[poquas]

Definitely the week’s worst kept secret. This really should have happened months (and billions of dollars) ago. Much like the banks, the wrong people are winning and the wrong people are losing.

The US is going to pour forty billion in an attempt to turn GM into another smaller more efficient company without any expectation of repayment.

I can’t help but just shake my head at the whole thing.

[bootlegga]

According to the article, Canada and Ontario are now minority shareholders to the tune of 12%.

It's a sad day when such a huge company gets into trouble, but hopefully this will lead to a rejuvenation of the NA auto industry, instead of the same-old, same-old being passed off to consumers.

[SprCForr]

I'm not surprised in the least. The corporate hacks failed to keep their eye on the ball.

Time to get back to building cars. Good cars. At excellent prices.

[Robair]

We currently own two Government Motor Company products and one Ford. I think I'll be leaning more towards Ford in the future.

[Proculation]

The US govt will now own over 60% of GM. What a good investment ! Don't expect the cars to be more reliable

[poquas]

Robair Robair:

We currently own two Government Motor Company products and one Ford. I think I'll be leaning more towards Ford in the future.

I'm not sure Ford isn't far behind in this mess. They dumped assets left and right before the "crash" and have now been burning through their cash in record amounts.

[stemmer]

Well every auto manufacturer appears to be affected by the global economic problems... Even Toyota is reporting a $4.41 billion US net loss for the fiscal year through March.... And is anticipating a loss for next fiscal...

http://www.cbc.ca/money/story/2009/05/0 ... ss845.html

[Mustang1]

And yet Toyota isn't in bankruptcy protection. More immaterial fluff. This is largely GM's fault and the blame shouldn't be heaped upon the global economic downturn - it didn't cause the junk products, crappy reliability or mismanaged products.

[Robair]

poquas poquas:

Robair Robair:

We currently own two Government Motor Company products and one Ford. I think I'll be leaning more towards Ford in the future.

I'm not sure Ford isn't far behind in this mess. They dumped assets left and right before the "crash" and have now been burning through their cash in record amounts.

Ford Boosts Production With U.S. Rivals in Bankruptcy

$1:

June 1 (Bloomberg) -- Ford Motor Co., the only major U.S. automaker not in bankruptcy, is increasing production this quarter and next as it seeks to take away sales while domestic competitors are under court protection.

North American output will rise by 10,000 vehicles from its previous plan to 445,000 this quarter, Ford sales analyst George Pipas said in an interview. Third-quarter production will be up 42,000 vehicles from a year earlier to 460,000, he said. His comments come after General Motors Corp. today sought Chapter 11 protection and Chrysler LLC filed on April 30.

“It’s not every day that large companies enter bankruptcy,” Pipas said. “We are benefiting from that.”

[Proculation]

This is very frustrating for Ford who refused the government money. They now have to deal with a government company as a rival.

[Robair]

I think a total shut down of GM would have hurt Ford even more. They share a lot of suppliers.

[Proculation]

Robair Robair:

I think a total shut down of GM would have hurt Ford even more. They share a lot of suppliers.

Bankruptcy does not mean a total shut down. Now the government will take people's money to pay the creditors of GM. Something Ford cannot do. GM will continue to be in debt like mostly all government company anyway and the hardworking American will need to pay for that.

Well, they wanted Obama...

[poquas]

Ford effectively has no North American based competition at the moment. That's got to be good for them, but the imports are also benefiting. I still think Ford is going to be in trouble. Other than the trucks, their offerings haven’t done all that well when compared to the competition.

[DrCaleb]

poquas poquas:

Other than the trucks, their offerings haven’t done all that well when compared to the competition.

You mean like every hard service vehicle being a Crown Vic? Have you seen the Fusion Hybrid, rated best Hybrid overall by C&D? Or the new Taurus SHO in full AWD mode? Mustang? Heard of any of those?

What a silly thing to say. "They aren't doing well, because they are the only one not bankrupt" . . .

[Robair]

DrCaleb DrCaleb:

poquas poquas:

Other than the trucks, their offerings haven’t done all that well when compared to the competition.

You mean like every hard service vehicle being a Crown Vic? Have you seen the Fusion Hybrid, rated best Hybrid overall by C&D? Or the new Taurus SHO in full AWD mode? Mustang? Heard of any of those?

What a silly thing to say. "They aren't doing well, because they are the only one not bankrupt" . . .

Nice.