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Thread: GM ... probably screwed

  1. #1
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    GM ... probably screwed

    General Motors CEO Says Bankruptcy 'Probable' But Not Preferred
    Friday April 17, 2009
    CityNews.ca Staff

    General Motors boss Fritz Henderson admitted Friday it's "probable" the car company will file for bankruptcy, but added that it's not the preferred option.

    The CEO said the automaker is working on two plans, one involving bankruptcy, the other not.

    Henderson, in a conference call, said GM will need more assistance from the U.S. government sometime in the second quarter, though he wouldn't specify the timing of that.

    In a plan presented Feb. 17, GM said it would need an additional US$4.6 billion in the quarter.

    The automaker has already received US$13.4 billion in government loans, and it's been ordered to cut labour costs and debt by June 1.

    If it can't meet its goals by then, the company will be forced to file for bankruptcy.

    Henderson said the company's sales so far this month have been "ok" but he didn't go into details.
    We all knew GM would be back for more money. Now they're not getting any more so they're toast.

    When the president says GM will 'probably' file for bankruptcy, it's a pretty clear sign that it's exactly what will happen.

    I for one think it's a good thing. Go bankrupt, restructure, get rid of the unions, get rid of some stupid brands that just don't belong and come back in a stronger position and sell the cars people actually want to buy.

    As for the unionised workers? They were pampered for far too long. Now it's time to face reality. A bankrupt GM won't have any problems finding non-unionized workers in this economy.

    Go for it!

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    Should have just claimed bankruptcy in the first place and not wasted taxpayer dollars. I for one will never buy a GM because of all this, I didn't really like GM to begin with either. At least Ford sold off other assetts to survive. I would like to feel bad for all the union workers who are going to lose their job but that's what you get when you take advantage of the hand that feeds you for so long.

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    Wow. I actually agree with you on something. This is an historic day.

    Unfortunately, our stupid government pumped billions into them with the false sense that they had a snowballs chance in hell of recovering. They need to strip things down a lot. I'd say at the most keep Cadillac, GMC, Chevrolet, and perhaps Saturn or one of the budget brands. And really, that's too much.

    They'll still sell the same amount of cars, because the demand is there. It'll decrease costs for them since they don't need instances of many different models of the same car. (IE, GMC Yukon Denali, Chevy Tahoe, Cadiallac Escalade) Base and Luxury are more than enough. That's the plan that has worked for Honda/Acura, Toyota/Lexus, Nissan/Infiniti.

    The biggest plus though is restructuring union deals. That alone has the potential to make them profitable.

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    Quote Originally Posted by Zeuser
    I for one think it's a good thing. Go bankrupt, restructure, get rid of the unions, get rid of some stupid brands that just don't belong and come back in a stronger position and sell the cars people actually want to buy.
    If they can pull it off in about 60-days ... they've got a chance. But if the restructuring takes six months or more, they're done. Nobody (IMO) is going to want to buy a car from a company in bankruptcy, so on the day they declare bankruptcy their revenues from new car sales will go to just about zero and the clock starts ticking. A car is a considerably different financial commitment from other companies that can operate in bankruptcy (i.e.: airlines).
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    If that's the case, I'll go buy one that day. Does the way the engine works or the way the car was constructed instantly change once bankruptcy is declared? The cars on the lot right now are the same whether the company is in bankruptcy or not.

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    GM will probably come out better in the end.

    GM makes better cars than either Ford or Chrysler and I'd buy a Cadillac over a BMW or Mercedes any day.

    Their business plan for the last 30 years has been crap. Hopefully now they can get back to focusing on cars and customers instead of corporate greed.
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    Quote Originally Posted by Baldilocks
    GM will probably come out better in the end.

    GM makes better cars than either Ford or Chrysler and I'd buy a Cadillac over a BMW or Mercedes any day.

    Their business plan for the last 30 years has been crap. Hopefully now they can get back to focusing on cars and customers instead of corporate greed.

    I agree the best will come out of GM going belly up and restructuring. Im with you on the Caddy part to. 2009-10 Cadillac CTS V Series? I need to pick one of those up!!

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    Quote Originally Posted by golden54
    Wow. I actually agree with you on something. This is an historic day.

    Unfortunately, our stupid government pumped billions into them with the false sense that they had a snowballs chance in hell of recovering. They need to strip things down a lot. I'd say at the most keep Cadillac, GMC, Chevrolet, and perhaps Saturn or one of the budget brands. And really, that's too much.

