GM to announce "important changes" with results

GM to announce "important changes" with results

www.reuters.com

DETROIT (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) will announce "important changes" to its operations in response to the "volatile global economic situation" when it reports third-quarter results on Friday, the automaker said in a note to staff on Wednesday.

The email did not specify what cost-cutting steps GM might be readying. A spokesman for GM confirmed the email was sent to staff.

(visit the link for the full news article)

Be ready for the greatest job cuts, and factory closings in car manufacturers, and US Industry ever before.

This announcement is waited, and it will start snowfall, a storm that wipes around US, and its industrial bases.

There will come very different kind of christmas this year, and GM will start that series of messages, witch will change the position of US in world markets.

Debts are made to pay. If you loose your financial credit, you will loose your industrial productions. And when you loose producers, you loose services, and you loose them all: Your economics.

www.reuters.com
(visit the link for the full news article)

for some reason, im actually leaning towards an opptimistic change that is gonna happen with GM that is gonna give a little boost


I dont know why but i get that feeling

we can only hope

and if not, sh#t alot of people are screwed

Originally posted by MurderCityDevil
for some reason, im actually leaning towards an opptimistic change that is gonna happen with GM that is gonna give a little boost

I wish I could be that optimistic.
Bloomberg

General Motors Corp., hammered by the worst auto market in 25 years, needs U.S. aid because ``time is very short'' to stop its collapse, says Roger Altman, the former Treasury official advising GM in merger talks with Chrysler LLC.

DetNews

General Motors Corp.'s financing unit posted a $2.52 billion net loss in third-quarter results released today, with red ink spread across GMAC Financial Services' housing and auto units.

GM will take a $1.2 billion hit because it owns 49 percent of GMAC. The finance unit is controlled by Cerberus Capital Management LP, which owns 51 percent, a stake GM sold in 2006 for $7.4 billion in a move to raise cash and improve GMAC's credit rating.

Things don't look good for GM at all.

if they were to drastically reduce their prices, would that not help to boost sales and ultimately solve their problem?

i think the whole thing is that corporations need to realize that greed is running them out of business, not this bad economy. heck, the economy wouldn't be so bad if a majority of people weren't so "gimme gimme" about everything.


granted, that's not the entire scope of the financial issues we are facing, however, i think that corporate greed surely is relevant here and could possibly be the issue being addressed by GM

one can hope, at least.

reply to post by Barathrum


exactly and the fact that a dollar isnt worth much and having to shovel out thousands to tens of thousands for one car, and then taxes and fees, and license and insurance and with gas and oil as they are

in a sense i felt optimistic i was hoping they be showcasing a new car with great fuel economy and very energy conservative

maybe like theyve been sitting on it and are like ok, this is what the people want and its whats gonna save us

also, those reports look ugly

i guess well know soon

From what I have read over the last couple of weeks in the motoring press, the feeling is that a merger with Chrysler is on the cards, as well as a possible 25% reduction in workforce.

The motor industry as a whole is feeling the pinch and even used car prices are dropping as dealerships try to shift stock. Some manufacturers here in the UK and other parts of Europe have already cut production and staff hours accordingly.

If the pay ratio between the auto workers and executives were more inline with those of the Japanese manufacturers, they would be able to provide a quality product at an affordable price. The American corporations have the idea that making a quality product is secondary to producing profits, and rewarding the crooks at the top. Screw the workers and customers.... They are not in business to make cars. They are in business to make money.