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Old 11-07-2008, 02:05 AM   #1
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Exclamation MERGED: Has anyone read this (bankruptcy) about GM?

I don't like reading this... i'm a little concerned. think the Camaro will be affected?

http://www.bloomberg.com/apps/news?p...3tw&refer=home
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Old 11-07-2008, 02:08 AM   #2
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Quote:
Originally Posted by theshocker6969 View Post
I don't like reading this... i'm a little concerned. think the Camaro will be affected?

http://www.bloomberg.com/apps/news?p...3tw&refer=home
the camaro needs to go on sale so it can help them earn mony....nuff said
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Old 11-07-2008, 02:11 AM   #3
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The Camaro is pretty much done with development costs.
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Old 11-07-2008, 07:57 AM   #4
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We know the next generation Corvette is being delayed, and they are slowing production. Like they say "as GM goes so does the country". Inside GM I fear "as the Corvette goes so does GM".

***** are going to insist that with any bail out comes and increased UAW presence. None of this bodes well for the US auto industry.

Last edited by GTAHVIT; 11-07-2008 at 04:01 PM. Reason: Please keep party politics out of posts. Thanks very much
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Old 11-07-2008, 08:00 AM   #5
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The Camaro will not be, however some future cars are on hold.........You better be worried, this not only affects the locals in the area of a closing plant it affects everyone in the USA...........You have some consumers that don't get it. If GM were to go under that would be a hell of a blow to the economy............

I once saw this sticker " out of a job yet, keep buying foreign"
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Old 11-07-2008, 10:04 AM   #6
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Most of he reports, I have been reading state that the Camaro and new Lucerne are pretty well excluded from any delays at this point in time. We will see what develops during Today's announcements from GM.

Not a real rosy picture to say the least.
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Old 11-07-2008, 10:07 AM   #7
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it's not good...
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Old 11-07-2008, 10:10 AM   #8
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As long as I get my car...
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Old 11-07-2008, 10:11 AM   #9
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Quote:
Originally Posted by TomServo View Post
We know the next generation Corvette is being delayed, and they are slowing production. Like they say "as GM goes so does the country". Inside GM I fear "as the Corvette goes so does GM".

We know the Dems are going to insist that with any bail out comes and increased UAW presence. None of this bodes well for the US auto industry.
Well that sucks. No offense to Ford and Dodge, but I hope that they are doing as bad as GM is. Oops, did I say that out loud?
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Old 11-07-2008, 10:47 AM   #10
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Well that sucks. No offense to Ford and Dodge, but I hope that they are doing as bad as GM is. Oops, did I say that out loud?
It's not just the big three anymore...

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TOKYO (AP) -- Toyota slashed its annual earnings forecast Thursday to less than a third of what it was the previous fiscal year, the latest stunning sign that the global slowdown and strong yen are taking a toll on Japan's mighty automakers.

Toyota Motor Corp., which has been riding high on the success of its Prius hybrid and Camry sedan, reported that its July-September quarter net profit plunged 69% to $1.4 billion.
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Old 11-07-2008, 10:48 AM   #11
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I for one do not want to see any of the Detroit Three fail. It is the competition that makes everyone better (Hopefully!).

It really saddens me to see the depths to which Chrysler has sunk since Daimler took them over and ravaged the company. Likewise, for Ford.

What is interesting to me is to see how Ford has driven their Vehicle Quality to much better standards than the other domestics. Hopefully, some of that will rub off on GM.
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Old 11-07-2008, 10:51 AM   #12
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I don't want to see any of the Detroit companies die off. We've lost enough great car companies in our history.

No one is safe right now...
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Old 11-07-2008, 10:59 AM   #13
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What even saddens me more is that Renault-Nissan is one of the groups considering taking over Chrysler.

I know that Renault of today isn't the same as back in the early '80's.

But oh brother talk about a strange turn of events. They ripped the heart out of AMC. I can just imagine what they would do with Chrysler.
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Old 11-07-2008, 11:18 AM   #14
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Part of life is death. Its the circle of life right? Things dont just happen they happen for reasons, so accept change and embrace it, prepare, and utilise it.