    They'll still sell the same amount of cars, because the demand is there. It'll decrease costs for them since they don't need instances of many different models of the same car. (IE, GMC Yukon Denali, Chevy Tahoe, Cadiallac Escalade) Base and Luxury are more than enough. That's the plan that has worked for Honda/Acura, Toyota/Lexus, Nissan/Infiniti.

    The biggest plus though is restructuring union deals. That alone has the potential to make them profitable.
    That's what I was thinking. This is scary, golden and I are agreeing on things.

    Actually minus Saturn. Saturn is nothing more than Vauxhalls and Opels right now anyway. Just delete Saturn altogether.

    This is an Opel GT:



    Which Saturn looks exatcly like that?

    GM should basically be 3 or 4 divisions. Economy cars (chevy), luxury cars (Caddy), trucks (GMC) and perhaps a mid-range division (Pontiac+Buick mix). not too sure about the last one.

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    Quote Originally Posted by Baldilocks
    GM will probably come out better in the end.

    GM makes better cars than either Ford or Chrysler and I'd buy a Cadillac over a BMW or Mercedes any day.
    You'll change your mind once you drive them. I drove the last CTS and the current one and have always chosen an Import over the caddy. Sorry bud but the CTS just doesn't hold a candle to a BMW 3 series or a Merc C class.

    Things that I faulted about the CTS:

    - Stability control is dumb. It kicks in 2 seconds after you catch the car yourself. It's useless.
    - What's with the placement of the climate control? You have to take you eyes off the road way too far to look at the control.
    - Center console too wide. You'll have some nice scratchs on the right side of your shoe. If you wear designer shoes, as I'd expect from Caddy drivers, you'll be pissed!
    - Fast in a straight line but sucks in the corners. Whip around a corner in a 335i then take a CTS around the same corner and you'll see the difference.

    The test drive is really where you notice if a car is good or not. I wanted to like the CTS, I love the looks! but i just couldn't live with it day to day.

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    I've driven them AND have driven BMW and Mercedes. Foreign luxury cars (especially German ones), are HIGHLY ovrerrated, lose value TOO quickly and MUCH too costly to repair.

    Just like I'd still buy a Corvette over any German or Japanese sports car.

    As far as handling, most of the new Caddy's and Vettes are tested on the Nürburgring, so your handling opinon I am not putting too much faith in.

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    Quote Originally Posted by Baldilocks
    I've driven them AND have driven BMW and Mercedes. Foreign luxury cars (especially German ones), are HIGHLY ovrerrated, lose value TOO quickly and MUCH too costly to repair.
    1 - Not overrated. I thought so too until I drove them fast around corners. Really, i can only conclude you've never taken a BMW around a tight corner (90 degrees) really fast. Take my word on this, the CTS doesn't keep up with the 335i.
    2 - Lose value? CTS residual value = 50%, my 3 series = 60%. And with GM about to tank, which do you think will lose tons of value in the next few years?
    3 - Agreed about the cost of repairs though. Germans are expensive.

    I think you have pre-concieved notions about German cars which are unfounded. I had them as well until the day I started to seriously consider all luxury brands as my next car, not just Japanese ones!

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    It seems like everyone and their brother has a BMW or Benz. They have become the VW Beetle or Honda Civic of luxury cars.

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    Quote Originally Posted by Baldilocks
    It seems like everyone and their brother has a BMW or Benz. They have become the VW Beetle or Honda Civic of luxury cars.
    Merc or BMW could put their names on a cardboard box and writers and the people that buy them would praise them up and down!
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    Quote Originally Posted by Zeuser
    1 - Not overrated. I thought so too until I drove them fast around corners. Really, i can only conclude you've never taken a BMW around a tight corner (90 degrees) really fast. Take my word on this, the CTS doesn't keep up with the 335i.
    2 - Lose value? CTS residual value = 50%, my 3 series = 60%. And with GM about to tank, which do you think will lose tons of value in the next few years?
    3 - Agreed about the cost of repairs though. Germans are expensive.

    I think you have pre-concieved notions about German cars which are unfounded. I had them as well until the day I started to seriously consider all luxury brands as my next car, not just Japanese ones!
    You can't really compare the 3 series and CTS anymore on anything but price. It's in 5 series territory now. Although the 5 series probably handles better and has better steering feel, I haven't driven a new 5 series yet. And Japanese luxury cars really don't do anything for me either, the styling is pretty bland, but they do have their share of cool gadgets.

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    I test drove one of those Pontiac Solstice drop tops..

    POS made a nice noise.. not loud... sounds like one of those 90's Honda civics properly tuned..

    Again GM is a POS...

    Retards should have continued making Buick GN motors...

    I will NEVER drive another GM car unless it has a 3.8 intercooled turbo or 4 Barrels...

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