GM execs get bonuses
General Motors Corp. distributed more than $3 million worth of stock and
cash bonuses to 19 of its top executives Thursday, the company reported
in filings with the U.S. Securities and Exchange Commission.
GM reported stock and cash benefits that vested this week. The awards
were the first of multiyear incentive compensation packages granted in
2007. The value of the performance-based incentives is determined by the
corporation's stock price at vesting.
GM's shares have fallen by half in the last six months.
Chairman and CEO Rick Wagoner gained 19,000 shares, worth $363,850 at
the close of trading Thursday. President Fritz Henderson and Vice
Chairman Bob Lutz each received 12,000 shares, worth $229,800. The three
top executives surrendered 40% of the awarded restricted stock units at
a price of $21 per share to cover the tax implications of the compensation.
Sixteen other top executives, combined, received cash bonuses equivalent
to 119,539 shares, for a combined $2.29 million in cash incentive
Prius is Korea-bound
Toyota Motor Corp. said Thursday it will start selling the hybrid Prius
and two other models in South Korea next year as it expands its
offerings in the country beyond the luxury Lexus brand.
"It's a big challenge for Toyota," Chairman Fujio Cho said of the
decision to enter South Korea under the Toyota brand. That market, which
is dominated by domestic manufacturers including Hyundai Motor Co. and
Kia Motors Corp., is "pretty tough," he said.
Toyota may miss target
Toyota Motor Corp. may miss its sales target this year as the
strengthening yen makes its vehicles less competitive.
"The rapid fluctuation of the currency and the surge in materials costs
are headaches for us," Vice President Tokuichi Uranishi said in Seoul.
"If this continues, frankly, it'll be tougher to meet our goal."
Chevy joint venture
General Motors Corp. says it has set up a joint venture to build
Chevrolet cars and SUVs in Uzbekistan.
The company announced the agreement with manufacturer UzAvtoSanoat on
Thursday in the capital of Tashkent.
GM says UzAvtoSanoat already does final assembly of a small number of
Chevrolets from kits that come from South Korea.
UzAvtoSanoat will become a full manufacturer of Chevrolets, with plans
to build 250,000 vehicles in the next few years.
Delphi to sell bearings
Auto-parts supplier Delphi Corp. has won court approval to sell its
wheel-bearings business to Kyklos Inc. for $46.2 million.
Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan approved
the sale Wednesday following an auction last month.
Kyklos, a unit of Hephaestus Holdings Inc., beat out Resilience
Capital's $44.2-million lead bid at last month's auction. Before the
auction, Drain cleared Delphi to pay Resilience a $1.5-million breakup
fee if its bid was topped at auction.
Delphi's bearing business, based in Sandusky, Ohio, employs 1,000
workers -- including 775 who are represented by the UAW.