and that March will end with a SAAR in the low 11 millions. Continued after the jump!

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Tags:car news, GM, gm incentives boosted, Toyota, toyota incentives boosted
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