Word: gm
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Some of the companies that need to let people go have lost such a large portion of their sales that they have virtually no choice but to cut staff. That certainly holds true for GM (GM) and United Airlines (UAUA...
...boards of GM (GM) and Ford (F) have also been singled out because they willfully refused to prepare for the demand for fuel-efficient vehicles. Management at these companies went for the easy money by building large SUVs and pick-ups when fuel prices were low. That was hardly a good five-year plan as the results of the last several quarters have proven. (See pictures of the global financial crisis...
...Several GM board members have served since the late 1990s, so they have seen enough of the history of the car industry to know that oil does not stay cheap forever. Two of the longer serving members on the Ford board are members of the founding family. They could hardly have missed the lessons of the early 1970s oil crisis...
...circumstances of the failing U.S. auto market make it significantly more likely that GM and Chrysler will not get the funds they want to stay independent. The federal government may force them into Chapter 11 while providing funds to keep them operating indefinitely. Congress and the Administration may decide that supporting Detroit is necessary because closing the firms would put so many people onto the unemployment line. More job losses, of course, would in large part negate the goal of the stimulus plan to add three to four million new jobs to the economy over the next two years. From...
...greater reductions may be needed as the global economic slump deepens. Toyota's plight illustrates the challenges faced by Japan Inc. The company recently achieved its long-standing goal of surpassing GM as the world's top automaker - only to run head-on into a recession far more severe than anyone anticipated. With its global sales down 4% last year, Toyota has already announced a management shakeup as well as plans to temporarily close factories for an additional 11 days over the next two months. The goal is to slash output to less than half the number of vehicles Toyota...