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General Motors: Sales, Marketing, and Financial News

 
Old 11-10-2005, 04:03 PM
  #121  
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...the freefall contiunues.
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Old 11-10-2005, 04:31 PM
  #122  
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sarbanes oxly will own them
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Old 11-10-2005, 05:28 PM
  #123  
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the new Z06 is sweet!!!
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Old 11-10-2005, 09:01 PM
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GM = at this point

I think it's time for a change of leadership! Let's get an AcuraZine team in there to run the place and see if we can't turn it around.
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Old 11-11-2005, 07:37 AM
  #125  
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On a side note, I work for a company that's owned by GMAC and GM is selling GMAC. GMAC is happy because when they borrow to fund their mortgages they get his with a crappy rate since GM's in junk status. When 51% of it is sold to a AAA company (rumors are Bank of America) then it'll be cheaper to borrow. I don't see why GM's selling majority stake of it's profitable company. I guess they're cleaning out the portfolio.
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Old 11-18-2005, 04:11 PM
  #126  
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General Motors and Bankruptcy **Unconfirmed Rumors on Bankrupty (page 1)**

GM not headed toward bankruptcy, CEO Wagoner says - - Reuters / November 17, 2005 - - Source: Automotive News

DETROIT -- Losses at General Motors are unsustainable, but the company is not headed toward insolvency, CEO Richard Wagoner said on Thursday.

"There is absolutely no plan, strategy or intention for GM to file for bankruptcy," Wagoner said in a letter to GM's 325,000 employees on the company's internal Web site.

GM, the world's largest automaker, has lost nearly $4 billion this year, while its shares have lost about 46 percent of their value.

The auto giant is struggling with high health care and commodities costs, stalled sales of its big SUVs and loss of U.S. market share to foreign rivals.

"The large losses at GMNA (GM North America) are unsustainable, for sure, and require a comprehensive strategy to address them ... a strategy that must be implemented promptly and effectively, to get our U.S. business profitable again," Wagoner said in the note.

GM shares, which fell to an 18-year low earlier in the day, rose $1.34, or 6.3 percent, to close at $22.63 on the New York Stock Exchange.

The letter comes amid wide speculation of a growing possibility of bankruptcy at GM and fears of a strike at bankrupt Delphi Corp., -- GM's main auto parts supplier.

A strike at Delphi, which plans to ask the court to void labor contracts with its unions if a deal is not reached by Dec. 16, could shut down some GM and Delphi plants and force GM to burn through billions of dollars, analysts have said.

Wagoner did not mention the impact of Delphi's bankruptcy in his letter. GM, which spun off Delphi in 1999 and agreed to pay retirement expenses for some former GM workers if the supplier stopped payments, could face up to $12 billion in liabilities for the supplier.
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Old 11-18-2005, 04:13 PM
  #127  
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Let me say this. If Delphi goes through a long strike, it will be probable for GM to go into an unrecoverable situation. Everything else is just talk by executives.
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Old 11-18-2005, 04:54 PM
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They're just realizing this now? I coulda told them this a long time ago...

Who let these idiots run this company into the ground?
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Old 11-18-2005, 05:12 PM
  #129  
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Originally Posted by CGTSX2004
They're just realizing this now? I coulda told them this a long time ago...

Who let these idiots run this company into the ground?
american idiots?
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Old 11-18-2005, 05:30 PM
  #130  
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GM will go Bankrupt. It's a matter of time.
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Old 11-18-2005, 07:19 PM
  #131  
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Originally Posted by Moog-Type-S
GM will go Bankrupt. It's a matter of time.
They don't have to if they drop dead weight like Delphi-even with penalty, Cadillac was turned around in less years than I can even remember...
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Old 11-19-2005, 01:08 AM
  #132  
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Originally Posted by heyitsme
They don't have to if they drop dead weight like Delphi-even with penalty, Cadillac was turned around in less years than I can even remember...
Delphi is not a unit of GM - they are a vital parts supplier - that is in the midst of a major strike soon that could bring GM to its knees within 72 hours of it starting.

Delphi has 34,000 employees. 24,000 of them are UAW. Delphi wants to reduce its staff... by 24,000 while cutting wages from $24/hr to $9/hr. Hmm, I wonder if they're going to strike or not.

GM is in deep
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Old 11-19-2005, 03:39 PM
  #133  
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If the rest of GM was run like Cadillac, GM wouldn't have this problem.

