For sure the "new" car business is probably ranked as the proverbial crap shoot. An unexpected consequence might be the overnight growth of the used car markets. Even in the so called good/banner years, used cars had much higher profit volume and percentages than new car markets.
"____________ praised President Obama's automotive task force, saying the dialogue between automakers and the federal government has been invaluable and unprecedented.
This is the first time, he noted, U.S. automakers have had government support like other countries provide, such as China's automotive minister and Japan's Ministry of International Trade and Industry. He recommended -- and predicted -- that some such entity will be made permanent."
I wonder if the praise might be because GM is in the role of supplicant and the task force has the money strings for Obama?
But the article goes on:
" CTS coupe stopped task force members in their tracks..." "The government will want to see us make the kind of cars Americans want to buy," Lutz said.
Of course the little cars will be for the rest of us little people to buy--not CTSs.
"Lutz threw out a couple of telling numbers -- $103 billion spent over the past 15 years on health care and pension costs. GM's foreign competitors benefit from health-care programs provided by the government instead of industry. And, Lutz noted, GM now has 10 retired workers collecting health care and pension to every one active worker."
And we're back to the major problem that the foreign companies haven't had to work around, for one thing.
Used car values at the auctions have been escalating steadily over the past 6 months, to the point now where there are some models that I would suggest people buy new as opposed to used. You're not going to save that much going used right now in some instances....
Washington says they want to sell their GM stock quickly. That means absolutely no chance of getting whole on the over $50B the taxpayers dropped into it. Well, you can at least say its cheaper than the AIG fiasco!
I still have not seen any indication the UAW workers with any seniority have given up anything. They are just tossing the new hires and retirees under the Obama Express. So much for a Union being "one for all, and all for one". The UAW Rank and File have again shown their greedy ways.
As a Teamster, when cuts in wages were necessary. We all got the same deal. It makes for a much more pleasant workplace. When everyone shares in the sacrifice. The UAW is probably the poorest excuse for a Union I have ever witnessed in my life. It is no surprise they have lost a million jobs for their members over the last 20 years. The Teamsters added 80,000 new members last year alone. How many did the UAW lose due to poor leadership?
Well, you can at least say its cheaper than the AIG fiasco!
You can't count the AIG bailout. AIG holds the Pension fund for Congress. No amount of money is too much for those greedy you know what's to spend protecting themselves. I wonder how much of the Bond money tied up in GM and C is insured by AIG and our tax dollars.
your comment above just reminded me of the role Jon Voight played in the movie 'Enemy of the State.' It's all about the votes and those votes leading them to more money for themselves.
The oldtimers in the UAW are no different. Pathetic. Wonder how many of them wanted to build a good small car for the masses? Even cared enough to? Tell me the Detroit 3 have thought about smaller cars. Cobalt? Caliber? Sheesh!
Wonder how many of them wanted to build a good small car for the masses? Even cared enough to?
Exactly...if they were always pissed off at management and expending energy to "GET", We got the cars they were working on when those thoughts permeated the assembly lines!
Well, it shows and now we can "see" the ultimate result. Nice going, guys and gals!
Review: although i have bought a dodge aspen, a chrysler la baron convertible. a dodge ram truck , 2 caravans that between them i drove 569,000 miles , plus my daughter bought a grand caravan and a labaron convertible ..all from Gary Miller dodge in Erie, Pa ..and were satisfied with the service, the purchases, and the total attitude at this dealership, i shall never ever again buy a gm or a dodge/chrysler product due to what obama and congress and the unions involved did to the legal shareholders that were fianancially raped and the dealerships that were closed and then had to sit back with their losses while the same dealerships were resold. Other than voting against the politicans ..and since they are all crooks it doesnt matter who i vote for...this is my only way of fighting back...
So you have generally enjoyed all the Chrysler products you have purchased and have never had any problems with them but will not purchase anymore to punish the politicians?
I am sorry but that is just stupid. You are just punishing the struggling dealers and struggling automakers by doing that. If you have a bad experience at a particular dealership or multiple bad experiences from a particular automaker then absolutely punish them by not buying their products. If the government had not taken over GM and Chrylser they would have gone in to Chapter 7 liquidation and the consequences would have been severe. You wouldn't have a choice to punish the automaker at all because they would be out of business.
