Breaking News: GM posts $4.2Billion loss and warns that it is almost out of money
11-10-08, 03:14 AM
#61
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11-10-08, 07:40 AM
#62
Last edited by Bean; 11-10-08 at 07:44 AM.
11-10-08, 08:53 AM
#63
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Now that's just crazy talk... please keep the politics out of this.
11-10-08, 08:54 AM
#64
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I don't know who is labeling you or anyone a sell out or supporter of terrorism but that's a very broad statement. Please leave the political commentary out of this.
11-10-08, 09:25 AM
#65
I'm strongly opposed to any kind of bailout of the American auto industry without any change in management. Otherwise, it's just going to be more of the same.
Having said that, I have to note that patriotism is a dirty word in this country nowadays. People only care about themselves or their respective affinity/ethnic groups. Nobody cares about America. The Japanese and Korean economies are highly protectionist and have been for decades.......and that doesn't even take into account huge nationalistic feeling among the general populace in countries like Korea. No matter how superior the product, buy a foreign car and your neighbor/friends etc. will ask you why you didn't buy a Korean car instead.
The domestic industry has had to go through enormous hurdles........yet, they're still responsible for many of the technologies that you enjoy your car today. In fact, most relevant technologies come from either America or Europe. But some of you can't see that. Look at Ford Europe or what GM engineers are able to do given a little freedom (ZR-1 for instance). The engineers are the best and most creative. (sadly management is terrible)
Add to all this, the crippling effects of poor management and the UAW. Sad thing is, just when they were able to right the ship, things started going sour (along with the rest of America).
If you think the American auto industry going down isn't going to affect you, thing twice. This is one of the few remaining large industries left in America. Everything else is MADE IN CHINA. I've actively started looking for MIA products because it DOES make a difference.
MILLIONS of jobs will go down the drain if even GM alone goes down. You think Toyota is supporting American jobs...........GM alone has 54 plants in America. Even your job may be affected because there will be very few people with any relevant income to buy the products that your company makes. As an engineer in the auto industry, I'm very worried about my job. But I'm even more worried about the country as a whole and where it's headed.
If GM, Ford and Chrysler go down, the effects would be catastrophic. In the event of WWIII, who do you think is left to build anything for you? Boeing? Hopefully, we'll see some strong leadership in these troubling times. In the meanwhile, do your part where you can to support your country. That doesn't mean buy a Cobalt.......but it could mean buying a Cruze or a CTS.
Having said that, I have to note that patriotism is a dirty word in this country nowadays. People only care about themselves or their respective affinity/ethnic groups. Nobody cares about America. The Japanese and Korean economies are highly protectionist and have been for decades.......and that doesn't even take into account huge nationalistic feeling among the general populace in countries like Korea. No matter how superior the product, buy a foreign car and your neighbor/friends etc. will ask you why you didn't buy a Korean car instead.
The domestic industry has had to go through enormous hurdles........yet, they're still responsible for many of the technologies that you enjoy your car today. In fact, most relevant technologies come from either America or Europe. But some of you can't see that. Look at Ford Europe or what GM engineers are able to do given a little freedom (ZR-1 for instance). The engineers are the best and most creative. (sadly management is terrible)
Add to all this, the crippling effects of poor management and the UAW. Sad thing is, just when they were able to right the ship, things started going sour (along with the rest of America).
If you think the American auto industry going down isn't going to affect you, thing twice. This is one of the few remaining large industries left in America. Everything else is MADE IN CHINA. I've actively started looking for MIA products because it DOES make a difference.
MILLIONS of jobs will go down the drain if even GM alone goes down. You think Toyota is supporting American jobs...........GM alone has 54 plants in America. Even your job may be affected because there will be very few people with any relevant income to buy the products that your company makes. As an engineer in the auto industry, I'm very worried about my job. But I'm even more worried about the country as a whole and where it's headed.
If GM, Ford and Chrysler go down, the effects would be catastrophic. In the event of WWIII, who do you think is left to build anything for you? Boeing? Hopefully, we'll see some strong leadership in these troubling times. In the meanwhile, do your part where you can to support your country. That doesn't mean buy a Cobalt.......but it could mean buying a Cruze or a CTS.
we buy korean cars because it's cheaper.
if we didn't have the huge import taxes in korea, there'd be a HUGE drop in korean car sales.
not to mention huge drop in sales of almost everything else made in korea.
we know our cars either suck or could be better but it just comes down to simple things like cost.
now, i can come back around and say look at the mid west, if you ain't ford or chevy, you's not a patriotic american and can stop sending money out of the country and cross the borders from wence you came.