Things always turn out good in the end!
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Old 11-07-2008, 01:12 PM   #15
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So, let me get this straight. Right about the same time Congress passed the $700 billion bailout bill, they also passed a $25 billion dollar bailout for the big three. Granted, the bailout for the big three received little attention. Now, the big three are coming back to the table because they are still hungry? What the hell?!
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Old 11-07-2008, 01:17 PM   #16
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So, let me get this straight. Right about the same time Congress passed the $700 billion bailout bill, they also passed a $25 billion dollar bailout for the big three. Granted, the bailout for the big three received little attention. Now, the big three are coming back to the table because they are still hungry? What the hell?!
I don't believe that $25B has been handed out yet. ******************************************

Last edited by GTAHVIT; 11-07-2008 at 04:02 PM. Reason: Please keep party politics out of posts please, Thank you.
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Old 11-07-2008, 01:18 PM   #17
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Originally Posted by PsyDoc View Post
So, let me get this straight. Right about the same time Congress passed the $700 billion bailout bill, they also passed a $25 billion dollar bailout for the big three. Granted, the bailout for the big three received little attention. Now, the big three are coming back to the table because they are still hungry? What the hell?!
the 25$ billion bailout hasn't been finalized just yet i don't think...besides the auto companies are getting loans not grants like wall street so it isn't as bad as it sounds...
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Old 11-07-2008, 01:19 PM   #18
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The camaro is ready to roll the only problem is if GM enters Chapter 11 before it can ship. One thing is for sure, forget about any kind of Z28.

The problem here is even if the Gov bails them out it will be good money after bad unless the file chap 11 and restructure under its legal protection. GM is currently insolvent, the owe more than they have so any money just given to them will be used to pay the existing debt they already owe.
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Old 11-07-2008, 01:22 PM   #19
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the 25$ billion bailout hasn't been finalized just yet i don't think...besides the auto companies are getting loans not grants like wall street so it isn't as bad as it sounds...
Yes it is. Direct from GM's press release:

Quote:
"Even if GM implements the planned operating actions that are substantially within its control, GM's estimated liquidity during the remainder of 2008 will approach the minimum amount necessary to operate its business. Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve, it receives substantial proceeds from asset sales, takes more aggressive working capital initiatives, gains access to capital markets and other private sources of funding, receives government funding under one or more current or future programs, or some combination of the foregoing."
To summarize "Give us gubment money or we go tits up".
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Old 11-07-2008, 01:23 PM   #20
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Well that sucks. No offense to Ford and Dodge, but I hope that they are doing as bad as GM is. Oops, did I say that out loud?
They are in pretty bad shape - Well all the auto manufacturers are in that case.
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Old 11-07-2008, 01:26 PM   #21
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What even saddens me more is that Renault-Nissan is one of the groups considering taking over Chrysler.

I know that Renault of today isn't the same as back in the early '80's.

But oh brother talk about a strange turn of events. They ripped the heart out of AMC. I can just imagine what they would do with Chrysler.
Um, Chrysler was the one who bought AMC, not Renault, and yes ripped its heart out. I'm not sure if thats what you meant or what.....
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Old 11-07-2008, 01:28 PM   #22
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According to the article, the bill was passed on the weekend (September 27th & 28th).
===================
The Wall Street Journal reports, "The Senate voted 78 to 12 to pass a broad, must-pass spending bill that includes $7.5 billion to start the loan program. The House passed the bill earlier in the week, and President George W. Bush is expected to sign it."
===================
Bush signed the bill on Tuesday, September 30th. Right now, it appears to me that the big three are looking for more money.
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Old 11-07-2008, 01:29 PM   #23
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Um, Chrysler was the one who bought AMC, not Renault, and yes ripped its heart out. I'm not sure if thats what you meant or what.....
Renault owned AMC before Chrysler bought it from them... before that it was a conglomerate of the old car makers like hudson and the sort... kinda funny how it might be the other way around again eh?
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Old 11-07-2008, 01:32 PM   #24
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Taken from WSJ - Today

As I mentioned before - everyone is suffering:

Also not helping: Toyota Motor Corp. Toyota may be Detroit's arch-rival on Main Street, but on Wall Street, everybody shares in the misery. This morning, Toyota announced shrunken profits for the most recent quarter and reduced its revenue and earnings forecasts for the fiscal year ending in March.

On the quarter, Toyota's earnings slipped to 139.8 billion yen ($1.4 billion), a 69% decline from a year earlier, and revenue dropped 8%, to 5.98 trillion yen ($60 billion). Toyota forecast earnings of $5.5 billion for the fiscal year, less than half its original projection of $12.6 billion. As a result, Toyota's shares fell $13.28, to $67.09, a 16.5% decline.

