Posted on 03/03/2009 1:21:39 PM PST by tobyhill
General Motors Corp (GM.N)reported a bigger-than-expected 53 percent drop in February U.S. sales on Tuesday and announced a steep reduction in targeted second-quarter production compared with a year ago.
GM said it planned to produce 550,000 vehicles in North America in the second quarter, down by a third from 834,000 vehicles a year earlier.
GM, which has requested up to $30 billion of government loans to survive the industry downturn, said it estimated that overall U.S. light vehicle sales for the month of February fell to near 8.9 million units on an annualized basis. That would represent the worst monthly result since 1981.
(Excerpt) Read more at uk.reuters.com ...
File Bankruptcy and break the union in the process.
People need cars but I won't buy a Studebaker. When GM goes under, where's the parts???
Ford is going to survive. Bless their oil-burning engines.
Its too late. Once they took that, what? $17 billion from the Government it was over. Chapter 7 won’t stop their biggest creditor, Obama, from getting his off the top. GM is toast.
There own workers, who are their best customers, can no longer afford the vehicles at this point in time. It has become a falling pyramid, sorry to say.
Bye GM. Please just shut your doors and get out of the way so Toyota, Honda, and Ford can pick up the slack without you diluting the market.
Looks like the bail out was just a waste of taxpayer money - either that or it was the creation of a slush fund under a different name.
The bailout has nothing to do with sales being down.
GM is too big to fail.
Our country can fail.
Most just don't get it. /s
Bankruptcy wouldn’t necessarily mean GM would disappear.
Ping!
BushObamaics won’t let it fail.
Oh yes they would. There are just too good many auto manufacturers out there.
bankruptcy might be the only thing that can save GM.
Who said sales are down? I remember seeing on some MSM channel that profits were down 51% for some big department store and the image was supposed to make the dull observer thing that revenue was down. Profits were still there, they were just smaller.
GM needs to break all union contracts, that’s what is sinking them.
“Taxpayers, step forward and deposit your money in the box marked “STIMULUS”. The People thank you!”
tobyhill, very nice ambitious reasons but, no, it’s the end of the line for GM.
My long history of supporting American workers by buying American cars is finis.
The auto makers caved to the UAWs nonsensical demands too many times. Too much of the cost of a Detroit car gets to the DNC either via union dues or "community organization" (if you know what I mean).
.
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