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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: kernick (Mar 04, 2009 1:40 pm)  Thanks for getting us back to the crux of the topic. On that note: Pontiac Torrent Gets the Axe, but G8, Solstice and Vibe Still Alive for Now (Straightline). And here's an odd one: "General Motors Corp. has been bumped off its perch as Canada's top-selling auto-maker, marking a historic redrawing of the country's auto hierarchy as buyers fretting about the economy opt for the cheapest car that will fit their needs. During a month in which total industry sales fell 28%, Chrysler LLC toppled GM in February to become number one. It was the first time since 1949 that GM has been outsold by a rival, industry consultant Dennis DesRosiers said." GM loses pride of place as Chrysler pulls ahead (Financial Post) Ford beat GM too btw. And finally, US auto dealers ask Obama to help stop job losses (Reuters). |
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Replying to: kdhspyder (Mar 03, 2009 7:17 pm)
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No need for new loans...the inevitable is telling the Car Team to stop the bleeding. Will they listen? GM auditors raise doubts on automaker's viability GM auditors cite losses, lack of cash flow in raising doubts about its viability * Tom Krisher, AP Auto Writer * Thursday March 5, 2009, 6:37 am EST DETROIT (AP) -- General Motors Corp. says its auditors have raised substantial doubt about the company's ability to continue operations. The troubled automaker revealed the auditors' concerns in its annual report filed on Thursday. GM has received $13.4 billion in federal loans as it tries to survive the worst auto sales climate in 27 years. It is seeking a total of $30 billion from the government. During the past three years it has piled up $82 billion in losses, including $30.9 billion in 2008. GM says in its report that its auditors cited recurring losses from operations, stockholders' deficit and an inability to generate enough cash to meet its obligations in raising substantial doubts about its ability to continue as a going concern. Regards, OW
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Replying to: explorerx4 (Mar 04, 2009 6:16 pm) |
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It's sort of like a death watch. Major news that 6 months ago would have gotten us all riled up is just routine now. We're all waiting to see what happens.
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Replying to: tlong (Mar 05, 2009 8:42 am) A sudden death is a big loss. A bed ridden death appears generally to be good riddance from all troubles. |
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That report from the GM auditors says that GM is "highly dependent on auto sales volume" Wow... I never would have realized that an automaker would be dependent on auto sales volume. 
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Replying to: pf_flyer (Mar 05, 2009 12:32 pm) Regards, OW |
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Replying to: pf_flyer (Mar 05, 2009 12:32 pm) No kidding, Captain Obvious!
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Just maybe Detroit should get a meeting with Kia to see what they're doing since 2009 sales for Kia have been a Pleasant Surprise Size would seem to be a big factor. GM is simply going to have to be scaled back to match production with demand. How that happens is the multi-billion dollar question.
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