Tuesday, Mar 03, 2009
Start of a Domino Effect?
Times: GM Europe will run out of cash 'within weeks'
"General Motors’ European operations will run out of cash within weeks unless they get government support, the US carmaker warned today, saying that a collapse would put up to 300,000 jobs at risk". "The company is in talks with the governments of Germany, the UK, Spain, and Belgium". Vauxhall could be sacrificed - what will happen to all the unsold cars and unpaid mortgages?
Posted by alan @ 10:19 PM (583 views) Add Comment
2 Comments
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1. enuii said...
If Gordon doesn't get his blank cheque book out the Germans will make damn sure that Vauxhall goes down the toilet, expect your next piece of ex GM tin to have an Opel badge on it.
2. drewster said...
The car industry is blighted by overcapacity. This has been the case for years, though the credit bubble helped mask the fact. If Vauxhall/Opel closes, it leaves space for Ford, VW, and others to survive. However if governments bail out the failure then they inadvertently make life much tougher for the other struggling companies, who eventually will need a bail-out too.
Incidentally Hyundai are still doing very well - their US sales are actually up year-on-year!