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If you've read this blog for some time you've heard me say the easiest part of GM's bankruptcy will be filing the motions to cut dealers, shed plants, erase liabilities. And as always, don't take my use of the term "easy" to mean there is not a lot of pain that goes hand in hand with severing ties with thousands of people who have been part of the GM family for decades. There is plenty of pain.
Whenever I tell people that Saturn has been a neglected, and potentially highly profitable jewel in the GM family of brands, people look at me like I've got three heads.
In an opening statement before questioning GM CEO Fritz Henderson and Chrysler President Jim Press, Sen. Haynes said, "The deal is done." It was a painfully succinct summary of why thousands of auto dealers upset about losing their affiliations with GM and Chrysler are unlikely to find relief in Washington.
Today on Capitol Hill, the Senate Commerce Committee will question GM CEO Fritz Henderson and Chrysler President Jim Press about their moves to close roughly 2000 dealerships. For all the importance that comes with a Congressional hearing, don't expect much to change after this one.
General Motors filed for Chapter 11 bankruptcy protection Monday and all eyes are on the U.S. government's 60 percent equity stake in the auto maker. What does this bode for the stock market? Art Cashin, UBS Financial Services director of floor operations, offered CNBC his insights.
John Wolkonowicz, senior analyst at IHS Global Insight, and Alex Taylor, senior editor at Fortune Magazine, discussed the General Motors’ bankruptcy and the future of the automobile industry.
Somewhere Walter P. Chrysler and Alfred Sloan are shaking their heads. The men who left an indelible impression on the American auto industry must be watching what will happen today and wonder, "do these guys really have a shot at making it?"
After five months and $19.4 Billion in federal aid, three restructuring plans, and the removal of one CEO, General Motors is locked, loaded, and ready to file for Chapter 11 Bankruptcy protection on Monday.
It's never a wise thing to predict a smooth bankruptcy. Especially when you you are dealing with a company as large, as complex, and as loaded down with debt as General Motors.
Remember the first time you went into a dealership to buy a new car because you truly felt you could afford a new car loan? Remember the sticker shock when you ran the numbers and said to yourself, "I didn't really think it would that much." Now you know how many people feel when they see it might take $50 Billion to fix GM.
This is the day current and retired UAW members at General Motors have been fearing. In stark terms union members are finding out just how much their benefits, their jobs, and what they've come to expect will be changing as GM restructures either in or out of bankruptcy.
This week GM and Chrysler will transform the auto industry by skidding into and through bankruptcy. If they can avoid a major car wreck, perhaps Uncle Sam's "controlled bankruptcy" plan will work.
Four months into President Obama's administration and three months after he created the Auto Task Force to find a solution for an imploding auto industry, people are mad at the President.
Within two weeks expect to see GM in bankruptcy. And when the company files, whether it's late next week or Monday June 1st, the road map for a quick creation of a newer, leaner GM will be laid out for the Federal Government to follow. It's the Chrysler bankruptcy which has gone about as smoothly as the auto task force was hoping.
How do you define "free market". Yesterday, I argued the "free market" should determine if cars and trucks are powered by diesel fuel or by the conventional gasoline most vehicles currently use. This baffled some of you.
Over the last two days, as I've blogged about new fuel efficiency rules President Obama laid out at the White House, I've been struck by the opposition to these changes.
With the new mandate from Washington, this efficiency movement in the auto industry will pick up momentum, and several companies are positioned to profit.
For years, we've heard Detroit and other auto makers lobby against higher fuel economy standards because it would drive up costs and ultimately hurt sales of SUV's and pick-ups- vehicles Americans want.
"UNCLE!!!!!!!!!" That's the cry you'll hear from Detroit to Washington as President Barack Obama announces a new tailpipe emission standard that mirrors the tough measures California has been trying to impose for years.
Ask yourself these questions: If you are looking for a new car, truck, or minivan right now, will you buy a Chrysler, Dodge, or Jeep? Will you seriously consider one of those models?