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8237 messages, Last post on Nov 22, 2009 at 8:40 AM
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Meanwhile, a little translated piece of the article (may be a bit weird as I translate it myself): "Chevrolet production plant in Shenyang, Liaoning province is to become the most productive GM factory in China, capable of assembling and shipping 150,000 Cruzes worldwide every year. About 10% of production planned to be shipped to America. Production will start from 4th month (I think it means 2nd quarter) of 2009, according to GM partner SAIC" A pretty small number, and I admit I don't know for sure whether America means USA or other American countries or both. I'll keep checking.
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Replying to: m4d_cow (Jan 07, 2009 10:22 am) http://www.cctv.com/program/bizchina/20081120/104862.shtml
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Replying to: 62vetteefp (Jan 07, 2009 10:31 am) I'm not sure sales will reach 300k annually, but if Cruze sells really well it's possible GM prepares some from China to keep up (compared to the current Focus in the top 10, it should have no problem overtaking Focus' slot). |
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Replying to: 62vetteefp (Jan 07, 2009 10:37 am) |
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Since GMAC was taken care of (that was part of the monies GM had asked for) they may not need anymore loan money IF sales do not go below 10.5 million. General Motors Corp. said it has enough government loans to cover its worst-case forecast for U.S. auto sales and won’t need more if the economy holds up. Pledges from the U.S. Treasury for as much as $13.4 billion to help GM pay bills and $6 billion to prop up lender GMAC LLC will meet “our liquidity needs under the scenarios outlined in our December plan to Congress,” spokesman Greg Martin said yesterday. In December, GM requested $18 billion in federal loans, saying that was what it needed to make it to 2010. That number factored in GM's 49 percent stake in its struggling financial unit, GMAC Financial. But GMAC gained status as a bank holding company and secured $6 billion of its own federal funding. The U.S. Treasury Department gave GMAC $5 billion in exchange for preferred stock in the financing company and lent GM $1 billion to invest in GMAC. "So in actuality," said the source familiar with GM's finances, the amount the government delivered "was substantially higher than the $18 billion GM asked for." |
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Toyota is suspending production at all 12 of its Japanese plants for 11 days over February and March, a stoppage of unprecedented scale for the nation's top automaker as it grapples with shrinking global demand. The last time Toyota Motor Corp. halted production at all its Japan plants was in August 1993, when demand plunged because of a rising yen, and that was for only one day, according to the company. Toyota last year suspended production at its auto plants in Alabama, Indiana and Texas for three months, and shut down output for two days in December at all its North American vehicle factories including five in the United States, one in Canada and another in Mexico. |
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Replying to: 62vetteefp (Jan 07, 2009 12:25 pm) So I'm not quite sure what this means for 2010. They will or won't need another loan? When does GM start making a profit? How do they get to the point where they can make a profit? How long does it take for GM and GMAC to repay the loans, counting the interest?
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Replying to: 62vetteefp (Jan 07, 2009 12:25 pm) GM will be back asking for more support (unless the debt they owe somehow goes away and people flock to only GM dealerships to by cars in April...and Red Tag sales are not necessary to support sales). Regards, OW |
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Replying to: 62vetteefp (Jan 07, 2009 12:27 pm) You can look at who else is down, but that neither helps nor hurts GM's business, unless the competition fails and GM gets their marketshare. With a $1.2T budget deficit forecast for next year already, before the Obama stimulus plan, the economic future is looking pretty bleak. This continued downturn will mean several of the major auto manufacturers of the world will fail, or all will need to permanently cut their size and costs 30%. The global expansion of auto production has went too far, just at the wrong time, and the financilly weak in the industry will fail.
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Replying to: kernick (Jan 07, 2009 1:13 pm) That's why their statement is wrong again. I'd love to fire the guys who approved releasing that statement. Unbelievable. We are all very aware that GM will need more support...unless they cut more than expected...NOT. Regards, OW |
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