Word: carlies
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...Currently, the Administration's attention is on The Motor City where unemployment has hit 22%. Steve Rattner, a former media industry investment banker who has somehow become the Treasury's point man for the car business, says that GM (GM) and Chrysler will need more money than had been previously forecast. His comments are those of a man driving into the future while looking into the rearview mirror. Once U.S. light vehicle sales dropped over 30% the first two months of the year it was clear that the American auto companies would lose billions of dollars more than they forecast...
...Chrysler say that they need $22 billion. Rattner calls it differently. He told Bloomberg, "It could be considerably higher, I won't deny that", when asked whether U.S. aid sought by the car companies could increase. "Like all management teams they tend to take a reasonably, slightly perhaps, optimistic, view of their business. So it could be more, I can't rule that...
...There is no "could" about it. Since most of the restructuring programs for the car companies are not in place now, and probably cannot be until the middle of the year, their losses in the first two quarters should not be terribly different than they were in the fourth quarter. Depending on which of the P&L lines financial analysts look at, it means that Detroit is going through as much as $9 billion a month. GM (GM) and Chrysler could spend the $22 billion that they are requesting in as little as 90 days. It has been said that...
...already has 14,000 orders for the new Camaro since unveiling the first concept car in 2006. Never export oriented, GM is preparing to sell the car in 20 countries such as China, Saudi Arabia and Brazil. (See the 50 worst cars of all time...
...charge of the project, moved to Australia to oversee the re-engineering of a rear-wheel-drive chassis that its Holden auto subsidiary had sold in small quantities over the years in both its home market and the Middle East. The Camaro is built on the Holden platform. The car will actually be assembled at GM plant in Oshawa, Ontario, outside of Toronto...