The products Chrysler is making are the same ones you have enjoyed, in the near future they will be better after restructuring, so why not buy them again? You aren't punishing the politicians they will still have their job but you may cost jobs at the dealership and the automaker. If you have unions so much go buy non-union made cars. There are plenty of Toyota, Honda and Nissan products made in the country that are not union made.
The union does not own any of GM or Chrysler. The union's health care(VEBA) trust does on a good portion of them but they will be selling their stock to fund the VEBA as soon as possible.
Umm, lesee, because of bailout (and then the following bankruptcy), legal shareholders now have shares worth zero.
However, if there was no bailout then GM and Chrysler would have gone into bankruptcy right away, at which point, the shares of legal shareholders would be worth....zero.
Who did what to shareholders again? Try looking to the guys running the company, who ran it right to the point where the shareholders were going to be raped no matter what.
Personally I'll also avoid buying a GM or Chrysler product...but that's because I don't like 90% of them.
I have to agree - I have owned GM all my life, but just bought a New Ford Escape.
I will never again buy from GM and Chrysler. I hope more people do the same. Let the unions and employees keep them in business. I for one hope they fail!!
I don't think it's stupid, :lemon: I think buying another brand supports some other dealer and manufacturer. I feel sorry for Dodge and GM dealers, much of what has happened is not their fault, but some blame may be theirs - there are sales and service issues as well. I will vote with my wallet against Government Motors and either buy Fords or Toyotas or from someone who is good enough at their line of business not to require government intervention.
and billions of dollars, handed to these automakers with no hope of repayment. Dealers summarily dismissed. Bondholders, stockholders, told to take a hike after losing their entire investments. Just so that Fiat can have all the parts of Chrysler it wants for free, and 95% of the key execs at GM can keep their jobs. And they will go right on pumping out the same old schlock, STILL without a course to steer the ship or a way to turn it even if they had one.
If there is a groundswell of support across America for the notion not to buy from this pair as a result, I don't think I would shed any tears. All that money we gave them is already long gone either way, so let's at least let them meet the end they deserve. In the case of Fiatler, I don't think we will have TOO long to wait.....
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
GM and Chrysler get my first preference regardless of the political situation because I've always liked them. I've only had one Chrysler product and it was one of the best cars I've ever owned. I'd buy a Chrysler 300-C SRT8 tomorrow if I needed a new car.
Really? If GM and Chrysler go under, I really have nothing left to look forward to. All my money is just so much worthless toilet paper to enable me to survive to purchase commodities in an increasingly joyless world. Armageddon couldn't come soon enough. I will mourn the loss of GM and Chrysler more than my own impending death.
I think you need to look into a Ford Flex. Armor plating would be useful where you live. It is long and sleek. What more could a guy want in a car. Then you can always get a pre 1984 car of your choice. Those are not being crushed by the goons in DC. Face it, GM is history. Unless you want a Chinese Buick or Hummer. They have all the good looking Buicks in China anyway. Nothing here looks as good as this Buick:
Yeah, but it's still a Ford! Yuck! A world with nothing but Ford and Asian imports is like going to Baskin Robbins and all they have is unflavored ice milk! :sick: What good is money if there's nothing worthwhile to spend it on?
Seriously, you should take a look at Ford and Hyundai, two companies that have their stuff together and make some vehicles that would likely be just to your tastes. Starting with the Genesis. Seriously.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
WASHINGTON (AP) -- Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.
The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.
"I think they drove a very hard bargain," said Elizabeth Warren, the panel's chairwoman and a law professor at Harvard University, referring to the Obama administration's Treasury Department. "But it may not be enough."
The prospect of recovering the government's assistance to GM and Chrysler is heavily dependent on shares of the two companies rising to unprecedented levels, the report said. The government owns 10 percent of Chrysler and 61 percent of GM. The two companies are currently private but are expected to issue stock, in GM's case by next year.
The shares "will have to appreciate sharply" for taxpayers to get their money back, the report said.
For example, GM's market value would have to reach $67.6 billion, the report said, a "highly optimistic" estimate and more than the $57.2 billion GM was worth at the height of its share value in April 2008. And in the case of Chrysler, about $5.4 billion of the $14.3 billion provided to the company is "highly unlikely" to ever be repaid, the panel said.
Who in their right mind would buy stock in GM or C with that baggage attached? You would be married to the UAW with VEBA owning a controlling interest. No Thanks, I am happy with my Ford bought at $1.76 per share. It has kept my 401K doing well.
Fuzzy math should be taught in the schools. That is all we are getting from the Federal Government.
