Word: gm
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...have owned the Dodge Aries K cars, Mercury Montereys and Chevy Chev-ettes they produced. So the citizens and the pols are irked to have to throw these companies a lifeline, even though they probably should do it for the good of the economy. An out-of-business GM (or even a bankrupt, reorganized one) is more than just a dead factory here and there. "There are real risks of cascading bankruptcy and then supply-side seizures," Columbia economist Jeffrey Sachs warned Congress, meaning that the ability of all car companies simply to make cars would be in jeopardy...
...GM, which is burning $2 billion a month, requested $18 billion in loans and credit lines - $4 billion for December. For that money, it will slash the number of plants it runs, the number of brands it makes and the number of dealers who sell them. It proposed cutting its hourly manufacturing costs in half. CEO Rick Wagoner agreed to work for $1 a year. GM's business is going down fast because consumers are already shying away from a potentially bankrupt company - which is part of GM's argument for immediate funding...
...three automakers have included additional concessions by the UAW as part their broad case for government bridge loans totaling $34 billion. After meeting with the UAW, GM management issued a statement: "We are pleased to see these changes and the willingness of the UAW to help improve our competitiveness. The UAW has shown they are willing to work with us on tough issues. We look forward to continuing to work with our union partners to transform our business as we are in this together." (See the 50 worst cars of all time...
...What's unclear is if the Big Three, particularly GM, can last that long. Ford said in the recovery plan it submitted Tuesday that it can survive through 2009 without a loan - provided neither one of its two competitors goes bankrupt and drags down the industry's entire supplier network. But Chrysler asked for $7 billion in loans, and GM said it would need $4 billion by the end of this month and upwards of an additional $14 billion next year to survive. All told, the companies have asked the Federal Government for $34 billion (including a $9 billion emergency...
...This time around, all three are making a symbolic gesture by driving hybrid cars from Detroit. Ford and GM have pledged to sell at least some of their jets, and all three CEOs said they would forgo salaries if they got the help they need, though that may not satisfy critics who claim the companies need entirely new management. More significantly, GM has pledged to consolidate its sprawling number of brands (focusing on Chevrolet, Cadillac, Buick and GMC), cut more than 20% of its remaining jobs, shutter almost a quarter of its factories and try to reduce crippling labor costs...