Thursday, Apr 23, 2009
The American government should give everyone a load of cash to trade in cars older than 6 months.
Telegraph: GM eyes factory closures as Chapter 11 looms
The troubled car manufacturer, which is struggling to stay afloat under $62bn (£42.5bn) of debt following a slump in car sales, is set to announced today(FRI) that work at the bulk of its American plants will cease over the summer in order to attempt to reduce some of its growing backlog of finished but unsold cars.
Posted by flintster1994 @ 09:25 PM (396 views) Add Comment
3 Comments
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1. alan said...
Looks like Fiat are working up a bid for Opel, possibly including Vauxhall says my spy at Ford, Dunton.
2. gone-to-colombia said...
I was talking to a GM worker near Detroit, he advised me that 'he felt guilty being paid so much for doing so little'.
For years these automotive giants have been inefficient, missed market opportunities and watched imports rise from countries such as Korea. Why waste any more tax payers money supporting these dinosaurs?
Car production has become a third world industry.
3. rotten tomato said...
@ 2 gone-to-colombia
And what is a first world industry.... financial speculation, or paper shuffling in some government bureau? Or perhaps dog grooming.
For God'sake, we don't even invest in high technology any more. We are putting money into silly inefficient solar panels and a re-hash of 18th century windmills. Pathetic. Countries like South Africa, Russia, China, India and Korea are leading the way with their far sighted massive investments in nuclear technology.
The West desperately needs a New Deal, but it's not the one Obama has in mind, at least not for our own good.