Word: gm
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Dates: during 2000-2009
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...have to put buckets under the machines to catch the leaking oil," he says. Buick City, where he works, was once a vast manufacturing complex more than a mile in length. It's now mostly a desolate field of crushed stone surrounded by parking lots too big for GM's shrinking workforce. If you didn't know you were in Flint, Mich., you might think you were at an old Soviet factory that made nameless products no one really wanted...
...GM CEO Rick Wagoner is acutely aware of his company's decaying state. He may have the toughest job in corporate America--preventing the world's largest automaker from going under. Wagoner outlined his plan last week, announcing a restructuring that will result in GM's producing 1 million fewer vehicles a year and, he hopes, saving $7 billion annually (GM's sales last year: $193.5 billion). Wagoner has been vigorously trying to crush rumors that GM will seek a bailout in bankruptcy court, following the path of troubled airlines and steel companies. "I'd like to just...
...testament to how bad GM's problems are that Wagoner had to write such a letter. GM is a shell of the company that a half-century ago controlled nearly half the U.S. car market and was such a powerhouse that company executives told Congress they didn't want to cut the price of a Chevy because it might drive the competition out of business. With some 324,000 employees worldwide, GM remains a giant, influencing everything from the price of plastics and steel to the market for mortgages, through its GMAC finance division (part of which may soon...
...Eleven hundred miles away, as he celebrated with his team in Houston's Minute Maid Park, Sox GM Kenny Williams wiped champagne from his eyes and told a reporter that the Sox win "has finally taken a lot of weight off my shoulders." That was an understatement: all of Chicago set down a heavy burden-the weight of 88 years of history. On Thursday morning the city's two daily newspapers both had special issues on newsstands with headlines shouting "Believe It!" and "Champs...
...harbored any doubts that hybrid cars are hot, last week the 2005 Tokyo Motor Show put them to rest. Carmakers practically ran over one another promoting their versions in attempts to catch up with Honda and Toyota, the technology's pioneers. Companies such as Mercedes-Benz, BMW, Mazda, Mitsubishi, GM, Volkswagen and Porsche showed new models or talked about plans to sell them by the end of the decade at the latest. On display were not only regular hybrids, the kind powered by gasoline engines mated to electric motors, but also variations adding hydrogen to the mix and a system...