PocketMatrix

So GM sold more cars than ever during their Employee Discount for Everyone thing over the summer ... but a 26k car was being dumped for 19k, which gave them one of the worst periods they've seen revenue wise.

Now it's the fall months, typically the busiest for the automobile industry, and GM registered their poorest sales in history in September, and has again broken that record with their October sales.

They have sold their stock in Subaru to Toyota which now has a commanding vote in that company (good, AWD Hybrid cars by 2007), and GM has also sold their finance division, GMAC, because GM's credit history is so awful that GMAC couldn't get loans, even though GMAC is the only division of GM that is currently turning a profit. GM struck a deal with UAW to diminish their healthcare costs, but that will probably only save them another month or two before they file.

Renault is going to buy the Saab line from GM within a month, which is also good news. When this happens, the GM unions will strike because their jobs are being shedded, when this happens GM is going to declare bankruptcy so that they won't have to pay pensions or insurance any longer. Taddah, GM is bankrupt, the world is a better place, and Michigan will become a more conservative state.

Thoughts?

Oh, and if anyone wasn't following, Northwest Airlines is still doing great, thanks to their union striking and NWA bringing in independent workers who fixed 57 of their "permanently downed" aircraft, or atleast they were according to their unionized laborers who were earning more than most primary care physicians.

... tssk tsk, unions and feminists

First of all, GM didn't sell GMAC yet; it's only considering it. I'm guessing that it'll most likely happen, but by no means is it be final now. Besides, GMAC is worth around ~$16 billion if I remember correctly, so the sale will allow GM to float for a short while. Sales (disregarding the whole employee discount thing) are picking up slowly since quality is increasing. Cadillac is actually producing good cars now, and notoriously shitty cars (Grand Am, Cavalier) are being phased out. Lastly, GM is still dominant when it comes to trucks, and that's an extremely lucrative market. I think that when push comes to shove, at the worst it'll just sell off its car divisions and only produce GM and Chevy-branded trucks/vans. Oh, and don't forget that GM also produces locomotives and other various industrial things along those lines. It's a huge company, so sinking it won't be that easy.

Wait, I just looked it up and they sold Electro-Motive early this year. Haha, they're fucked.

LOL

Also, they make cereal ... ever heard of General Mills? I recall that they're operated by one parent company, along with General Electric also. Could be totally wrong, though.

That would really make me cry if GM went bankrupt, they're my favorite automotive company...


anyway, it's very ironic that the method they had hoped to keep sales up has put them into the worst financial state ever. It's going to be interesting how this pans out... Heaven forbid I buy a Ford truck.