Word: chrysler
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...most important reason for the government to expend this great effort on GM and Chrysler is that the car business is such a large employer. There is no longer a case to be made that the auto manufacturing business is "strategic". If the auto industry was ever in a position to enjoy that designation, it was when the American car companies had 70% of the market. At this point, Toyota (TM) and Honda (HMC) could buy the divisions of GM that they believe can be profitable and the domestic auto market would see very little disruption...
...bankruptcy court in eastern Michigan, though, is determined to do what it can to land a possible GM bankruptcy, as well as a potential Chrysler case. In December the court's six judges signed off on new rules that, among other things, allow the chief judge to divvy up the workload of a "very large, complex case of national significance" to keep such a bankruptcy running smoothly and quickly...
Instead, the auto manufacturers, especially The Big Three, are showing up with paper and Styrofoam versions of their future models which will sit on linoleum floors. The most extravagant attractions, which were often better than the cars, will be completely absent. As The Wall Street Journal points out, "Chrysler LLC has eliminated its popular test track in the basement of the Jacob K. Javits Convention Center, for which it once trucked in tons of dirt, rocks and logs and where attendees could go for a short spin in a Jeep. " (See pictures of the Top 10 scared traders...
...test track really did not cost very much compared to Chrysler's total marketing budget which stretched into the tens of millions of dollars each year. But, it looks bad to have the firm's CEO hot dogging in a 4x4 on artificial sand and boulders when he has just taken billions of dollars from the federal government. Even Ford (F), which has not asked the US for a dime, will not be doing much beyond trucking in its latest models and giving them an extra coat...
After decades of mostly good times, being in the car business is going to be a wretched experience for the next few years. Chrysler may not even be at the next show. GM may not show up with its Hummer or Saturn brands. If domestic car sales keep dropping at 40% per year, the 2010 show may be four used Fords on display in the Javits parking...