GM cuts production
Comments
-
The American maverick persona is the biggest thing hurting American car manufacturers. The US has wider roads, which these companies built vehicles to fit them. Unfortunately, do to more congestion and thinner roadways, Europeans like to drive thinner more maneuverable trucks and SUVs. Basically forcing Ford, GM, and Dodge's hands into to making different versions of the same trucks and SUVs.
-
GM Cars have sucked since the 70’s. They make good trucks and SUVs though. Cadillac’s are nice for 5 years before they fall apart like every other GM car.
-
El oh el. Um no. I mean it's factual they want smaller cars. They has nothing to do with why they are cutting jobs.greenblood said:The American maverick persona is the biggest thing hurting American car manufacturers. The US has wider roads, which these companies built vehicles to fit them. Unfortunately, do to more congestion and thinner roadways, Europeans like to drive thinner more maneuverable trucks and SUVs. Basically forcing Ford, GM, and Dodge's hands into to making different versions of the same trucks and SUVs.
-
GM paid back the loans with interest, early.
-
WASHINGTON (Reuters) - The U.S. government lost $11.2 billion on its bailout of General Motors Co (GM.N), more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday.Apr 30, 2014
-
CEO says GM has repaid government loans in full
By Robert Farley on Tuesday, April 27th, 2010 at 4:59 p.m.
In an ad reminiscent of Lee Iacocca's "Thanks, America" commercials in 1983 after Chrysler had repaid government-backed loans, General Motors CEO Ed Whitacre has taken to the prime-time airwaves to boast that GM has paid back its government loans, in full, and ahead of schedule.
"A lot of Americans didn't agree with giving GM a second chance," Whitacre says in the ad. "Quite frankly, I can respect that. We want to make this a company all Americans can be proud of again. That's why I'm here to announce we have repaid our government loan, in full, with interest, five years ahead of the original schedule. But there's still more to do. Our goal is to exceed every expectation you've set for us."
In addition to Whitacre, the loan repayment has been trumpeted by President Barack Obama and numerous members of his administration.
It's true that GM has squared up on its government loans, but Whitacre isn't telling the full story.
With GM in deep trouble and hundreds of thousands of jobs in the balance, the Obama administration -- through the Troubled Asset Relief Program (TARP) -- stepped forward with tens of billions of dollars worth of assistance. As of March 31, 2010, the U.S. Treasury had committed approximately $52.4 billion to GM.
Only a fraction of that, $6.7 billion, was in the form of loans. Most of the government's GM investment was converted to an ownership stake in the New GM, the company that emerged from bankruptcy: $2.1 billion in preferred stock; and 60.8 percent of the company's common equity. -
Liberals lie and they love being lied to.BennyBeaver said:GM paid back the loans with interest, early.
-
Where’s the lie?SFGbob said:
Liberals lie and they love being lied to.BennyBeaver said:GM paid back the loans with interest, early.
-
Here's the facts.
On December 19, 2008, President Bush agreed to a $24.9 billion bailout using TARP: $13.4 billion for GM, $5.5 billion for Chrysler, and $5 billion for GMAC.
In response, the companies promised to fast-track development of energy-efficient vehicles and consolidate operations. GM and Ford agreed to streamline the number of brands they produced. The United Automobile Workers union agreed to accept delayed contributions to a health trust fund for retirees. It also agreed to reduce payments to laid-off workers. The three CEOs agreed to work for $1 a year and sell their corporate jets.
On March 19, 2009, the Treasury Secretary Hank Paulson also approved $5 billion in loans to auto suppliers.
https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670 -
RaceBannon said:
CEO says GM has repaid government loans in full
By Robert Farley on Tuesday, April 27th, 2010 at 4:59 p.m.
In an ad reminiscent of Lee Iacocca's "Thanks, America" commercials in 1983 after Chrysler had repaid government-backed loans, General Motors CEO Ed Whitacre has taken to the prime-time airwaves to boast that GM has paid back its government loans, in full, and ahead of schedule.
"A lot of Americans didn't agree with giving GM a second chance," Whitacre says in the ad. "Quite frankly, I can respect that. We want to make this a company all Americans can be proud of again. That's why I'm here to announce we have repaid our government loan, in full, with interest, five years ahead of the original schedule. But there's still more to do. Our goal is to exceed every expectation you've set for us."
In addition to Whitacre, the loan repayment has been trumpeted by President Barack Obama and numerous members of his administration.
It's true that GM has squared up on its government loans, but Whitacre isn't telling the full story.
With GM in deep trouble and hundreds of thousands of jobs in the balance, the Obama administration -- through the Troubled Asset Relief Program (TARP) -- stepped forward with tens of billions of dollars worth of assistance. As of March 31, 2010, the U.S. Treasury had committed approximately $52.4 billion to GM.
Only a fraction of that, $6.7 billion, was in the form of loans. Most of the government's GM investment was converted to an ownership stake in the New GM, the company that emerged from bankruptcy: $2.1 billion in preferred stock; and 60.8 percent of the company's common equity.RaceBannon said:WASHINGTON (Reuters) - The U.S. government lost $11.2 billion on its bailout of General Motors Co (GM.N), more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday.Apr 30, 2014
-
I like how GM is changing their line up to meet consumer demand but any downside is all Trumps fault. That's what I like.
-
So different trends in Europe didn’t hurt GM’s bottom line? We know that isn’t true.2001400ex said:
El oh el. Um no. I mean it's factual they want smaller cars. They has nothing to do with why they are cutting jobs.greenblood said:The American maverick persona is the biggest thing hurting American car manufacturers. The US has wider roads, which these companies built vehicles to fit them. Unfortunately, do to more congestion and thinner roadways, Europeans like to drive thinner more maneuverable trucks and SUVs. Basically forcing Ford, GM, and Dodge's hands into to making different versions of the same trucks and SUVs.
GM is now closing plants to help its bottom line...seems like the bottom line has something to do with cutting jobs.