Because the Genesis offers more for your money. In the above comparison the Genesis 4.6 was only $3k more. Has over 100hp more and gets the same fuel economy and was quieter. I'd buy a Taurus SHO for 40k instead of the LaCrosse. More HP, AWD, more technology, and the same fuel economy.
The announcement today that GM will shutter Saturn, since the Penske Auto Group will no longer buy Saturn, damages the government's decision to try to rescue GM.
Well the president could invoke the Patriot Act to protect the country - What's good for GM is good for the U.S. - and buy Penske. Then Penske can buy Saturn and Saturn can be sold to Penske. Then the government just needs to sell Penske-Saturn. Maybe AIG could use government $ to buy Saturn-Penske? :sick:
And we'll all just be happy producing too many cars, for a country with high-taxes who can't afford to buy the cars we produce.
That's a solution for Obama and Congress. Start more car plants to put people back to work. Hire a few million people, pay them $70,000/year with great benefits, and just make lots of cars. That'll solve the health -care issue too for many! Let's just continue to use tax $ to produce stuff we don't need.
Perhaps, but it would have been better financially for GM, and for the dealers and employees who are associated with Saturn, for the brand to have been sold than forced to shut it down.
GM truly killed Saturn when they began selling badge engineered products under the Saturn name. It was no longer "a different kind of car company", just another brand selling average to below average GM vehicles and often charging a premium.
IMO, now that GM has restructured and trimmed it's vehicle portfolio, selling Saturn could mean an additional competitor down the road. Something GM definitely doesn't need in the small car market. There are enough players and GM is struggling mightily in that area.
I feel for those employed by Saturn, but GM will be better with Saturn gone. Saturn has done nothing but cost GM money and I don't think they ever once earned a return on their investment. While Saturn may have a relatively strong brand, GM does not have the resources to make Saturn a success.
IMO, now that GM has restructured and trimmed it's vehicle portfolio, selling Saturn could mean an additional competitor down the road.
Close. It is my understanding that the deal with GM and Penske fell through because Penske couldn't find a supplier to stock the showrooms after the initial 18 month window with GM closed.
The particulars involved the Nissan-Renault alliance, with cars supplied by Renault's South Korean partner Ssanyong. Apparently, the BOD of Nissan-Renault rejected the deal because they didn't want the competition against Nissan in NA.
Since Penske had no source of product after 2011, he pulled the plug - and 350 Saturn dealers and 13,000 employees are now, possibly, out of work.
The deal would have been good for GM, since they would have collected some undisclosed amount of money for the dealer network. Now, "Old GM" has to write off Saturn from its books.
Close. It is my understanding that the deal with GM and Penske fell through because Penske couldn't find a supplier to stock the showrooms after the initial 18 month window with GM closed.
I had read that too. But I was just looking at GM's side of the equation. Sure, GM would like to sell Saturn and needs the cash, but down the road, I think Saturn being gone and not a competitor will probably be good for GM.
GMAC to get $3.5 billion in added aid from government
NEW YORK (Reuters) - GMAC Financial Services is close to getting about $3.5 billion in added aid from the U.S. government, on top of the $12.5 billion already received since December 2008, the Wall Street Journal reported.
Abouth the only thing GM did right was dump GMAC while they were still profitable.
Still, it was a desperation move by GM since it was to raise cash to make GM look like the ship was still sailing, even though the ship was rapidly taking on water.
You know, I've heard that these companies like Cerberus make their money by buying companies like this, financing the purchase, and putting all the debt from the purchase on the company they bought. Thereby Cerberus gets rich from buying GMAC, GM made money from selling it, but GMAC takes ALL THE RISK, by assuming "it's own debt" from the sale.
I'm not saying this is how it was done for GMAC, but it is something these companies do all the time.
GMAC, a 90-year-old auto and home lender that was converted to a bank holding company last year to qualify for bailout financing, is the only bank of the 19 subjected to the stress tests that has been unable to borrow more capital from private investors.
It is now the primary lender to dealers of both G.M. and Chrysler, and it provides financing to customers of both automakers as well. It also operates Ally Bank, an online retail bank.
The company lost $5.3 billion in the first nine months of the year.
Over priced in my opinion. How could a bankrupt company stock be worth more than a company that did not claim bankruptcy? (Ford)??? Ford will have to do some serious cost cutting/productivity improvements along with model line up improvements over the next 5 years to keep itself out of bankruptcy. So far it is looking pretty good for Ford Motor Company. The quality is there, new models are rolling right along and appealing to consumers. I guess only time will tell.