All in all, automaker stocks look terrible, worldwide. Every major publicly traded carmaker was down today, with Honda slipping almost as much as Toyota. And in the medium term, it's not any prettier. A chart of six major carmakers: Toyota, GM, Ford, Honda Motor Co., Nissan Motor Co. and Daimler AG, shows that the best performing among them -- Toyota -- is down nearly 10% in the last two months. Honda is down over 20%, Nissan and Daimler over 30%, GM over 40% and Ford is in the rear, down over 50%.
Just be glad your 401(k) isn't loaded down with companies that make car parts. A quick look at six leading suppliers to the industry paint a grim picture. Since Sept. 5, powertrain and turbocharger maker BorgWarner Inc., along with jack-of-all-trades suppliers Magna Intl. and Johnson Controls Inc., are all down around 40% -- and that makes them relative shining lights in the sector. Battery maker Exide Technologies is down nearly 60%, axle-and-driveshaft specialist Dana Corp. around 70%, while Visteon Corp. and Lear Corp. have both lost more than 80% of their value in just two months.

Some suggest that suppliers may have a larger upside than carmakers, because they too will likely have a crack at the $25 billion in government-backed loans coming out soon. Then again, because suppliers catch pneumonia every time carmakers sneeze, to butcher a common refrain, their future may not be so bright.

In a speech on Wednesday to the Original Equipment Suppliers Assn., a parts-maker group, in Detroit, Troy Clarke, president of GM North America, made it clear that the company expected its suppliers to play nice.

"Suppliers who want to work with GM need to understand our footprint and our areas of growth," Clarke said. "They need to be staffed appropriately to handle that business, and they need to understand what consumers want and help automakers get ahead of the curve. And they need to be ready to change direction as market forces demand."

--Ken Bensinger

--------------------------------------------------------------------

BMW, Mercedes October Sales Drop as Credit Crunch Saps Demand

By Chris Reiter

Nov. 7 (Bloomberg) -- Bayerische Motoren Werke AG and Daimler AG's Mercedes-Benz Cars unit, the world's top two makers of luxury cars, sold a combined 31,000 fewer vehicles last month as the credit crunch discouraged large purchases by consumers.

BMW, which also owns the Mini and Rolls-Royce auto brands, said today that sales fell 8.3 percent to 113,005 cars and sport- utility vehicles from 123,300 vehicles a year earlier. Stuttgart, Germany-based Daimler said deliveries of Mercedes-Benz, Smart, and Maybach vehicles fell 18 percent to 93,800 from 114,600.

``Generally, we're feeling the effects of the poor market developments,'' while models nearing renewal are adding pressure, Verena Mueller, a spokeswoman for Mercedes-Benz, said in a telephone interview. Sales of the E-Class sedan fell 35 percent to 12,100 in advance of the introduction of a new version in March, even as the model kept its position atop the segment in Germany, she said.

Auto sales in the U.S., BMW's largest market and Mercedes's second-biggest, plummeted 32 percent in October to the lowest monthly total since January 1991. BMW scrapped its 2008 profit target on Nov. 4, while Daimler slashed 1 billion euros ($1.28 billion) from its 2008 earnings forecast on Oct. 23. BMW plans to cut production by 65,000 cars and SUVs, while Mercedes is curtailing output by more than 45,000 vehicles.
`Extremely Challenging' Market

BMW anticipates a decline in vehicle sales for the full year because of ``the extremely challenging conditions,'' Ian Robertson, the Munich-based carmaker's sales chief, said in a statement today, reiterating a forecast released Nov. 4. ``The retail gains made in our growth markets were unable to fully offset'' declines in western Europe, Japan and the U.S.

Mature markets hurt sales at both carmakers. BMW posted a 12 percent drop in western Europe, a 5 percent decline in the U.S. and a 29 percent plunge in Japan. Mercedes-Benz Cars' sales dropped 18 percent in western Europe, 25 percent in the U.S. and 34 percent in Japan to 1,800.
China was among the few markets to provide increases. BMW's deliveries in the country climbed 36 percent to 5,280 vehicles, while Mercedes-Benz's jumped 43 percent to 3,700.

Year-to-date global sales at BMW gained 0.7 percent to 1.23 million vehicles, as deliveries of Mini cars advanced 11 percent while demand at the BMW brand slipped 1.1 percent. Mercedes-Benz Cars' year-to-date deliveries rose 1.6 percent to 1.07 million cars and SUVs because of a 41 percent jump for the Smart brand, with the Mercedes-Benz brand reporting a 1.7 percent decline.

ME = Again, everyone is suffering - Our Camaro's will be built; however, your local GM Brand Dealership might not be there after this coming year. The owner of the dealership where I work came back from a meeting and they said 25% of all GM Branded dealerships will disappear within the next 12 months!
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Old 11-07-2008, 01:32 PM   #25
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Well our camaros are being built and we are paying sticker for the most part so, thats good, I just got a dealer ad in my inbox for 38,500 for a 1lt vette, there dropping prices on these like no other
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