Word: gm
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Dates: during 2000-2009
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...year in which only 10 million vehicles are sold would completely undermine the restructuring plans that the companies will present to Congress before the end of the quarter. The plan that GM gave to Congress last month assumed that the car company could break-even in the US if the domestic market supported 12.5 million vehicle sales. GM is already starting to hint that its assumptions for revenue have been...
Meanwhile, GM, rather than pushing for wage cuts, is demanding sweeping changes in work rules that would make it easier for the company to staff its plants with temporary workers as well as changes to the funding of the retiree healthcare trust or VEBA. Both GM and Chrysler agreed to fulfill their obligations to fund the VEBA with stock as well as cash, as required by the terms of the Bush bailout. But the automakers cannot unilaterally change the terms of the trust, so it's on the negotiating table...
Both companies want at least some commitment on the extent of the union concessions by Feb.17 when GM and Chrysler are scheduled to submit drafts of their new "viability plans" to the Treasury department. The automakers are supposed to show they have labor costs that are "competitive" with foreign car companies operating in the U.S. (See the 50 worst cars of all time...
...Center of Automotive Research in Ann Arbor, Mich., says that for past 25 years the UAW has succeeded in avoiding rollbacks in wages and benefits. The union may do it again. "I don't think there is going to be a wage roll-back," McAlinden says, despite the GM's bridge-loan agreement with the White House that gave GM $13.4 billion...
Last week, General Motors Chairman and CEO Rick Wagoner insisted that "the supply, design and construction of [electric-car] batteries must be a core competency of GM." GM plans to build a plant soon, as well as a battery research center, along with the University of Michigan. Toyota is already majority owner of the plant that makes the batteries for its Prius gas-electric hybrid car. Other car companies are looking to manufacturing firms like Chinese BYD, a leading cell-phone battery producer, to satisfy their battery needs...