Auto News – Daily Last Auto News

Last Auto News –

General Motors’ plan to acceptation tens of bags of Chinese-built cars to the U.S. over the next several years may be on hold.

The AP reports, “General Motors Corp. agreed not to acceptation Chinese-made auto cars to the U.S. as allotment of its acknowledgment accord with the United Auto Workers, abutment President Ron Gettelfinger said Thursday. Instead, the aggregation will body up to 160,000 of the cars per year at an absolute U.S. branch and advertise them in the U.S.”

The UAW agreed to concessions in adjustment to bland GM’s aisle to an alike bankruptcy. The Wall Street Journal explains, “The defalcation plan for GM categorical in a balance filing Thursday would accord the U.S. government a 72.5% pale and accumulate the auto maker carefully captivated for as abounding as 18 months.” The abutment will initially ascendancy 17.5 percent of the company, with warrants enabling it to access its allotment to 20 percent.

In return, the AP explains, the abutment has agreed to a acknowledgment amalgamation that “freezes wages, cuts bonuses, reduces breach time, and takes aggregation banal to armamentarium bisected of a $20 billion assurance that will yield on retiree bloom affliction costs starting next year.”

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