GM is also doing its homework on what consumers really want. The new Cruze is on par if not slightly better than the present Civic in my opinion. GM will survive and I feel will thrive in the next decade.
Chrysler owned by Fiat.. This is going to be interesting. Fiat needs the network of Chrysler in order to get back into the U.S. markets. Many of the small cars you are going to see are going to be re-badged Fiats. This is going to be a winning game for Fiat. Dodge has made some serious improvements to the interior of many of its vehicles. Even the Durango is looking pretty sharp. Now it needs to improve engine/transmission/fuel technology offerings.
Do I believe in loans to the auto industry? Yes, Japan, Korea, Germany, France have all given their auto industries some sort of bail outs. Whether in the form of tax breaks, tax incentives.. or just plain cash.
What do you know? When you have a name on a company and you still own controlling interest in it you take pride in it. The Fords are not just a group of inverters looking to sell it off one buy one. They have a love for this company and what it did for them as well as what it did for the rest of Detroit. Get off your horse and open your eyes and look around. When the others went looking for help The Ford Mo Co was standing with them just to be the sporting neighbor. Ford didn't need the money then and don't need the money now. What i see when i look around, i see people watching the neighbor shut down and loose every thing and no one willing to help. Have we turned into a nation of vulcanism s???? I came to the usa from italy in 1954 and was proud to become an American and i am still proud of it. But it upsets me when people turn there backs on fiends that are in need. When we help one another you think we got Government help and you talk about how we stick together. Its funny but when times were bad back when i was a kid. My mom always helped feed some of my non Italian friends ( German,Irish,Black & and others ) mom never turned one away. But when we fell on hard times and dad was down no one came to help except for the family and other italians. The others forgot what mom did for them.
Stop your B.S. and lets work together and make this Country what it once was.
"The new Cruze is on par if not slightly better than the present Civic in my opinion."
Honda will introduce the next generation Civic this spring, and Ford will introduce its completely redesigned Focus in the fall. Will the Cruze still be competitive? And let's not forget the all-new 2011 Elantra that Hyundai introduced a couple of months ago.
"Michigan’s economy is recovering from the recession at the second-fastest pace in the U.S., lifted by reviving carmakers and local manufacturers, according to a new Bloomberg index that tracks the pace of state growth.
Michigan is benefitting from gains in the U.S. automobile industry, which is reviving after Obama led an $82 billion bailout and General Motors Co. and Chrysler Group LLC emerged from bankruptcy.
Last week, Ford Motor Co. reported quarterly profit of $1.65 billion and Chrysler raised its forecast for its first annual profit to $600 million. The new United Auto Workers contract with Chrysler, Ford and GM boosts starting pay and provides signing bonuses to employees."
Comments
This is the first time, he noted, U.S. automakers have had government support like other countries provide, such as China's automotive minister and Japan's Ministry of International Trade and Industry. He recommended -- and predicted -- that some such entity will be made permanent."
Spoiler in AutoObserver
I wonder if the praise might be because GM is in the role of supplicant and the task force has the money strings for Obama?
But the article goes on:
" CTS coupe stopped task force members in their tracks..."
"The government will want to see us make the kind of cars Americans want to buy," Lutz said.
Of course the little cars will be for the rest of us little people to buy--not CTSs.
"Lutz threw out a couple of telling numbers -- $103 billion spent over the past 15 years on health care and pension costs. GM's foreign competitors benefit from health-care programs provided by the government instead of industry. And, Lutz noted, GM now has 10 retired workers collecting health care and pension to every one active worker."
And we're back to the major problem that the foreign companies haven't had to work around, for one thing.
2014 Malibu 2LT, 2015 Cruze 2LT,
Seems prudent in their case to diversify.
I'm thinking some stock in the New GM could be an ok buy. We may have to relight the Are car stocks driving you out of the market? discussion.
As a Teamster, when cuts in wages were necessary. We all got the same deal. It makes for a much more pleasant workplace. When everyone shares in the sacrifice. The UAW is probably the poorest excuse for a Union I have ever witnessed in my life. It is no surprise they have lost a million jobs for their members over the last 20 years. The Teamsters added 80,000 new members last year alone. How many did the UAW lose due to poor leadership?