A Delphi strike, which seems to be desired by the rank-and-file UAW, would be the iceberg that could sink USS General Motors.
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Old 11-20-2005, 01:05 PM
  #134  
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GM may not go bankrupt by itself. But the multi-billion $ liability price tag and lost productivity if Delphi does fold up may do it.
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Old 11-20-2005, 07:49 PM
  #135  
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The only way to change the cost structure is to null-and-void UAW and supplier contracts. How to do that: only bankruptcy can clean that mess out. And then, you need new management to replace the failed current management, and also replace the board of directors as well.

You need to rip out the heart of General Motors to save it.

http://www.generalwatch.com
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Old 11-20-2005, 09:00 PM
  #136  
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^^ yep, Chrysler was at the brink of bankruptcy before they goverment bailed them out in the 80's... Lee Iacocca and Minivan sales turned 'em around tho'...

GM need a good housecleaning...
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Old 11-20-2005, 11:15 PM
  #137  
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Originally Posted by gavriil
Let me say this. If Delphi goes through a long strike, it will be probable for GM to go into an unrecoverable situation.
Yep. Though GM spinned Delphi off years ago, they're still way to dependent on them. If this strike has any kind of legs, it'll cripple GM's production.
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Old 11-21-2005, 06:47 AM
  #138  
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Closings

http://www.usatoday.com/money/autos/...closures_x.htm

General Motors to close some North American plants
DETROIT (AP) General Motors Corp., which has been losing billions of dollars along with share in the key U.S. market, is planning to close some North American plants, a spokesman for the world's biggest automaker said Monday.

Rick Wagoner, chairman and CEO of the world's largest automaker, was expected to announce the closures during a speech to employees from GM's Detroit headquarters before the financial markets open, GM spokesman Brian Akre said.

GM has been crippled by falling U.S. market share, high labor and health care costs and other issues. It lost nearly $4 billion in the first nine months of this year.

The automaker could also be facing a strike at Delphi Corp., its biggest parts supplier, which filed for bankruptcy protection last month. GM spun off Delphi in 1999 and could be liable for billions in pension costs for Delphi retirees. GM also is under investigation by the U.S. Securities and Exchange Commission for accounting errors.

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Old 11-21-2005, 08:14 AM
  #139  
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Nine plants:
http://news.yahoo.com/s/ap/20051121/ap_on_bi_ge/gm

Including Spring Hill, home to Saturn hippieness in Tennessee.

Al Gore: 'I want to be the candidate of Confederates who drive around in Nissan pickup trucks, cuz there ain't no GM in this state anymore'

MERRY CHRISTMAS FROM GENERAL MOTORS
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Old 11-21-2005, 08:23 AM
  #140  
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Wagoner=
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Old 11-21-2005, 09:50 AM
  #141  
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Opened a separate thread about the closings and the layoffs.
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Old 11-25-2005, 06:44 PM
  #142  
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Originally Posted by GreenMonster
GM need a good housecleaning...
I agree, I was a little suprised that they were closing two Canadian plants also. Being GM, I figured they'd wan't to dump plants with US UAW workers to just kill the whole US union.

Also found this intersting -

Originally Posted by http://news.yahoo.com/s/cpress/20051122/ca_pr_on_na/gm_cuts
Oshawa car plant No. 2 is to close in 2008, eliminating 2,300 hourly workers and 230 salaried positions, as production plans expire for its products, the Pontiac Grand Prix and the Buick Allure, badged as the Lacrosse in the United States.

In St. Catharines, the Ontario Street West powertrain components facility, which employs 130, will close in 2008.

"The surprise in Canada was the closing of Oshawa 2," commented industry analyst Dennis Desrosiers. The plant has consistently ranked among the best auto factories in the Americas for quality and productivity.

"But we ended up with 3,600 jobs (cut) out of 30,000," DesRosiers said. "Now, GM has about 20 per cent of their (North American) operations in Canada, and so the fact that we ended up with about an 11 per cent cut - if anything Canada got away light."
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Old 11-25-2005, 06:56 PM
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Can 't say I really believe what he has to say. I'm sure GM has to try and maintain some sort of stable image even if they are/were sinking like lead.

The postive of all this unfortuante news is that there is/has to be a hard timeline now of when GM has to start building competitive/money making products in all categories, its 5 yrs or bust- one model cycle to win the US back to competitive sales.
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Old 12-06-2005, 06:09 PM
  #144  
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GM MIGHT file for bankruptcy...

Just received to unconfirmed reports that GM is going to file BK within the next few months, if not weeks.........
A friend who works in the automotive industry in mgmt told me.........can't give any more details........
Also another person I know who is suing GM received word from her lawyer that GM will not pay on an already agreed-upon settlement as they are filing.
You heard it here first........hopefully this is not true.

