GM cutting 14,700 jobs in North America. May close up to 5 plants

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Binman4OSU

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#24
So glad the government used our money to bail them out. Let's give them more of our money, right Dems. :rolleyes:
On Dec 19, 2008 exactly 1 week after Republicans in the Senate voted down a bail out bill proposed by the Democrats because it didn't impose a big enough wage cut on the U.A.W
Bush announced a $17.4 Billion auto bailout for GM and Chrysler from TARP funds. On top of this Bush also announced that an additional $4 Billion would be made available to GM in Feb 2009, and that $9.4 Billion will be given to GM and $4 billion given to Chrysler from the Emergency Economic Stabilization Act of 2008
https://www.politico.com/story/2008/12/bush-announces-174-billion-auto-bailout-016740

President Elect Obama at the time said it was a necessary step and support Bush's Auto Bail out announcement

Bush initial bail out of $30 billion + to GM would be continued under Obama and the entire bail out Govt tax payer investment total would be $80 billion across the two administrations.

When all was said and done and settlements made on the bail out money the US taxpayers lost ~$10.2 billion on the GM bailout.
 
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CocoCincinnati

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#25
On Dec 19, 2008 exactly 1 week after Republicans in the Senate voted down a bail out bill proposed by the Democrats because it didn't impose a big enough wage cut on the U.A.W
Bush announced a $17.4 Billion auto bailout for GM and Chrysler from TARP funds. On top of this Bush also announced that an additional $4 Billion would be made available to GM in Feb 2009, and that $9.4 Billion will be given to GM and $4 billion given to Chrysler from the Emergency Economic Stabilization Act of 2008
https://www.politico.com/story/2008/12/bush-announces-174-billion-auto-bailout-016740

President Elect Obama at the time said it was a necessary step and support Bush's Auto Bail out announcement

Bush initial bail out of $30 billion + to GM would be continued under Obama and the entire bail out Govt tax payer investment total would be $80 billion across the two administrations.

When all was said and done and settlements made on the bail out money the US taxpayers lost ~$10.2 billion on the GM bailout.
Bush was by no means fiscally responsible, but my comment to the Dems was about increasing taxes. Both sides waste our money but the Dems mainly beat the drum of wanting to take more of it.
 

Binman4OSU

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#26
Report WH has called for GM CEO to attend WH meeting with Economic Adviser Larry Kudlow which will take place this afternoon.

The WH said the meeting has been on the books for weeks and it was a coincidence that it is occurring on the same day as this GM announcement.

Per Rueters...the GM CEO meeting at the WH was supposed to happen today and then tomorrow GM was supposed to make the announcement they went forward with today...but GM pushed up the timeline
 

Binman4OSU

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#27
Trump told the WSJ today that he is not happy with GM's announcement today and said that GM better put something else in their place.

He told the WSJ that he has met with GM's CEO and told her GM should stop making cars in China and move that manufacturing to the US.

Trump also told the WSJ the GM CEO told him the announcement today had nothing to do with tariffs and that it was due to poor sales

https://www.reuters.com/article/us-...=topNews&utm_source=twitter&utm_medium=Social

Why is the POTUS so wrapped up in a companies business??
 

Donnyboy

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#28
GM has been ran poorly and losing market share for years. They should really just make trucks and SUV's now. They haven't had a decent CEO in decades. Where Mullaly at Ford will say "we aren't going to make passenger cars anymore" GM says "we are announcing a whole new line of station wagons including the first ever model to run entirely off dog shit".
 

oks10

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#29
Why is the POTUS so wrapped up in a companies business??
Lose/Lose. If he just ignored it then Dems would be all up his a$$ for not getting involved.

Personally, I don't think the federal government should be getting themselves involved in things like this. Yeah, it sucks that a lot of people are losing jobs as part of this reduction but it's a business decision. No different than Ford's decision to axe car lines. Both companies are trying to make decisions that are the best path for the company and sometimes that means some people will lose their jobs. It sucks, but it is what it is and reducing the workforce to right the ship is better than dragging it along and dealing with even worse reductions later.
 

Binman4OSU

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#30
It is of note that Govt subsidies for GM electric cars was set to expire in 2019 anyhow.

It is also of note that GM China operations are now sell more cars in China than they do in the US and as of Nov 2017 their Chinese sales were outpacing their US sales by 32%..but GM only owns 44% of their Joint Venture in China and only saw $2 billion profit from China in 2017 of their total $9.4 Billion global profit

3rd qtr 2018 their sales fell 15% in China
1543353782346.png
 

Binman4OSU

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#35
He seriously has no clue




Yes there is a 25% tariff on light trucks that was imposed in 1964 by Lyndon B Johnshon.

And it hasn't done anything but harm the light truck market by adding hundreds of $$ to the cost of each light duty vehicle to go through smoke and mirrors to avoid the tariff

Ford imports their Transit Connects as passenger vehicles from Turkey to Baltimore and then removes the back seats, back glass panels and back seat belts to make them light duty vans to avoid the tax. From 2002 to 2018 US Customs say Ford has saved ~$250 million in tariffs doing this, but it adds several hundred $$ to each vehicle because of the process

Mercedes imports complete light duty vans from Germany and avoids the tax by fully disassembling completed vans, putting them into kits and shipping them to South Carolina where workers reassemble them again which means it is locally manufactured and avoids the tariff adding hundreds of $$$ to the US consumer because of the process

Japanese manufactures export just the chassis cab configuration to the US were then a truck bed is attached to the chassis in the US so it can be sold as a light truck without being hit by the tariff

Dodge from 2001 to 2006 had their Dodge Sprinter manufactured in kit form in Germany, then shipped to South Carolina to be assembled to avoid the tariff

Chrysler builds the Ram ProMaster City transit van in 2015 but builds it as a passenger configuration in Turkey and then ships it to the US where it is stripped and converted into a cargo version to avoid the tariff.

In 2009 Mahindra announced they would begin to export kitted light duty truck to the US made in India which would then be assembled in the US to avoid the tariff

The light duty trucks that Trump calls America's go to favorites are not manufactured in the US.....Ram light trucks are made in Saltillo Mexico, and Chevy, GMC, and Ford light duty trucks are made in Canada....both imported to the US which doesn't have the 25% tariff due to the NAFTA and subsequent new agreement the Trump Admin worked out with them as this didn't change.
 
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Nov 16, 2013
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#36
The technology for an autonomous car is years away, my tractor sometimes has issues staying on its straight track and the adaptive curve technology is clearly lacking.
 

kaboy42

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#39
3rd generation GM loyalist here... and done with them. Their executives have made incredibly poor and stupid decisions over the past 5-10 years. Not to mention, whoever is over their design and styling departments needs to be sh*tcanned YEARS AGO!

The new Blazer=terrible
The new Silverado HD just released=an absolute joke! Most horrendous design of a vehicle in literally ages.

And now this:

https://www.google.com/amp/s/moneyandmarkets.com/barra-most-unpopular-ceo-gm/amp/

:facepalm::facepalm::facepalm:
 
Jul 25, 2018
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#40
GM has been ran poorly and losing market share for years. They should really just make trucks and SUV's now. They haven't had a decent CEO in decades. Where Mullaly at Ford will say "we aren't going to make passenger cars anymore" GM says "we are announcing a whole new line of station wagons including the first ever model to run entirely off dog shit".
It's kind of unbelievable. Honda & Toyota gave them the blueprint decades ago: produce about 8 models with 2 or 3 levels of options.

Yet Ford & GM continued to produce multiple models off the same basic platform. How many versions of the Blazer were there for years?