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General Motors' foreshortened bankruptcy, which was finished with the emergence last week of a "new" GM, owes a thank-you to the Chrysler Group for blazing a short, quick path through the courts...
...GM's recovery will rest on its ability to hold on to customers or win over new ones. That's no small task, as GM has been forced to skimp on cash for engineering during its yearlong financial crisis. Even so, GM is off to a good start with its new Camaro, which shows signs of becoming a runaway hit. According to Ed Peper, the general manager of the Chevrolet division, which accounts for 70% of the new GM's total sales, Chevy dealers already have 25,000 orders for the Camaro, making it the hottest car GM has rolled...
With a muscular retro appearance, the Camaro plays on the baby-boomer generation's insatiable appetite for nostalgia. However, GM also has bets on several other new models, which are planted in key market segments critical to GM's future sales: the hybrid Chevrolet Silverado pickup truck, the Buick Lacrosse sedan and three new crossover vehicles (the Cadillac SRX, Chevrolet Equinox and GMC Terrain) that are part car and part SUV, all of which will reach dealers soon. (See pictures of American muscle cars...
Based on interviews with GM executives and auto-industry analysts, here's how the new line is shaping...
...think the auto industry should not have been bailed out? If GM was on the verge of bankruptcy, it should have been shut down. There's all this capacity in the production of cars, but there isn't a market that can absorb all that these firms are prepared to produce. If jobs are lost, then jobs are lost because these are firms that cannot exist, because there is insufficient market demand for their product. And if there is no such market demand, they should not be allowed to exist. Let the market decide if these firms deserve to exist...