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View Full Version : GM in desperation mode



jakncoke
12-12-2008, 12:30 PM
GREG KEENAN

Globe and Mail Update

December 12, 2008 at 12:38 PM EST

TORONTO — General Motors said Friday it will cut another 250,000 vehicles from its first-quarter production schedule by temporarily closing 21 factories across North America.

The move affects most plants in the U.S., Canada and Mexico. Many will be shut down for the whole month of January. Spokesman Tony Sapienza said normal production would be around 750,000 cars and trucks for the quarter.

GM and nearly all automakers who sell in the U.S. are mired in the worst sales slump in 26 years.

Canadian Auto Workers president Ken Lewenza called for the Canadian government to act immediately on a bailout.
General Motors

The Globe and Mail

“We could work for free and the Detroit Three wouldn't sell one more car,” he said on a conference call with journalists.

Chrysler's Windsor minivan plant would be down all of January, with a new two-week layoff at Chrysler in Brampton, Ont., as well, he said.

Most Canadian plants will be shut down for much of the month, Lewenza said.

General Motors has denied it was shutting down all its North American operations in January after a Canadian Auto Workers official said the company told him it would.

Chris Buckley, president of CAW Local 222, also told CTV Newsnet that GM has announced its car plants in Oshawa, Ont., east of Toronto will shut down for the entire month of January and the first two weeks of February.

Mr. Buckley says the union has been asking Prime Minister Stephen Harper and his government to send GM, Ford and Chrysler a strong signal they understand the crisis — and that they want to be part of the solution.

But he says they continue to sit back and see what happens in the United States.

Mr. Buckley says what happened in the U.S. last night is absolutely devastating.

The U.S. Senate rejected the proposed $14-billion (U.S.) bailout package for the Detroit Big Three auto makers but the White House and U.S. Treasury Department said today they are prepared to act to avoid any possible collapse of America's three largest auto companies.

- With files from The Associated Press and The Canadian Press

I hope UAW burn in hell! for those that didn't hear, the bailout for the big 3 was nearly ready to be passed but UAW thought they'd be awesome and get all greedy and refuse a pay cut before the contract expires in 2011

LiNuX
12-12-2008, 12:55 PM
wow...imagine a time where we'll only have foreign made cars...just like many other things in the country..

another 21 factories closing would be really sad..harsh times

Trunks
12-12-2008, 04:35 PM
Bush apparently said that if he had to he would take the money the money from wall street?(I think so ) Then pay GM, saw it on the news today.

jakncoke
12-13-2008, 01:26 AM
ya I seen that they had a backup plan of taking from the wall st. bailout

Here's a smalls news article mentioning the treasury saying they'd prop up GM/Chrysler..man the hell GM though...not long it was said they had money to last till Mid-2009..now they have only weeks worth of money? hmmm....:laugh: these guys really suck at what they do.

Treasury ready to prevent collapse of automakers - Yahoo! Finance (http://finance.yahoo.com/news/Treasury-ready-to-prevent-apf-13817217.html)

LiNuX
12-17-2008, 09:09 PM
these guys really suck at what they do.


we seem to be seeing plenty of that lately...not just in the economy lol *cough*bush*cough* - 8 years man...

jakncoke
12-18-2008, 08:59 AM
anyone see Chrysler is idling there factory as well? from the 19th of December till no earlier than the 19th of January, apparently there actively trying to the Jeep division and Dodge division

LiNuX
12-18-2008, 11:11 AM
anyone see Chrysler is idling there factory as well? from the 19th of December till no earlier than the 19th of January, apparently there actively trying to the Jeep division and Dodge division

wow...and did you skip a word or something? like "trying to the jeep...."

jakncoke
12-18-2008, 11:45 AM
:laugh:, sell is the missing word.

LiNuX
12-18-2008, 12:20 PM
:laugh:, sell is the missing word.

ah ok...that makes sense and why would they want to sell those? thats...not very smart imo cuz i know the dodge sells alright, i see a lot of Dodge's in my campus's parking lot lol...so I'm just going by that

jakncoke
12-18-2008, 02:56 PM
desperate for money I suppose

LiNuX
12-18-2008, 02:58 PM
desperate for money I suppose

yeah..it may help them in the short term but I can't see how it will help them in the long term, hopefully the economy will get better and they'll probably regret it if they give those away in the long term

but I'm sure they have smarter financial analysts so who knows..they could be projecting less expenditures which could mean more profit if they play it right..iono

jakncoke
12-18-2008, 03:13 PM
maybe Cerberus Capital Management is looking to exit the car industry