Word: gm
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
There was always a sweet bit of fiction in the notion that Ford (F) was so much better financially than GM (GM) or Chrysler that it could weather the global economic downturn no matter how brutal it turned. All of that magical thinking came to an end as the No.2 American car company said it would have to "restructure" its balance sheet, which has always been short-hand for finding a way to remain in business...
What Ford is trying to do in the private sector and GM and Chrysler are doing with the government may look entirely different today, but the paths will converge as the market for vehicles gets worse. At that point private capital will choose to opt out of the equation entirely. It is not willing to take that kind of risk...
...Most large car companies posted more significant unit sales drops in February than analysts expected. GM (GM) only sold 268,737 light vehicles. Three years ago, that would have been its take for the July 4th "cash back" weekend. Ford (F) moved 96,044 units, off 48% from the same month last year. As usual, the Ford PR department did what it could to misdirect and dissemble. Early in its statement about last month's sales, Ford pressed the case for how fabulous it new products are. The most important announcement the company thought it was making was that Ford...
...GM and Ford are finding out, losing 50% of monthly sales isn't risky. It's fatal. If The Big Three are each going to loss $1 billion to $2 billion dollars a month, they might as well do it selling cars to people who are likely to get fired...
Adding injury to insult, Standard and Poor's reiterated its sell opinion on shares of GM, which are commanding a mere $2.04 a share - about the price of a subway ride in New York City. Observing that the industry is gripped by an "automotive depression," S&P's Efraim Levy added, "We do not foresee an uptick in industry demand before Q4 '09 at the earliest." Chrysler was spared a similar indignity because it is privately held...