We're experiencing history folks. General Motors, the largest auto manufacturer and one of the worlds largest corporations has officially filed for bankruptcy in the United States Bankruptcy Court.
We are awaiting a press conference from President Barak Obama regarding GM, and we will bring updates as they become available.
We do know that Chairman Fritz Henderson WILL continue to lead GM through bankruptcy. The fate of Saturn, Hummer and Saab is still up in the air at this point. Going through bankruptcy, GM will carry Chevrolet, Cadillac, Buick, GMC Truck. Hummer, Saturn, Saab and Pontiac will be either phased out or sold.
The New York Stock Exchange was showing GM stock valued at $.75 cents late last night with morning trading showin $.70, though it has steadily gone back up all morning. Currently it is trading at $.98 cents per share.
Showing posts with label GMC Truck. Show all posts
Showing posts with label GMC Truck. Show all posts
Monday, June 1, 2009
Sunday, May 31, 2009
General Motors to declare bankruptcy tomorrow
Tomorrow will be a truly sad day for the automobile industry. General Motors, the largest automobile manufacturer in the world, bankrupt. It just doesn't make sense saying it, even though we've been talking about it for months now.
General Motors was once THE company to watch in the industry. You could have said, what General Motors wants is what America wants. Unfortunately that isn't the case any more. Poor management decissions and the inability to keep up with market trends led to yearly losses in the billions of dollars. Couple that with legacy costs, the UAW, and the failure to restructure after government loans to the tune of $20 billion and we're left with the smoldering pile of goo that was once General Motors.
The saddest part is the loss of some great GM brands. We lost Oldsmobile in 2004. Hummer and Saab had been up in the air for the last 6 or so months, Saturn was poisoned by GM management over the last 15 + years. Opel is being divided up. And the biggest blow, Pontiac. Finally when Pontiac is making some great, fun cars they get the rug pulled out from under them.
This leaves GM with just Chevrolet, Cadillac, Buick, and GMC truck. I doubt we'll see the giant of GM that once was in the 1950s and 60s.
Stay tuned for more info as it becomes available.
General Motors was once THE company to watch in the industry. You could have said, what General Motors wants is what America wants. Unfortunately that isn't the case any more. Poor management decissions and the inability to keep up with market trends led to yearly losses in the billions of dollars. Couple that with legacy costs, the UAW, and the failure to restructure after government loans to the tune of $20 billion and we're left with the smoldering pile of goo that was once General Motors.
The saddest part is the loss of some great GM brands. We lost Oldsmobile in 2004. Hummer and Saab had been up in the air for the last 6 or so months, Saturn was poisoned by GM management over the last 15 + years. Opel is being divided up. And the biggest blow, Pontiac. Finally when Pontiac is making some great, fun cars they get the rug pulled out from under them.
This leaves GM with just Chevrolet, Cadillac, Buick, and GMC truck. I doubt we'll see the giant of GM that once was in the 1950s and 60s.
Stay tuned for more info as it becomes available.
Subscribe to:
Posts (Atom)