You can't count the AIG bailout. AIG holds the Pension fund for Congress. No amount of money is too much for those greedy you know what's to spend protecting themselves. I wonder how much of the Bond money tied up in GM and C is insured by AIG and our tax dollars.
The oldtimers in the UAW are no different. Pathetic. Wonder how many of them wanted to build a good small car for the masses? Even cared enough to? Tell me the Detroit 3 have thought about smaller cars. Cobalt? Caliber? Sheesh!
2021 Kia Soul LX 6-speed stick
Exactly...if they were always pissed off at management and expending energy to "GET", We got the cars they were working on when those thoughts permeated the assembly lines!
Well, it shows and now we can "see" the ultimate result. Nice going, guys and gals!
Regards,
OW
Review: although i have bought a dodge aspen, a chrysler la baron convertible. a dodge ram truck , 2 caravans that between them i drove 569,000 miles , plus my daughter bought a grand caravan and a labaron convertible ..all from Gary Miller dodge in Erie, Pa ..and were satisfied with the service, the purchases, and the total attitude at this dealership, i shall never ever again buy a gm or a dodge/chrysler product due to what obama and congress and the unions involved did to the legal shareholders that were fianancially raped and the dealerships that were closed and then had to sit back with their losses while the same dealerships were resold. Other than voting against the politicans ..and since they are all crooks it doesnt matter who i vote for...this is my only way of fighting back...
Cons: took over by obama and the unions
I am sorry but that is just stupid. You are just punishing the struggling dealers and struggling automakers by doing that. If you have a bad experience at a particular dealership or multiple bad experiences from a particular automaker then absolutely punish them by not buying their products. If the government had not taken over GM and Chrylser they would have gone in to Chapter 7 liquidation and the consequences would have been severe. You wouldn't have a choice to punish the automaker at all because they would be out of business.
The products Chrysler is making are the same ones you have enjoyed, in the near future they will be better after restructuring, so why not buy them again? You aren't punishing the politicians they will still have their job but you may cost jobs at the dealership and the automaker. If you have unions so much go buy non-union made cars. There are plenty of Toyota, Honda and Nissan products made in the country that are not union made.
The union does not own any of GM or Chrysler. The union's health care(VEBA) trust does on a good portion of them but they will be selling their stock to fund the VEBA as soon as possible.
However, if there was no bailout then GM and Chrysler would have gone into bankruptcy right away, at which point, the shares of legal shareholders would be worth....zero.
Who did what to shareholders again? Try looking to the guys running the company, who ran it right to the point where the shareholders were going to be raped no matter what.
Personally I'll also avoid buying a GM or Chrysler product...but that's because I don't like 90% of them.
I will never again buy from GM and Chrysler. I hope more people do the same. Let the unions and employees keep them in business. I for one hope they fail!!
If there is a groundswell of support across America for the notion not to buy from this pair as a result, I don't think I would shed any tears. All that money we gave them is already long gone either way, so let's at least let them meet the end they deserve. In the case of Fiatler, I don't think we will have TOO long to wait.....
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
2014 Malibu 2LT, 2015 Cruze 2LT,
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.
"I think they drove a very hard bargain," said Elizabeth Warren, the panel's chairwoman and a law professor at Harvard University, referring to the Obama administration's Treasury Department. "But it may not be enough."
The prospect of recovering the government's assistance to GM and Chrysler is heavily dependent on shares of the two companies rising to unprecedented levels, the report said. The government owns 10 percent of Chrysler and 61 percent of GM. The two companies are currently private but are expected to issue stock, in GM's case by next year.
The shares "will have to appreciate sharply" for taxpayers to get their money back, the report said.
For example, GM's market value would have to reach $67.6 billion, the report said, a "highly optimistic" estimate and more than the $57.2 billion GM was worth at the height of its share value in April 2008. And in the case of Chrysler, about $5.4 billion of the $14.3 billion provided to the company is "highly unlikely" to ever be repaid, the panel said.
Flushed down the toilet
And they wonder why I expect nothing but equally fuzzy math when a certain someone addresses a joint session of Congress tonight.
Fuzzy math should be taught in the schools. That is all we are getting from the Federal Government.
Lacrosse CXL vs. Genesis 4.6
Because the Genesis offers more for your money. In the above comparison the Genesis 4.6 was only $3k more. Has over 100hp more and gets the same fuel economy and was quieter. I'd buy a Taurus SHO for 40k instead of the LaCrosse. More HP, AWD, more technology, and the same fuel economy.
