Word: gm
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Dates: during 2000-2009
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...GM's stock price dropped below $10 this week to its lowest level in 54 years, down significantly from $43 last fall after the automaker had signed a new four-year labor contract with the United Auto Workers that included significant concessions. JPMorgan said the company has to raise $10 billion in fresh capital in the next several months. Merrill Lynch was even less optimistic. "We believe there is potential downside in the stock below $7 and that bankruptcy is not impossible if the market continues to deteriorate and significant incremental capital is not raised," Merrill Lynch analyst John Murphy...
...GM officials dismissed the report from Merrill, with the implication that Merrill - itself desperate for cash, having lost billions in the real estate bust - doesn't have the best financial acumen. "We won't comment on market speculation or the Merrill reports specifically," said GM spokeswoman Renee Rashid-Merem. She said GM is not cash short: "We continue to believe the company has sufficient liquidity and financial flexibility to meet its 2008 funding requirements, despite lower U.S. industry volumes." More than 17,000 blue collar workers dropped off GM's payroll last week as part of a buyout of long...
These companies do not necessarily aim to grow to the size of Toyota or GM. Says Bill Green, a partner at VantagePoint Venture Partners, a venture-capital firm that has invested in Tesla Motors: "No one argues today that the Tesla will serve anything but a small subset of the market. But it has changed the conversation. The big car companies will look at Tesla and say, 'Hey, maybe I can use that technology in my cars...
Even if Fambro succeeds, the impact on the market will be minimal. He hopes to sell 3,000 to 4,000 cars the first year; GM alone produces about 300,000 cars a month. Perhaps the Aptera will be used as part of a light-rail system where the commuter will hop into a small car waiting at the train station. Or perhaps the Aptera will serve as a model for cars of the future: lightweight, great gas mileage, and loaded with computer controls...
...demand for hybrid batteries will only grow. GM Chairman Richard Wagoner says his company plans to have eight hybrid models on the road by the end of 2008. "Our view is today's levels are a far more accurate prediction of where fuel prices are going to be in the future," he says. "It appears we have reached a tipping point. Global demand is ahead of global supply. Certainly it looks like the energy demand is going to grow." Honda, which posted record sales in May thanks to the popularity of its compact Civic, also is amping up the production...