GM is posting a 2nd Detroit all time record $39 Billion loss.
http://www.msnbc.msn.com/id/21661794/

Somebody needs to tell GM exectuives this:

PRODUCE PRODUCTS PEOPLE WANT AND GAIN MARKETSHARE

How many full size SUV's are they going to produce this quarter with gas like it is?

-Steve

 

I totally agree GM is living in the past but your link is from November of last year, did you intend to post outdated results (to prove a point) ?

 

Thanks Ruth.
Here's some more recent ones:
Arlington TX lay off
http://www.dallasnews.com/sharedcont...1.3b9d0dc.html

Why don't they re-open those plants, hire back workers to build smaller, more economical and efficient vehicles?

GM cuts line in Oshawa, slashes 1,000 jobs
http://www.thepeterboroughexaminer.c...aspx?e=1007850

Many of these layoff's are due to a strike at the Lansing GM axle plant, but my gosh how long can these poor management decisions go on?

 

I - N - C - O - R - R - E - C- T !!!!!

Here are the F - A - C - T - S

• Global Automotive Operations posted Net Income of $392 M, including net impact of American Axle strike. Given the scope of the company and the industry, this is pretty much a break even. North America lost money, Europe, Asia, Latin America and Middle East made enough to more than offset the North American losses.
• GM's share of GMAC's losses was a $1.45B write down on value of GM held investment in GMAC. This is not a cashflow loss, but a devaluation of GMAC.
• GM took a $731 M non-cash charge to estimate future costs of supporting Delphi's bankruptcy reorganization

I can't imagine where you may have gotten any information of a $39B loss, unless it was a recap of the 2007 story.

Peace,

Martin

 

Still, where are those efficient cars stateside? Where is that Prius-killer? 10 year old hybrid technology and no one here in the US thinks ahead? And a 30-MPG Aveo ain't gonna cut it. Please don't tell me the domestic car makers will want more of my tax money to **** away. I'm also of the opinion...how long can companies bleed the "green" while touting they ARE 'green'?

 

I think we need three additional zeros in the title!

Stan

 

Yep, three more.

Man, that's a lot of zeros!

 

That's what I was thinking, too. 39 Billion is a much bigger number than 39,000,000 (million). Even if it is old news.

 

The Aveo is one of the cheapest cars to own over a 5-year period. It is also one of the poorest-rated vehicles at Consumer Reports. See here and here, respectively.


Here is a current article on the $3.3B 2008Q1 loss: Link. Martin has summarized the losses. While striking unions get some credit for causing some loss, this is a scapegoat for what some feel was GM's overly optimistic production forecast. Who knows? The critics come out in droves with knives drawn when they have the benefit of hindsight. Who really believed that 2008 would start off with a 14-year low in car sales?

 

I worked on a project that ran into a budget problem and it was 'good news' and 'bad news.' The bad news is some people lost their jobs and they had nothing to do with the overrun. Worse, the ones that did ... eventually resigned or transfered as opposed to being fired and escorted from the building to the jeers and catcalls they so richly deserved!

The 'good news' is the total nonsense and b*llsh*t things that were not building product suddenly ended THAT DAY! In fact, those who were especially productive and improved the productivity of others finally saw their advice and suggestions being implemented ... often without recognition. But something about a "close call" seems to focus everyone's attention on what is important.

I don't envy what GM is going through but I am sure those who are still making profitable products are discovering a lot of silliness has evaporated. Just it does get a little irritating that it takes something like this to smite the foolish with a clue-by-four.

Bob Wilson