CTS vs Genesis v6
In this article the v6 Genesis is picked above what is IMO GM's most impressive car.
And we'll all just be happy producing too many cars, for a country with high-taxes who can't afford to buy the cars we produce.
That's a solution for Obama and Congress. Start more car plants to put people back to work. Hire a few million people, pay them $70,000/year with great benefits, and just make lots of cars. That'll solve the health -care issue too for many! Let's just continue to use tax $ to produce stuff we don't need.
Maybe you think GM could put Saturn on Ebay?
IMO, now that GM has restructured and trimmed it's vehicle portfolio, selling Saturn could mean an additional competitor down the road. Something GM definitely doesn't need in the small car market. There are enough players and GM is struggling mightily in that area.
I feel for those employed by Saturn, but GM will be better with Saturn gone. Saturn has done nothing but cost GM money and I don't think they ever once earned a return on their investment. While Saturn may have a relatively strong brand, GM does not have the resources to make Saturn a success.
Close. It is my understanding that the deal with GM and Penske fell through because Penske couldn't find a supplier to stock the showrooms after the initial 18 month window with GM closed.
The particulars involved the Nissan-Renault alliance, with cars supplied by Renault's South Korean partner Ssanyong. Apparently, the BOD of Nissan-Renault rejected the deal because they didn't want the competition against Nissan in NA.
Since Penske had no source of product after 2011, he pulled the plug - and 350 Saturn dealers and 13,000 employees are now, possibly, out of work.
The deal would have been good for GM, since they would have collected some undisclosed amount of money for the dealer network. Now, "Old GM" has to write off Saturn from its books.
I had read that too. But I was just looking at GM's side of the equation. Sure, GM would like to sell Saturn and needs the cash, but down the road, I think Saturn being gone and not a competitor will probably be good for GM.
NEW YORK (Reuters) - GMAC Financial Services is close to getting about $3.5 billion in added aid from the U.S. government, on top of the $12.5 billion already received since December 2008, the Wall Street Journal reported.
http://www.reuters.com/article/idUSTRE5BT06O20091230
Which still doesn't excuse it.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
Still, it was a desperation move by GM since it was to raise cash to make GM look like the ship was still sailing, even though the ship was rapidly taking on water.
I'm not saying this is how it was done for GMAC, but it is something these companies do all the time.
GMAC, a 90-year-old auto and home lender that was converted to a bank holding company last year to qualify for bailout financing, is the only bank of the 19 subjected to the stress tests that has been unable to borrow more capital from private investors.
It is now the primary lender to dealers of both G.M. and Chrysler, and it provides financing to customers of both automakers as well. It also operates Ally Bank, an online retail bank.
The company lost $5.3 billion in the first nine months of the year.
Nice! Good money after bad! Only in the U.S.A.
Regards,
OW
Who didn't buy Ford stock.
Who didn't buy gold or silver.
GM is also doing its homework on what consumers really want. The new Cruze is on par if not slightly better than the present Civic in my opinion. GM will survive and I feel will thrive in the next decade.
Chrysler owned by Fiat.. This is going to be interesting. Fiat needs the network of Chrysler in order to get back into the U.S. markets. Many of the small cars you are going to see are going to be re-badged Fiats. This is going to be a winning game for Fiat. Dodge has made some serious improvements to the interior of many of its vehicles. Even the Durango is looking pretty sharp. Now it needs to improve engine/transmission/fuel technology offerings.
Do I believe in loans to the auto industry? Yes, Japan, Korea, Germany, France have all given their auto industries some sort of bail outs. Whether in the form of tax breaks, tax incentives.. or just plain cash.
Stop your B.S. and lets work together and make this Country what it once was.
Honda will introduce the next generation Civic this spring, and Ford will introduce its completely redesigned Focus in the fall. Will the Cruze still be competitive? And let's not forget the all-new 2011 Elantra that Hyundai introduced a couple of months ago.
Michigan is benefitting from gains in the U.S. automobile industry, which is reviving after Obama led an $82 billion bailout and General Motors Co. and Chrysler Group LLC emerged from bankruptcy.
Last week, Ford Motor Co. reported quarterly profit of $1.65 billion and Chrysler raised its forecast for its first annual profit to $600 million. The new United Auto Workers contract with Chrysler, Ford and GM boosts starting pay and provides signing bonuses to employees."
Michigan Surpassing 48 States Shows Autos Drive U.S. Recovery (Bloomberg)