I also am torn between saving and not saving the big 3 but the problem is there's another entity that is part of this equation that needs to be addressed/elimnated: the one, the only, the UAW!!!
Save Ford and GM. I could really care less about Chrysler (except for the Dodge Viper)
11-10-08, 09:19 PM
#66
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Growing up my family had a Taurus LX, SHO, Pontiac Grand Am for example and all were CRAP. Total CRAP, especially as they got older. The funny thing is the cheapest car, the ole NIssan Sentra started every time and gave not a hint of trouble. Even though we didn't buy another Nissan, we went with Japanese cars and quite frankly have not looked back.
However, I know that all the businesses affiliated with the auto industry are important to this country, and I just wish the Big Three would get their act together. Alot of foreign makes established plants in this country and are also important to our economy. It's a global car market, and the American executives are too busy with the profits for the quarter rather than where their business is going to be in 5 years. They want to max their compensation packages and make their money while they can. I have no pity on the executives, but I do care for all the little guys ... the one's who always get hurt.
I would not mind going into the store, the hardware store for example, and seeing more American goods. Everything is from China. American business has sold us out. The unions are not anywhere the problem the Chamber of Commerce is. Management is already unionized, most workers are not.
11-10-08, 10:05 PM
#67
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It was the Chevy Astro that was the final straw for my family. After that we were glad to get all the American cars out of our system.
However, I know that all the businesses affiliated with the auto industry are important to this country, and I just wish the Big Three would get their act together. Alot of foreign makes established plants in this country and are also important to our economy. It's a global car market, and the American executives are too busy with the profits for the quarter rather than where their business is going to be in 5 years. They want to max their compensation packages and make their money while they can. I have no pity on the executives, but I do care for all the little guys ... the one's who always get hurt.
I would not mind going into the store, the hardware store for example, and seeing more American goods. Everything is from China. American business has sold us out. The unions are not anywhere the problem the Chamber of Commerce is. Management is already unionized, most workers are not.
However, I know that all the businesses affiliated with the auto industry are important to this country, and I just wish the Big Three would get their act together. Alot of foreign makes established plants in this country and are also important to our economy. It's a global car market, and the American executives are too busy with the profits for the quarter rather than where their business is going to be in 5 years. They want to max their compensation packages and make their money while they can. I have no pity on the executives, but I do care for all the little guys ... the one's who always get hurt.
I would not mind going into the store, the hardware store for example, and seeing more American goods. Everything is from China. American business has sold us out. The unions are not anywhere the problem the Chamber of Commerce is. Management is already unionized, most workers are not.
I so agree, its scary how everything is made in China!! I find myself looking at labels when I shop now!
11-10-08, 10:10 PM
#68
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GM confirms delays for Cruze, CTS Coupe and Saab models
Rising development costs are creating serious liquidity problems at General Motors, forcing the Detroit manufacturer to delay a number of its upcoming models. Last month we reported on GM being forced to postpone the Cadillac CTS Coupe and the Buick LaCrosse due to the high costs that the company is currently incurring in developing new models while sales continue to plummet.
Now, General Motors has confirmed that a number of its cars will be delayed, including the CTS Coupe and Chevrolet Cruze, which are being put on the backburner for around a year. The CTS Coupe wasn't expected to be a large-volume car anyway, so overall figures won't likely be hurt significantly by its delay. The Cruze, however, is much more central to the GM lineup.
While the Cruze was set to be released in 2009, it is expected that it will now come into replace the aging Chevy Cobalt in 2010. The Chevrolet Cruze, along with the Chevrolet Volt, is an immensely important car for GM and has thus been given a "protected" status, according to CNNMoney. This means that no matter what may come up, GM is determined to release the Cruze in the U.S. by 2010.
Meanwhile, the Saab 9-5 wagon and sedan variants are also delayed, as is the Saab 9-4x. Saab's aging model lineup makes a delay even more of a blow to the Swedish brand, which has suffered falling sales for several months now in the U.S. The Saab 9-5 is almost 10 years old, and despite being given a makeover a couple of years ago, the age in its platform itself is beginning to show.
Despite all the delays for certain GM products, the company is keen to expand development in growing areas, such as plug-in hybrids. Currently GM is in development of the Chevy Volt plug-in hybrid, but have hinted that other plug-in cars will be arriving within four or five years.
