Word: gm
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...GM had been under pressure from the government's auto task force to cut brands, and Pontiac, one of the brands sacrificed as GM restructured, was a big customer of the NUMMI facility. Toyota pleaded with GM to stay in the venture and offered to build other vehicles at the plant for GM, but to no avail...
...more red ink is flowing this year. And the recession and the drop in auto sales in the U.S. saddled Toyota with excess capacity in the U.S., leaving it little choice but to cut production, says David Cole of the Center for Automotive Research in Ann Arbor, Mich. (Read "GM and Germany Still Wrangling Over Opel...
...Further, GM's decision to leave NUMMI, which wasn't eligible for bailout money, made the plant any easy candidate for a shutdown, since Toyota's plants in Kentucky, Indiana, Texas and Alabama are all newer and nonunion, Cole says. United Auto Workers officials organized a large protest outside the NUMMI plant last week. (Read "Why Volkswagen Is Powering Through the Recession...
...GM is now exploring other options, including the possibility of raising money from other European sources. According to a report in the Times of London, U.K. business secretary Peter Mandelson is offering GM some $800 million if GM could guarantee the 5,500 jobs at its Vauxhall unit. Last week, Mandelson slammed the Germans for trying to buy protection for their car workers at the expense of GM employees in the U.K., Spain and elsewhere in Europe. (Read "Is This Detroit's Last Winter...
...election campaign that has lacked emotional issues, anger over GM and Merkel's handling of the Opel crisis could end up hurting her if it fuels support for leftist parties. This weekend should provide a hint at what could come in September, with elections in the states of Saarland, Thuringia and Saxony. "GM's management is leading the government around by the nose and abandoning the Opel workers," said Bodo Ramelow, a leading official of Die Linken, successor to the former East German Communist Party, who is running for governor in Thuringia. "It's time for the Chancellor to show...