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Old 12-06-2005, 06:12 PM
  #145  
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:ibmovetocartalkorcarnews:

Just think of how it will cripple the economy....I mean, one GM plant is closing in Ontario and people are getting theire undies in a bunch over that...

Hopefully its not true, but you never know in today business society...
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Old 12-06-2005, 06:12 PM
  #146  
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if it does happen, it will be a dark day for many
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Old 12-06-2005, 06:14 PM
  #147  
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Calm down..do you know how many divisions of GM there are? Is this GM North America? GM Europe, whatever they call the Middle East division? It's not a corner store that's about to go out of business. They can still file bankruptcy adn operate, as Chrysler did.
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Old 12-06-2005, 06:14 PM
  #148  
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Kmart filed for bankruptcy and they're still in business... does filing actually mean they will totally shut down? Or does it just clear their current debts and let them "start over" in a manner of speaking?
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Old 12-06-2005, 06:15 PM
  #149  
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time to sell short!
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Old 12-06-2005, 06:15 PM
  #150  
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The gov't will bail them out. These talks have been going on for almost a year now
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Old 12-06-2005, 06:15 PM
  #151  
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Originally Posted by rise
time to sell short!

it ain't worth shit now
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Old 12-06-2005, 06:17 PM
  #152  
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Originally Posted by CLpower
The gov't will bail them out. These talks have been going on for almost a year now
Just like the gov. did with Chrysler in the 80's...

It's probably cheaper to bail them out then it is to let them go belly up...
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Old 12-06-2005, 06:18 PM
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I think anyone with half a brain saw this coming. GM has way too many embedded problems that need fixing and they just do not have the leadership in place to make the necessary changes. They just aren't competitive anymore.
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Old 12-06-2005, 06:21 PM
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I'm going to let this stay here for now, since it's a rumor we're talking about not really news...

But it probably makes sense to merge this with the Automotive news thread here:

https://acurazine.com/forums/showthread.php?t=324877

(mods feel free to merge this, I'm still thinking about doing it myself).
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Old 12-06-2005, 06:23 PM
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GM is not going to file bankruptcy. This is just a rumor.
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Old 12-06-2005, 06:28 PM
  #156  
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Old 12-06-2005, 06:29 PM
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NEW YORK (CNN/Money) - The chances that General Motors will file for bankruptcy are now about 30 percent, according to one industry analyst, following the bankruptcy filing by the company's former parts unit, Delphi.
continued...

Despite recently sustaining billions in losses from its core North American auto operations, GM shows a healthy balance sheet, with $32.3 billion in cash on hand.

It also said it has a fully funded pension plan, though that does not include retiree health care costs, which have become a significant burden for the automaker.

Auto analyst David Healy of Burnham Securities said he agrees that Delphi's bankruptcy is a significant hit for GM but one that he thinks the embattled automaker is well positioned to handle, given its strong balance sheet.
http://money.cnn.com/2005/10/10/news...00/gm_outlook/

meh...

DETROIT -- General Motors Corp. isn't considering bankruptcy protection as a way to solve its financial troubles, the automaker's chairman and CEO said Wednesday.

"As we look at the responsibilities we have to a broad range of constituents, as we look at what we need to do to make the business successful, as we look at our businesses around the world, we think there are significant costs to bankruptcy," Rick Wagoner said. "We don't think it's a good option."
http://www.detnews.com/2005/autosins.../gm-354620.htm
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Old 12-06-2005, 06:33 PM
  #158  
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Originally Posted by GreenMonster
Just like the gov. did with Chrysler in the 80's...

It's probably cheaper to bail them out then it is to let them go belly up...
yeah they will bail them out just like they bail out the airlines like Delta
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Old 12-06-2005, 06:33 PM
  #159  
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I can't say I am surprised in the least. Bankruptcy, when used properly, can be a very helpful tool to rebuild a company. That being said I have no faith in GM ever getting their head screwed on straight.

They refuse to listen to what it is that people want, or possibly even scarier are incapable of building it.
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Old 12-06-2005, 06:38 PM
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Originally Posted by Tireguy
I can't say I am surprised in the least. Bankruptcy, when used properly, can be a very helpful tool to rebuild a company. That being said I have no faith in GM ever getting their head screwed on straight.

They refuse to listen to what it is that people want, or possibly even scarier are incapable of building it.
I don't really think it is the product that is bringing GM down, or should I say, brought GM down. It is the associated costs with the vehicles. The new agreement with the UAW will help. Health care costs will be decreased. They are laying off 30,000 employees with 12 plants, I believe. GM has a large stock pile of cash.

The only problem with their products is that their lower end cars have excellent sales, but their high-end truck sales has been declining. The high-end trucks are their most profitable vehicles.
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