Rising development costs are creating serious liquidity problems at General Motors, forcing the Detroit manufacturer to delay a number of its upcoming models. Last month we reported on GM being forced to postpone the Cadillac CTS Coupe and the Buick LaCrosse due to the high costs that the company is currently incurring in developing new models while sales continue to plummet.
Now, General Motors has confirmed that a number of its cars will be delayed, including the CTS Coupe and Chevrolet Cruze, which are being put on the backburner for around a year. The CTS Coupe wasn't expected to be a large-volume car anyway, so overall figures won't likely be hurt significantly by its delay. The Cruze, however, is much more central to the GM lineup.
While the Cruze was set to be released in 2009, it is expected that it will now come into replace the aging Chevy Cobalt in 2010. The Chevrolet Cruze, along with the Chevrolet Volt, is an immensely important car for GM and has thus been given a "protected" status, according to CNNMoney. This means that no matter what may come up, GM is determined to release the Cruze in the U.S. by 2010.
Meanwhile, the Saab 9-5 wagon and sedan variants are also delayed, as is the Saab 9-4x. Saab's aging model lineup makes a delay even more of a blow to the Swedish brand, which has suffered falling sales for several months now in the U.S. The Saab 9-5 is almost 10 years old, and despite being given a makeover a couple of years ago, the age in its platform itself is beginning to show.
Despite all the delays for certain GM products, the company is keen to expand development in growing areas, such as plug-in hybrids. Currently GM is in development of the Chevy Volt plug-in hybrid, but have hinted that other plug-in cars will be arriving within four or five years.
11-10-08, 10:29 PM
#69
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The SUV market was a gift to US automakers, and they squandered it by patting themselves on the back, filling their wallets and ignoring what Americans would want next. They just let their small cars die.
Just like ABC a couple of years ago when they rolled out a bazillion reality shows and ate crow at the next fall season's affiliates meeting.
I'd like the bailouts to end, because the companies do not know how to use the money. It's like bailing out the airlines after 9/11. They should have given a travel credit to all Americans, so they would help the car rental guy, the hotel guy, the restauranter, etc. But wait, the Big Three don't have a decent fleet of gas sippers to sell us. Maybe Wagoneer is right, we need to give his company our money so they can get a crappy set of small cars to the market faster for the buyers who would like to support our manufacturers to buy and have another generation of American car buyers get screwed with their poor quality.
Why keep buying the same old American cars and expect a different result the next time?
Just like ABC a couple of years ago when they rolled out a bazillion reality shows and ate crow at the next fall season's affiliates meeting.
I'd like the bailouts to end, because the companies do not know how to use the money. It's like bailing out the airlines after 9/11. They should have given a travel credit to all Americans, so they would help the car rental guy, the hotel guy, the restauranter, etc. But wait, the Big Three don't have a decent fleet of gas sippers to sell us. Maybe Wagoneer is right, we need to give his company our money so they can get a crappy set of small cars to the market faster for the buyers who would like to support our manufacturers to buy and have another generation of American car buyers get screwed with their poor quality.
Why keep buying the same old American cars and expect a different result the next time?
11-11-08, 07:20 PM
#70
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Gm running out of cash 
but GM could pay Delphi $1.2 Billion this baffles me. Yet Delphi paid GM $300 Million.
TROY, MI, Nov 10, 2008 (MARKET WIRE via COMTEX) -- Delphi Corp. (PINKSHEETS: DPHIQ) today reported third quarter 2008 financial results with revenues of $4.4 billion and net income of $5.2 billion. The results for the quarter include gains of $5.7 billion related to the effectiveness of the GM settlement and restructuring agreements executed in Sept. 2008. Delphi received cash of $1.2 billion from GM related to these agreements, net of $300 million of repayments made to GM under the advance agreement. With the cash received from GM, available cash was $1.9 billion at Sept. 30, 2008.
but GM could pay Delphi $1.2 Billion this baffles me. Yet Delphi paid GM $300 Million. TROY, MI, Nov 10, 2008 (MARKET WIRE via COMTEX) -- Delphi Corp. (PINKSHEETS: DPHIQ) today reported third quarter 2008 financial results with revenues of $4.4 billion and net income of $5.2 billion. The results for the quarter include gains of $5.7 billion related to the effectiveness of the GM settlement and restructuring agreements executed in Sept. 2008. Delphi received cash of $1.2 billion from GM related to these agreements, net of $300 million of repayments made to GM under the advance agreement. With the cash received from GM, available cash was $1.9 billion at Sept. 30, 2008.
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